Tuesday, June 9, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As we reported last month, the race is on as buyers from NYC and other urban centers scramble to spend at least the summer away from Covid-19, preferably near a lake or swimming pool.
Coincidentally, there is a group of home owners dying to sell them their upstate properties.
Some homeowners have secondary upstate properties they typically rent to summer tourists, either on their own or through companies like Airbnb. But the impact of diminished summer travel due to virus has severely affected their business in this unpresidented time.
A recent report by CNN concluded "Hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.”
A survey by ValuePenguin agreed:
- 48% of Americans have already canceled summer travel plans due to the current health crisis.
- 36% indicated they don’t have vacation plans.
- Only 16% said they did not cancel their summer travel.
- The same survey also asked, “How long will you wait before traveling again?” Not surprisingly, only 29% of respondents are planning to travel within the next 6 months. Put together, the figures foretell tourism in the US to drop by 71% this season.
Reason to sell now #1: Low Inventory
According to the National Association of Realtors (NAR), total housing inventory, meaning homes available to purchase, is down 19.7% from one year ago. Buyers are looking now but finding little inventory to choose from.
Reason to sell now #2: Home Prices Staying Strong
Prices are holding strong and experts forecast home price appreciation to continue throughout this year.
Buyers interested in leaving the Big Apple can search Mid-Hudson NY, Rockland and any of the other six counties (Dutchess, Orange, Putnam, Sullivan, Ulster and Westchester) for homes for sale or rent by using our free search site: http://www.gpshousehunt.com/
For real estate market and community information about any of the seven Mid-Hudson counties, Long Island, Nassau County, Suffolk Counties and Manhattan, go to https://www.searchhomesinny.com/page/neighborhood-guides/cpdd91ef66439d48.