Rockland County Real Estate Perspective

Rockland County Home Selling Seminar

Thu, 17 Sep 2009 10:21:05 -0700

HOME SELLING SEMINAR

The positive news about the country's economy is great news for homeowners who've been waiting for a better market to sell! Prices in Rockland County, NY have stabilized, and there is pent up interest from buyers due to the last year's lack of inventory.

Join Jennifer Mallory to learn How to Sell Your Home in Today's Market. Topics include: Preparing your home for sale, marketing techniques, and mortgage restrictions. Oct.1, 7 to 8:30pm, Tappan Zee HS, Orangetown, NY. Call 845.323.6247 for more information or to register.

jennifer mallory | associate broker | "real integrity in real estate"
keller williams hudson valley realty II | 130 main st, nyack, ny 10960
845.521.3135 office | 845.323.6247 mobile | jennifer.mallory@kw.com

Search all homes for sale in Rockland County, NY at www.jennifermallory.com

Your Home's Value: A Positive Trend?

Thu, 17 Sep 2009 10:14:32 -0700

As a realtor, and a Rockland County, NY resident, I am concerned about the value of my home, just like you are. I keep a close eye on real estate market trends, and negotiate hard for my sellers to keep all our house values up. Spotting trends early helps me respond quickly and effectively. In examining home sales statistics for Q2 2009 versus Q1 2009, I see more positive indicators than I've seen in quite some time. Hooray!

Homes sold in Clarkstown and Ramapo each saw a close to a 3% increase in median sold price. Orangetown also had a healthy increase in median price - close to 13%! That increase was brought about by the sale of several homes in excess of one million dollars, indicating that the high-end housing market is coming back, too. Median sold price in Stony Point and Haverstraw are down somewhat, indicating that the real estate market in the northern part of the county will be slower to stabilize. Yet...

Third quarter sales look promising for every township in Rockland County.

This is particularly great because August traditionally is a quiet month in the real estate industry, as people squeeze vacation into the last weeks of summer. August 2009 is far busier than in years past. The market is active, both in terms of new listings and showings. Buyers are feeling more confident and are making offers!

The absorption rate (the number of months it would take to sell currently active listings given the current rate of sales contracts) is down below 7 months in four of the five Rockland County townships. This shows that the market is stabilizing. Great news for people who would like to sell real estate but have held off because of the soft seller's market.

National economic indicators point to the fact that the country is pulling out of the recession, another positive for home sellers and for home buyers. It's a great time to buy because there is a lot of inventory, and mortgage interest rates are still low. It's a great time to sell because more confident and qualified buyers are entering the market in response to the positive economic news. I believe real estate prices in Rockland County have stabilized in general and we'll see modest annual increases of 1% to 2% in the next few years.

I can't show real estate data for all neighborhoods in Rockland County, NY in one short article! I do have access to data for individual neighborhoods, though. So, if you want to know where your house fits into the above graph, call me today and I'll prepare a graph for your specific neighborhood.

Statistics from the Greater Hudson Valley MLS, as of 8/2009

Rare Ranch-Style House in Upper Nyack

Mon, 24 Aug 2009 07:05:47 -0700

UPPER NYACK HOME FOR SALE

Bedrooms: 4
Bathrooms: 1 full, 1 half
Garage: Detached, 1-car
Acres: .2
Year built: 1930
Year updated: 2000
MLS: 473361
Price: $475,000

Love and laughter echo through this house from the fun-loving family that lived here for more than 40 years. Today, this meticulously maintained and updated ranch-style house in a prestigious location in Rockland County, NY is for sale, ready for a new owner to create happy memories here.

A huge kitchen addition and four bedrooms accommodate a crowd. A full walk-up attic provides potential for easy expansion. Its one story design is perfect for those who wish to avoid stairs. Freshly refinished hardwood floors throughout, and newly painted in a neutral palette.

Beautiful, professionally-landscaped back yard provides privacy while enjoying the great outdoors. No car necessary to get to shopping, the elementary school, or downtown Nyack, NY. Close to public transportation.

This wonderful house is for sale in the the kind of community where neighbors watch out for each other. Buy it, and you're bound to live here happily for 40 years, too!

Would you like to see more pictures? Or find out more information about this house or other homes for sale in this Rockland County community? Call Jennifer today at 845.323.6247.

Your Home's Value: Market, Appraised and Assessed

Sat, 01 Aug 2009 06:22:36 -0700

In recent months, I've fielded numerous questions from both sellers and buyers in Rockland County who are confused about the definitions of market value, appraised value and assessed value, and how these values affect their real estate sale or purchase.

Market value is what a ready, willing and able buyer will pay for your home in normal market conditions. Ready, willing and able means that the buyer can usually close within 90 days, is making the offer to purchase under normal market conditions, and can obtain financing to purchase the home. An example of an abnormal market condition is a foreclosure - when a home is listed for less than its fair market value in order to procure a fast sale. Buyers tend to offer less on a foreclosure because they assume that the bank wants to sell the property quickly. Typically, market value equals closed sale price.

Appraised value is the dollar amount that a bank appraiser decides your home is worth. When you enter into a real estate sales contract, the buyer's lending institution will enlist the services of a certified appraiser to prepare an in-depth comparison of your property to others that recently have sold in your neighborhood. The appraiser adds or subtracts a defined dollar amount for numerous property features to determine value. A bank will lend money on a property's appraised value, regardless of the negotiated sale price. Therefore, appraised value is the bank's assessment of value.

