Tuesday, May 12, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Social distancing and unessential businesses aside, it is still possible to sell or buy a house in the Hudson Valley. Even though we are restricted in how we go about it, we have transacted real property throughout the pandemic shutdown within the parameters of viral quarantine. You can still buy or sell a house.
People are listing their homes for sale every day. Lawrence Yun, chief economist for the National Association of Realtors estimated this spring would see a 10% drop in home sales. Ten percent is a big number nationally. But the Hudson Valley is uniquely positioned to be highly sought after by New York City buyers looking for a way out of the city, either temporarily or permanently.
Besides that, a 10% loss means that 90% of transactions which would have happened without the shutdown will still happen. Why? Because the real estate industry is adapting to the new normal. More agencies are following our lead to market properties virtually, conducting remote meetings and closing using digital technology, and allowing service providers such as title companies and lenders to conduct paperless transactions.
Admittedly, some agents have seen reduced activity among buyers. But when one steps back, it reduces the competition for buyers still in the process, and lowers the chances of bidding wars. Secondly, even though mortgage interest rates are at their lowest ever, lenders are anxious to fund mortgages. If you listed your home and it failed to sell in the past, this is a great time to get back into the Hudson Valley real estate market.
We need to take the coronavirus situation seriously. But if you need to buy or sell a home, you still have options. Use our SEARCH site to find your next home, or CONTACT US to talk about how we can market your home differently.