Dutchess County Real Estate Blog

Think it's a buyer's market in Dutchess County?  Think again.  Here's the latest news from The Mid-Hudson Multiple Listing Service.  The last numbers released show that purchase offers are up 27% from this time last year.  The average number of days on the market is down by 7 days from March 2008.  This is another subtle indicator that the local market is picking up.

Buyers who have been waiting might now be finding themselves very disappointed.  While prices have fallen considerably and interest rates are at an all time low, the market has started to shift a little and some agents are even reporting multiple offers on their listings.  On Friday, my firm's affiliated mortgage consultant emailed all the agents in my office to let us know that the rates went up .25% towards the end of last week.

With the $8000 federal housing tax credit which provides an outstanding opportunity for first time buyers, the inventory is suddenly moving at a faster pace in the below 300k price ranges.  First time buyers who have waited until now to shop are suddenly finding themselves competing with other buyers.  And, many buyers who thought they would have the upper hand in negotiating are finding out differently.

Last week a buyer client of mine lost out in a bidding war.  There can only be one buyer for every house. 

Of course this is good news for sellers in the below 300K price range.  First time buyers seem to be out in force right now.  The focus for many seems to be to close escrow before the end of November deadline to take advantage of the tax incentive.  However, the high-end market still remains stagnant with a smaller pool of buyers who qualify or an increasing number of people who are apprehensive to over-extend. 

In Dutchess County the median Selling Price for March 2009 was $252,000.  This is the price point that is driving the local market. 

The home on the left sold through my firm in March for $252,000 and so this is an example of what a home sale at the median selling price looks like.

Buyers:  Don't wait any longer to start shopping, and be sure to understand that you might need to be competitive.  Not every property you see will be negotiable, especially if there is more than one interested buyer.    

For more information regarding the first time buyer tax incentive, click on the link below the picture. 

http://www.federalhousingtaxcredit.com/2009/glance.php