Assessed value is how your town determines your property taxes. Every township in Rockland County has a different formula for determining a home's assessed value. Some towns assess value on their estimate of the fair market value of a home. In other towns, the assessed value is less than the fair market value, so the town comes up with a multiplier every year based on the town budget, and applies it to a home's assessed value to calculate the tax amount. Basically, assessed value is how a township determines real estate taxes.

Although market value, appraised value and assessed value are different estimates of your home's value and are used for different reasons, there is a complex interplay among the three. The nuances among them can't be explained in one short article!

If you are looking to sell or buy in Rockland County, or just would like a more in-depth explanation of how these values affect your property taxes, or the sale or purchase of a home in Rockland County, contact me to discuss it in greater detail.

Mortgage Pre-Approvals and First Time Home Buyers: Lesson Learned!

Sat, 25 Jul 2009 08:16:48 -0700

In 2009, I've been working with a lot of first time FHA buyers in Rockland County who are looking to take advantage of the great deals on real estate and low mortgage rates to get into a starter home now. I think they are smart to do so! I'm careful when working with first time buyers to explain the home buying process as thoroughly as possible so that buyers know what to expect when buying a home in Rockland County.

I always make sure buyers get a pre-approval, and refer them to several excellent local lenders if they haven't been pre-approved. If they come to me with a pre-approval from a lender I am not familiar with, I have the potential buyers speak to one of my lenders just to be on the safe side.

Boy, did I learn a great lesson last week! A delightful young couple called me, looking to buy a starter house in Rockland County. I did a phone interview with them, and found that they had a pre-approval from a major national lender, one I often work with locally. "Great," I said. "Bring that pre-approval with you when we meet to see houses."

The buyers drove to Rockland County, but forgot to bring the pre-approval. No big deal, I could get it later. We spent the afternoon together, and looked at 11 houses. Two of them were as perfect as a starter home can be, so I wrote up the offers for the buyers.

I was startled when I got the pre-approval letter. I had assumed that because the buyers were pre-approved by a major national lender that I work with all the time, that the pre-approval letter would be the same one they would have been issued if they worked through a representative from Rockland County. These buyers had been approved in another state. What they gave me was not a pre-approval, but a pre-qualification letter, and no experienced real estate agent in Rockland County would accept it. So I had them call the local representative that I use.

Shocker. The person who issued their pre-qualification letter didn't talk to them about closing costs, pre-paids, or tax escrow. The buyers were shocked to find out that it would cost them about $1000 a month more than they thought to own a home, and they decided they had to save more money before purchasing a home.

I was glad I sent these buyers to a mortgage lender I know and trust -- it saved a lot of potential heartache. I also learned not to blindly trust a brand -- I need to dig a little deeper if I don't have know the person who issued the pre-approval letter.

This experience made me really appreciate the integrity and professionalism of the mortgage lenders I work with, and realize that I do work with the best. And I have a new best practice: Make sure to have a copy of the pre-approval in hand before even scheduling an appointment to view houses.

Best Priced, Impeccable Nyack condo with GARAGE

Tue, 24 Mar 2009 20:35:49 -0700

73 High Avenue
Nyack, NY
MLS #463685
2 Bedroom, 2.5 Baths
PRIVATE GARAGE
Offered at: $449,900

Live in comfort in the heart of Nyack, close to the eclectic shops & vibrant nightlife in this charming Hudson River village. This recent vintage townhouse is in impeccable condition, featuring hardwood floors, a highly efficient cook's kitchen with stainless appliances & granite counters, and upscale materials in the full baths & lavatory.

The walkout basement has a bonus room for a gym, office, or TV room. Enjoy the outdoors on the rocking chair front porch, or the covered deck off the dining room. Great storage space! Private 2-car garage, with enough room to store your kyacks, and an extra parking space in front.

Located a block from the Runcible Spoon and two blocks from the Hudson River, you won't need a car to get you where you want to go in Nyack. Close to transportation over the Tappan Zee Bridge or the George Washington Bridge.

jennifer mallory | associate broker | "real integrity in real estate" keller williams hudson valley realty II | 130 Main St, Nyack, NY 10960 845.521.3135 | 845.323.6247 mobile | www.jennifermallory.com

Search all homes in the MLS at www.jennifermallory.com

Recently I've been speaking to a lot of savvy buyers who have a lot of questions about the process of buying real estate. So I've developed a buyer presentation, geared to the very different way real estate transactions happen in Rockland County, NY. I'd be happy to sit with you and answer your questions, too! Call me today.

Cozy Nyack Cottage

Thu, 12 Mar 2009 20:07:52 -0700

MLS#: 462923
Bedrooms: 2
Bathrooms: 1
Acres: .15 acres
Year Built: 1900, estimated
Parking: Carport, driveway
Location: Nyack, NY
Price: $339,000

The unique charm of this early 1900s cottage catches your eye as you travel down this quiet street. Its wide porch and wooden shutters bring to mind an era when people sat outside in warm weather and visited with passing neighbors. It is obviously a home that people have loved, and loved living in.

The rustic interior delivers on the promise of the exterior, with stucco walls and hardwood floors. The updated kitchen adds a modern sensibility and includes high-end stainless appliances, granite countertops, and beautiful ceramic tile flooring. The bathroom, also recently updated, has a window overlooking the private garden - a pleasant place to start the morning.

A three-season room of glass is another delightful surprise and offers a quiet place to enjoy a cup of coffee in the sun, or even makes a third bedroom under the stars. The room walks out to a small patio and a large, private yard.

Fully fenced-in, the yard is a great place to play or enjoy gardening. The current owner, who has lived in the house for many years, has not used any chemicals to promote plant growth. This yard has butterflies and fireflies in the summer! On the side of the house, overlooking the yard, the deck is the perfect place to host a party in warm weather, and watch the butterflies do their work.

