Joseph Pettinella's blog

The real estate market is picking up, as expected, at the start of the Spring selling season.  

Here is how the First Quarter of 2015 stacked up compared to the 1st Quarter of 2014 for single family detached homes in Dutchess County.  

Sales are up from last year so far by 11.3%, which is good . . . and pending sales are up significantly at 18.9%.  That is a good indication that we will have an improved market this year.  The median sales price was about the same, which is pretty much what we expected.

Please don't hesitate to contact us if you have any questions about the local Dutchess County real estate market and how the present conditions affect the value of your home.  We're here to help!

Source:  Mid-Hudson Multiple Listing Service Inc (MHMLS)     

Freddie Mac economists and forecasters are expecting 2015 to be the best year for home sales and new home construction since 2007!

According to Freddie Mac's U. S. Economic and Housing Market Outlook for March, job market improvements have resulted in millenial generation, ages 25 to 34, now being 76.8 percent employed.

Freddie Mac economists predict that rents will rise at or above inflation this year, which will likely push more prospective buyers into home ownership. Rents are up nearly 11 percent over the last three years, according to Freddie Mac’s report.

They also expect that the 30-year fixed-rate mortgage will rise slightly this year to a 4 percent average. The 30-year fixed-rate mortgage averaged 3.86 percent this week.   

For more details, read the Freddie Mac March 2015 U.S. Economic and Housing Market Outlook.

The weather has definitely been a big factor affecting home sales in the mid-Hudson Valley in January and February.  It has been difficult to show homes because of the snow, ice, and just plain frigid temperatures. 

It is a challenge for sellers to keep all the areas of their property accessible to buyers for showings, such as walkways, garages, patios, and other outdoor areas.  Some sellers have taken their homes off the market temporarily to repair damage caused by ice backups.  Does this photo look familiar?  There are also factors delaying closings, such as inspectors inability to inspect roofs, septics, and other outdoor major elements.

Hello Spring . . . can't wait till you get here . . . please give us a sign!      

Does Real Estate Have the Winter Blues? -  The harsh winter weather throughout the country is shuttering open houses, delaying closings, and keeping some home buyers out of the market.

[NAR Daily News Magazine]