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.”
But as we said, this market won’t last forever. Economists following real estate see it slowing down as the CARES pandemic forbearance programs expire in the next few months and foreclosure houses begin to populate the Multiple Listing Services.
According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are going to open up after the next few market quarters: Hale said recently, “More homes are likely to become available in the last six months of 2021.”
If you have a home to sell, (and presumably a place to move to when you sell it) or a second home you’d like to put on the market in the near future, there won’t be a better time than now.