Mid Hudson Valley - It's Time to Buy
Despite what you may hear in the media, now is a good time to buy a home. Mortgage rates remain in the historically low range. Sellers are more willing to negotiate. Inventory is stabilizing, as is the number of days a house is on the market. The Mid Hudson Valley, though susceptible to market influences and the downward of the real estate industry, has faired better than other areas of the country. Take a look at the 2007/2008 median home price comparison.
May, 2007 Median Home Price May, 2008 Median Home Price
Orange County $319,900 $307,713
Ulster County $247,000 $245,000
I bet the change in price is much smaller than you expected. If you take into account the potential tax advantages of home ownership, the difference in price can be insignificant.
Mortgages rates remain in the historically low range. Sellers are more willing to negotiate. Now is the time to buy!
Picture courtesy of stock.xchng.com Source of Statistics: RecordOnLine.com
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