The full walkout basement has large windows and offers potential for expansion, as does the full attic.

As a bonus, this funky, affordable home is close enough to downtown Nyack and Nyack Beach State Park that you don't need a car. Enjoy the eclectic shops, vibrant nightlife and myriad cultural events of this charming Hudson River town.

For a monthly Rockland County Market Snapshot, visit http://activerain.com/blogs/jennifermallory

Renovated 1930's Gem in Garnerville, NY

Thu, 26 Feb 2009 10:36:18 -0800

SOLD!
July 17, 2009
$270,000

37 Ramapo Road, Garnerville, NY
Directions: 9W North to Ramapo Rd.

MLS#: 462114
Bedrooms: 2
Bathrooms: 1
Acres: .23 acres
Year Built: 1938, estimated
Parking: 2 car garage, driveway
Location: Garnerville, NY
Price: $289,000

Your style is a single family house, but your budget dictates a condo. Don't compromise! Buy this stylish, updated 1930s cottage and get single family living for a condo price. Features include: Refinished hardwood floors, beautiful high-quality updates to kitchen and bath, detached two car garage, and a large, level yard.

A three-season porch offers nice possibilities for extra living space or an office. Upstairs, the full, stand-up attic offers potential for expansion as a master bedroom or perhaps an artist's studio. A dry, walk-out basement has a laundry room with enough space for weights and cardio equipment, and a second room useful for storage or a workshop.

Convenient to grocery store, post office and transportation. Reasonable commuting distance from NYC, Westchester and Northern New Jersey. Great price for a stylish house, with many updates!

jennifer mallory | associate broker | "real integrity in real estate"
keller williams hudson valley realty II | 30 Main St, Nyack, NY 10960
845.521.3135 | 845.323.6247 mobile | www.jennifermallory.com

Search all homes in the Greater Hudson Valley MLS at www.jennifermallory.com

For a monthly Rockland County Market Snapshot, visit http://activerain.com/blogs/jennifermallory

Buying In Rockland County: What the Government's Stimulus Package Means to You: Part II

Sun, 22 Feb 2009 08:43:55 -0800

Judging from the response to my last post (which I also sent out as an email) on the stimulus plan, people are really interested in hearing the details of the tax credit for homebuyers. Unlike a tax deduction that gets subtracted from gross income before tax is calculated, a tax credit is deducted from the total tax owed, meaning that a qualified tax payer would receive the entire $8000 deduction.

The stimulus bill itself is huge (someone told me over 11,000 pages long), so I've distilled the contents of this tax credit to three salient points (perhaps I've missed my calling as a lawmaker!):

The credit is for first time homebuyers. "A first time homebuyer" is defined as a person who has not owned a property in the past three years. Ownership of a rental property or a vacation home may not disqualify a buyer.
There is an income limit to qualify of $150,000 for couples filing jointly and $75,000 for a single. (Partial credits may be available for couples with AGI up to $170,000, and single filers up to $95,000.) The credit does not need to be repaid as long as the purchaser owns and lives in the house for 36 months.

The home must be purchased between January 1, 2009 and December 1, 2009. The credit can be deducted from 2008 taxes if you've recently purchased a home. The tax credit is determined by the date of occupancy. So if you're buying new construction that won't be ready until 2010, you will not be eligible for the deduction.

The stimulus package is very much in flux, and changes may happen. Before you purchase your new home, be sure to consult a tax professional to determine how this new stimulus package will affect you personally.

In recent weeks, I've spoken to a lot of savvy people who are eager to take advantage of the unprecedented opportunity this housing market offers to buyers. They recognize that now is the time to buy property, but for many of them, the process is daunting.

I've developed a presentation specifically for buyers, designed to take the mystery out of the home buying process in Rockland County by breaking it down into manageable steps. If you've been hesitating to buy a home because you just don't know where to start, call me for an appointment. I'll explain the buying process in detail, and answer any questions you have. Then you'll be armed with enough information to determine if now is the best time for you to buy, too.

Buying in Rockland County: What the Government's Stimulus Package Means to You

Thu, 19 Feb 2009 13:05:46 -0800

I'm pulling out my crystal ball, and predicting that in 5 years, people are going to be shaking their heads and saying, "I wish I'd bought property in Rockland County in the spring of 2009." This is because the stimulus package that the House and Senate are negotiating has major implications for people who would like to buy property in the near future.

The package isn't law yet, but it most likely will include a tax credit and a low mortgage interest rate that will make the spring 2009 market an unprecedented time for buyers. These two factors in combination with Rockland's lowest home prices since 2002 will bring a surge of buyers to the market in the next few months.

The buyers who get to the market first will get the best deals. As more buyers enter the market, there will be greater competition for houses, and this competition eventually will cause home prices to rise, especially if the President's plan to stem foreclosures is successful.

It is likely that the tax credit and low interest rates will remain in effect for a finite period of time, and will be gone by next year. That means that the best real estate deals are to be had now!

I am trying to get this information to everyone I know who is interested in buying in the near future, because the stimulus package could be signed as early as next week. Please call me immediately if you are serious about buying property in Rockland County, NY within the next year. Together we can figure out the best way for you to take advantage of this amazing opportunity.

Where are the weekly snapshots?

Wed, 28 Jan 2009 09:44:15 -0800

For the last six months of the 2008, I posted weekly market statistics for Rockland County. In preparing my 2008 year end real estate market report, I realized that a monthly overview would be a lot more compelling than a weekly report. It's easier to see trends with more information, and a high or low sale in any one week can really distort the numbers.

