Update on the current Pawling Real Estate Market,
Summer is just around the corner and the spring market is behind us. With springtime we generally see the best time of year to sell houses. This spring got off to a quick start and it was no surprise due to warmer than average temps and nice weather. The market, as expected, is beginning to slow as I write this and showings have tailed off somewhat on current listings. Houses that are priced well are getting the majority of showings and offers as well. We also saw a brisk rental market this spring but in speaking with several agents from my office that too is showing signs of slowing down.
Interest rates continue to be at all time lows, under 4% in many cases, and if you’re a buyer the current market situation continues to be hugely in your favor. I know I keep saying this but there is going to come a day when we sit back and reflect and ask ourselves, why didn’t I buy that home in 2012? I must have been crazy!
There is one important point that I would like to touch on, and that is the current tax situation that we are seeing in Pawling and some surrounding areas. The amount of taxes that we are paying here is having a huge impact on all of us and our ability to sell our homes. The high taxes we are paying along with the short sales and foreclosures are dragging our property values down. It also makes it harder for buyers to secure loans from lenders when you figure the taxes that are owed yearly and factor them into the mortgage payments. Sometimes half of the payment itself is just to cover the taxes. It is hard to stomach when your buyers are telling you they want to look elsewhere because they just can’t afford it here.
Here are some statistics from Westchester Putnam MLS regarding the number of homes currently on the market in Pawling in a given price range, and the number of solds in the last 6 months as of June 11
$200,000 to $300,000 38 Active on the market and 3 Sold
$300,000 to $400,000 33 Active on the market and 5 Sold
$400,000 to $500,000 22 Active on the market and 1 Sold
$500,000 to $600,000 5 Active on the market and 1 Sold
$600,000 to $1,000,000 23 Active on the market and 3 Sold
In Summary, competition will continue to be tough for sellers and we are still seeing prices coming down in our area. Price your home right if you really want a chance to sell it. Buyers take advantage of a great market; it’s your time to shine!
Listen To Todd’s Heart of the Matter:[audio:http://www.pawlingpublicradio.org/wp-content/uploads/2012/06/heart-of-the-matter-summer-2012.mp3|Titles= Todd Kesseman- Heart of the Matter]
Good Luck Everyone!
14CEast Main Street