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Real Estate Market



Rick S. Cowle, Esq.

Where Is The Real Estate Market Heading?

While no one has a crystal ball, there are some sure signs that the real estate market is on the re-bound in Putnam County. After almost ten years of a declining depressed real estate market where terms like foreclosure, short sale and loan modification had became commonplace, there is finally a light at the end of the tunnel. Investors have sprung into action and taken advantage of bargain basement prices and started buying properties. Lenders are starting to loosen up just a bit and first time home buyers are back in the market. Yet, we are still transitioning between a buyers and seller’s market.

There are more “regular” real estate transactions taking place while the short sales and foreclosures wind their way through the pipeline. This time of transition can be both exciting and frustrating for those who are ready to dip their feet in the waters. It is exciting because we are probably close to the beginning of another up or boom cycle. Properties can now be had at excellent prices which will most likely appreciate greatly in the next ten years.

However, buying a home now can be frustrating if you need to get a mortgage. The government, along with the lenders, has become more stringent in their requirements after the mortgage debacle had occurred. This means that borrowers have to provide mountains of financial documents and go through an in-depth process to finally get to the closing table. Since there are still a number of foreclosures and short sales on the market, appraisal values can be skewed on the low end which can make it even more difficult to get a mortgage.

Yet there is plenty of mortgage money available at great rates if one is credit worthy and willing to persevere. For those of you who are fortunate enough to have “all cash” or a generous rich uncle, the time is right to buy.

Make sure you have a knowledgeable realtor on your side, hire a qualified home inspector to investigate the property and, of course, retain a competent attorney to take you through the transaction.

Rick S. Cowle is an attorney admitted to practice law in New York, Connecticut, The District of Columbia and The United States Supreme Court. He is president of The Law Office of Rick S. Cowle, PC a general practice law firm located at 95 Gleneida Avenue, Carmel, NY 10512, 845-225-3026, e-mail: RCowle Law@, Web Site:

This article is meant for informational purposes only, and is not intended to create an attorney client relationship or to give legal advice.