Here’s another sign that the market has shifted to favor buyers–New construction contracts have decreased when comparing figures from this year to the same period last year in both Ulster and Dutchess Counties. When compared to the number of new home contracts accumulated to this point last year, there is a 22% decrease in Ulster County and a 25% decrease in Dutchess County. The drop is more dramatic in Dutchess County when the long term trend is considered–the number of contracts is at the lowest it’s been in 10 years to this point. For Ulster County, 2006 rates in the middle of the pack when considering the figures for the same period of time from 1996-2006. These stats were reported by Dodge Local Construction Potentials Bulletin.
It is likely that more incentives and upgrades will be offered to buyers, especially as builders see excess supply and lower demand. Buyers tend to be in the better negotiating position at this stage of the real estate market.