Market Conditions in Valatie>Question Details

rbhallenbeck, Home Buyer in Valatie, NY

Are home values on the rise?

Asked by rbhallenbeck, Valatie, NY Wed May 23, 2012

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Anna M Brocco’s answer
If you are looking to buy/sell, work with an agent of your own; he/she can provide a market analysis and any other necessary information, after reviewing the data, local conclusions regarding values can be made.
1 vote Thank Flag Link Wed May 23, 2012
According to the National Association of Realtors (NAR) existing home sales rose 7.8 percent in August for the month, and are 9.3 percent higher than August 2011. Also marking its sixth consecutive month of improvement, the national median price rose to $187,400.00 in August, up 9.5 percent year over year. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier. It is great news for sellers that been waiting for the past 3 years to sell their home.

Maria E. Cipollone

Century 21 Tenace
0 votes Thank Flag Link Sat Sep 22, 2012
Residential sales in upstate NY have risen this year. Many home owners who have wanted to to sell decided to put their house on the market. The good knews was many of these homes did sell. The down side is the market has been flooded with listings making it a very competitive market. As more homes sell the values will increase.
0 votes Thank Flag Link Sat Sep 22, 2012
As the inventory begins to shrink, it will create a higher demand for the homes that are left. I have been involved in several bidding wars and that was offering well over asking price. This is an indication that things are moving toward higher prices. I don't believe it will happen overnight, but it is a good sign for sellers.

I see that you are in NY and I'm not sure how things are there, but I have been hearing from agent friends all over the country that this is true there a well. Looks like Alexander has offered some insight on that.

As a buyer, it is time to get off the fence and as a seller, there is finally a light at the end of the tunnel.
0 votes Thank Flag Link Thu May 24, 2012
Yes, in Port St Lucie, they are on the rise. Inventory is getting lower, we ARE the only area that is GROWING in leaps and bounds and the builders should soon be back to build on all our vacant lots around the city....
0 votes Thank Flag Link Thu May 24, 2012
Every market is different, but I can say in the market I work in the prices are going up. There is a real shortage of quality inventory out here due to the buying demand surge. Basically everyone is jumping on the band wagon that wants to own a home for super discounted prices and low interest rates galore.
0 votes Thank Flag Link Wed May 23, 2012
I expect they might be. There have been multiple offers this past month on many properties in the Berkshires. It's taken us by surprise. It's been frustrating for some buyers, who are actually beginning to lose out on properties. Prices are low, mortgage rates are still low, and there is likely "pent up demand" from buyers. Also, our buyers are typically weekenders from the Tri-State area, who have not been so hard hit by the economic downturn... and therefore still have money to spend.

When demand increases, prices typically increase. But, it's too early to tell if home sale prices are rising.

It is a very good time list your property, if you price it attractively.

Tom Lynch
Associate Broker, Massachusetts, New York and Connecticut
Berkshire Property Agents
12 Railroad Street
Great Barrington, Massachusetts 01230
0 votes Thank Flag Link Wed May 23, 2012
Yes, check out my latest blog.

Or my twitter feed @RealEstateNYS
0 votes Thank Flag Link Wed May 23, 2012
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