So, from now on, my weekly reports will provide details of the individual sales, and the monthly report will be a snapshot of the market as a whole. As always, if you are interested in finding out what the trends are in your particular neighborhood in Rockland County, please let me know. I'd be happy to provide you with information.

Rockland County Real Estate: What Happened in 2008?

Wed, 28 Jan 2009 09:34:16 -0800

You've undoubtedly heard, and it bears repeating yet again: Real estate is a local business. The scary housing headlines heard on CNN or read in the papers are national in scope and usually are based on a national average or single point of reference which doesn't accurately portray the situation in local real estate markets.

So what happened to the real estate market in Rockland County, NY in 2008? From Q1 to Q2 2008, the average sales price of a single family home dropped 4.7%. Prices remained stable in Q2 and Q3, actually rising a tiny bit in Q3. From Q3 to Q4 home prices in Rockland County experienced an additional 5.3% decrease.

A large percentage of the home sales that occurred in Q4 2008 went into contract prior to the credit crisis in August. The crisis obliterated half of the mortgage lenders in the country, and we will not be able to gauge the true effect these bank failures on the Rockland, NY real estate market until the first half of 2009. This national event will continue to have ramifications on Rockland real estate as lending standards have become stricter, making fewer buyers eligible for loans.

The number of foreclosed and short sale properties also affects prices in Rockland County. A foreclosure in your neighborhood can bring down the value of nearby homes by 10%. Rockland County didn't see a significant number of foreclosures until January of 2008. In 2008, of 1183 single family home sales recorded by the GHVMLS, 66 of them, or 5.58% were foreclosures. The vast majority, or 94.42%, were arms-length transactions.

Public perception has put a drag on housing prices in Rockland. The general perception is that there is a significant amount of inventory on the market, and that houses are not selling. This is not true. What is true is that sales are taking longer, from an average of 99 days in 2008, from a low of 62 days in the height of the market in 2004. There are fewer transactions, as well, 1162 in 2008 vs. 1512 in 2007.

In September 2008, about 1500 single family homes were on the market in Rockland County. At the close in December 2008, there were only 1050. About one third of the market either sold or expired in the fourth quarter of 2008. The inventory that expired consisted of homes that were either overpriced or not in top condition. In any market, the houses in the best condition at the best price are always the first to sell. Whether the homes that expired will come back on the market in the Spring of 2009 at lower prices or in better condition remains to be seen.

So, where do the events of 2008 leave us in the first quarter of 2009? Now is a great time to be a buyer. Interest rates are historically low, and probably will remain low for about 6 months. Home prices have decreased and are now at 1998 levels of affordability. And it is the beginning of the spring market, when traditionally there has been the most choice for buyers.

For sellers, too, now can be a good opportunity to move on. People who've owned their home for at least six years are likely to make a terrific return on their investment by selling now. Move up sellers can get great deals on houses that might have been out of reach just a year ago. When buyers see a good value on the market, they are willing to pay for it.

The key to smart buying or selling in this market is to have the necessary information and to create a strategy that takes advantage of the opportunities in the market. I've spent a significant amount of time analyzing the market in order to have the most comprehensive information available to help my clients make a smart move. If you have questions, please give me a call. I'd be happy to share my insights.

All statistics from the Greater Hudson Valley MLS as of January, 2009.

Picture Perfect Cottage in Upper Nyack, NY

Mon, 26 Jan 2009 17:21:14 -0800

Picture Perfect Cottage

Bedrooms: 2
Bathrooms: 1.1
Acres: .10
Year Built: circa 1904
Parking: Off-street, 2 cars
Location: Upper Nyack
Offered at: $399,000

Picture yourself living in this adorable circa 1904 three-story cottage nestled on a hillside in a quiet Upper Nyack neighborhood. People who have seen it have delightedly exclaimed that it is "just like a doll house."

Filled with charming old time details, it has been gently restored with updates including windows, kitchen appliances, electric and hardwood floors. A rarity for an affordable house in Upper Nyack, the cottage has terraced gardens and private fenced in yard, perfect for entertaining in warm weather. Having a bit of property opens up a possibility of adding on, as well.

The cottage is located close to Hook Mountain and to the unique shops and acclaimed restaurants of historic Nyack, -- no car needed to enjoy all this artistic community has to offer.

Nyack is a 20 minute drive from the George Washington Bridge, and 5 minutes from the Tappan Zee, so it's easy to get to anywhere in the metropolitan New York area. A great combination of character, convenience, and expandability make this cottage a terrific weekend retreat or starter home for those not content with the ordinary.

Price, taxes, and lots more pictures available. Please contact:

Rockland County Real Estate Market Snapshot Week Ending 12/27/2008

Sun, 11 Jan 2009 09:21:32 -0800

Back from and end of the year vacation, and back into the swing of things. Catching up on the real estate market snapshots for Rockland County for the end of 2008, and working on a year end picture. In December 2008, we saw a substantial drop in the number of active listings. Many listings that expired off the market did not relist. It will be interesting to see what happens in the new year, whether these properties come back on the market at reduced prices, or whether the owners have decided to stay put.

A client said to me that she didn't see any new inventory on the market in Rockland County, and that nothing is selling. That's not 100% accurate. Properties that are perceived as a good value are selling. Those which are not perceived as a good value are sitting on the market, making it look like nothing is selling, and that prices are not reducing.

Now is a great time to be a buyer in Rockland County. It can also be a good time to be a seller, depending on what your reasons for selling are.

