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YTD NY Home Sales Strong Through Q3

Albany, NY – October 21, 2014 – Home sales throughout New York State remained at a strong level through the third quarter of 2014, even as closings fell off the 2013 pace, according to the housing market report released today by the New York State Association of REALTORS. Third quarter closed sales decreased by 4.3 percent compared to the same period last year, while the statewide median sales price remained close to the 2013 third quarter level.

“The third quarter is typically a busy time in our seasonal housing market and 2014 was no exception, posting the third highest closed sales total for this quarter in the past seven years,” said Duncan MacKenzie, NYSAR CEO, noting that 2013 third quarter sales set the high-water mark during that time. “Home sales in the Empire State remained strong as we closed out the third quarter. New York’s REALTORS continue to project that 2014 will finish among the strongest markets in the past several years.”

“The quarter ended on a positive note with gains in closed sales, pending sales, median price and new listings,” MacKenzie said. “Looking ahead, the more than 10-percent increase in September pending sales will help drive the fall market as these transactions work their way through to closing. We anticipate that the new listings coming on to the market will help spur additional 2014 sales.”

There were 32,493 homes sold in the 2014 third quarter, a decrease of 4.3 percent from the 33,939 sold in the 2013 third quarter. The September 2014 sales total of 10,059 was up 1 percent from the September 2013 total of 9,958. The year-to-date (Jan. 1 – Sept. 31) sales total of 77,579 represents a 3.1-percent decrease from the same period last year.

The third quarter 2014 statewide median sales price of $232,000 was 1.3-percent below the $235,000 2013 third quarter median. The September statewide median sales price was $227,500, a 1.1-percent increase from the September 2013 median of $225,000. The year-to-date (Jan. 1 – Sept. 31) median sales price of $225,000 was unchanged from the same period last year.

Pending sales increased by 5.1 percent in the 2014 third quarter to reach 31,404, compared to 29,887 in the 2013 third quarter. September 2014 pending sales jumped 10.6 percent from a year ago to reach 9,804.

The months supply of inventory dropped 3.7 percent at the end of the quarter to 10.3 months supply. It was at 10.7 months at the end of the 2013 third quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,537, a decrease of 1.8 percent compared to the end of the 2013 third quarter.

Additional data is available at NYSRA website.

Selling? Take Outdoor Photos This Weekend

A photo of red autumn leaves and old house in sunshineAlright, we’re approaching one of the prettiest times of the year in the Capital Region. The grass is still green, temperatures are moderate, and the leaves are changing. If you are thinking of selling your home in the next 6 months, make sure to take exterior photos of the house this weekend. We’re offering complimentary photos if you list with Monticello. There are many more reasons to list with us besides just the professional photos. We have pioneered the comprehensive marketing approach to selling homes, and we’ll gladly show you how we do it. Whether you’re listing your home later this year, or in the Spring of 2015, the grass, shrubs, trees, and landscaping will only become less attractive.

Clifton Park Home in FallSo while everything is still lush and the colors of plentiful, make sure to take the full exterior photos of your home (both the front and back of the house, the yard, your pool – if it’s still open, and your gardens).  You can see from our previous listing, the value of professional photos. Take a look at our listings at 3 Cindy Lane and 91 Van Schoick Ave. I think you’ll agree the presentation, photos, and custom website offer a much stronger and more effective way of marketing your home for sale. Don’t hesitate to call 518-227-0718 or email Info@MonticelloNYS.com if we can help.

Good News for FHA Borrowers

This breaking news comes from the National Association of Realtors:

News that FHA will eliminate a prepayment penalty starting next year has been widely reported. It’s a move NAR has been seeking for some time because it will relieve borrowers of a financial hit that’s entirely out of their control and also bring the agency’s policies in line with other federal agencies that backstop mortgages. Perhaps most importantly, it will align the agency’s policies with the qualified mortgage rule (QRM), which defines what the federal government considers a safe home mortgage loan.

What’s being eliminated is an interest-rate charge. For FHA borrowers that pay off their mortgage before the end of the month, the lender is allowed to charge to the borrower the interest rate costs on the loan from the day the loan is retired until the last day of the month. So, if a borrower paid off the loan on Sept. 10, the penalty would be 20 days of interest payments. That can be hundreds of dollars. Once the change takes effect, on Jan. 21, 2015, lenders will no longer be able to apply that interest charge to the borrower.

NAR continues to work with FHA on other matters. A big point right now is getting some improvement in FHA’s policies on condominium financing. It’s too difficult for many condo projects to get the stamp of approval that’s needed for people who want to buy a unit in the project to get FHA financing.

In any case, you can learn more about what NAR is doing on FHA and in other legislative, regulatory, and legal areas in the latest video in The Voice for Real Estate news series.

 

 

June Housing Market Numbers Soften

Alright, here is the latest Greater Capital Association of Realtors market skinny. Interestingly prices and pending sales both dipped in June as compared to the same month in 2013. Inventory of available homes for sale also declined, all while interest rates hit a 12 month low. If you’re thinking of selling there are 3 solid moths left of selling. If you’re thinking of buying you can expect to see more inventory over the next 8 weeks. Buyer tend to have more leverage in winter months – most people don’t buy and/or move when there’s snow on the ground.

Even if you’re thinking of selling your home in Spring 2015, make sure to take exterior photos now while the house, lawn, garden, and landscaping are looking the best. If you have questions, don’t hesitate to contact us.