Going, Going, Gone – News on the Local Real Estate Market

Donna Bruno of Century 21 North Star Realty shares details of the current Real Estate market.

I am frequently showing homes to buyer clients; I see that the market has changed quite a bit recently.

Six months ago, nine months ago, or a year or more ago, we had lots and lots of listed homes to choose from.

At one point, I remember thinking how hard it was going to be trying to know all the homes that were listed since that's part of my job. 

When the market was in its free fall, buyers often had 50+ homes to choose from.

However....not anymore!

This past week, I took a relocation client out who has to buy quickly because he starts work at the end of July. There were only a handful of homes available and his price range was a reasonable one for what he was looking for!

What does this mean??? It could mean that the pendulum is starting to swing the other way. Maybe....just maybe...we're on the way to an improving market for sellers. When it improves, that means that prices will rise.

So what does that mean if you're a buyer or seller?

If you're a buyer, find a great Realtor, secure your financing and get shopping before the same house, if on the market a few months from now, costs you more.

If you're a seller who hasn't seen an offer or who has only seen low offers, review the price with your agent. Get your house in great condition so it's ready for showings as if it's going on a "blind date" because...it is! If you've requested 24 hours notice for it to be shown or any notice for that matter, reconsider it. If you're planning on buying another home, you'll still be able to take advantage of low mortgage rates that are still available. With fewer banks writing mortgages, the process is getting tougher and tougher.

My client now has an accepted offer; the home inspection is this Thursday.

I can't tell you how many homes couldn't be shown due to advanced notice & others that showed poorly. His offer is on a home that is in excellent condition.

What's interesting is that when my client asked for info on recent sales to support his offer, many of the recent sales in the neighborhood were higher than the listing price for the home he bid on and got! It isn't the first time I've seen this.

So....as I said before....could be that the market is improving! If so, let's hope it stays that way!

Donna Bruno is the Owner/Broker of Century 21 North Star Realty in Peekskill, NY. She is one of 4 percent of all Realtors nationwide because she is a Certified Residential Specialist (recognized as the PhD of the Real Estate industry). She services all of Westchester, Putnam, and Dutchess. You may reach her at (914) 329-7614 or via email at century21nstar@aol.com.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Lisa Gentes-Hunt July 12, 2012 at 07:37 PM
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William Demarest July 13, 2012 at 01:59 PM
Thanks to Donna Bruno for sharing her insight on the real estate market. Donna is one of several real estate professionals who provide information on local real estate conditions through blogs on Patch. Real estate values, prices and sales continue to be of key concern, among many other issues, for local residents and Patch readers. Patch invites local residents and business people to share their insight on local issues and concerns by blogging on Patch. To blog on Patch, click the "Want to blog on Patch?" button on our home pages.
I Like That Horse July 13, 2012 at 02:09 PM
Why else do write this Ms. Bruno? Other than for business? So curious.
I write these blog posts because I see homeowners who think that they need to take less when that may not be the case or buyers who lose out on homes simply because they think that this is the buyer's market that existed over a year ago, so they put in low offers and lose the home of their dreams. My posts are to keep you informed.
jeff meyer July 14, 2012 at 12:43 PM
Ms. Bruno, my wife and I spend much time in Florida. We have noticed a frenzy of purchasing lately in Florida. I am sure this is partly due to the low rates and vast inventory. However, do you believe these low rates will have staying power or shall we expect a spike in mortgage rates?? Jeff Meyer Tuckahoe, NY


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