by Nancy Blaker Weber
What a difference a year can make in the real estate market. Year to date 2010, there have been 332 Rockland County homes under contract. Last year for the same period there were only nine nine houses under contract — more than a 250 percent increase.
In South Nyack, Upper Nyack and Nyack there are 21 houses are under contract this year compared to none during January ‘€“ May 2009. As the dust settles and these houses go to underwriting it will be interesting to see how many will actually close. The good news is that as these houses close, appraisers will have more comparables to work from so this is truly important to anyone who is thinking of buying or selling.
After a couple of years of little or no activity, the higher end market starting at $1 million is beginning to show more activity. The past quarter three houses listed over $1 million have gone under contract. There were two houses over $900,000 and eight houses over $1 million that have transferred titles.
Fixed 30 year conventional mortgages are still hovering in the high 4’s as are 30 year fixed FHA loans. There are a few lenders out there offering up to 90% financing for loans under $800,000 with no PMI (private mortgage insurance). This program has strict requirements and fico score requirements. It is a great vehicle for homebuyers with strong income and little money down. FHA loans continue to make a comeback which has been surprised us all.
Sources: Sales Data compiled from GHV MLS. Mortgage Info from Mike Mandio Louviers Mortgage Corp.
Nancy Blaker Weber is an an Associate Broker at Wright Brothers Real Estate in Nyack, NY.