Homes | Farms | Land | Estates | Seasonal Rentals | Commercial
Lakeville | Salisbury | Sharon | Cornwall | Falls Village | Norfolk | North Canaan
and other towns in Connecticut, New York and Massachusetts
THE MARKET LIES, WAITING
08.28.08
As we get through the Labor Day weekend and move into Fall, there are many listings on the market around our NW corner and into the Berkshires of Massachusetts, and over the line into Dutchess and Columbia Counties of NY.
Looking activity is encouraging as it has been quite busy in the last couple of weeks. However buyers are still looking for (more) price drops. This may not happen. With some exceptions, the pricing of most new listings is far more appropriate to what I feel is their correct value under our "new" market conditions. There are some glaring exceptions however and I don't understand the justification for those that are in my opinion, still "wildly unrealistic". There is either very poor broker advice/analysis, or the Sellers (of these) are just not on the right planet.
The buyers who are looking with serious intent are aware that prices have moderated, significantly in some cases, and will be able to get a fair buy if they move fast enough. Those that are looking for further drops may get left behind.
Sellers are also realizing that to move on, they will be getting less than they might have before the "changed market", but will be able to move on to the next chapter of their lives and cut the cost of retained ownership.
Over the long term, buyer demographics are changing and this will probably mean longer selling time for many listings' categories, once "hot" in the former market.
11.20.08 REVISITING MOLD
Older homes with (porous) stone foundations and dirt/earth floors, or even cement floors, are particularly vulnerable to dampness and odors associated with this condition.
10.30.08 SMOKEY VALLEYS - WOOD FIRED FURNACES
As the weather has cooled the night, and early morning air has become aromatized with the smell of wood smoke, noted most in the valleys around the area.
10.23.08 ON HOLD-BUYERS
As buyers sit "on hold", potential deals are waiting in the wings.
10.6.08 UNCERTAIN TIMES
The last couple of weeks have wreaked havoc for the real estate markets, nationally and locally.
10.02.08 CRAZINESS CONTINUES, BUT...
...all the talk about limited credit availability that might otherwise hamper real estate purchases really is not much of a problem around here, as far as I have seen.
09.25.08 WHAT IS GOING TO HAPPEN?
Interest rates should remain very affordable which will help, but unless long term operational/travel costs come down, and stay down, only real estate purchased as a primary home is likely to dominate a key part of our market.
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