“Real Estate 2010! State of the Market” Presented at John C. Hart Library

On the heels of a dire announcement by the Commerce Department that new home sales for May were down 33 percent from the month before and that sales of existing homes had also dipped, a program for prospective home buyer and sellers, presented at the John C. Hart Memorial Library on June 24, 2010, was of timely relevance.

Called "Real Estate 2010! State of the Market" with the subtitle, "Downsizing, Upgrading or Moving South," the program focused on the prospects for buying or selling locally in today's market, preparing a home for sale and the mortgage requirements for buyers. Three presenters, all associated with Coldwell Banker Residential Brokerage in Yorktown, were Joe Monaco, managing broker of the office, Jennifer Maldonado, licensed mortgage banker, and Denise Giordano, associate broker.

"The state of the market nationally is unlike anything we've seen in many years," Monaco said in his opening segment. "But there are good opportunities at the moment, particularly for buyers."

For sellers, Monaco said, they must price their homes realistically in accord with market conditions in a highly competitive marketplace.

"And remember, what you might sacrifice in selling, you can win back in the buying process," he said, citing one of his agency's clients who "took a hit" on the selling price of their home, but then recovered their loss in moving to South Carolina and buying a home of equal size for only $210,000.

For buyers, Monaco advised that there are opportunities to secure a home where all factors are in place with mortgage rates still at historic lows at the same time that prices have come to rest at what many believe is the bottom of the decline.

"Some homeowners are considering riding out the recessionary market until things improve, and that's fine if the home isn't too expensive for them to live in," he said. "But, it will probably be a much longer recovery than we've experienced in former recessions. If it's time for them to move on with their lives, then it all boils down to a lifestyle choice."

Denise Giordano advised those wanting to sell that their home must be marketed as a product to be sold.

"It must outshine all the others on the block to compete in the marketplace," she said.

Giordano outlined the measures that can be taken to increase curb appeal outside and to properly stage the home on the inside.

"From the outside, your home must look like the brilliant diamond of the neighborhood," she said. "Inside, rooms must be de-personalized and de-cluttered so that prospective buyers can superimpose their own vision within the space."

Addressing the mortgage process, Jennifer Maldonado presented the requirements for applying for a mortgage, what lenders consider, which types of mortgages are best for buyers' needs, and what documentation is needed to secure a mortgage. She advised prospective buyers to start the house hunting process by being pre-qualified or pre-approved for a mortgage.

"It saves time and energy when you know in advance the amount you can afford to spend on a house," she said.

After a statistical review by Monaco of how the median price of a home in Yorktown has declined in the past two and a half years, falling from just over $500,000 to about $400,000, attendees at the seminar, mostly retired citizens, asked questions about short sales and foreclosures.

"What can we expect going forward from here?" one man asked. 

Monaco responded that the market will probably remain flat, with no real appreciation any time soon, perhaps taking as long as three, five or even seven years to recover.

"However, we should experience an increase in unit sales as soon as we see real jobs being created and as the market absorbs the new flux of foreclosures and current inventory," he concluded. "We just must expect a slower climb back."