Hudson Valley Real Estate Market Update - March 2023
You may be asking - "what's the real estate market like in the Hudson Valley right now?" - well, lucky for you, I'm going to go over that right now! If you're not asking that, well, sorry.
Depending on who you ask - you might get a different answer about how the market currently is. If you ask some sellers - they'll tell you they are still getting multiple offers on their houses and going over asking. If you ask some buyers - they'll tell you about how they got a house for 10% under asking price and a credit from the sellers to address the old HVAC unit that is 35 years old. And all of that is true. The most recent listing I put up - 5 offers, went over asking. The most recent buyer I closed got the house for a decent amount under asking. Real estate markets have always been very local, and that's especially the case right now.
In general - a safe rule that applies right now is this: if a house in very good condition in an area where lots of people have their eye on hits the market - it's going to move and it's going to move quick, especially if it has unique features. Houses that are in average condition or need some work, especially if they're further away from hot areas are going to sit for a bit of time before they find a buyer, which means they might take a price cut.
Another rule that applies in this market is: houses that are priced right are going to sell, and sellers who think that the market is still the way it was last year and pricing expecting the stars are going to be disappointed. Hudson Valley real estate is strong, but buyers are informed and know when a good deal is on the table and when a seller is asking for too much. So if you're going to sell your Hudson Valley home, know that pricing and marketing is a huge factor right now.
Gone are the days where any agent could just list your house and get 15 offers over asking, waiving contingencies. It always has mattered, but now more than before, your choice of Realtor matters, as the difference in pricing strategy and marketing can make or lose you significant amounts of money.
With the combination of interest rates not being as high as everyone expected, and inventory still being at an insanely low level - there are still more buyers than there are houses for sale. Those buyers, however, are becoming much more selective and are wary about making bad decisions. We're in a bit of a stalemate right now in terms of it being a buyer's market or seller's market. Each house is really a case-by-case basis on how it will perform in today's market.
TLDR: It's a mixed bag. Some houses are still over performing and some houses are underperforming. It all comes down to the local markets, the house condition and the pricing/marketing strategy on the Realtor's part. Those three factors will really decide if a house gets multiple offers or sits for multiple weeks.
Thanks for listening,