Happy New Year Rye!

What is ahead for the local real estate market?  Will buyers “take the plunge” and start purchasing again in 2009? Here is a little of what I am seeing on my end:

• First time home buyers, primarily young families with one or two children, are starting to look again and planning to purchase in 2009, prompted in part by lower interest rates. Some have already sold their NYC apartments and are renting in the area. 
• The opening of credit is crucial in stimulating the housing market, as outlined in Wednesday’s N.Y. Times article: In 2009, the economy will depend on Unlocking Credit. Mortgage rates are at a historic low, prompting a slew of refinancing, but new purchasers are cautious, choosy, and hoping things loosen up. 
• The internet is increasingly important in home shopping! Whether you are a seller showcasing your home or a buyer becoming acquainted with the area, familiarity with the web is crucial.  Local agency sites, Realtor.com, Trulia.com, Zillow and others can give you insight into an area, but please confirm the information with a reputable realtor: I have found that some of the houses listed as available online are already in contract, the blog advice is unregulated, and Zillow’s price “zestimates” are often off by hundreds of thousands of $$$!

*Photo of New Year’s Day Plunge 1/1/09 at Rye Beach to benefit Friends of Claire Charity- courtesy of Phil Gormley & Ray Kelly.