· Conditions are ideal for qualified buyers. Prices have moderated, interest rates are hovering near 40-year lows and the number of homes for sale is greater than it has been in 15 years.
· The new first-time homebuyer tax credit amounts to a 15-year, $7,500 interest-free loan, but it is only available through July of 2009, so qualified buyers have a window of opportunity now to to take advantage of this special program.
· There are a number of attractive and safe mortgage products available now, providing additional reasons for buyers to get off the fence and into the market.
· Every market is different. The national housing forecast is no more useful than a national weather forecast. It's important to consult with a REALTOR® to obtain accurate local market information.
· New York's housing market is seasonal, and sales slow between October and February, making the October market's slow down from September typical.
· October sales gains compared to September 2008 were reported in 28 of 57 counties for which NYSAR collects existing single-family home sales data.
· Twenty-three counties reported gains in median selling price in October 2008 compared to October 2007.
· A NYSAR-commissioned study of homeowners found the typical homeowner has been in their house for 7 years. The October 2001 statewide median sales price was $169,900, today it's $210,000. Sellers who have owned their homes for several years will still enjoy the benefits of increased equity and price appreciation when they sell.
For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com