One of the biggest myths in real estate today is “nobody can get a mortgage.” The fact is, banks are issuing mortgages on a daily basis. Yes, during the housing boom, getting a mortgage was easier than it is today. Many banks offered creative financing methods and provided mortgages to people who, at any other point in history, would not have qualified for a loan. Lenders have gone back to evaluating applicants and approving loans based on credit scores, verifiable income, income to debt ratios and the amount of the down payment. Keep in mind that not having a 20% down payment will not necessarily preclude you from getting a loan; there are a variety of loan options requiring as little as 3.5% down. Today’s mortgage rates are the lowest they’ve been in history—hovering well below 4%. The monthly mortgage cost of a $500,000 home with 20% down is almost 10% lower than it was this time last year. So, if you are thinking of buying a home, now is a great time to meet with a lender and review the multitude of loan options available for qualified buyers. With that, here are the homes that sold during June.
Summary Source: GHVMLS YTD Comparison Report
2Q 2012 YTD vs. 2Q 2011 YTD – Single Family Homes
New inventory (the number of homes going on the market) increased 9.1% (144 YTD 2012 vs. 132 YTD 2011). The number of sales increased 25.6% (54 YTD 2012 vs. 43 YTD 2011). The average sales price of homes that have sold decreased approximately 14% to $674,723. Overall, the average sales price for single family homes that have sold in Rockland County (inclusive of the river villages) was $418,825, down 5% over the same period last year.
2Q 2012 YTD vs. 2Q 2011 YTD – Condos
New inventory (the number of condos going on the market) increased 12.8% (53 YTD 2012 vs. 47 YTD 2011). The number of sales increased 60% (24 YTD 2012 vs. 15 YTD 2011). The average sales price of condos that have sold decreased 0.2% to $308,580. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the river villages) was $224,170, down 3.1% over the same period last year.