Rockland County Market Snapshot
Week Ending 12/27/2008

Single Family		Condo		Multi Family

Total Active	1126		Total Active	406	Total Active	85
New Listings	20		New Listings	9	New Listings	1
Price Revisions	17		Price Revisions	5	Price Revisions	3
Under Contract	15		Under Contract	1	Under Contract	1
Sold	9		Sold	6	Sold	0
Expired	34		Expired	10	Expired	5
Withdrawn	5		Withdrawn	0	Withdrawn	0

Avg Sale Price	$387,000		Avg Sale Price	$232,167	Avg Sale Price	X
Avg Days on Mkt	114		Avg Days on Mkt	62	Avg Days on Mkt	X

All statistics from the Greater Hudson Valley MLS, as of 12/26/2008.

Rockland County Real Estate Market Snapshot Week Ending 12/20/2008

Sun, 21 Dec 2008 21:17:46 -0800

I am more than 12 hours late posting this blog entry. I usually put the weekly market snapshop up early on Sunday mornings. I am late today due to the holidays. That's all I'll say, because I'm tired. And just a bit cranky.

However, always the optimist, I am beginning to think that the spring real estate market in Rockland County may be busy. In the past couple of days, I've had three calls for CMAs, and two from new buyers. Pretty unusual this time of year. Makes me busier than usual, and I'm delighted to have people to help and business to conduct early in the new year.

I am a bit surprised at the number of houses that listed last week in Rockland County, as well as the number of houses that went under contract. Both numbers were relatively unchanged from the week before. Sellers and buyers seem to be taking care of business this year before getting down to holiday celebrations. Total number of homes on the market is down 13% from mid-October, however. It seems that a lot of the homes that expired off the market this fall have not relisted.

Note that the average sale price shot way up this week for single family homes. This is because three high priced homes sold, at $1,700,000, $999,999, and $910,000. These three transactions skewed the average sale price much higher than it has been. Removing them from the mix makes the average sale price of a single family home in Rockland County, NY $438,625, which is consistent with average sale prices in the past 6 weeks.

The condo market is pretty much unchanged from last week. Multi-family homes saw the first title transfer in three weeks.

Mortgage rates have remained stable at 5.375% for the third straight week, but are expected to dip in the coming week. There's a lot going on this time of year for everyone...seems to me that these kind of rates would send buyers scurrying to take advantage!

Here are the market statistics for Rockland County, NY. Information is from the Greater Hudson Valley MLS as of 12/21/2008, and represent an average for the county. If you are interested in finding out what is happening in your neighborhood, please contact me. Happy holidays!

Rockland County Market Snapshot
Week Ending 12/20/2008

Single Family		Condo		Multi Family

Total Active	1151		Total Active	400	Total Active	85
New Listings	38		New Listings	6	New Listings	1
Price Revisions	38		Price Revisions	12	Price Revisions	2
Under Contract	21		Under Contract	8	Under Contract	1
Sold	27		Sold	6	Sold	2
Expired	43		Expired	16	Expired	7
Withdrawn	6		Withdrawn	4	Withdrawn	1

Avg Sale Price	$523,593		Avg Sale Price	$271,967	Avg Sale Price	$255,000
Avg Days on Mkt	86		Avg Days on Mkt	76	Avg Days on Mkt	113

Rockland County Real Estate Market Snapshot Week Ending 12/13/2008

Sun, 14 Dec 2008 08:09:56 -0800

The big news this week is the potential for interest rates for new mortgage loans to drop to the mid-4's. In theory, that should bring buyers who are sitting on the fence into the marketplace. Good news for sellers in Rockland County. (And buyers, too!)

The mortgage professionals I've spoken with have said the number of calls they've received is up. It's too early to see if this will make any difference in the number of homes sold because takes a couple of weeks for homes show up under contract. The holidays are right around the corner, and many people are on vacation, so I expect to see an increase of homes under contract early in the new year, if the mortgage news has made a big difference. It will be very interesting to see what happens.

This week's numbers are almost unchanged from last week's, with the exception that average days on market for condos is up while average sales price is down.

The following statistics are from the Greater Hudson Valley MLS as of 12/14/2008, and represent an average for Rockland County. If you are interested in what is going on in your neighborhood, I'd be happy to provide that information. Please contact me at jennifer.mallory@kw.com or 845.521.3135

Rockland County Market Snapshot
Week Ending 12/13/2008

Single Family		Condo		Multi Family

Total Active	1175		Total Active	419	Total Active	88
New Listings	34		New Listings	12	New Listings	3
Price Revisions	67		Price Revisions	24	Price Revisions	4
Under Contract	18		Under Contract	7	Under Contract	3
Sold	24		Sold	4	Sold	0
Expired	45		Expired	15	Expired	38
Withdrawn	6		Withdrawn	4	Withdrawn	2

Avg Sale Price	$474,225		Avg Sale Price	$226,875	Avg Sale Price	X
Avg Days on Mkt	120		Avg Days on Mkt	151	Avg Days on Mkt	X

Rockland County Real Estate Market Snapshot Week Ending 12/6/2008

Sun, 07 Dec 2008 10:27:55 -0800

Happy Week's End. Or Happy Week's Beginning, if you're more of an optimist!

Once again this week, the active inventory of single family homes for sale in Rockland County NY is down -- by 10.6% since the end of October. Since last week, 77 listings or 6.2% of single family homes have expired, and fewer of them have relisted, indicating to me that homeowners are preparing for the holidays and will wait to put their homes back on the market until the spring. I'm hearing a lot of "waiting for the spring market" from both buyers and sellers. Buyers believe there will be better deals in the spring of 2009. Sellers believe they will get more money for their homes.

