Experts: Home, condo sales dropped dramaticallyPosted: Updated:
Experts say a lack of consumer confidence has contributed to low home and condominium sales across the Hudson Valley.
According to the Greater Hudson Valley Multiple Listing Service, home sales across Orange County have dropped 11 percent and condo sales 18 percent since February 2008. The service also reported a drop of 33 percent on condo sales in Rockland County and a dip of 5 percent on home sales.
Rosemarie Pelatti, of Keller Williams Realty, says the drop in sales really took hold in October with the crash of the financial markets. Since the fall, Pelatti estimates most homes stay on the market for about 100 days.
Though Pelatti acknowledges the lack of opportunity for home sellers, she encourages buyers to utilize the down market in their favor.
?Buyers are really taking advantage of the tax credit that's out there, they?re taking advantage of the historically low interest rates and prices that have not been lower in the last decade,? Pelatti says.
Pauline Zangrillo, who placed her three-level condo on sale one month ago, says she was forced to reduce the price of the home by $25,000.
?I'm not unrealistic in terms of price,? Zangrillo says. ?[I?m] willing to negotiate offers that come in, but at the same time, I?m not giving it away.?