Mortgage rates have been holding steady and are astoundingly low. And while most qualified buyers ARE able to get a mortgage, banks have certainly tightened their lending guidelines. When buying a home, keeping your credit rating intact and your financial situation as it was when you were approved for a mortgage are imperative. Don’t apply for new credit cards or make large purchases between the time you apply for a loan and the day the mortgage closes. Also, avoid closing existing credit card accounts and withdrawing or depositing large sums of money. Don’t change jobs prior to closing. It is likely your bank will re-check your credit score and re-verify your employment the day of the closing. You could be turned down for the mortgage at the last hour if your credit score drops, your debt-to-income ratio exceeds the banks guidelines or your employment situation changes. It is advisable to speak with your lender before making any financial decisions prior to closing. Follow these guidelines and you increase your chances of a smooth and successful closing and will be on your way to enjoying life in your new home. With that, here are the homes that sold in May.
How is the real estate market in Rockland County’s rivertowns? Here’s an overview of how May YTD 2014 compares to May YTD 2013.
May 2014 YTD vs. May 2013 YTD – Single Family Homes
New Inventory (the number of homes coming on the market) decreased 18.4% (111 YTD 2014 vs. 136 YTD 2013). There was a 21.9% increase in the number of sales (39 YTD 2014 vs. 32 YTD 2013). The average sales price for homes that have sold increased 6.1% to $653,182. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the river villages) was $428,004, up 6.5% over the same period last year.
May 2014 YTD vs. May 2013 YTD – Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 6.1% (46 YTD 2014 vs. 49 YTD 2013). There was a 27% increase in the number of sales (14 YTD 2014 vs. 11 YTD 2013). The average sales price of condos that have sold increased 5.1% to $359,536. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the river villages) was $210,774, up 0.6% over the same period last year.
What are the Hudson Valley Rivertowns in Rockland County? The rivertowns are a collection of small towns and villages situated on the western banks of the Hudson River. The rivertowns are among the most special and sought after locations in the lower Hudson Valley and include Palisades, Sneden’s Landing, Piermont, Upper Grandview, Grand View, South Nyack, Nyack, Central Nyack and Upper Nyack. Located about 15 minutes north of Manhattan, the rivertowns are perfect for those looking to live in a beautiful, diverse and convenient location with easy access to Manhattan, Connecticut and Westchester.
For more information on what’s happening in the Rivertowns and the Rockland County Real Estate market, give me a call on 845-641-8613 or visit my website www.DonnaCox.com and click “Contact Me.” I’d be delighted to speak with you.
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Better Homes and Gardens Real Estate Rand Realty
46 S. Broadway Nyack, NY 10960