Thursday, October 18, 2007

Welcome to House Sense

Welcome to House Sense.

You are reading the first key strokes of a new real estate blog, particularly real estate in Westchester County, New York. There are more blogs on real estate than a sane person would care to count. So this blog needs to offer something different, useful and hopefully, interesting.

The idea behind House Sense is the common belief that buying or selling a house is complicated, stressful and ruinous to relationships. We've all heard, "It's the biggest purchase a person makes in a lifetime." And now in the media, not a day goes by without stories on foreclosures, sub-prime lending and bubbles, hardly the stuff you want to go to bed thinking about.

The facts of the matter, and the key word here is "facts" often get "get lost in the sauce." So this blog will bow at the feet of truth and bring you real, sourced facts because I believe the facts can go a long way to making real estate transaction far less foreboding and far more pleasant.

So, here goes:

1. Yes, I'm a real estate agent in Westchester County and my agenda is to make a living. So take everything I say in that context. If I stick to the facts, and identify what's opinion and what's not, we should be okay.

2. "Local (real estate) market one of nation's strongest" Oct. 23 page 1 feature story in The Journal News. All real estate markets are local. There is no national real estate market, so when you hear reports that we're in a housing slump, don't assume that's the case everywhere. It's probably not.

3. In Q3 Westchester County single family homes median price increased to $730,000 from $716,125 a year ago. Housing inventory (on the market properties) was down almost 8% while transactions were up 5.5%. That means more sellers are choosing to sit on the sidelines, rather than list their houses in this market. It also means buyers are taking advantage of a "buyers market." Real estate is a very efficient market: as supply goes down, price goes up. (Source: MLS)

4. In the past 24 hours, 121 new listings came on the market. There were 119 price reductions and nine price increases. What in the world were they thinking.

That's it for House Sense posting #1. Please respond with thoughts, comments and opinions. Thanks. RP