Tuesday, November 24, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I spoke to a Sullivan County homeowner last week. She called me because she’s been thinking about selling her house and had some questions. She said to me, “I keep hearing about all the people in New York City coming up here in droves and buying homes with cash. Is it still happening?”
I told her there was still a lot of activity in the Hudson Valley real estate market and explained how low mortgage interest rates, a low inventory of homes for sale and New Yorker’s demand for homes outside the city has been and continues to be happening.
She asked me, “So is this the best time to sell my house?”
Perhaps there is a lesson in her story. If you've been thinking about selling for a while, now is an excellent time. Nothing guarantees that you will be selling at the peak of the market. But you'll at least be selling at a point well above last year.
Conditions for sellers have rarely been better. Buyers are falling over themselves to find and buy properties. Aided by historically low interest rates, buyers are very actively shopping for homes. Rates are forecast to remain low, creating a great opportunity for home buyers.
Because there are so few homes on the market, there is little competition between sellers for buyers with offers. Home sales are expected to go up next year, which will push more homes on the market. Freddie Mac, Fannie Mae, the Mortgage Banking Association (MBA) and the National Association of Realtors all predict higher sales for 2021.
But getting a top-of-the-market price is just part of the equation. You need to also consider if selling now is right for you. Do you have a plan? If you sell your home, where will you go? What will you buy and how much are you willing to pay? In the end, only you know if selling your home now is the right thing for you. What I can tell you is that now is an EXCELLENT time to have a home for sale in the Hudson Valley real estate market.
If you have questions about selling your home, finding a new one, or relocating to a different state or country, CONTACT US. We’ll be happy to help you make the decision that’s right for you.