Market Updates
2005 Year-To-Date
Woodbury New York real estate market2005 has been another banner year for real estate despite what every newspaper and news commentator has you believing. Home prices in the Syosset and Woodbury New York area have increased by an average of 13%. That surely beats the Dow, S&P and NASDAQ, not to mention the bond market. There is a "but" in here however. Most of these gains were achieved in the first quarter of the year when inventory was about half of what it is now.
More homes on the market means more choice for the buyer. Prices are still good but might have flat lined and softened for the moment. Interest rates have moved up but are still historically low (who remembers 15 and 16% interest rates?). The message is simple:
There are still plenty of buyers out there waiting to purchase a home. They are doing their homework just like you. They have choices . If you price your home correctly (i.e. it is the best home at the price), it will be the one that sells while the less desirable home remains unsold. Call me if I can help you with any of your real estate needs.
Syosset & Woodbury Summary: October 2005
Having a difficult time selling your Syosset or Woodbury home? It's not the absence of buyers, it's an excess of listings! In fact, there's twice as much Woodbury and Syosset real estate for sale today as four months ago, giving buyers a choice for the first time in four years. The lesson: It's more important than ever right now to price your home competitively.
National Summary: October 2005
Pending home sales, a leading indicator for the housing sector, eased slightly but is at the second highest level on record, according to the National Association of REALTORS®. The Pending Home Sales Index,* based on contracts signed in September, slipped 0.3 percent to a reading of 128.8 from a record of 129.2 in August, and is 3.3 percent higher than September 2004.
* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 closely parallels the level of closed existing-home sales in the following two months.
Woodbury New York real estate market2005 has been another banner year for real estate despite what every newspaper and news commentator has you believing. Home prices in the Syosset and Woodbury New York area have increased by an average of 13%. That surely beats the Dow, S&P and NASDAQ, not to mention the bond market. There is a "but" in here however. Most of these gains were achieved in the first quarter of the year when inventory was about half of what it is now.
More homes on the market means more choice for the buyer. Prices are still good but might have flat lined and softened for the moment. Interest rates have moved up but are still historically low (who remembers 15 and 16% interest rates?). The message is simple:
There are still plenty of buyers out there waiting to purchase a home. They are doing their homework just like you. They have choices . If you price your home correctly (i.e. it is the best home at the price), it will be the one that sells while the less desirable home remains unsold. Call me if I can help you with any of your real estate needs.
Syosset & Woodbury Summary: October 2005
Having a difficult time selling your Syosset or Woodbury home? It's not the absence of buyers, it's an excess of listings! In fact, there's twice as much Woodbury and Syosset real estate for sale today as four months ago, giving buyers a choice for the first time in four years. The lesson: It's more important than ever right now to price your home competitively.
National Summary: October 2005
Pending home sales, a leading indicator for the housing sector, eased slightly but is at the second highest level on record, according to the National Association of REALTORS®. The Pending Home Sales Index,* based on contracts signed in September, slipped 0.3 percent to a reading of 128.8 from a record of 129.2 in August, and is 3.3 percent higher than September 2004.
* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 closely parallels the level of closed existing-home sales in the following two months.
