Real Estate Food For Thought...
Mortgage rates have been slowly creeping up and many buyers have decided now is a good time to buy a home. Questions about obtaining a mortgage are quite common and working with a qualified lender is the first step. While most qualified buyers can get a mortgage, banks have tightened their lending guidelines. Your mortgage professional will review your credit, income and assets to let you know how much a bank would likely be willing to lend you. With this information, your lender will provide you with a mortgage pre-approval. When buying a home, keep your credit rating intact and your financial situation as it was when you were approved. Don't apply for new credit cards or make large purchases between the time you apply for a loan and the day the mortgage closes. Avoid closing existing credit card accounts and withdrawing or depositing large sums of money. Don’t change jobs prior to closing. Your bank may re-check your credit score and re-verify your employment the day of the closing. You could be turned down for the mortgage at the last hour if your credit score drops, your debt-to-income ratio exceeds the banks guidelines or your employment situation changes. Speak with your lender before making any financial decisions prior to closing. Follow these guidelines and you will have smooth and successful closing and you will be on your way to enjoying life in your new home. With that, here are the homes that sold in the Rivertowns in February.
How is the Rockland County Real Estate Market Doing?
February 2018 YTD vs. February 2017 YTD - Single Family Homes
New Inventory (the number of homes coming on the market) increased 29.6% (35 YTD 2018 vs. 27 YTD 2017). There was a 6.3% decrease in the number of sales (15 YTD 2018 vs. 16 YTD 2017). The average sales price for homes that have sold increased 26.9% to $1,142,132. The median sales price increased 7.1% to $625,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $485,519, up 6.1% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $424,500, up 1.1% over the same period last year.
February 2018 YTD vs. February 2017 YTD - Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 41.2% (10 YTD 2018 vs. 17 YTD 2017). There was an 11.1% increase in the number of sales (8 YTD 2018 vs. 9 YTD 2017). The average sales price of condos that have sold decreased 28.2% to $315,938. The median sales price decreased 50.8% to $225,500. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $242,906, down 2.6% over the same period last year. The median sales price for condos and co-ops in Rockland County (inclusive of the rivertowns) was $220,000 up 2.3% over the same period last year.
For questions, comments or to find out what’s happening in your neighborhood, you are welcome to call Donna Cox on 845-641-8613.