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Market Report

Well, we never thought “Coronavirus Housing Market” would be uttered to the describe the state of our current real estate market, but then again, we are all living through way too many new experiences. With a confluence of unprecedented occurrences and events, the pandemic has brought about a buying frenzy never seen in our mid-Hudson Valley. Because of our agricultural roots, rural nature, and tranquil quality of life, we were poised to be the obvious destination for those seeking a safe haven & sanctuary in a post-COVID world. As a result of limited inventory and pent-up buyer demand, business is brisk (an understatement), prices are on the rise, and market time has been significantly reduced. For the most desirable properties, we are witnessing multiple offers resulting in many sales over asking price. But let’s not get too greedy. You can still run the risk of overpricing your home. And unfortunately, that is exactly what many sellers are currently doing without the proper guidance. Although buyers may seem desperate, they are not stupid. They may be willing to pay a premium for quality, however, they are not willing to be gouged. Many very nice properties are still not selling in this hot market because they are severely overpriced. As long as interest rates remain at their lowest level in recorded history, and current COVID-19 conditions continue, we do not see an end to this trend for the near future. Now more than ever, let our professional guidance help you take full advantage of this strong sellers market. Our expertise can ensure you achieve the highest realistic selling price in this over-heated real estate market.

To make the most of your sale:

  1. Size up your competition.
    Investigate other homes for sale. Check out the home publications. Ask your agent for recent sales prices. Look at what’s selling…and what’s sitting.
  2. Price competitively.
    The best way to find that “one” perfect buyer is to bring in as much traffic as possible. Even in this active market, buyers have little patience for what they consider to be overpriced houses. Put your house on their must-see list by pricing it realistically. We even suggest pricing a home just slightly below the competition as it is our belief that you cannot underprice a property. This generates a lot of excitement among buyers, and the seller could receive multiple bids that may even have the selling price exceed the asking price..
  3. React quickly.
    The longer your house takes to sell, the more money you stand to lose. In this hot market, if a good number of people have viewed your house and there’s still no offer, the market has spoken. Move quickly to lower the price, and create more excitement, and therefore more traffic. Don’t allow your house to become a “fatigued” listing.
  4. Negotiate.
    No matter the market conditions, the process of buying & selling will alway involve a negotiation. As skilled negotiators, we will be able to guide you through the process of multiple offers, when to respond to an offer and when to hold firm.
  5. Play up assets.
    Even with fewer houses on the market, help set yours apart. Play up the strong points of your home – consider “staging” it before you put it up for sale. Buyers in this market want a home that’s move-in ready.

Copyright © 2020 Gary DiMauro Real Estate, Inc.

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