Tuesday, February 2, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I heard one of our Realtors exclaim this morning, "There's a buyer for every home for sale in the Hudson Valley right now." He was referring to the state of the housing market here. Like the rest of the nation, sales of Hudson Valley residential properties have started the new year at a fast moving pace.
The surge in demand for homes has exacerbated the inventory shortage throughout the region. During the four weeks ending January 21, pending sales in rural areas were up 43.5 percent, while in suburban areas they were up 35.1 percent, as well as 32.4 percent in urban areas. New listings were down by 10 percent year over year, the largest drop in seven months.
The biggest driver of the housing shortage nationally is the scarcity of suburban and rural properties. Many homeowners are happily staying put, and what homes do come available are quickly snapped up. Suburban and rural homes are still attrac ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home sellers, housing sales, housing sales inventory
Tuesday, January 12, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
If you have any plans of selling your house in the upcoming year, there are two very compelling reasons to do it sooner rather than later:
1. Right now, Hudson Valley real estate is in a phenomenally strong seller's market.
2. This thing won’t last forever.
There. That’s your warning.
The reasons this unusual situation exists are many, and we’ve discussed them here many times. If you’re a seller, you don’t need to know the reasons. Just get your house on the market. NOW.
Lawrence Yun, Chief Economist for the National Association of Realtors wrote recently about how quickly homes are selling right now, further confirming the benefits to sellers: Yun says, “The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.” ...
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hudson valley real estate, hudson valley home, 'urb to 'burb, buying a home, home investment, housing sales inventory, first time home buyer, pandemic, vacation property, forbearance, forclosure, finding forclosurehomes
Monday, December 28, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As we get ready to shuffle 2020 out the door, about the only thing missing from our New Year’s Eve plans is optimism for the coming new year. It's not surprising a mood of "good riddance" seems to sum up the national attitude about the year 2020. After all, we've faced a global pandemic, social unrest, an economic downturn, a lame-duck president and natural disasters. It even rained on Christmas. The year has driven many homeowners to reconsider their home spaces, where to live and what to live in to cope during 2021.
That said, we do have some things going for us. Here are three things we can be optimistic about.
The U.S. economy is still strong.
Even though independent businesses, especially in the service sector, are struggling, the markets have made impressive gains from last spring. There is nothing fundamentally wrong with the economy. There is no “bubble” driving excessive ...
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hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home sellers, housing sales, housing sales inventory, pandemic, financing, the economy, the future of real estate, health crisis
Friday, December 18, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
National housing policy will hold a much higher priority in the Biden White House than it was with the previous tenant. Jim Parrott, a nonresident fellow at the Urban Institute, said housing is 'not an abstraction' for the president-elect. Parrott was keynote speaker at the National Association of Realtors' Real Estate Forecast Summit on December 10th, 2020. Parrott served as a senior adviser to the National Economic Council during the Obama administration where he led the team counseling the cabinet and the president on housing issues. Before that, he was counsel to U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan.
Affordable housing a priority.
Parrott said that he felt the Biden team will see more affordable housing, for both buyers and renters as a goal worth taking on in and of itself, as a part of broader economic challenges. Biden views the lack of affordable ho ...
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hudson valley real estate, 'urb to 'burb, home investment, housing sales, housing sales inventory, mortgage, the economy, fha, taxes, capital gains taxes, capital gains tax exclusion, 1031 like-kind investment
Monday, December 14, 2020 / by Vanessa Saunders
Photo by Brennan Ehrhardt on Unsplash
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
On the day Pfizer’s approved Covid-19 vaccine hits it’s first American arm, it seems like a good idea to consider what this historic moment’s effect on real estate may be. When the virus reached the United States earlier this year, people were worried that it could devastate the country’s real estate market. For a while, as people got used to using PPEs and stayed home to avoid getting sick, things ground to a halt. But a few months later, people were scrambling to buy a home. Buyers flooded the housing market.
Now that the end of the pandemic seems to be in sight, the news has improved the industry's' spirits yet again. While the end of the pandemic won’t instantly generate a glut of homes on the market to relieve the inventory gap, it should have a significant effect on mortgage rates.
Economists agree that forecasting mortgage ...
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