Active Rain BlogThe average sale price in Kingston for 2009 was $161,172 for single family residential sales. While the average sale price in Ulster County was $241,758.
The average above was based on MLS statistics.
Its official, the Worker, Homeownership and Business Assistance Act of 2009 extends and expands the first time home buyer tax credit.
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So what are you waiting for? Start your search now
New York State Mortgage Credit Certificate Program (MCC) is a new program for first time home buyers. With MCC, Â 20% of your annual mortgage interest can be converted into a tax credit and deducted from your Federal Income tax.
Example with a mortgage of $200,000 and an interest rate of 5.5% the mortgage interest paid in the first year is $10,933. With an MCC, 20% of interest can be converted to a direct tax credit, a savings of $182 per month, $2,186 per year.
In Ulster County, not often found is a home with such rustic charm from an era long forgotten as is seen in the design of dramatic spaces and forms this Modern Farmhouse offers.  Few structures elude such uniqueness that joins two legendary styles of cutting edge architecture and classic Hudson Valley farmhouse charm. Created with old- fashioned gable roofs and textures and shapes from the classic era this iconic farmhouse is a blessing to the upstate New York landscape and offers us memory of the lovely white houses we viewed on quiet country excursions in our youth.Â
This design was not for the meek at heart but yet for the passionate homeowner who is drawn to opportunities to discover while still experiencing feelings of familiarity. Created in the green design for efficiency and comfort this structure will make the great weekend getaway, a summer paradise or the location you call home 365 days a year. Located on a pristine championship golf course, Mohonk View Lane is Ulster County’s premiere golf property.Â
The 28-foot ceilings that highlight the extremely large living space are intended to leave even the most capable decorator in awe. The huge sitting area is enhanced by a wooden fireplace that delivers visions of romantic excursions while at the other end the entertainment center awaits to offer you escape from the stress of a tiring day. The large living room flows passionately onto two decks built for large outings graced by family and friends. The view from each is equally breathtaking whether it is the picturesque view of the Shawangunk mountain range, the soothing farmlands or the 18-hole golf course that awaits your presence. Although the decks are large and inviting they offer the utmost in privacy for those intimate moments we encounter.
Perhaps the jewel in this crown is the master suite, which is seemingly secluded from the rest of the home. Not only does it offer a walk in closet fit for a Queen but a master bath area that could just as easily be mistaken for a spa. The showers and toiletry spaces are secluded from one another while two his and her vanities are divided by a Japanese tub designed for soaking that is no less than 6-feet long and offers a window above for your relaxing pleasure.Â
For more photos and information, please visit MohonkViewLane.com
It means that the cost of buying a house just went down! Or, it means that a buyer can afford more of a house for the same monthly payment. I don’t usually do math problems in these Mortgage Updates, but this situation screams for an example using real numbers.
If a buyer was buying a house and getting a 30 year mortgage for $200,000 at 6.5%, the monthly payment would be $1,264.14. At a rate of 4.875%, that same $200,000 mortgage would now have a monthly payment of $1,058.42. That is over $200.00 a month less per month for the same loan amount!
Another way of looking at it is that a buyer can afford more of a house for his or her money now that rates are lower. Let’s pretend that a buyer wants to keep his or her monthly payment around $1,500. If rates were 6.5%, then the maximum mortgage amount would be $238,000 with a payment of $1,504.32 per month. At 4.875% interest rate, the buyer could get a mortgage of $285,000 for $1,508.24 a month. This means that a buyer can get $47,000 more money for the same payment!
*APR 5.024% based on a $200,000 loan amount and 1 point. Rate assumes credit score of 740+ and a 20% down payment. Rates as of 12/11/2008. Rates and points are subject to change at any time without prior notice. Centennial Mortgage is a registered mortgage broker NYS Banking Dept. Loans arranged through third party providers.
Statistics show that buyers make up their mind about your home based
on their first seven seconds of viewing!!
Today you have to be the nicest home in your price range to attract buyers. In general, it’s taking longer to sell a home, so they have to be priced accordingly and show extremely well.
We also recommend removing some personal belongings such as photos and mementoes. The point is to depersonalize the space so potential buyers can see themselves in it. In addition, here are some great tips for preparing a home for sale:
• Entrance Should Be Freshly Painted And Seasonally Decorated
• Exterior Freshly Painted Or Power Washed
• Windows Should Be Sparkling Clean
• Exterior Plantings Trimmed And In Good Condition
• Misc Debris Or Trash Removed From Yard (Toys, Trash, Yard And Garden Equipment, Atv’s, Out Of Season Furniture, Etc)
• All Closets Free Of Excess Items
• Remove Excess Furniture To Show Off Room Sizes
• Kitchen, Including Interior Of Appliances, Should Be Very Clean
• Countertops Cleared Of Clutter
• Personal Items Minimized, Such As Refrigerator Art, Personal Photos, Etc.
• Carpets Cleaned
• Interior Walls Clean
• Garage And Basement Organized And Free Of Clutter
• No Evidence Of Pet Or Food Odors
• No Use Of Scented Candles Or Potpourri
• For Showings - Turn On Interior Lights, Open Curtains, Remove Pets, And Empty Trash Cans And Leave The House During The Appointment Time.
All Real Estate agents are the same. Most Americans hold a driver’s license. Does that mean that they all drive the same way? Real Estate agents and drivers are licensed by their state. But people drive differently, and real estate agents approach their jobs differently as well. Buyers and sellers should choose their agent carefully. Designations such as Accredited Buyer Representative, Senior Real Estate Specialist, Graduate Realtor Institute indicate a level of higher competence. Length of experience can also indicate a level of expertise. Another area of distinction is personal referral. Buyers and sellers may want to talk to family, friends and neighbors about their experience in real estate and obtain names of Real Estate agents to contact. A strong recommendation is to interview three agents before making a decision about who you want to work with.
