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We decided to interview Donna Cox because her name was on many for sale, pending or sold signs. After interviewing Donna, we decided without a doubt that she met our needs as the realtor to sell our home. She was knowledgeable about the area, her approach to marketing and pricing the property got us multiple offers within the first 3 days. She was prompt in returning calls or emails. She was not only professional but personal and caring. Her attention to detail and follow through along each step of the process ensured we remained informed right to the end. These extra steps even continued after our house was sold when she delivered a surprise keepsake for our young boys to help with the transition to their new home. Thank you again Donna!!!"P.M. & G.M., Nyack
I HIGHLY recommend Donna Cox! She really took the time to well inform me of what is going on in the market. She has more than covered all the bases in highlighting all the most important features of our home and property for the listing (Love the aerial photos!) and has been very attentive every step of the way to keep things moving. Donna is articulate, professional and a pleasure to work with. N.P. – W. Nyack
My experience working with Donna Cox was exceptional! This was my first time selling a property and she made the entire process feel seamless and easy. Donna knows the real estate market inside and out and advised me each step of the way - from staging decisions and pricing to offers and contract language. Donna was always friendly and approachable, I felt like I could text her with questions anytime, and I did. And she was also always the consummate professional. Her goal was to get my property sold. It was a pleasure working with Donna. I would recommend her to anyone looking to buy or sell.C.R.-M., Nyack
I can’t imagine working with a better agent - EVER. I know you do what's right for your clients and in these times of craziness it's nice to feel so comfortable working with you. I know you're our agent but we really feel like you looked out for us like a friend. I only hope we're friends after all the dust settles because you're a good person and such people are few and far between. E. & S. W. - West Nyack
Best. Greatest. Knowledge above all. Pleasant. Interested. Caring. Professional. Never met a lady like Donna Cox. Donna kept us updated all the time. She was lovely to work with and really was concerned about us and selling our home. She marketed our home professionally and kept our needs as her priority. I have sold many properties but have never met a real estate agent like Donna. I wish I had more homes to sell because I will miss working with her. As a disclosure we have no family relationship with Donna, we just love her. Hire her. B. & N. K. – Montebello, NY
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recentReal House Price Index,First American reported that consumer “house-buying power” is at “near-historic levels.”
Their index is based on three components:
Median Household Income
Mortgage Interest Rates
The report explains:
“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”
Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.
Here is a graph comparing First American’s consumer house-buying power (blue area) to the actual median home price that year from the National Association of Realtors (yellow line).
Consumer house-buyer power has been greater than the actual price of a home since 1991. And, the spread is larger over the last decade.
Even though home prices are increasing rapidly and are now close to the values last seen a decade ago, the actual affordability of a home is much better now. As Chief Economist Mark Fleming explains in the report:
“Though unadjusted house prices have risen to record highs, consumer house-buying power stands at near-historic levels, as well, signaling that real house prices are not even close to their historical peak.”
Since the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to Freddie Mac. Even a small rise in interest rates can greatly impact a buyer’s monthly mortgage payment.
First American recently released the results of their quarterly Real Estate Sentiment Index (RESI), in which they surveyed title and real estate agents across the country about the impact of rising rates on first-time homebuyers.
Real estate professionals around the country have not noticed a slowdown in demand for housing among young buyers; nearly 93% of all first-time homebuyers last quarter were between the ages of 21-35, with the largest share of buyers (51%) coming from those ages 26-30.
First American’s Chief Economist Mark Fleming had this to say,
“On a national level, mortgage rates would need to hit 5.6%, 1 percentage point above the current rate, before first-time homebuyers withdraw from the market.”
So, what is slowing down sales?
According to the last Existing Home Sales Report from the National Association of Realtors, sales are now down 3.0% year-over-year and have fallen for the last three months. If rising interest rates aren’t to blame, then what is?
Fleming addressed the cause, saying that:
“The housing market is facing its greatest supply shortage in 60 years of record keeping, according to the Federal Reserve Bank of Kansas City. The ongoing housing supply shortage will make it difficult for first-time buyers to find a home to buy, even when they are financially ready.”
First-time homebuyers know the importance of owning their own homes and a spike in interest rates is not going to keep them from buying this year! Their biggest challenge is finding a home to buy!
Copyright 2018 Hudson Gateway Multiple Listing Service, Inc (HGMLS). All rights reserved. The data relating to real estate for sale or lease on this web site comes in part from HGMLS. Real estate listings held by brokerage firms other than Better Homes and Gardens Rand Realty are marked with the HGMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Information deemed reliable but not guaranteed. The information appearing herein has not been verified by the Hudson Gateway Multiple Listing Service, Inc. or the Hudson Gateway Association of Realtors, Inc. or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data
Date Last Updated: 2018-07-15