The condo market in Rockland County for the week ending 12/6 is relatively unchanged from the previous week, with the exception that of the condos that sold, days on market went up to 106 days from 41 days, and average sales price also went up. Interesting. The sample size is very small though, and might be insignificant when looked at in context of year to date sales.

So, what will happen in the spring market? Once again, I wish I had a crystal ball! On the national front, Lawrence Yun, Chief Economist for NAR, sees an increase in home sales from 4.8 million to 5 million this year to 5.2 million in 2009. Affordability is the key to home sales. Price, mortgage interest rates and taxes all affect affordability of a home. Home sales prices in Rockland County have come down since their highs in 2005. If mortgages rates continue to head lower, it will boost affordability and we will see color in the cheeks of the wan Rockland County housing market.

It is clear to me that for the next few months, buyers will do well because prices are realistic and mortgage rates are low. Sellers who price their homes correctly will be able to sell and move on. Easing the credit blockage will stabilize the market, bringing buyers back, and putting sellers in a stronger position. It is possible that changes in the coming months will put both buyers and sellers in a more positive frame of mind.

Here are this weeks market statistics for Rockland County NY:

Rockland County Market Snapshot
Week Ending 12/6/2008

Single Family		Condo		Multi Family

Total Active	1179		Total Active	431	Total Active	88
New Listings	32		New Listings	9	New Listings	1
Price Revisions	56		Price Revisions	23	Price Revisions	3
Under Contract	24		Under Contract	12	Under Contract	1
Sold	22		Sold	9	Sold	0
Expired	77		Expired	31	Expired	7
Withdrawn	6		Withdrawn	2	Withdrawn	1

Avg Sale Price	$465,495		Avg Sale Price	$327,000	Avg Sale Price	X
Avg Days on Mkt	114		Avg Days on Mkt	106	Avg Days on Mkt	X

Statistics taken from the Greater Hudson Valley MLS as of 12/7/2008

These statistics represent data for all of Rockland County. If you'd like to find out what is going on in your specific neighborhood, please feel free to contact me.

Rockland County Real Estate Market Snapshot Week Ending 11/29/2008

Sun, 30 Nov 2008 08:24:19 -0800

This week, there was a 13% drop in the average sale price for single family homes in Rockland County -- a pretty significant decline. Taking a look at the numbers behind the average, I see that the justifiably lower priced homes are selling (I say "justifiably lower priced" due to condition and location). Several of these homes were foreclosures.

The average sale price was 94.1% of list price, indicating to me that investors and bargain hunters are getting accepted offers. (The average sale price in my MLS this year is 94.8% of list. In 2007, the average sale price for the entire year was 95.9% if list.)

Although relatively few condos are selling in Rockland County, they are realizing a greater percentage of their list price (97.3%).

Both serious buyers and sellers should take note of the 3% drop in inventory since the end of October. Buyers: home sellers who have their homes on the market want to sell and may be more willing to negotiate. Mortgage interest rates fell this week, making this an historically great time to buy. Sellers: buyers who are shopping for homes at this time of year are serious. Be realistic about any offers you get. The spring market traditionally has a greater amount of inventory, making more competition for you if you wait a few months to sell.

Here are the real estate market statistics for Rockland County this week. Notice that I've now added Days on Market, as well.

Rockland County Market Snapshot
Week Ending 11/29/2008

Single Family		Condo		Multi Family

Total Active	1226		Total Active	446	Total Active	95
New Listings	33		New Listings	12	New Listings	4
Price Revisions	41		Price Revisions	11	Price Revisions	3
Under Contract	22		Under Contract	0	Under Contract	1
Sold	14		Sold	5	Sold	0
Expired	38		Expired	13	Expired	0
Withdrawn	3		Withdrawn	2	Withdrawn	0

Avg Sale Price	$373,993		Avg Sale Price	$248,700	Avg Sale Price	X
Avg Days on Mkt	166		Avg Days on Mkt	41	Avg Days on Mkt	X

Statistics from the Greater Hudson Valley MLS as of 11/30/2008.

These numbers represent average home and condo sales for all of Rockand County. If you are curious about what is happening in your particular neighborhood, please contact me.

Rockland County Real Estate Market Snapshot Week Ending 11/23/2008

Sun, 23 Nov 2008 08:52:53 -0800

The number of single family homes on the market in Rockland County, NY has declined by 9.5% since the end of October, in my mind signaling the beginning of the traditional holiday slow down. This decline in the number of homes for sale also underlines the importance of serious sellers getting on the market now, as there are serious buyers out there, and less competition means a greater likelihood that your house will get an offer. (I have a relocation client coming to town this week and there is only ONE house to show them that fits their needs!)

Similarly, the number of condos on the market has declined by 9.7% since the end of October. Get your price and presentation right and you will sell.

Buyers, the mortgage interest rate has remained at 6% for the past two weeks, the first time in a long while that the rates were unchanged for two weeks in a row. A recent study by NAR found that the affordability index of houses nationwide is now at 1998 levels. Good news for first time homebuyers, or looking to sell a current residence and upgrade to a bigger house.

Here are the numbers for this past week:

Rockland County Market Snapshot
Week Ending 11/22/2008
Single Family		Condo		Multi Family

New Listings	46	New Listings	21	New Listings	4
Price Revisions	71	Price Revisions	28	Price Revisions	4
Under Contract	23	Under Contract	13	Under Contract	0
Sold	19	Sold	7	Sold	1
Expired	37	Expired	14	Expired	6
Withdrawn	5	Withdrawn	1	Withdrawn	1

Avg Sale Price	$430,552	Avg Sale Price	$249,393	Avg Sale Price	$350,700
Total Active	1242	Total Active	449	Total Active	92

If you are curious about what is going on in your neighborhood in Rockland County, please contact me at 845-323-6247, or at jennifer.mallory@kw.com.

