Hudson Valley Musing

 

Dutchess County NY First Time Buyers Take A Look At FHA Loans

 Now is truly a good time to buy, that is, if you can get a loan.  This is the reason why I want to address FHA loans as a vehicle to home ownership for First Time Buyers.  The recent trend is that many are turning to FHA loans.

 What is FHA?  This is the Federal Housing Administration.  The FHA loan should be important to you because it is easier to get.  Why? Because the Federal Housing Administration insures the loan therefore lenders will be more inclined to lend to you with less requirements than for a conventional mortgage.  You will also want to keep in mind that you will still need to shop around because each lender imposes its own minimum standards.

 Things you should know about an FHA Loan

•   A minimum of 3.5 percent down payment is required.
• The money can come from family members, a co-borrower, or can be borrowed or gifted.
• You can get loan even with less than perfect credit.
  1. If you had a bankruptcy it must have been discharged 2 years prior.
  2. No credit history - FHA will allow manual approach of qualifying as long as good information is available.
• Delinquency on Student Loan will automatically disqualify you.
• The type of properties that can be purchased are:
  1. 1- 4 units
  2. Condos (but not Co-Ops)
  3. Manufactured homes

           *The key is the property has to be owner occupied.

• FHA loans can be processed as quickly as conventional loans and just require one additional form.
• This is the new improved FHA loan therefore less repairs are required following inspection.

 

As your Realtor one of my services is to help you locate a mortgage professional who can walk you through the mortgage, since that is their area of expertise.  HUD also provides a list of FHA participating lenders.  It will also be important to find out the FHA limits in your county.  Here is the FHA limit for Dutchess County:

 One Family     $356,500

Two-Family    $456,350

Three-Family  $551,650

Four-Family    $685,550

 

So, now that you see that homeownership is still possible, let me use my expertise to help you find that first home.

  

 

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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 Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY First Time Buyers Take A Look At FHA Loans

What I learned from door knocking in Dutchess County.

Over the last couple days the temperature was somewhat warmer, don't get me wrong it is still cold and many driveways are still covered in snow.  Living here in the Northeast during the winter months you can easily suffer from cabin fever so I decided to go out and meet a few of my neighbors yesterday.  Everyone I met was rather pleasant and we spent a few minutes talking about what was happening in town and of course everyone wanted to know about the real estate market and the economy in general.  I heard many predictions as to when a turn around would happen.

So what did I learning from door knocking?

• Making a decision to sell a house is more complicated these days.  Homeowners are concern they won't make enough on the sale, or they might get less than they owe on the house.
• Concerns about job loss, theirs as well as friends and neighbors.
• Waiting for spring to list because they are hopeful things will be better then.
• Everyone is just sick of the weather and would be happy if there is no more snow this winter

Why it would be wise to list now.

• There are buyers looking right now who can't find the house they want.  Yes there is a lots of inventory but what if your home was the one that would appeal to these buyers?  If you wait until spring this could be a missed opportunity.
• As I mentioned earlier many sellers have told me they are waiting until spring.  Speaking to my associates they are hearing the same thing, so it seems come springtime the the competition will get stiffer.

 How I can help you.

• If you are considering selling your Dutchess County home you would want to know how much your home is worth and arriving at this number is very critical these days.  As a real estate agent who is always reviewing and providing updated statistics about the housing market in the area I would be able to provide you with a market analysis.
• To provide you with the analysis I would need to take a look at the property I would then be in a position to give you feedback on items you could address to ensure that you get a better price.
• What if you are having trouble paying your mortgage? here too I can provide you with useful information and point you in the right direction as to how to avoid foreclosure.  It is always a pleasure educating the consumer.
• Yes these are just a few of the services I offer.

 

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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  Copyright © by Jennifer Fivelsdal, all rights reserved-What I learned from door knocking in Dutchess County.

