Joe: Do you know how to make advantage of them? Listen in as we discuss four proven strategies for coming out ahead in today's market. It's all coming up next.
Joe: We're here today with Team Ulster from Prudential Nutshell Realty. What's happening right now in the Ulster County real estate market?
Laurel: Hi, Joe. One of the things I'd like to talk about today is purchasing land in the Hudson Valley. This is actually the perfect time to look at land because leaves have dropped and the markers for the land, the boundaries as well as the features of the land are clearly visible.
It's easier for us to find boundary lines. It's easier for us to see any discrepancies between a survey or any other document that we have regarding the land and the actual land. We say in this sort of weather you see both the best and the worst of it.
One of the things that I am really happy to do is walk land with clients, both sellers who are considering selling and buyers. It is imperative that your agent be intimately familiar with the land and be able to point out the features and the benefits of it.
Joe: OK, thanks. For a national perspective today, we are also joined by Terri Murphy, real estate author and CIO of US Learning in Memphis, Tennessee. Terri is a regular contributor to both mortgage and real estate magazines and also helped with Donald Trump's new book, "The Best Real Estate Advice I Ever Received".
Terri, share with us what's going on in today's market.
Terri: Joe, the National Association of Realtors published their October statistics and reported an upswing in home sales across the country. Existing home sales were actually up five and a half percent, and here's some good news. New construction was also up about one and a half percent across the United States.
Now, according to the association's report, about 80 percent of the homes that were sold were purchased as primary residence which is an excellent sign that home ownership is again on the rise. Now, Joe, even in the midst of a financial bailout, mortgage rates have held up steadily and are hovering in the six and a half percent range for a 30 year fixed mortgage.
Now, although it's probably too early to make any bold prediction, it's good to see the economy rally as we roll into our holiday season. Now, we're expecting to see more recovery in the months ahead as home buyers re-enter the market.
Joe: It's good to see our markets turning the corner like this, especially with strong inventory and financing available. You know, as buyers look for value, what should they keep in mind?
Laurel: Joe, there are four proven strategies that we share with buyers. First, buyers need to put their professional team together. Find an agent you can trust and get pre-approved for the loan up front. This is one of the smartest things a buyer can do because it paves the way for everything else. By lining up your agent and getting pre-approved, buyers are able to make an offer that's as good as cash and sellers really like that.
Second, buyers need to know about all properties in their price range as soon as they hit the market. That's why we offer listing alerts for our clients. These alerts are emailed to our buyers each day with a list of all new homes on the market. Buyers really love this because they learn about new listings even before many of the local agents.
Joe: Does this cost anything?
Woman 1: Not at all. The service is completely free and available on my website.
Joe: What are the other two strategies?
Laurel: The third strategy is to strike when the iron is hot. Don't worry about timing the market. This never works because the minute you see prices going up it's too late. There's already evidence that homes are starting to sell again, and the good deals go fast. Make sure you know what you want and be ready to grab it when it comes along because someone else will if you wait too long.
Finally, make sure you buy a home that will work long term. We've seen the market skyrocket in the past, but those days are behind us. Even so, real estate will appreciate over the long term. Buy your home for what it offers and you'll be happy.
Terri: Joe, I really think that's good advice. Real estate is a great long-term investment, and today's buyers have the best opportunity in recent memory to buy a home. All of the factors are in place with good inventory, lower prices and mortgage rates in the six percent range. It just doesn't get any better.
Laurel: Joe, there are some really exceptional properties on the market today. You just have to know where to look. Buyers should sign up for my free listing alerts on the website, and we can get the ball rolling.
Joe: We'll share your contact information with our listeners. Thank you both for your help today.
Laurel: You're welcome, Joe.
Terri: Sure thing, Joe. We'll talk again next month.
Joe: For more information on our program or for information on the Ulster County real estate market, contact Team Ulster at Prudential Nutshell Realty, 3056 Route 213, Stone Ridge, NY 12484. You can reach them at 845-687-2200 and info@TeamUlsterRealEstate.com. You can also find Team Ulster online at www.ulstercountyhouse.com.
Until next time, thank you for listening to the Ulster County Real Estate podcast.
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