Rockland County Real Estate Market Snapshot Week Ending 11/16/2008

Sun, 16 Nov 2008 06:27:30 -0800

The numbers held steady this week in Rockland County, NY. I've added a new report metric, Price Revisions. I think it's important to watch over time how many homes are undergoing price revisions because it helps anticipate a trend in sales prices over the upcoming three months.

My strong sense is that in Rockland County, we have not seen the trough in the market in terms of valuation. Owners who want or need to sell in the next six to nine months would be wise to get their home on the market today, and make sure it's in the top 10% of value among the competition. This is likely to be the highest market valuation we will see in the forseeable future.

Buyers, however, should not shy away from the market. I know this sounds like a bit of a paradox, if my prediction is that house prices in Rockland County will continue to decline. However, buyers who are planning to live in a house long term will see an increase in the value of the house over time. Real estate has always bounced back after evey down cycle and prices have risen. (Think about it. The population in the United States is growing every year. So, every year there are new first time buyers coming into the market, meaning more competition. Housing starts are the lowest they've been in 18 years. Law of supply and demand dictates that as demand increases, and supply decreases, prices will go up.)

Also, mortgage interest rates are still historically low, hovering around 6.125% at the end of the week. If inflation kicks in, interest rates will begin to rise, and over the life of the mortgage will wipe out any short term gain seen in purchasing a house for a few percentage points less. (I did ok in economics class during my college years. However, I am finding the application to today's housing market far more interesting than I ever imagined sitting through those long dull lectures.)

Here is this week's housing market snapshot for Rockland County, NY

Rockland County Market Snapshot
Week Ending 11/16/2008

Single Family		Condo		Multi Family
New Listings	36		New Listings	14	New Listings	5
Price Revisions	74		Price Revisions	29	Price Revisions	7
Under Contract	21		Under Contract	12	Under Contract	3
Sold	18		Sold	11	Sold	1
Expired	47		Expired	14	Expired	9
Withdrawn	9		Withdrawn	2	Withdrawn	1

Avg Sale Price	$446,719		Avg Sale Price	$236,850	Avg Sale Price	$270,000
Total Active	1252		Total Active	445	Total Active	89

If you are in the market to sell a house or to buy a house in Rockland County, I'd be happy to discuss your goals and help you devise a plan to achieve your goal. If you are curious to see a market snapshot for your Rockland County or Orange County neighborhood, please contact me.

Statistics from the Greater Hudson Valley MLS, as of 11/16/2008

Another thing I love about Rockland County: Halloween in Nyack

Sun, 09 Nov 2008 07:52:43 -0800

Organizers bill Nyack's Halloween Parade as the biggest Halloween parade in the northeast outside of New York City's parade in Greenwich Village. Certainly, throngs of people line the street, many in costumes themselves, to watch a collection of ghosties, goblins, witches and other strange characters parade through the center of this quaint village.

The parade is held every year, the Saturday immediately preceding Oct 31. Preparations for the big event kick off weeks in advance. Each year, kids from local schools paint shop windows with spooky pictures.

This year, agents at Keller Williams built a float -- a huge haunted house, in the shape of a classic village Victorian. We had a blast planning it, building it, and painting it!

Here is the Keller Williams crew on one of the many days we got together to paint the details on our haunted house. We had lots of little helpers whose efforts added a distinct ambiance to the finished product. My kids had paint in their hair for days after.

I dressed as a witch and walked with the float on parade day. Many people told me I never looked better, and that my outfit was an apt reflection of my true nature. The picture is maybe too small to see the gross warty plastic nose I had stuck on my face. My kids hated it! I scared the willies out of the children of some of my clients when I ran up to them during the parade. Not even my candy offering made them feel better.

On Halloween night itself, the village of Upper Nyack is the place to be. Every year, we meet up with friends and take our kids trick or treating in this neighborhood of antique homes. Residents really get into the spirit of the evening and many deck their homes out with elaborate decorations.

We cap off our Halloween evening with a visit to the Haunted House, put together each year by the Upper Nyack Fire Department. This is the first year our six-year-old would actually go inside. Once we got inside, she was so terrified, she cried for me to back up and go out. Impossible due to the crowd of people behind us waiting to get in. I'm happy to say that we both made it all the way through safely. I wonder if she'll want to do it again next year. I know I do!

Upper Nyack's Fire Department on Halloween night.

Rockland County Real Estate Market Snapshot Week Ending 11/9/2008

Sun, 09 Nov 2008 06:59:10 -0800

This week's stats are pretty consistent with last week's. Of note for sellers, real estate in Rockland County is selling every day. You may be feeling that having your house on the market during the holiday season is a bit of a waste of time. Not true! Buyers are still out there during the holiday season, and serious buyers, at that. (One year I sold two houses the week between Christmas and New Year's.) If you need to sell, take heart, spruce up your house, and get real about your price! There is a buyer out there for you.

Buyers: Banks are indeed issuing mortgages. Standards are tighter, making it more difficult to get a mortgage loan than in recent years. However, I'm hearing more and more creative financing solutions being proposed by real estate agents and mortgage loan professionals. If you're thinking about buying, talk to a real estate agent and a mortgage professional. If a loan is out of reach now, you can put together a plan to put yourself in a position to buy in the future.