                   

 

 

Hyde Park NY Real Estate Market Report December 2008

Hyde Park continues to be one of the more reasonable priced town; as you will notice most of the sales were in the 200's.  It is encouraging to see there are presently 14 properties with offers and 3 fully executed contracts

 

HYDE PARK REAL ESTATE MARKET REPORT SINGLE FAMILY HOMES  DECEMBER 2008

CATEGORIES	AVG LISTING PRICE	DOM	AVG SQFT	AVG     $/SQFT
106 Active	$      337,601.00	118	1071	$172
5 Offers	$      158,720.00	95	1437	$110
9 Offers CS	$      228,122.00	105	1554	$147
1 Price Change	$      159,900.00	146	1528	$105
3 Pending Sale	$      240,833.00	226	1840	$105
9 Sold	$      235,249.00	101	1682	$140
	AVG SOLD PRICE			AVG $/SQFT
	$   230,550.00			$137
STREET	SALE PRICE
Bircher Ave	$     58,060.00
E. Market	$   147,000.00
Red Barn	$  210,000.00
Gilbert Dr	$  219,900.00
West View	$  230,000.00
Holt	$  257,500.00
Norah Lane	$  267,000.00
Crum Elbow	$  335,000.00
Frances CT	$  355,000.00
	COMPILED FROM
	Mid Hudson MLS data obtained 1/1/09

 

 

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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  Copyright © by Jennifer Fivelsdal, all rights reserved-Hyde Park NY Real Estate Market Report December 2008

 

This is the final market report for 2008.  A year that had many challenges; more inventory, fewer sales and an increase in short sales and foreclosures.

I thought it would be interesting to take a look at some of the numbers in December over the past 4 years.              

                                                             2005           2006          2007        2008

Number of sales                                   208             175            149             89

Absorption rate * ( months )                  8                11             14             22 

*(How long it would take to get rid of existing inventory)

A quick scan shows 2008 sales was less than half of 2005 and it would take almost 3 times as long to work off 2008 inventory.  You can also see the progression to a full blown buyer's market.

• A Buyer's market is 8 months and up.
• Normal market 5-7 months
• Less than 5 months Seller's Market.

   Breakdown of the numbers for single family Detached

Median Selling Price - $ 280,000 a decrease 9.7% from December 2007

Average Selling Price - $ 294,005 a decrease of  26.9% from December 2007

Closed sales - 89 a decrease of 40.3 % from December 2007

Inventory at beginning of month - 1957 a decrease of  7.6% over December 2007

Days on market - 126 a increase of  10.5% over December 2007

Absorption rate for December 2008 1957/89=  22 months to clear inventory

Take a look at the median and average sale price over the last 4 years.

                                 2005                 2006                  2007                  2008

Average                   $383,022         $412,119           $402,267            $294,005

Median                    $342,500         $349,900           $310,000            $280,000

 

 Breakdown of the numbers for single family Attached

Median Selling Price - $ 210,000 an increase of 2.4% over December 2007

Average Selling Price - $ 209,566 a decrease of  13.9% from December 2007

Closed sales - 27 a decrease of 35.0% from December 2007

Inventory at beginning of month - 362 an increase of  1.7% over December 2007

Days on market - 147 a increase of  26.7% over December 2007

Absorption rate for December 2008 362/27= 13.4 months to clear inventory

 

****Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)

 

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Market Report  For December 2008

 

 

 

Red Hook Second Winter Market is this Saturday January 10th 2009

The Winter Market was first held in December and was a success despite the weather.  Many who missed the first event will welcome this event.

The participants will be the same, although according to Miriam Latzar of Hearty Roots there will be more available baked goods this time

 The success of this market will depend on participation ,so please turn out to support our local farmers and merchants.

Date - Saturday January 10th 2009

Time  - 10:00 AM- 2:00 PM

Location - Elmendorph in Red Hook

Located on Route 9 in the Village of Red Hook between the IGA and Stewart Shop, you can't miss it.

