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Date: Nov. 4, 2006
Tags: None
Let's take a look at the numbers just released by the NYS Association of Realtors for the month of September and see how they compare with the rest of the state.
First let's look at the number of single-family homes sold in Ulster County:
Sep-04 Sep-05 Aug-06 Sept-06p Sept-04 to Sept-05 to Aug-06 to Sept-04 to
Sept-05 Sept-06 Sept-06 Sept-06
140 159 147 121 13.6 -23.9 -17.7 -13.6 ULSTER COUNTY
9680 10533 11073 8876 8.8 -15.7 -19.8 -8.3 NYS TOTALS
Median sales prices:
$212,250 $259,900 $271,350 $245,000 22.4 -5.7 -9.7 15.4 ULSTER COUNTY
$235,000 $259,000 $264,750 $238,000 10.2 -8.1 -10.1 1.3 NYS TOTALS
So how is this reflected in the real estate market? The number of actual buyers has declined, and the number of available listings has increased (the basic definition of a buyer's market). Sellers in this area have had five years of a rising market and they still see dollar signs in their dreams. Some have had a hard time adjusting to the new reality and have priced their houses accordingly. When looking at new listings on the MLS hotsheet, my frequent response is "are they out of their minds!" Like all marketing, positioning is key. The thing to strive for as a seller is to be the best house in terms of both price and appearance in relation to the competition.
I have clients who rejected an offer 4 weeks ago after the buyer wouldn't raise their offer. As often happens, the next offer they received was lower than the first. My fear was that the next offer would be still lower. In looking at what was happening in their area, I discovered that no house had gone pending or had sold since the end of August and it was now the end of October. I went back to the original buyers who were in the process of negotiating on another property, and was able to resurrect the original offer.
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