September 2008 Real Estate Report for Orange and Rockland County New York
Posted on 12. Sep, 2008 by Joshua Ferris in Home Buying Guide, Home Selling Guide, Orange County, Real Estate Reports, Rockland County
The Orange County Association of REALTORs (OCAR) released their September 2008 real estate report (based on August 2008 data) for Orange and Rockland County New York today and sales are higher than July 2008 but 30% lower than they were in August 2007.
August Residential Home Sales (2007 to 2008)
Orange County New York – 30% Lower
Rockland County New York – 17% Lower
Pricing in Orange County declined slightly, 4% lower than in August 2007 while Rockland County pricing declined by 8%. The sale price of Orange County condominiums and townhouses increased 5% as the number of sales slid in both Orange and Rockland County by a staggering 47%. Rockland County condominium prices dropped 7%.
We are headed into the fall season which typically leads into the slowest time of the year for the real estate industry: winter. That being said, we are also entering “deal season” and the absolute best time of the year to buy a new home as builders face their fourth quarter earnings report in the coming months. To learn more about home buying incentives, check out our top seven new home buying incentives.
Should you buy or sell right now?
My advice from August 2008 stands:
This is a loaded question but the short of it is that you should buy or sell if your lifestyle and living situation call for it. It’s still true that you make the most money on your home when you purchase it and not when you sell so the market is ripe with great buying deals but you might have to let your current house go at or slightly below market value.
I assisted a client in the purchase of a new home and sale of his current home recently and by pricing the home right, combined with my marketing plan, we had an accepted offer at full price within 3 days of going on the market.
The current market is less than ideal for home budget stretchers and investors looking to flip properties so if you fit this segment I would hold off until this winter.
For the full report including charts and statistics, please click here to download the PDF file. As always, comments are welcome and I look forward to hearing what you all think of the current market.