Rockland County Market Snapshot
Week Ending 11/9/2008

Single Family		Condo		Multi Family
New Listings	51		New Listings	14	New Listings	5
Under Contract	21		Under Contract	5	Under Contract	3
Sold	31		Sold	11	Sold	0
Expired	56		Expired	15	Expired	3
Withdrawn	6		Withdrawn	0	Withdrawn	1

Avg Sale Price	$460,411		Avg Sale Price	$217,736	Avg Sale Price	$0
Total Active	1267		Total Active	452	Total Active	94

If you are in the market to sell a house or to buy a house in Rockland County, I'd be happy to discuss your goals and help you devise a plan to get there. If you are curious to see a market snapshot for your Rockland County or Orange County neighborhood, please contact me.

Statistics from the Greater Hudson Valley MLS, as of 11/9/2008

Rockland County Real Estate Market Snapshot Week Ending 11/1/2008

Tue, 04 Nov 2008 22:20:58 -0800

This week, we see a bit of a decrease in the number of properties on the market in Rockland County, NY. Is this the start of the holiday market, which traditionally shows a slow down? Is the decrease related to the economy? Or maybe the presidential election? Or perhaps post-Halloween exhaustion? (As it is in my case.) Too soon to make a judgement. Here are the stats for this week:

Rockland County Market Snapshot
Week Ending 11/1

Single Family		Condo		Multi Family
New Listings	42		New Listings	12	New Listings	3
Under Contract	16		Under Contract	5	Under Contract	0
Sold	30		Sold	11	Sold	1
Expired	103		Expired	29	Expired	7
Withdrawn	2		Withdrawn	3	Withdrawn	0

Total Active	1264		Total Active	451	Total Active	93

Statistics from the Greater Hudson Valley MLS

These statistics cover all of Rockand County. The statistics in your neighborhood may vary. If you'd like specific information about your neighborhood, please contact me directly.

The Right Time to Buy a House?

Tue, 04 Nov 2008 21:29:46 -0800

In past posts, I've written about how now is a great time to buy real estate in Rockland County, despite the negative headlines about the economy and the housing market. Real estate is a local marketplace. To understand the market where you live, you need to analyze local market data. I thought it would be helpful to provide insight from a respected local mortgage banker as to why he believes now is a favorable time to purchase a home in Rockland County. The following is from Bruce Salik, VP/Branch Manager of Metrocities Mortgage in New City, NY.

As home prices become increasingly affordable in Rockland County, buyers should ask themselves "is now the perfect time to buy"? The answer is "yes" for a few reasons. First, as part of the recently passed Government Bailout Plan, first time homebuyers can receive up to a $7,500 tax credit if they purchase a home before June 30, 2009. Although this credit has to be repaid over a number of years, it makes the first years of homeownership, traditionally the most difficult financially, easier to afford.

Additionally, over the past five years, mortgage interest rates have been more favorable in November and December in comparison to October. Rates have fallen in November and December in every presidential election since 1992.

Some buyers may be inclined to wait until next spring, anticipating a decrease in prices. But what would happen if rates move higher? Let's say home prices in Rockland County drop an additional 3%, but interest rates rise by ½%. In this example, a $400,000 home would cost $44.00 less per month today!

No one can predict what interest rates will do. If we follow the trends in the last 5 years and the last 4 elections, rates should remain low at least until the end of the year.

Questions for Bruce Salik? Contact him at:
(845) 634-4460 x.305
Bruce.Salik@Prospectmtg.com
www.bsalik.myprospectmortgage.com

Shopping Boutique Fundraising Event November 6, 2008

Sun, 26 Oct 2008 08:20:59 -0700

Join Keller Williams Hudson Valley Realty for our annual:

Shopping Boutique

All proceeds to benefit Stephanie (Wanamaker) Ulrich and her family in their battle against colon cancer. Stephanie's husband, Dan, is a 20 year volunteer and past chief at the West Nyack Fire Department in Rockland County, NY with my huband, Christopher. Our kids are the same age and play together all the time at Fire Department events. The Ulrich family that has given a lot to the Rockland County community, and it's time for us to show our support in return! For more information about Stephanie and her family visit: www.supportingourstephanie.com

Thursday, November 6, 2008
6pm to 10pm
The Blaze Room
at the West Nyack Firehouse
42 Strawtown Road,
West Nyack, NY

$7.00 Admission
includes refreshments
& door price raffle ticket!

Vendors:
Maria Luisa of Nyack ladies clothing & accessories
Silpada Designs jewelry
Innovative Esthetics
Candy Creations
Butterfly Boutique unique jewelry & accessories
PartyLite Gifts candles & accessories
Twins Bags & Designer Clothes
Home Interiors
Park Ave Pet Boutique
The Ha' Penny Irish Boutique
Lia Sophia Jewelry
Fashion Inspirations
Bejeweled costume jewelry & accessories
Discovery Toys
Heidi & Arthur's chocolatiers
Fiona's Personalized Ornaments
Trabella Skin Care & Cosmetics
A-One Skin Care Arbonne Line
PhotosRgifts

Last year's event was packed! (See the pictures above. I couldn't resist a cameo shot of me selling raffle tickets.) We raised over $7500 for a family in need in our community. I hope this year's event is equally successful.

If you have questions about the event, please feel free to email me at jennifer.mallory@kw.com or call me on my cell at (845) 323-6247.

UPDATE: The fundraiser was great. We raised about $5500 dollars for the Ulrich family. As with last year, I went with cash in hand, intent on purchasing holiday gifts for family and friends. Of couse, I ended up with some great stuff for myself, and not so much for anyone else. And so it goes!

Thank you, thank you to Jeff Castle, caterer and manager of the Blaze Room, for the extra effort he put into making this event a success. Thanks, too, to my family and friends who came to show their support.