January 2013 Market Report for Town of Ramapo Rockland County NY
This year is well under way and flying by. We're already a month and a half into 2013 and we've had a very active January. Hopefully its an indication of good things to come.
Let's take a look at what the market has been doing in the Town of Ramapo in Rockland County NY.
The Town of Ramapo is comprised of Airmont, Chestnut Ridge, Hillburn, Monsey, Montebello, New Hempstead, Sloatsburg, Spring Valley, Suffern, and Wesley Hills.
Though we are still in a buyers market, the number of homes sold per month is increasing and that despite the winter which traditionally is a slower time of year for real estate. The average list price has been holding steady for the past few months, but the percentage price at which homes are selling relative to the list price is rising moderately as buyers get off their fence and try to lock into a new home at great low interest rates (which won't be around forever - they are already inching up).
The greatest number of sales are in the $350,000-$450,000 price range and if properly priced and in good condition those homes are moving quickly. Just to put things in perspective, a 1% increase in mortgage rates reduces your buying power by about 10%. Savvy buyers that have been out there looking are primed to recognize good value and come prepared to jump in and make an offer. The number of sales in January reflects this.
If you're thinking of buying, NOW is a great time to buy and if you're one of those buyers prepared to jump off the fence and make a move, give me a call, Leah Stern 914-772-4528 and I'll be happy to help you find the perfect home.