Rhinebeck, NY

Based on Data from the Mid Hudson MLS the real estate market in Rhinebeck was very quiet.

Examining the data it looks like most of the properties have had price reductions but might require even further cuts to attract a buyer.

Buyers keep in mind further price reduction could be offset by higher interest rates, yes mortgage rates are trending higher.  Timing the market like many have found out is not an easy thing to do.

If you are thinking of buying a home consult with your mortgage professional and Realtor.

PREVIOUS MARKET REPORTS

September

August

July

June

May

April

March

February

****Data for this report obtained from the MidHudson MLS System.

BY: Jennifer Fivelsdal Associate Broker, Keller Williams Realty Team - jfivehomes.com 845-758-6842 Email   

This morning I made a reservation for dinner at the restaurant at the Rhinecliff Hotel. Let me back up a bit; for our 25th wedding anniversary in 2006 our children gave us a gift certificate to this restaurant. The opening of the hotel had been delayed and today was the first time since it opened that we could make it.

The trip to the restaurant should have been rather short however there was a lot going on in Rhinebeck this weekend. The largest event was the Sheep and Wool Festival at the Dutchess County Fairgrounds. I had a couple of routes I could have taken but decided to go down Route 9 which was a mistake. Since it was such a beautiful fall day the attendance at the fairgrounds was heavy resulting in a traffic jam. I suspect the traffic will also be heavy tomorrow since the Sheep and wool festival will still be going on.

Finally, we made it to the restaurant which was filled. We were so glad we had reservations as we were seated immediately. Chatting with the hostess we learned we had just missed a spectacular sunset and this must have been beautiful since the hotel faces the Hudson River and Catskills Mountains. We started with artisan cheeses (from a local farm) and oysters. I then had Pekin Duck and a pumpkin cranberry bread pudding for desert. My son and husband also enjoyed their meals. The food was delicious and if you are ever in the area make sure to check it out for both the food and views.

There is just one quarter left in the year and many sellers are hoping that their property will get sold by year end.

In 2007 37 homes sold in the town of Rhinebeck; so far this year 23 have sold, therefore in this quarter 14 houses would have to be sold to match the 2007 numbers. In the village there were 22 sold in 2007 and to date 13 have sold which also meant 9 sales would be necessary to match last year.

As can be seen from the report below there are about 56 homes available in the town for sale and 29 in the village. Based on an analysis of prior years it is safe to say many of these will not close by the end of the year.

The existing properties ranged from $159,900 - $6,900,000

So what should a buyer do?

• Since this is the last quarter there are sellers who will want to sell before year end, so this would be a good time to look for a home I am sure there are many negotiating opportunities.
• If you are thinking of buying remember one of the first thing you need to do is to get pre-approved. With the present financial crisis the recent buzz is to try your local lenders.
• Find a Realtor who will look out for your interest, consider an Accredited Buyer's Representative (ABR)
• To get the best out of the relationship you should see your Realtor as a valued partner.
• If you are a first time buyer make sure to ask your lender or agent about programs that could benefit you.

The picture above is of the Old Rhinebeck Aerodrome which is a museum with one of the largest collection of older planes thus it is a popular tourist attraction in the area.

****Data for this report obtained from the MidHudson MLS System.

BY: Jennifer Fivelsdal Associate Broker, Keller Williams Realty Team - jfivehomes.com 845-758-6842 Email

There are currently 56 homes for sale in the Town of Rhinebeck, NY. The prices range from $229,900 to $6,900,000. Of the 56 homes for sale 13 are listed at more than $1,000,000. In my opinion, this represents an increase in the number of homes in that price range than we would normally see.

I will present the market analysis two ways. One analysis will include all the homes for sale in Rhinebeck and the other will include only homes listed at less than $1,000,000.

