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April sales information is out and it’s a mixed bag for buyers and sellers in Sullivan and Ulster counties: For sellers, the median sales price is up 17.9 percent to $125,000. But it’s taking slightly longer to sell their homes—on average 247 days. Housing inventory shrank by 20%. That means buyers have pent-up demand, and they want to see new listings, so it’s a good time to put your home on the market. Always remember, though, that homes that show well and are priced correctly are the ones that sell more quickly, sometimes above asking price.
For buyers, Spring always means the amount of listings increase, so anyone in the market for a home will get to see new inventory soon. Rising interest rates means you’ve missed the lowest rates in history, but an average of 4.5% mortgage rate is pretty darn good, so don’t kick yourself too much! If you’re serious about buying, get yourself pre-qualified at a bank or mortgage broker. That way you’ll know just what you can afford, and not waste the seller’s, your agent’s or your time dreaming of a home out of your price range.
As always, it’s best to use a Realtor to sell or buy a home. The Sullivan County Board of Realtors can help you with that decision. You can reach them at (845) 794-2735.
By: Lynne Freda, President, Sullivan Co. Board of Realtors