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market condition: Market Update - Dutchess County NY - 09/30/10 11:06 AM
Here is the latest market stats for Dutchess County NY:
As you can see the market has taken a strong decline. Sales are down, selling prices are down, days on market is up. The statistics were similar for July as well. Most of this can be accounted for due to the First Time Home Buyer Credit which expired earlier in the year. It altered the natural supply and demand. Unfortunately it appears as if the banks have begun adding more REO inventory to the market due to the high default rates. This will keep this artificially bad market moving in … (0 comments)
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market condition: Tax Credit Closing Deadline Extended - Will this help? - 07/03/10 09:49 PM
Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
The question is will this matter... the answer? Not really. Yes this will help those buyers that met the April 30th deadline but are having a difficult time closing. This is a good thing. But since a buyer already had to be in contract, this will … (2 comments)
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market condition: The Next Market Crash? - 11/03/09 12:03 PM
Sorry that title is incorrect.... it should read "CRASHES!"
I've been saying this since the White House requested this back in January. I've seen articles in the Investors Bussiness Daily & the Wall Street Journal mention it, but no one else seems to be discussing it. WHY.....
THE FORECLOSURE MORITORIUM
The Foreclosure Moritorium didn't end until March 2009. That means all foreclosures stopped dead in their tracks and no new foreclosures began. In my state (NY) it takes approximately 13 months to complete the process. That puts us into early/mid 2010 before all the back log hits the market. How can I put … (2 comments)
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market condition: Market bottom or are we being fooled??? - 09/16/09 02:12 PM
Wow, my head is spinning. Depending on which media source you read or watch, either the sky is falling or as the politicians put it "we've pulled back from the brink". Well I'm no economist and I don't play one on TV so I won't speculate about any "brink". But I do know real estate, real estate markets and how to determine the bottom. And we're not there yet!!!!!
Do the statistics (for Dutchess County NY) show the market decline slowing down.... well sort of. The decline in average sales prices has dropped, we were seeing over 24% year over year decline and … (2 comments)
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market condition: Are we seeing the bottom? - 02/06/09 07:53 AM
After months of doule digit decreases in average sales prices, increases in inventory and days on the market we finally see some stabilization. Below are our current statistics
As you can see, closed sales is only down 2.3% which is a significant difference compared to the 26% last month. Now this may be a blip in the statistics, we'll need to see next months figures to know for sure but its a nice start!
… (4 comments)
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Curt Darragh
Poughkeepsie,
NY
More about me…
Legacy Land & Homes, LLC
Address: 23 Orchard Park, Poughkeepsie, NY, 12603
Office Phone: (845) 206-9462
Cell Phone: (845) 518-7526
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