For homeowners who have maxed out the inflated equity on their homes during the “boom years,” they are accepting the reality of their property”™s true worth in today”™s market.
Sandy Tambone, executive officer of Mid-Hudson Multiple Listing Service in Poughkeepsie, said numbers were down a bit at the end of summer in 2010, “but nowhere near we saw during the same time period in 2009. Even though they are still down, prices are higher than last year. If the market was still heading downward, we”™d have sincere cause to be concerned. But it isn”™t. It”™s inching up, a good sign.”
The federal First-Time Homebuyer Credit “did have a lot of impact and brought people to the table,” Tambone said. “Everyone rushed in to close. Yes, it was a great incentive, but now, with mortgage rates so historically low, buyers are out there looking. If the house is priced right, it will sell … and pricing right is the key, even if the homeowner doesn”™t like the price they hear.”
Leah Caro, owner-broker of Bronxville-Ley Realty and president of the Westchester-Putnam Board of Realtors, doesn”™t like to look at monthly statistics “because they are misleading. They don”™t take into account seasonal adjustments. August can be a very slow month ”“ we can”™t gauge the marketplace on a time period when people are on vacation. This month, we”™ve seen an uptick. It”™s better to look at the comparisons from year to year; it gives Realtors and those buying and selling properties a better idea of what the marketplace is doing.”
In Westchester, as in most counties, “there are pockets where homes will sell, no matter what is going on in real estate,” Caro said. “Even in the worst economy, it”™s all about location. Banks are easing up on lending, which is a good thing. Appraisals can still be difficult, because of the fluctuation in the market. But when it comes to selling a home these days, unless it is in one of those special niches where pricing isn”™t an issue, the price doesn”™t matter.”
Barbara Korabel, owner-broker of Exit to Green Realty in Highland, agrees. “Every area is so different here in Ulster County. The farther south you go, the higher the prices get. There are some locations that are desirable even in a bad market ”“Woodstock and New Paltz are two places that come to mind ”“ but if you go into smaller communities, where homes are priced under $200,000, they are not on the market long.
“We were worried because homes in the $400,000 range weren”™t moving, but we”™re seeing that end start to pick up,” said Korabel, who bought her Exit franchise two years ago. “You have to be willing to put 200 percent into this business or you”™re not going to go anywhere. Right now, it”™s definitely a buyers market and it will probably stay that way for some time. I”™m just glad that more homeowners are listening to brokers who are trying to help them price their homes right. It does no good to believe a home is worth more than it will sell for. It will end up on the market for months and eventually, those sellers will end up lowering their price.”
Caro summed the current real estate market: “Every house is in a beauty contest and a price war ”“ they need to win both.”
