Update on the Current Pawling Real Estate Market
The dog days of summer are now upon us and I hate to sound like a broken record, but the area Real Estate market is still extremely slow. If we are in a recovery I can tell you for sure that housing is not participating, at least not yet. It’s no wonder with unemployment rates now currently more than 9 percent and a government that seems to be in a state of paralysis.
There is no telling how much longer housing will continue to struggle but the abundance of foreclosures, short sales, and an overall glut of homes on the market will continue to put downward pressure on prices.
Summer tends to be a slower time of year. Many people are on vacation or heading to local beaches. If you are trying to sell it’s important to keep your home and yard in tip top shape. A freshly mowed lawn, flowers and attention to landscaping help to make your home more appealing to buyers if they happen to be passing by. Make sure your agent has a sign on your property; it makes a huge difference with so many people on the road and visiting the area.
If you are a buyer at this time, you have all the power, so much to choose from, and prices that continue to come down month after month. Your biggest problem may be financing right now. Lenders have tightened up their requirements and it seems much harder to qualify for home loans. Talk to your agent so he or she can point you in the right direction to get started. You may be surprised to find out what you can or cannot afford. All offers these days are generally accompanied by a pre-approval letter from your lender. Getting that pre-approval letter first, before you start looking is always a good idea. It makes no sense looking at homes that are out of your price range.
Here are some statistics from the 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 July 9, 2011
$200,000 to $300,000 34 Active on the market and 8 Sold
$300,000 to $400,000 26 Active on the market and 5 Sold
$400,000 to $500,000 14 Active on the market and 3 Sold
$500,000 to $600,000 8 Active on the market and 0 Sold
$600,000 to $1,000,000 24 Active on the market and 1 Sold
We are currently selling some homes here in Pawling. Sellers have to do their part in keeping the property maintained. Remember, you are competing for that occasional buyer who happens to take a look at your home. Most importantly, price the home well; you want the buyers to think they are getting the best bang for their buck by purchasing yours.
14C East Main Street