This morning’s Journal News once again addresses the issue of the local market in Rockland and other lower Hudson Valley areas. 

If you are a frequent visitor to this site you know that I watch the market closely.  What is of particular interest to me is the comment by LoHud that ”There were 14.2 months of inventory in Westchester, 18.4 months in Rockland and 19.8 months in Putnam during the first quarter of the year.”

Good news?  Well, it depends upon what side of the fence you are on.  Good news for buyers…YES!  Not such great news for sellers.  In the case of inventory control in Rockland, this, folks is a lot of inventory.  

Generally speaking, a healthy real estate market has about a 6 month’s supply of homes on the market. More than that is a supply glut (too many homes and not enough buyers– good for buyers), less is a demand boom (houses selling off the shelves– good for sellers).

Another interesting thing to consider now is the tax credit that will be expiring on April 30.  Time will tell if the increase in demand was a result of that tax credit or merely a seasonal uptick.   In any case, it’s going to be another interesting spring in the Rockland County Real Estate market.

Check back for updates.  I update my market reports once monthly, usually around the middle of the month.  They cover the entire Rockland County residential condo and co-op market.  Those reports are available here, or simply click on Market Reports on the right sidebar of this page.

Think buyers are not taking advantage of the Tax Credit? I think they are. We rarely see this kind of sales activity betwen November to February.   Click on the graphic below.    202 Closings OR buyers waiting to close who are under contract took place from Nov.09 to Februay 28 10.

First-Time Homebuyer Credit Expands.

Homebuyers who purchase in 2009 can get
a credit of up to $8,000 with no payback requirement.

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

Updated January 13, 2010

Click here to use LoHud’s great search tool.  If it is a very recent sale you won’t see it, but bookmark the page and come back every week or so.  Or just call me and I’ll tell you quickly.

Gas Prices in Rockland Dip Below $2.00 a gallon.  Hooray!  Time for a roadtrip?

Just in time for our holiday shopping.  There are plenty of places to go.  Head South to New York Cit or North to Woodbury Commons . . . At this writing only 11 more shopping days to go.   So, let’s go shopping.  Anyone want to buy a house for Christmas?  Now wouldn’t that be a unique Christmas Gift.

Hey how would you wrap a house if you gave it for Christmas?

Christmas Lights Gone Mad