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Real Estate Blog
Real Estate Blog
Monday, March 16 2009

The speed of economic news these days is staggering, and it can be difficult to understand how all this affects the Three Village area real estate market. To offer some perspective, here's a brief snapshot of some current events as of Monday afternoon.

* The stock market's four-day streak of impressive gains has had everyone at the edge of their seats, wondering how long the good news can be sustained. The market slid a bit on Monday when the rally faded in the last hour of trading, but the decreases were not severe for any of the three major indices: The DOW, the S&P, or NASDAQ. This is good news.

* Chairman of the Federal Reserve Ben Bernanke said on Sunday that the recession could end in 2009. This news was more than good!

* People have had a chance to "digest" the provisions of the American Recovery & Reinvestment Act, and are taking advantage of the many tax benefits. Most important for real estate are the first-time home buyer tax credit and the changes in loan limits. For further information, visit my website, where you'll find my article entitled "The Stimulus Plan: Reading Between the Lines."

* The Federal Reserve will be meeting on Tuesday and Wednesday to decide about interest rates. This is a key event to watch this week.

*  Citigroup, Bank of America Corp, and J.P. Morgan Chase have all reported improvement, and all of them have made profits in 2009. This is leading many observers to the tentative conclusion that the various measures the federal government has taken to improve the economy are indeed taking hold.

* The "mark-to-market" rules have been a source of concern for the financial industry, and now it appears that revisions will be made. This could certainly help.

* Interest rates fell again, which makes homes more affordable for more people and is one of many factors that could spur more home buyers and ultimately lessen inventory figures.

Locally, I have already seen positive changes. All of the above factors seem to be boosting confidence among local residents, and people are indeed making more offers on homes. More buyers are realizing that this is one of the best times in history to purchase a home. Prices are reduced, interest rates are low, and there are plenty of homes available.

On the flip side, sellers are realizing that they have opportunities in this market, too. Although some sellers may feel that they are losing on the sale, they will be making it up on the purchase of the next home. This is a classic wealth-building strategy.

As always, I'll keep you posted. Be sure to check my website at www. ardolino.com frequently, where you'll find updates at my blog.

Meanwhile, if you have any questions, contact me at Michael@ardolino.com. As your local real estate expert, I'm happy to share my thoughts.

All Rights Reserved.

CopyrightC 2009 by Michael Ardolino

 

 

 

 

Posted by: Michael Ardolino AT 04:39 pm   |  Permalink   |  0 Comments  |  Email
Friday, March 13 2009

In my expert opinion, three major factors are at work:

1. Home affordability is at an all-time high. More people can afford to buy a home today than at any other time in history. This will spur sales.

2. Homes that are priced right are selling. Prices must reflect value, period.

3. The state of the economy and high unemployment will likely prevent home value increases this year, but as buyers drive down inventory, things will improve. It's the basic law of supply and demand.

-Michael Ardolino, Associate Broker

CopyrightC 2009 by Michael Ardolino

Posted by: Michael Ardolino AT 01:09 pm   |  Permalink   |  0 Comments  |  Email
Friday, March 13 2009

 

For Buyers:

. Seize buying opportunities when they present themselves. Right now,

homes are more favorably priced than they have been in many years.

. Keep up to date on market conditions. For instance, for first-time

buyers, this is the chance of a lifetime: a trifecta of high inventory, lower prices, and historically low mortgage rates, with a new tax credit to boot.

. Take advantage of the various measures the federal government has

taken to spur the housing market. In particular, for our area, note that higher cost homes became more affordable with enactment of the American Recovery and Reinvestment Act. The limit for FHA and conforming loans increased to $729,750.

For Sellers:

. It's all about price. Set it right, from the start.

. Try to think long-term, even when it seems counter-intuitive. For

example, if you've been thinking of selling but have been holding out for a higher selling price, think again. You may lose on the sale but make it up on the purchase, by getting a better home at a greatly reduced price. You could even end up with roughly the same monthly payment, thanks to today's low interest rates.

. When choosing a realtor, it is critical to find the expert in your

area, or your home may be doomed to become yet another stale listing.

Orchestrating a successful sale in today's market requires a highly specialized set of skills. Aggressively question candidates about their experience, knowledge, and track record, as well as pricing, marketing, negotiating, and ultimately closing, in light of current challenges.

CopyrightC 2009 by Michael Ardolino

 

 

 

 

 

Posted by: Michael Ardolino AT 01:08 pm   |  Permalink   |  0 Comments  |  Email
Monday, March 09 2009
Posted by: Michael Ardolino AT 09:36 am   |  Permalink   |  0 Comments  |  Email

 

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email:
Michael@Ardolino.com 

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