Housing Market NewsMortgage and Home Loans May 20, 2016

Orange County NY Housing Market Continues it’s ROLL

The Orange County NY housing market is truly on a roll.  Units sold are up by almost 35% YTD vs 2015.  This comes after a 25% increase in units sold in 2015 vs 2014.  What is curious is that the average home price increase is still tepid at best.  We saw the first such increase in almost 8 years happen this past January.  YTD the Average Home Price in Orange County, NY is only up from 2015 YTD by 0.6%.  Virtually unchanged.

So long as this market activity continues price increase will not be far behind.  It simply comes down to supply and demand.  On that note, many Buyers are experiencing frustration on the re-sale market as they are finding it harder and harder to get what they want.  What does this mean?

1) Builders are doing well with new construction.  In fact, right now new housing starts are up dramatically from years past.

2) List your home for sale if you have been thinking of doing so.  Just be prepared to be realistic on your asking price.  If you have a well-located home, in very good to excellent condition, and are willing to price it right, your home will fly off the shelf!!  Don’t believe me? Give us a try and we will show you that this is true.

Enjoy the beautiful weekend ahead!!