 ****Take a moment to see what you missed.  December Winter Market at the Elmendorph

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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 Copyright © by Jennifer Fivelsdal, all rights reserved-Red Hook Second Winter Market is this Saturday January 10th 2009

Red Hook Real Estate Market Report For December 2008

So, 2008 finally came to an end and I am sure for many it wasn't too soon.  This December we experienced more of an old fashioned winter with ice and snow storms.

The real estate, and financial industries certainly underwent a rather stormy period themselves which has been carried forward to 2009.

There are many lessons that can be learned especially in difficult times.  This was a great time for reflection on such questions as

1. Do I live within my means?
2. Could I use this time to improve my job skills?
3. If I am in a postion to do so, do I extend a helping hand to others?
4. Will I set a budget and stick with it in 2009?

 

Here is the real estate activities for the month of December compiled from data obtained from the Mid Hudson Multiple Listing services on January 1st, 2009.  It is possible the number of sales could be adjusted due to late reporting.

             Active listing  51

                      Average List Price:  $497,504

                    Days on Market: 167

                    Average Square Feet: 2589

                    Average $ Square Feet: $192

•           New 1

                    Average List Price: $ 390,000

                    Days on Market: 3

                    Average Square Feet: 2259

                   Average $ Square Feet: $173

•           Accepted Offer  - Continue Showing 2

                     Average List Price: $ 349,000

                     Days on Market: 321

                     Average Square Feet: 2074

                     Average $ Square Feet: $168

•             Price Change  1

                     Average List Price: $ 261,963

                     Days on Market: 145

                      Average Square Feet: 1078

                     Average $ Square Feet: $243

•         Pending 1

                    Average List Price: $ 439,000

                    Days on Market: 643

                    Average Square Feet: 2800

                   Average $ Square Feet: $187

                   

•         Sold 2

                    Average List Price: $ 394,450

                  Days on Market: 118

                   Average Square Feet: 2263

                   Average $ Square Feet: $ 174

                   Average Sold: $ 375,000

                   Average Sold $ Square Feet: $165

                  Street                        Sale Price

                  Teator Lane               $ 315,000

                  Lore Lane                  $ 435,000    

 

 Village of Red Hook NY Real Estate Market Report November 2008

 

•           Active listing  6

                    Average List Price: $279,483

                    Days on Market: 40

                    Average Square Feet: 1563

                   Average $ Square Feet: $179

•           Accepted Offer 1

                   Average List Price: $325,000

                     Days on Market: 5

                     Average Square Feet: 1248

                     Average $ Square Feet: $260

•           Accepted Offer  - Continue Showing 2

                     Average List Price: $ 279,000

                     Days on Market: 195

                     Average Square Feet: 1221

                     Average $ Square Feet: $229

•             Extending  1

                     Average List Price: $ 339,000

                     Days on Market: 276

                      Average Square Feet: 1524

                     Average $ Square Feet: $222

•         Pending 1

                    Average List Price: $ 229,900

                    Days on Market: 126

                    Average Square Feet: 1420

                   Average $ Square Feet: $162

                   

•         Sold 1

                    Average List Price: $ 239,900

                  Days on Market: 387

                   Average Square Feet: 1260

                   Average $ Square Feet: $ 190

                   Average Sold: $225,000

                   Average Sold $ Square Feet: $179

                  Street                        Sale Price

                  Cambridge Drive              $ 225,000

 

 **** This report only reflects single family detached homes listed in the Multiple Listing service.

 Because this is the final report for 2008 I thought it would be a good idea to hightlight some of my postings from the entire year. So, here is a chance to catch up on news you might have missed.

Market reports

November

January to October

Events

Red Hook Winter Market

Apple Blossom

Blue Berry Picking

Dave Mason at Hardscrabble Day

Dancing on the roof of the Fisher Center

Sellers Information

Preparation for showing on a snow or icy day

 

 

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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Copyright © by Jennifer Fivelsdal, all rights reserved-Red Hook Real Estate Market Report For December 2008