Winning the Game of Real Estate
You’ve seen the headlines: house prices are down, foreclosures way up. Is there any good news? If you’re a first-time home buyer, yes indeed. From Chatham to Warwick, here’s the latest scoop on the Valley’s housing market
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A New Mindset
But adjusting to this new reality may not be easy for homeowners. “It’s a very hard thing to make the transition from looking at your home as the biggest investment and piece of equity you have — where you thought you could turn it over and make a ton of money — to ‘Maybe it’s worth what I paid for it,’ ” says George.
“The consumer of tomorrow will be much different than we’ve seen recently,” agrees Livesey of Orange County. “People will be looking more for value. They may not have the big jobs and bonuses and perks that many buyers used to have.
“Here in Orange County, for example, affordability is coming back,” he continues. “Last year, people were hard-pressed to find a home in the $200,000-or-less range. Now we have an abundance of them. Couple that with lower interest rates, and hopefully buyers will get even more incentives from the new government stimulus package.”
Livesey also points out that smaller houses seem to be selling more frequently than larger ones, and that the lower gas prices and quality mass transit are two factors that continue to attract New York City commuters to Orange County. “The market has really slowed down. This is truly the time to buy.”
Next: It’s a buyer’s market