Sellers’ Market Driving Hudson Valley Home Prices Way Up
If you're looking to sell your home, now is the time.
Tim Hurley, a realtor for Coldwell Banker Village Green Realty in Kingston and Rhinebeck, says that he's never seen buyers as aggressive as they are right now. Because of the global pandemic, New York City residents are moving out of their cramped apartments in crowded buildings and fleeing for the open air of the Hudson Valley.
Besides fearing the virus, New Yorkers are now realizing that they can work virtually from their homes instead of heading into the office every day. It's expected that this trend will continue even after the pandemic ends, making it easier for employees to relocate out of their overpriced Manhattan apartments. Hurley says the number one question he's getting right now from potential homebuyers is whether the house has high-speed Internet.
While demand for Hudson Valley homes explodes, the supply is currently almost non-existent. Hurley tells us that springtime is usually when the market is flooded with sellers who are looking to move over the summer. Because of the pandemic, however, homeowners are holding off on the thought of moving. The thought of allowing strangers in their homes for inspections and relocating during a quarantine has kept many potential sellers from putting their houses on the market.
Hurley says that when a home does go on sale, buyers are making offers sight-unseen. In some cases, photos and descriptions are enough to attract full-price offers. Because real estate isn't considered an "essential" business, staging open houses and tours is not an option. As a result, realtors have been forced to come up with creative ways to close deals. Virtual tours over Skype, with the agent giving buyers a walkthrough over the Internet, is replacing the traditional home buying experience.
When asked if he believed this booming Hudson Valley real estate market will continue past the pandemic, Hurley says that there is no crystal ball. While he won't predict the future, the real estate agent says that the current rally is absolutely real, and Hudson Valley residents looking to sell for a good price are in an excellent position to do so right now.
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