Home Buying in 12533>Question Details

Sal, Other/Just Looking in 23188

Are home prices continuing to fall in Hopewell Junction / East Fishkill NY?

Asked by Sal, 23188 Sun Feb 15, 2009

I want to buy but was wondering how much more the home prices will fall. ( Don't need to buy yet)
Thanks.

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If we only had a crystal ball we could answer that question with more accuracy and certainty. Unfortunately, no one knows, but sellers who need to and truly want to sell are setting their prices accordingly. While you may not need to buy right now it's important to factor mortgage rates into your decision making process. It would be a shame to wait to see if home prices fall while meanwhile neglecting to realize mortgage rates going up. Best advice, if you find a house you like that is priced well based on comparable home sales prices and the mortgage rates are good—buy it!
1 vote Thank Flag Link Sun Feb 15, 2009
For those that have not used it: Check Stats and Trends tab above:

Here it is for Hopewell Jct.: http://www.trulia.com/real_estate/Hopewell_Junction-New_York…
0 votes Thank Flag Link Mon Feb 16, 2009
Although I don't have the stats for specifically Hopewell Junction, I tell you that according to the Mid Hudson MLS, the current average selling price for Dutchess County was $294,005 in Dec. 08, and increased to $372,413 in Jan 09. The current median price remained the same each month at $280,000.

In December 08, we saw a 30% increase in offers to purchase, in Jan 09 it was 8.9% increase.

Spring market is upon us, rates are indeed low in the 5% range this week, and first time homebuyers will be enjoying some new incentives being provided by the federal government in the form of tax breaks.

Hopewell Junction itself is highly attractive to buyers due to it's proximity to the Taconic State Parkway and southern Dutchess location (less than an hour drive to White Plains); it is a very pretty town (lots of trees and parks) and offers many recreational opportunities for it's residents, not to mention near tons of shopping.

So I am optimistic about the overall market in this area and buyers can certainly find a wonderful home at a good price and great interest rate.

I hope this helps. :)
0 votes Thank Flag Link Mon Feb 16, 2009
The Sale Prices of homes throughout most of New York (excluding a few local regions in Western New York) are continuing to fall.

That said, you should not buy or sell based on what the "Trends" are unless you are an investor. 90% of home buyer actually LIVE in the home we buy. A home where we raise a family, share memories and a place where we can rest, relax and call HOME!

That said, buying a home now or later should be determined by what your needs actually are. In a booming market like we experiences just a few short years ago, people tend to get swept up in the wave of enthusiasm, just as people are swept up in the wave of "waiting for the bottom" now. In both cases, that is not the best move.

If you would like real honest advice as to whether now is the right time for you to buy, please contact me. I will not convince you one way or the other. I will give you the facts and with that information, YOU can determine what is right for you. Surprising to most Buyers, very little of this will have to do with the current state of the market, but rather where you currently are in your life.

Larry Jensen, Principal Broker
Accredited Buyers Representative
St. Lawrence Properties, LLC
845-462-8400
0 votes Thank Flag Link Sun Feb 15, 2009
If I knew the answer to that question, I wouldn't need to work anymore.
0 votes Thank Flag Link Sun Feb 15, 2009
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