As I reviewed the closed residential statistics for my company, in the
Hudson Valley of New York, Ulster County, I saw a trend which continued
through 2009 which I believe is important to note;
The average selling price of a home in 2009 in the county decreased by 17%
from the average selling price in 2008. However, in our county we have a
substantial number of homes in the higher price ranges; $300,000+ which are
somewhat in a different buyer pool than the homes under that range. We have
people from metro NYC who have dual-residences here, and they purchase a
home with different needs and wants.
There were many more homes under $300,000 sold in 09 (820) up from ’08
(724) Their average SP was down only 7% from 08 to 09. However, since
there were so many more of them sold in 09, they pulled the overall average
selling price down the 17% mentioned before.
The average SP of homes $300,000 and up was down only 9% from 08 – 09.
However, there were only 218 in 09 vs. 318 of them in 2008. This large
decrease in the number of homes in the higher price ranges also created
the final overall of 17% decreased average selling price of all homes.
This sort of statistical analysis is often lost on internet home shoppers
and even on appraisers working for the banks. It all points to even more
importance that the purchaser of a home in such a localized market work with
a real estate professional who understands the nuances of their local
market, knows the stats, and can help the purchaser determine the fair
market value for them, and present the data to support their offer to a
seller’s agent who might not be as familiar with market trends. At
www.bestplace2move.com the concierges are working with a hand picked group
of real estate companies and agents who have shown through their
performance and commitment to integrity that they can provide the best real
estate services to buyers in a buyer’s market. Sellers too should insist
that their perspective agent show them the in depth market data which will
enable them to price their home so that it can sell in today’s world.
Harris L. Safier, CRB. CRS. GRI.
Tags: www.bestplace2move.com
