MarketWatch
Welcome to my MarketWatch of market trends in Northern Dutchess and Southern Columbia Counties. Bookmark this report for monthly updates or send me an email with the subject line “add me to your MarketWatch to chris.hackenbrock@hallenbeckrealestate.com and you’ll receive it every time it’s updated.
In the Northern Dutchess communities of Clinton, Milan, Pine Plains, Town and Villages of Rhinebeck and Red Hook, and Village of Tivoli there have been 76 new listings (excluding mobile homes and apartment rentals), 40 price changes, 10 awaiting offers, 5 accepted offers, 12 have signed contracts, 12 have sold, and 3 offers have been withdrawn. The average new listing price for the period is $579,847, up 10% from the last update here. I continue to be pleased with the quality of new listing activity in the Rhinebeck area - a solid vote of confidence in the returning Spring buyer market. Just like last report period, many of the Town and Village of Rhinebeck new listings that were priced fairly are already in contract or sold. Homes that are fairly priced are receiving very good offers, including full-price offers. Rhinebeck is an area people love and many want to live here full time and as a vacation area. Anyone who has been here knows our population booms on weekends. There's a reason for that - a great area and great people!
The Northern Dutchess market continues to stay active and selling prices are on average 5-10% under asking price. Though some homes are staying on the market longer, either because of price or the uniqueness of the listing, homes here are selling! New listings that are priced fairly are receiving offers quickly. If the Rhinebeck area is where you want to live or vacation then why wait? Rhinebeck and the surrounding communities continue to buck the trends and the news.Communities here are still in demand for weekend and vacation homes. I receive inquiries from serious buyers from the NY metro area all the time (its 95% of my business) and I'm obviously pleased to see this market remain strong. These are smart buyers who have done their homework - they know what type of home and location they want, what similar homes are selling for in the area they seek, they've gotten their mortgage pre-approval if they're financing, and they're making fair offers on their vacation or full-time home. So for those of you who are serious about buying a Rhinebeck area property this is a good time to call me. You've seen that prices here did not fall anywhere near the national average. Investing in real estate here is smart.
Average 2009 sales price data from the Mid-Hudson MLS (most recent data available):
Clinton - $496,458
Milan - $266,913
Pine Plains - $334,428
Town of Red Hook - $305,073
Town of Rhinebeck - $432,838
Town of Washington - $819,118
Village of Red Hook - $214,600
Village of Rhinebeck - $378,390
Village of Millbrook - $512,440
Village of Tivoli - $219,850
In the Southern Columbia towns of Clermont, Gallatin, Germantown, and Livingston there have been 7 new listings, 10 price changes, 3 accepted offers, 1 signed contract, 2 sales, and 1 withdrawn offer. The average new listing asking price is $399,007, up 8%.Asking prices are traditionally lower here and some homes tend to stay on the market a bit longer than in the Rhinebeck area, sometimes purely because the commute to NYC is longer. For those looking for a deal and don't mind driving a little farther north, this is where you should look.
I wanted to take just a moment to write to all of the visitors to my site who have yet to contact me:
Please do some research. Inquiries from buyers who haven't done their homework on the Rhinebeck area real estate market, especially in the Town and Village of Rhinebeck, aren't productive for anyone. Those buyers, basing their inquires on reports from the news media, believe they can purchase a home here for a considerable discount under asking price. Though we all read and hear the bad news about a sagging real estate market, I’d like to remind everyone the real estate is a LOCAL market, not a national one. The media often use national data averages and do not reflect an actual local real estate market. Yes, there are many depressed markets – many in California, Florida, Nevada, Georgia, and even in New York. The point I want to make is that the Rhinebeck areareal estate market isn’t one of them. Rhinebeck and most of Northern Dutchess County has never been a subprime, short-sale, or foreclosure market and sellers here, with very few exceptions, are not in a desperate position where they “have to sell.” The Rhinebeck area has never been a market of uncontrolled new construction (most towns here have a major subdivision moratorium) so there isn’t a large inventory of new houses facing the auction mallet like in Atlanta or Las Vegas or Fort Myers. Most people who buy here stay here because they love the lifestyle and the area. If you’re looking for a “deal” there are few here.
Other significant changes and notations:
1. The U.S Environmental Protection Agency has new rules taking effect 4/22/10 requiring remodeling work done on homes built before 1978 to be undertaken ONLY by contractors certified by the agency in lead-safe practices. Unless this work doesn't disturb the paint you should make sure your contractor is certified and they are required under the new rulings to display their EPA Training Certificate to you.
2. Federal banking regulations now require second/vacation homebuyers to put a minimum 20% down at contract when financing.
3. Because of the credit markets, many agents and brokers - myself included - are requiring buyers to have a mortgage pre-approvalprior to making an offer. In years past a mortgage pre-qualification letter from a lender would satisfy a seller that the buyer is mortgageable. Unfortunately this no longer applies. Buyers take note- a mortgage pre-qualification letter states that the lender "may" lend you a specified amount. A mortgage pre-approval states that the lender is committingto financing you. Big difference. How? A seller will accept an offer from a buyer with a pre-approval over one with a pre-qualification. A seller knows you can close sooner with a pre-approval since you've already done much of the paperwork. The seller knows you're a serious buyer. And most importantly - that $550,000 dollar offer you just made on your dream home based on your $550,000 dollar pre-qualification letter wont become your lost dream home because the bank, after doing their approval process, will commit to far less than the $550K and/or require significantly more money down from you. It's sad but it's happening all too frequently.
4. Updated FHA changes - Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%. Permissible seller concessions are being reduced to 3% from 6%.
5. Appraisers now have much more work to do to explain and substantiate to lenders their summaries on valuations. Frankly, if your agent/broker isn't providing you with recent and accurate comparable sales data during the listing presentation or on each home you plan to buy, then you should get another agent. I run comparables on every home I help sell as the listing or buying broker. I have taken marketing and appraisal courses and the Home Valuation Code of Conduct course. You'll always receive accurate Broker's Price Opinions through me. Call!
And finally - NO, I don't do short sales or foreclosures so please don't ask. Thanks! ;-)
Remember – I can show you any MLS listings or get you more info. Email me at chris.hackenbrock@hallenbeckrealestate.com, check out our listings at www.chrishackenbrockrealestate.com, or call me at 845.876.7523.
Data culled from and copyrighted by MID HudsonMLS, 2010. All information is deemed reliable but is not guaranteed and should be verified by personal inspection by and/or with the appropriate professional(s).
