Current Market in Orange County New York

Well, its been a while.. It seems that everyone is concerned about current market trends..Sellers want to know if prices are going back up and buyers want to know if the lowest house prices are here yet.. First let me address tha buyers..Right now in Orange County, there are over 5000 houses on the market and that number increases daily. Last month, just over 200 sold...That means there is a lot of houses to choose from...In fact, its the most choices in your price range in years.. Now, interest rates are starting to rise slightly..its complicated, but as the fed cuts overnight interest rates, mortgage rates rise.. However, the rates are still historically very low..So, here we are with rates low and the most inventory in recent memory, buyers are buying.. presently, I have 13 transactions in the works in a market that is supposedly a disaster. If you are buying, by now...real estate brokers know this and are snatching up undervalues properties too..
Now if you are a seller, don't start crying just yet.. most sellers who have lived in their houses for five or more years have enjoyed a remarkable appreciation in the value of their homes.. While prices have tailed back in some areas as much as 15%, the current market value of their house is still considerably above their original investment.. Its still a win-win situation for buyers and sellers...13 very smart people have already proven that this year...good luck all...
Asa