Startling First Quarter Statistics

Market Activity

How does January – May 2010 compare to January – May 2009? This year there has been 332 houses in Rockland County that are now under contract. This compares to 9 houses from the same time period in 2009. In South Nyack, Upper Nyack and Nyack 21 houses are Under Contract this year as opposed to 0 in January – May 2009. What a difference a year makes. As the dust is settling and these houses go to underwriting it will be interesting to see how many will actually close. The good news is that as these houses close, appraisers will have more comparables to work from so this is truly important to anyone who is thinking of buying or selling

The Higher End Market

After a couple of years of little or no activity, the higher end market starting at $1,000,000.00 is beginning to show more activity. The past quarter 3 houses listed over $1,000,000.00 have gone under contract. There were 2 houses over $900,000.00 and 8 houses over $1,000,000.00 that have transferred titles.

Mortgages, Rates, and News

Fixed 30 year conventional mortgages are still hovering in the high 4’s as are 30 year fixed FHA loans. There are a few lenders out there offering up to 90% financing for loans under $800,000.00 with no PMI (private mortgage insurance). This program has strict requirements and fico score requirements. It is a great vehicle for homebuyers with strong income and little money down. FHA loans continue to make a comeback which has been surprised us all.

Sales Data compiled from GHV MLS

Mortgage Info from Mike Mandio Louviers Mortgage Corp.

Nancy Blaker Weber, Licensed Real Estate Assoc. Broker

http://www.nancybweber.com

nancybweber

914.263.3403 (c)