Real Estate New York

Market Update May 2008

Capital Region Market Ripe for Buyers

"While the price dips in the housing market are not spread over the entire Valley (in some counties, median house prices even rose) if you're a first-time home buyer or are looking to upgrade — this market may be just what the doctor (or at least your accountant) ordered."

Finding The Right Price “Houses are still selling, it's just that they have to be aggressively priced,” says Patrick Fleming, broker/owner of WorldSelect Real Estate in Wappingers Falls. But price is a sticking point with many sellers, most of whom are reluctant, if not dead-set against, lowering them. “Unless the seller's in a state where they have to sell, they try to stick to their guns, believing that the property's still worth what it was nine, 12, 18 months ago,” says Brian J. Herman, owner/principal broker of Hudson Town and Country Realty in Hudson .

The unwillingness of sellers to lower their asking price is a big reason properties linger on the market. In Orange County, for example, home prices have dropped less than one percent on average. Houses in the county now sit on the market for eight months, up from five months just a year ago, says Chris Scibelli, president of the Orange County Association of Realtors and broker/owner of Keller Williams Realty in Central Valley and Goshen. With prices stagnating, “The average buyer is taking longer to make a purchasing decision,” he says, with some waiting for prices to bottom out.

Upgrading Of course, everything is relative. If you bought at the height of the market in 2005-2006 and you need to sell now, you'll probably take a hit. But if you're trying to buy a bigger home in the same region, then it may well balance out. “I know a couple who recently sold their condo in Wappingers Falls and bought a single-family house in Hyde Park,” says Rundle. “Yes, they got less for their condo then they would have two years ago — but the house cost less, too.”

You Never Forget Your First Time... Especially in this market. “It's a great market for first-time home buyers,” says Rundle. “Especially for those who have done what everyone should have been doing all along and saved some money. Now you're coming in with 10 or 15 percent down and you're also going to be able to reap the benefits of the lower interest rates. And obviously, they don't have anything to sell.”

Rundle is seeing more first-time buyers than in past years. Still, “a lot of people are very nervous. It's nerve-wracking being a first-timer in any market, but then with this media frenzy all around. At this point, everyone has a friend or family member who didn't time the market right and has been turned upside down or lost a significant amount of equity. They've got the whole peanut gallery telling them ‘be careful.' ”

One Man's Palace Is Another Man's Shack With the first-time buyers out in force, sales of homes less than $350,000 are still moving briskly. And high-end homes — expansive properties and estates priced $1.5 million and up — haven't taken a hit, many experts say, since those interested in purchasing them have the financial means to weather the bumpy economy. It's the houses priced between $350,000 and $500,000 that are really getting caught in the middle. “There is a lot of stuff to choose from,” says Fleming. Many of the big spenders are purchasing high-scale second homes, particularly in the Valley's northern regions — Columbia, Greene, Ulster, and northern Dutchess counties. “Ulster County has been the beneficiary of being in the second-home market,” says Maldonado. “We're within striking distance of the metropolitan areas.”

Read more: from Hudson Valley Magazine by Karen Maserjian Shan

The Roof: Topping it Off

Every roofing material has its unique perks and drawbacks. Here's a look at some of the most popular materials.

All Roofs Not Created Equal

The longevity of a roofing material is somewhat dependent on the climate, so estimates of life span are approximate and also depend on whether the material is properly installed.

Here are four commonly used roofing materials that you should be able to identify and discuss with clients.

Slate roofs: Pretty and pricey. This is one of the best, most beautiful, and architecturally significant roofing materials. It's a beautiful blue-grey stone that lasts anywhere from 70 to 100 years or more. Slate is very expensive and the prospect of having to replace a slate roof will surely be something a buyer will want to keep in mind when negotiating a price for the property. But since these roofs are known for their longevity, they're often worth the investment because a roofing material with a shorter life span will have to be replaced many times (at increasing prices) in the period that a slate roof will hold up. Not to mention, it's also environmentally friendlier to use materials that last a long time. Artificial slate is also available, but it typically doesn't have as long of a life span as real slate. However, it still lasts for a few decades or more. Slate is heavy, so a building must be constructed to support the weight.

Metal roofs: Gaining popularity. These come in a variety of forms, from corrugated metal with ridges to a roof that looks like it is made of shingles. Metal roofs are often chosen in green design because they last a relatively long time (a couple of decades or more) and can be made with recycled materials. Also, metal reflects heat, which can cut down on energy costs in hot climates. However, this roofing material is expensive – and rain or hail can be very noisy.

Wood shakes or shingles: Natural look. These roofs are usually made with cedar and can last up to 30 or 40 years, depending on the climate. The difference between a shake and a shingle is that shakes are split from a block of wood whereas shingles are sawn from a block of wood. Typically a shake is thicker and more rustic looking than a shingle. In shingle style architecture, wood shingles (or shakes) used as the siding and roof material on a house have a great natural look that weathers well over time.

Asphalt shingles: Functional, affordable. This is perhaps the most ubiquitous and least expensive roofing material. These roofs come in a variety of colors and shades, from black to greenish to reddish hues. They don't have the architectural substance of other roofing materials, but they are also perfectly functional and widely used. They typically last about 15 to 20 years, a shorter time than other materials mentioned above.

Read more: from the National Association of Realtors __________________________________________________

Outside Art: Landscaping Trends 2008

Just as a beautiful frame can turn a photograph into a work of art, the right landscaping can turn a home into a showplace.

Though a well-designed landscape can be simple, it also can move far beyond a velvety lawn and colorful flower beds to encompass trees, shrubs, irrigation, hardscaping, and lighting. By making informed choices, home owners can transform their properties, whether they're selling or just moved in and plan to stay for years.

Before jumping into a landscaping-improvement project, it helps to have a general knowledge of what kind of plants would thrive on the property, says Steve Jones, (a.k.a. “The Plant Man”) owner of Greenwood Nursery in McMinnville, Tenn. Home owners should do some research to learn about their yard's various components:

Read more: from The National Association of Realtors

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