If I wait long enough, I’ll find the perfect home. Buying a house requires knowing market conditions, knowing what you clearly want in a home, and being prepared to make a purchase decision. In today’s market, we often see wait-watchers. Buyers and sellers should work deligently with an agent who will assist them in moving toward their real estate goals.
Buying a house is as easy as negotiating price and signing papers. Buying or selling a home requires extensive knowledge of the market, negotiating terms, home inspection, attending to contract details, working with attorneys and title companies, etc. Real Estate agents move transactions from contract to closing.
If something appears on the inspection report, the seller has to fix it. Quite often buyers think that is something comes up on inspection, sellers must fix it. Real Estate agents should provide all disclosed information and assist buyers and sellers to make reasonable decisions about further negotiations. Generally, negotiation of inspection concerns should be limited to structural or dangerous situations.
Commuting between
For more information, visit www.ulstercountyny.gov/ucat or call 888-827-8228.  Â
On Saturday, October 4, from 9-11 AM the Prudential Nutshell Eco-Broker Team will host Matt Bialecki speaking on sustainable design in architecture, Brian Nowitzki on renewable energy options for the homeowner, and Greg Eckert on green mortgages. Complimentary refreshments from local farm stands will be provided courtesy of Centennial Mortgage.  The program will take place at Nutshell’s Stone Ridge office at 3056 Route 213 East, Stone Ridge.
Matt Bialecki, AIA, Architect will speak on Sustainable Design.
Mr. Bialecki’s work has often been featured in national publications and has won numerous awards from the American Institute of Architects (AIA) for architectural design and sustainable systems.  In addition to designing numerous local residences, Matt has designed many of the regional buildings you may know such as the Sam’s Point Conservation Center, Rock and Snow, and the New Paltz Railroad Station restoration. Matt is active in community affairs and land use planning and conservation. He has served on the Gardiner Town Board where he chaired the Town’s Zoning Committee which rewrote the Town zoning laws to protect the Shawangunk Ridge and promote open space conservation.  For over 20 years, Bialecki Architects has provided Architectural Design, Sustainable Design, Historic Restoration, Landscape Planning and Community Design services throughout the Hudson Valley.
Brian Nowitzki, of Hudson Valley Clean Energy will speak on renewable energy options for homes and businesses.Â
In addition to some basics on how these options work to reduce our environmental impact, Brian will highlight the State and Federal incentives available to make these systems affordable and cost-effective. HVCE is a full service solar electric, solar hot water and geothermal heat pump designer serving Ulster, Dutchess, Columbia, Greene, Putnam and northern Orange Counties. With over 6 years experience in the renewable energy field, HVCE offers an informative look at the present-day engineering systems that support sustainable building in the Northeast.
Greg Eckert, Vice President of Centennial Mortgage Corporation will speak on the benefits of a “green” mortgages.
Greg Eckert is an experienced mortgage originator working in the Hudson Valley for the past 20 years. Centennial Mortgage Corp is a registered NYS mortgage broker offering a full range of mortgage products. Various available energy efficient mortgage (Green) mortgage programs will be discussed along with paperless closing options.Â
Prudential Nutshell Realty, established in 2002, is the fastest growing real estate firm in Ulster County. Located in Stone Ridge, Prudential Nutshell provides professional real estate expertise and service to buyers and sellers throughout the Hudson Valley and New York Metro area. For more information, or to register to attend, call Laurel Sweeney at 845-687-2200. Seating is limited.
Fannie Mae and Freddie Mac have been taken over by the government, Lehman Brothers declares bankruptcy, Merrill Lynch sold to Bank of America, AIG bailed out, and what is going on with WAMU and Wachovia?
Let’s focus on the mortgage part of this:
Last week Treasury Secretary Paulson announced that the federal government was seizing control of Fannie Mae and Freddie Mac and placing them under a government conservatorship.  This means that the federal government now essentially owns the majority of mortgage debt in the country.Â
The move was an effort to prevent the collapse of both agencies, who have been losing money because of the housing slowdown and increased delinquencies and foreclosures. Fannie Mae and Freddie Mac’s losses eroded their capital reserves and they were unable to raise enough new capital, despite previous attempt by the Treasury Department to help shore them up.Â
Treasury Secretary Paulson has said that a failure of either company would cause great havoc in the economic system. In the NY Times, he was quoted as saying, “This turmoil would directly and negatively impact household wealth: from family budgets, to home values, to savings for college and retirement. A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance. And a failure would be harmful to economic growth and job creation.”
The purpose of the takeover was to ensure that the flow of money will be available so that banks will still be able to sell their loans to Fannie and Freddie. If Fannie and Freddie were not open for business, the credit crunch would be much, much worse, because banks would have less access to capital, and fewer buyers for their loans. This would likely cause rates to go up and lending to tighten even further.
Has it helped?
So far, rates are down about a quarter of a percent, dropping from an average of 6.5% last week, to averaging around 6.25% today on a 30 year fixed rate mortgage. The hope is that the move will lower mortgage interest rates, and help the housing market recover. However, the bond yield, which affects mortgage interest rates most directly, was down at 3.41 as of close of business yesterday. This would usually indicate mortgage rates in the mid 5% range, but rates remain just under 6% for most 30 year fixed rate mortgages.
What effect will the changes on Wall Street have on home sales?
I am not sure anyone can reliably answer that question at the moment.
So what should we do?
I think the best thing we can do is to calm buyers’ fears, and remind them: