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THURSDAY, APRIL 16, 2015
This housing inventory translates into very good news for local buyers who are looking.
George Nianiatus/Olean Times Herald
Homes for sale abound in greater Olean area By GEORGE NIANIATUS Olean Times Herald
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substantial listing of housing inventory for sale, combined with still-low interest rates, means 2015 will be a buyer’s market for prospective Oleanarea home buyers. The Olean-area real estate market, spanning from Allegany to inside the western edge of Allegany County and north to Franklinville, has an abundance of residential homes for sale. “This year we have 632 homes for sale,” said Dennis Pezzimenti, vice president of the Chautauqua-Cattaraugus Board of Realtors. With so many homes for sale and interest rates still in the 3.5 to 4 percent range, depending on mortgage terms, this is a buyer’s market, he said. Last year, the median sale price was $80,000 for a threebedroom home with 1 and ½ baths, Pezzimenti said. This year’s median price probably
won’t deviate much. The median price for the local market is far lower than the statewide average, meaning the cost of living is less in the Twin Tiers for housing. Assessing the Olean-area market, he said, “We have pretty much been a buyer’s market because of the nature of our population,” which has slowly declined a bit. But there are reasons to be upbeat. The local economy shows promise of rebounding, Pezzimenti said, noting a major project is underway this year to revitalize Olean’s downtown. “The attitude of the community is turning more toward the positive,” he said. Additionally, the North Union streetscape project has captured the attention of many. The revitalization of the downtown will hopefully spread. Pezzementi said he’s like to see the streetscape foster more economic development “that will positively
affect our profession” and the community. Another positive example for the economy last year was the fact the local real estate association sold one home for more than $400,000 and another for nearly that much. “That’s a good sign the market is getting better,” he said. Last year, market analysts said the overall New York state economy did rebound with the ascent of the stock market and stronger home sales. According to the New York State Association of Realtors (NYSAR), closed sales of residential properties in the state surpassed the 100,000 mark for the second consecutive year to reach 106,919. “The New York state housing market recovery marched on in 2014, driven by continued low mortgage interest rates, economic growth and rising consumer confidence,” said Duncan
MacKenzie, NYSAR CEO. “While total (2014) sales fell just shy of the previous year, it is important to recognize that sales remained at a high level. In fact, it is the first time since the 2006 and 2007 markets that annual sales have exceeded 100,000 units in consecutive years. The statewide median price
also held on to the gains from last year as sellers received a growing percentage of their asking price at closing.” MacKenzie also said, “While strong market fundamentals remain in place as we enter the new year, Please see Homes, page 3
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we expect the 2015 market to be aided by 2014 policy changes including the implementation of lower Federal Housing Administration mortgage insurance premium rates and the reasonable lending standards under the new Qualified Residential Mortgage rule. Both of these rules will remove unnecessary barriers to homeownership placed before creditworthy borrowers, allowing them to pursue the American dream of homeownership.” There were 106,919 existing single-family homes sold in 2014, a decrease of 1.3 percent from the 108,367 sold in 2013. There were 28,614 sales of existing single-family homes in the 2014 fourth quarter, an increase of 1 percent from 28,328 sales in the 2013 fourth
Nationally, home prices rise modestly WASHINGTON (AP) — U.S. home prices rose at a steady pace in January, pushing prices up at a faster pace than wages and putting more homes financially out of reach for would-be buyers. The Standard & Poor’s/ Case-Shiller 20-city home price index rose 4.6 percent in January compared with 12 months earlier, S&P said this month. That is up from growth of 4.4 percent in December. Few Americans have listed their homes for sale, and the tight supply has kept prices higher. The increases have eclipsed earnings, making it more difficult for buyers to save for a down payment and afford a monthly mortgage.
quarter. The 9,435 sales in December 2014 represented an increase of 2.5 percent from December 2013. Despite this past February being one of the coldest iin history, the New York state housing market notched gains in both closed sales (2.5 percent) and median sales price (1.3 percent) compared to last February, according to the housing market report released in late March by NYSAR. “New York’s homebuyers would not allow February’s exceptionally miserable weather and marginally higher prices to keep them from their closings or from inking a contract on their new home,” said MacKenzie, noting that pending sales jumped 13 percent compared to February 2014 in addition to the uptick in closed sales. “We will be carefully
watching to see if inventory levels, now at a nine-year low, can rebound to meet the increased high demand that typically accompanies the spring and summer markets.” “A recent study by the National Association of REALTORS found that Millennials, who the Pew Foundation claims will overtake the Baby Boomers this year as the largest living generation, value homeownership and are positioned to enter the real estate market,” said MacKenzie. “This could be a year that is defined, in part, by Millennials driving sales activity.” The February 2015 sales total of 5,925 was up 2.5 percent from the February 2014 total of 5,781. (Contact editor George Nianiatus at gnianiatus@oleantimesherald.com)
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