Looking back since my report last July, not much has changed in the Pawling real estate market. The market as a whole is still struggling and activity seems to be sporadic. The same problems continue to plague real estate sales. The economy, political environment, job market, foreclosures, high inventories and consumer confidence are putting downward pressure on area home values. We think that until people begin to feel better about their finances and a turn around in the overall economy is in place, the real estate market will continue to sputter along.
With the holidays quickly approaching, consumers turn away from house hunting and instead, turn to family, travel and shopping. However, buyers this time of year are not just tire kickers or out looking for something to do, they tend to be serious.
Houses are still selling but they must be priced well. If you are a seller, now is not the time to test the market. If a home is overpriced it will sit, unsold, all winter. Currently we are looking at historically low interest rates and home prices that have been coming down for sometime. So, if you price your home aggressively your chances of selling are much better.
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 November 9th
$200,000 to $300,000 19 Active on the market and 13 Sold
$300,000 to $400,000 25 Active on the market and 6 Sold
$400,000 to $500,000 22 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 0 Sold
At this point the future is unclear. A cold and snowy winter will further drive down home sales. The general consensus is that we are bouncing along the bottom. The big question is for how much longer?
Todd Kessman is an agent with Prudential Serles in Pawling, and resides in Wingdale with his family.