You want to live in Rockland County. A place rated with safe neighborhoods, strong school districts and a diverse population with many attractions and events to enjoy. There are more Affordable Homes in Rockland County than its neighbor over the bridge. You prepare to buy your home. You go online searching homes for sale in Rockland County. You also start reading dozens of clickbait market opinions not from a trusted, experienced Realtor working for you. You start touring homes and quickly learn the buying market is very tough. Multiple offers, multiple attempts. Some Buyers kept on the road and many others didn’t. Very difficult decisions either way. All the while interest rates were on the rise. In 2022, they went from 5-7% in a few short months. I call this the ‘rate shock’ quarter. Westchester showed just a 2.4% gain while Rockland was massive. Many buyers decided it was a better buying choice on this side of the Hudson.
How did this all work out? Price Appreciation on Single Family Homes in Rockland has grown significantly. For those buyers that did procure a home even at higher interest rates, your home value is much greater than the added money per month. For those who decided to wait for lower rates, or price drops, or save a few more dollars for down-payment, please don’t kick yourself. Use this as today’s education tool and start taking the steps below to buy your home this year. Prices are projected higher for the next 5 years.
Using the Median Home Sale Price in Rockland County, here is an appreciation view over the last 4-5 years.
| YEAR | MEDIAN SALE PRICE | APPRECIATION |
| 2020 | $459,000 | |
| 2021 | $523,500 | 14.1% |
| 2022 | $600,000 | 14.8% |
| 2023 | $625,000 | 4.2% |
| 2024 | $700,000 | 12% |
Timing the market perfectly is not a reality, not even for Warren B. Committing to your circumstances of the time and standing firm in your informed decision usually works out best. Take these steps now for 2024.
PLAN- Why do you need or want to buy a home. (Aka, Problem Recognition) What do you need? Where do you prefer?
INFORMATION- What is the process? How do I protect myself? What do I avoid?
PREPARE- How much can you put towards buying a home? How much can you borrow in a mortgage loan. How much is your monthly payment? How much is closing costs? What should I consider once I own a home?
COMMITMENT- Choose an experienced Realtor® you feel in your gut is best for you. Do they ask about you and your needs? Do they provide buying expectations? Do they provide market trends specific to your desired property & location. Do they provide unbiased advice? As of mid-July, when real estate professional fees change across the country, is this the person who provides value that you are ready to pay for?
PATIENCE & PERSISTENCE- the process of buying a home can feel like navigation a spiral staircase, in the dark. As your trusted agent and advisor, breaking down each step and tackling them one at a time keeps us focused and organized to our successful end.