Real Estate Market Reports

There are currently 26 blog entries related to this category.

It’s natural that buyers and sellers alike would have an interest in where current market trends are taking us.  The general public has an interest as well.  As a real estate agent in Ulster County, New York, wherever I go, people always ask “How are sales?”, “Is the market picking up?”, “Are prices still dropping?”.  Although every property and market area are different, we can rely on statistics to help us get a general evaluation of what’s happening in Ulster County, as well as the rest of the state and the country.  The data collected by NYSAR for 2010’s second quarter shows 24,327 closings of single family homes, a drastic increase of 71% from the first quarter.  The month of June was of particular note with 11,230 homes sold, a new monthly record. …
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Ulster County Real Estate:
Featured Area - Saugerties

Saugerties in 2009 was named one of the 10 coolest small towns in America by Arthur Frommer’s Budget Travel magazine, with the quote “Saugerties can feel so much like home for weekenders that some have made it official.”

One of those Cool places in Saugerties to live is the Subdivision of Barclay Heights. Why? It's still affordable and surrounded by couples, young and old, new families and families who lived in Barclay Heights since it was built in the 1950's. Yes, 1950's and still looking young due to the pride of ownership of its many homeowners.
 
I have the pleasure of just listing a 1800 plus square foot Barclay Heights Colonial home on .21 acres located on Highland Avenue. Click here to view.

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On Friday November 6th, 2009 the U.S. House of Representatives passed legislation which extended and expanded the $8,000 first-time homebuyer tax credit, which was approved by the Senate earlier that week.  A few days later this legislation which affected Ulster County Real Estate as well as Real Estate everywhere was signed into law by President Barack Obama.

The extended version of the First Time Homebuyer Tax Credit featured some important changes for Ulster County Real Estate.  Probably most importantly, the Income Limits to qualify for the Tax Credit increased to $125,000 for individuals and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples featured in the previous legislation.  Additionally, a Tax Credit was added for

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Ulster County Real Estate: The Second Home Market


Did you say that now is a good time to buy a second home?Ulster County Real Estate

Currently, there is an unparalleled opportunity to purchase a second home. The average cost of a home is declining, and appears ready to hit a soft landing and stabilize. The housing market is rife with a number of solid potential purchased waiting for a deal to be made. Lastly, there are a number of tax benefits to owning a second home, depending mainly on how the property will be used.

1. A second home for personal use, such a vacation homes, the tax benefits fall mainly on your deductible.

2. A second home for rental purposes, depending on the number of days it will be used for this purpose, or personal use, will determine the tax benefits

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Ulster County Real EstateThere's a lot to think about before you purchase your first home. Are you financial prepared? Are you ready to make a commitment?

Here's a list of things to think about and see if it's the right time to buy your first home.
 
1. How much you can afford? The cost of a home is much more than a monthly mortgage payment. There are also property and school taxes, maintenance and upkeep, utilities and home owners insurance. 

2. Do you have a monthly and stable source of income? If you have any doubts or are thinking of leaving your work place. You may want to hold off. Or, if you get laid off, will you have another way to pay your mortgage, such as a savings account? 
 
3. Do you know your credit score? If it's low you'll have to repaired it. This is very

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Ulster County Real EstateYou hear it all the time.... Things are not easy in this market. But maybe what you need is a realistic, enthusiastic real estate broker on your side.

First – you want to know how the real estate professional arrived at the asking price. Ask questions, see comparable properties that have sold within the last 6 months.

Second -  Marketing. Where is your house to be found, easily. How does it stand out? Pictures are your best form of advertising. Clean up, paint... Create an atmosphere. Put up a wreath, fill in a flower box... All these things paint a pretty picture

Third – Your real estate professional should know all about the 2010 governmental perks and incentives to help stimulate a sale – from tax credits to interest rates to if a property is even

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This past spring, Anna Sember, a stager who owns The Well Dressed House, staged two homes that Murphy Realty Group had for sale in Historic Uptown Kingston, Ulster County New York.

p4309370-edit_2560The homes had been on the market before in 2008, and although had showings, they had not received any offers. Within a few weeks of the homes being staged, we had offers which led to the sale of both homes.

In today’s economy, many sellers feel they don’t want lay out the extra cash to have their homes staged. Those sellers might want to think again.

When showing a home, I find the most important thing to a buyer is the feeling that they can see themselves living in the home. When a buyer walks into a home and says “I could live here”, you know that they are making an

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Now that the Federal Government has extended the first time home buyers program, and expanded it to allow access by a greater number of individuals, will we return to traditional lending standards when the program is completed? If we do not, are we then creating a new housing bubble? Are we creating the start of a new bubble with the use of this program?

 

I don’t believe that anyone familiar with the industry would deny that Banks were only too eager to loan whatever amount borrowers wanted, then for the most part, package and sell the loans. The result is that nationally, we now have approximately two trillion dollars in loans that will probably as of now, never be repaid, at least not in full. So if we are not building a new housing bubble by the use

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tax-credit1_400There’s been a lot of buzz throughout Ulster County & the Hudson Valley, along with the rest of the industry for weeks regarding the Home Buyers Tax Credit. By now, I’m sure you’ve heard of the First Time Home Buyer Tax Credit being extended, and you may have heard that there have been some improvements. So, here’s a breakdown of the basics……

The Home Buyers Tax Credit for 2009 was for first time home buyers that purchased a residential home by Dec. 1 2009.  But the Extended version has made it possible for people to qualify up until April 30, 2010.

The “Improved” part Of the Home Buyers Tax Credit means that you may qualify if you didn't before.  The income level has risen and no longer is limited to first time home buyers. 

So here are some

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8000-tax-credit11-1_245So the Congress has passed the “new and improved” Home Buyers Tax Credit. Good for the Real Estate industry, very good for the home buyer, maybe not so good for the taxpayer. You hear the arguments for and against the program which will spend upwards of $45 billion, but the reality is that the industry is hurting badly and this will provide some relief nationally. Additionally, the potential for increased spending by new home owners on their new purchases should help the trade’s people and ancillary housing suppliers such as furniture sales.

 

This program is not a perfect solution, but then again, “Is there a government program that is?” The Home Buyers Tax Credit is much more closely aligned to helping Main Street, than all the “bail out” money spent

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