Today, I read a very interesting article. (excerpted and linked below).
The long and the short of this article below is simple. WE NEED LISTINGS. Across every property type there is demand. “Good, well priced, well appointed and updated properties are a HOT commodity”. RIGHT NOW … if this sounds like your home, then guess what?!?…you have something that is in demand and this is your moment!!
Properly positioned properties with curb appeal and late renovations will fetch a pretty penny. Yes, let’s be honest, there is a plethora of properties on the market right now. However, many of these listings are worn out, lack proper staging, and exhibit way too much deferred maintenance. You should know that, as the property owner, if you continue to put off needed repairs, then this can lead to asset deterioration and ultimately asset impairment.
While it is true that the high end markets are a bit sluggish right now (I know because I’ve experienced that personally this year), the median price point is experiencing a continuing trend of higher prices, and shorter market times. We are NOT in a seller’s market yet but we could be moving in that direction if things keep moving the way they have. A good gauge of market trends is how long a given property is on the market. This is a primary key indicator of your current market condition.
Excerpt from Real Estate In depth:
According to the 2016 Second Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange Counties, released recently by the Hudson Gateway Multiple Listing Service all four counties posted double-digit increases in sales transactions as compared to a year earlier. Putnam County posted the largest second quarter increase at 31.9%, followed closely by Orange County at 30.1%. Rockland County registered a 24.5% rise in sales, while Westchester closed 19.9% more transactions than a year earlier.
Realtors interviewed by Real Estate In-Depth said that demand was strong across all housing types (single-family, condominiums, cooperatives and 2-4-family residences). In addition, the robust market seemed to be especially strong for moderately priced housing in each market. One drag on the market has been the luxury sector, which continues to struggle.
Licensed Real Estate BrokerAstor Lane Realty