I like to report the statistics eliminating the homes that are priced over $1,000,000 as they can skew the prices of what a "typical family home" would cost. Eliminating the homes with asking prices over $1,000,000 the statistics show the following:

• Average listing price is $508,483
• Average Days on Market (DOM) is 142
• Average square footage of homes on the market is 2,943
• Average asking price per square foot is $173

During the month of September 4 homes sold with an average selling price of $538,250. There is one pending sale (under contract) and 2 homes have accepted offers.When I include the homes with asking prices over $1,000,000 the numbers change significantly:

• Average listing price is $929,198
• Average Days on Market (DOM) is 136
• Average square footage of homes on the market is 3,225
• Average asking price per square foot is $288
  

Autumn is a wonderful time of year in Rhinebeck, NY. We have apple picking, craft shows, antique shows, many of the historic sites hold special events and there are many wonderful places to walk or hike and enjoy the beautiful fall foliage. Come to Rhinebeck for a visit and maybe you will decide this is where you would like to live!

There is a great selection of homes for sale in the greater Rhinebeck area so if you are ready to buy do your home work, come spend a day or weekend and you may be surprised and find the home of your dreams!

Give me a call if I can help you with selling or buying a home in the Rhinebeck, NY area. You can reach me at 845-224-5238 or check out my website at www.realestaterhinebeckny.com

Statistics used in this blog post were obtained from Mid Hudson MLS.

Disclaimer: The information provided herein is supplied by Diana Corcoran and is subject to change without notice. The “Rhinebeck/Red Hook Real Estate Blog by Diana” does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on this blog represent the opinions and ideas of the author.

There is still a large selection of homes for sale in the Village of Rhinebeck. As of September 30, 2008 there are 30 homes for sale in Rhinebeck Village.  The homes range in price from $159,900 to $2,195.000. That is quite a range!  Of the 30 homes for sale 3 are priced at more than $1,000,000.

Using all the homes currently for sale in the Village of Rhinebeck the statistics show the following:

• Average listing price is $558,371
• Average Days on Market (DOM) is 173
• Average square footage of homes on the market is 2,374
• Average asking price is $235 per square foot
• 1 home Closed during the month of September for $245,000
• 1 house currently has an Accepted Offer

When doing these market reports I also like to report the statistics eliminating the homes that are priced over $1,000,000 as they can skew the prices of what a "typical" home would cost.  Eliminating the homes with asking prices over $1,000,000 the statistics show the following:

• Average listing price us $433,776
• Average Days on Market (DOM) is 174
• Average square footage of homes on the market is 2,165
• Average asking price is $200 per square foot

What does this mean if you are currently trying to sell your home in the Rhinebeck, NY real estate market?  For one thing it means you have a good amount of competition.  There are several things you can do to make sure your home is competitive:

• Price it correctly with the help of a real estate professional
• Make sure your home is in tip top condition - de clutter it, make all repairs, make sure it is light and bright, keep your yard looking great, make it easy for buyers to view your home and leave your home for showings!

What does this mean if you are looking to buy a home in the Village of Rhinebeck?   You have a great selection to choose from.  With the help of a good real estate agent you are in an excellent position to negotiate.  As a buyer you must be aware the mortgage market is changing rapidly.  You owe it to your yourself and to sellers to be sure you are pre approved for a mortgage and that you have enough of a down payment to get that final commitment from your mortgage company.  Be sure to check with your lender to see if they have established a minimum percentage of selling price for your down payment.

Homes are still selling in the greater Rhinebeck area so if you are ready to buy or sell do your home work and get out there and find the home of your dreams!

Give me a call if I can help you with selling or buying a home in the Rhinebeck, NY area.  You can reach me at 845-224-5238 or check out my website at www.realestaterhinebeckny.com

Statistics used in this market report were obtained from Mid Hudson MLS.

Disclaimer:  The information provided herein is supplied by DianaCorcoran and is subject to change without notice.  The "Rhinebeck/Red Hook Real Estate Blog by Diana"  does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on this blog represent the opinions and ideas of the author.