Best Place To Move - Find the Best Suburb NYC - Commute to NYC Blog


Understanding House Values


Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1096

Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1096

Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1096

Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1096

Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1096

Warning: Illegal string offset 'status_txt' in /home/bestplace/public_html/blog/wp-content/plugins/share-and-follow/share-and-follow.php on line 1108

January 26th, 2010

I just reviewed MLS closed residential statistics for my company in the Hudson Valley of New York, Ulster County. I noted a trend that continued throughout 2009, which I believe is important to note:

The average selling price of a home in in our county in 2009 decreased by 17% from the average selling price in 2008. However, here we have a substantial number of homes in the higher price ranges($300,000+) that attract a somewhat different buyer pool than homes under that price range. We historically attract people from metro NYC who have dual-residences here, and purchase homes based on those specific needs and wants.

There were many more homes under $300,000 sold in ‘09 (820) than in ’08 (724). The average selling price of homes under $300,000 was down only 7% from ‘08 to ‘09. However, since there were so many more of them sold in ‘09, they pulled the overall average selling price down 17% for all homes sold in ‘09, as mentioned earlier.

The average selling price of homes over $300,000 was down only 9%from ‘08 to ‘09. There were, however, only 218 in ‘09 vs. 318 in ‘08. This large decrease in the number of homes sold in the higher price ranges also contributed to the final overall 17% decrease in the average selling price of all homes.

This unusual statistical analysis is totally lost to Internet home shoppers, even if they use online estimators and in my experience, even to appraisers working for banks to determine loan to value ratios. This makes it even more important that the purchaser of a home in such a unique localized market work with a knowledgeable real estate professional who understands the nuances of the local market, knows the stats, and can help the purchaser determine fair market value. Then, a great professional can present the necessary data to support an offer to a seller’s agent who might not be as familiar with market trends. At www.bestplace2move.com staff are working with a hand-picked group of real estate companies and agents who have shown, through their performance and commitment to integrity, that they can provide the best real estate services to buyers in a today’s market. In fact, sellers should also insist that their prospective agent show them in-depth market data which will enable them to price their home to sell in today’s world.

Harris L. Safier


This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>