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Beautiful Tribute to Mothers Everywhere - Happy Mother's Day!

Submitted by Joseph Pettinella on May 8, 2015 - 3:41pm

There Is A 32% Or Greater Chance Your Home Will Be Purchased By An 18-34 Year Old

Submitted by Joseph Pettinella on May 8, 2015 - 10:33am

According to a recent National Association of REALTORS® survey, the group of Americans referred to as 'Millennials', 18 to 34 year olds, made up 32% of the home buying market last year.  As this group matures, it is predicted that they will become an even larger group of homeowners than the 'Baby Boomers' . . . there are more of them.

Typically this group of young home buyers do their research on line to learn about home buying ins and outs, they pretty much know what they want, where they want to live, and have found homes on line that they want to see.  They are busy, want to cut to the chase, and rely on their real estate agent to handle all the details more than any other group of buyers.

Rising rents, new low down payment loan options, the reduction in private mortgage insurance, and the improving job market have all been major contributing factors driving young people to purchase their own home.   Here are a few interesting statistics about the 'Millennial' buyers:

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Dutchess County Made the List of the 10 Best Places in America to Buy a Fixer-Upper

Submitted by Joseph Pettinella on April 27, 2015 - 12:58pm

According to a study conducted by the National Association of REALTORS®, Dutchess County NY is one of the 10 Best Counties in the nation where a buyer can get an edge in the market by purchasing a fixer-upper.  

NAR's Chief Economist and his team used the following criteria to determine the locations with the best 'Fixer Scores':

(1) The team analyzed the over 513,000 listings for midsize single-family homes in March;

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Ulster County circa 1969 - A Great Place to Live - Then & Now

Submitted by Joseph Pettinella on April 24, 2015 - 11:09am

So much has changed, and so much has stayed the same.  Do you remember 46 years ago?  One thing that struck me as funny is that the fashions and hair styles are very similar to those of today.  

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)