Before all the statistics about housing are reported on the news, the actual sales have to happen first. What real estate agents are experiencing right now will help impact how the world economy behaves in a few months. So every once in a while, I will post a “sneak peek.” Here’s what is actually happening in my business during the last few weeks. There is something about buyers in today’s real estate market that is giving me hope.

To put it in perspective, a little history first. Approximately between the years 2004-2006, buyers were demanding homes that had all bells and whistles - “McMansions” with granite counters, stainless appliances, wood floors and so on. That urgent desire for all the amenities drove buyers into purchasing homes they could not afford. Buyers did not consider what might happen when their adjustable mortgage rates came due. (The reason for the decline of the real estate market is a much longer story. I am focusing on buyer choices at the moment.) 

Recently, I have been hearing my clients sing a slightly different tune. While it is nice to have those extras, more buyers are poised to make purchase decisions based on what they can afford, and are willing to postpone upgrades to a time when they are more certain about their finances. Location, location, location first, Viking appliances later! Yes, buyers want a bargain, it’s their market and they know it. But common sense is back at the helm and it’s refreshing to hear!

The National Association of Realtors released a report on August 24, 2010 that explains the decline in housing sales in July 2010. Home sales (closed sales) declined as anticipated because many people took advantage of the home buyer credit which ended April 30 (buyers had to be in contract by 4/30/10 to qualify). In other words, people who might have otherwise purchased a home later in the year, closed on their homes in June in order to gain the tax credit. Lawrence Yun, Chief Economist for the National Association of Realtors, explains the findings in this televised interview.

Again, here is what I am experiencing today. Almost like the “good old days” when you bought a starter home, fixed it up over time, and had a solid, common sense plan for paying it off, buyers are indeed buying, but using more caution and care. The difference is that in those “good old days,” 30-year fixed interest rates were much higher (I remember 10% in 1990), and today’s rates are closer to 4.625%. There are still many financial options available to first time home buyers such as low interest SONYMA loans in New York State. If you want to stop paying a landlord and own your home, talk to a real estate and/or mortgage professional. Get all the facts, then decide what is best for you.

Tammy Benkwitt is a real estate agent and instructor who lives in Fishkill, New York. She can be reached at 914-714-2127.

Posted by:  Tammy Benkwitt

One of the places I visit frequently in Dutchess County is the Village of Fishkill. In an age where sidewalks are few and far between, being able to park your car and peruse the many shops and eateries is a pleasure. The village is a small community that offers an array of residential choices ranging from condominiums to charming old Victorian colonials. It’s one of my favorite places to visit.

The restaurants in the village are numerous and offer so many choices of cuisine varying from Italian to Thai food. We recently ate dinner and lunch at the newest hot spot, Eleven 11. It offers everything from burgers to lobster macaroni and cheese (delicious)! A must-try appetizer from the Eleven 11 menu is “11 Clams,” a combination of steamed clams with sausage and chicken in a tasty broth. I wasn’t sure about this dish at first, but the mixture of the sausage, chicken and tomatoes on top of the clams make it a special treat. (Be sure to ask for a spoon and extra bread for dipping!) If you have room for dessert, try the crème brule or brownie a la mode!

Don’t miss: the Village of Fishkill block party on August 14 from 6:00-11:00 PM. The village closes Main Street from Route 9 to Jackson Avenue and fills it with music, food vendors, children’s activities, and more.

Tammy Benkwitt is a real estate agent and instructor who lives in Fishkill, NY. She can be reached at 914-714-2127.

Posted by:  Tammy Benkwitt