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Have Your Eye on a Fannie Mae HomePath Property?

Submitted by Joseph Pettinella on April 20, 2015 - 4:19am

Would you spend 4-1/2 hours and $75 for a homebuyer education course if doing so would save you 3% on closing costs?  This equates to $4,500 on a $150,000 house.

Fannie Mae has a new program to help buyers save money at closing when they purchase a Fannie Mae HomePath listing, which is a foreclosed home owned by Fannie Mae.  Under the program, qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance and reimbursement of the $75 cost of the homebuyer education course at the time of closing.

The homeownership education course, which contains nine, thirty-minute sessions, is entirely online and covers both the complexities of home buying and the responsibilities of owning a home.  To be eligible for the closing cost assistance and the reimbursement of the training cost:

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Dutchess County Real Estate Market Update March 2015

Submitted by Joseph Pettinella on April 10, 2015 - 2:54pm

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.  

  1st Qtr 2014 1st Qtr 2015 Change
Closed Sales 300 334 +11.3%
Median Sales Price 236,125 237,250 +0.5%
Average Days on the Market 144 138 -4.2%
Purchase Offers at 1st of the Month 159 189 +18.9%

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)     

A Day in New Paltz, NY - A Cool Village in the Hudson Valley

Submitted by Joseph Pettinella on March 27, 2015 - 11:20am

This is a fun video highlighting an amazing day in New Paltz.  We now have an office location here, and are enjoying the people and places more than ever before.  Spring is (almost) here, so plan to visit New Paltz some weekend soon.

Freddie Mac Expects 2015 Will Be Best in 8 Years for the Real Estate Industry

Submitted by Joseph Pettinella on March 13, 2015 - 4:01pm

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.

Dutchess County NY Real Estate Market February 2015 - Single-Family Detached Homes

Submitted by Joseph Pettinella on March 9, 2015 - 6:25pm

We looked at the real estate market statistics for single-family detached homes in Dutchess County for year-to-date February 2015 compared to the same period last year.  This is how they compare.

 Closed sales were up 4.5%.  

  ↔     The average sale price was about the same, with a slight uptick of .5%.

Last year it took an average of 152 days to get a home sold, and this year it was down to 136 days.

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Housing Sales Down? Arctic Weather is a Big Factor

Submitted by Joseph Pettinella on February 26, 2015 - 3:04pm

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]