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By Lynne Freda President of the Sullivan County Board of Realtors
The time to sell is now. The time to buy is now. Normally, those two sentences are an either-or situation. I’ll explain more in a minute.
Even though our summer wasn’t the warmest on record, the housing market is hot!
In Sullivan County, we’re seeing signs of a predominantly seller’s market.
Inventory is down, and new listings are, in some cases, getting snapped up after the first few showings.
Sales prices, while not as high as we’d like to see, are holding their own – the median home is selling for 10 percent off asking price.
And the best part for sellers, multipleoffer situations – commonly known as bidding wars – are occurring, and days on market are less.
Sullivan County real estate stays hot largely due to second-home buyers. In a primary-home market, purchasers want to be in by summer: their kids get to make friends with the neighbors’ kids and be besties by the time school starts in the fall.
But here in a second-home market, as soon as the kids go back to school and college, parents start looking for a vacation home.
Couples without kids are drawn to our area all summer, and seriously begin looking for their weekend place this time of year as well.
An informal poll of local real estate offices shows this to be true all over the county. Getting into contract now allows for a closing on the property by the end of the year.
Now for buyers—the time to buy is now because home prices are on the rise, and so are interest rates. If a new property comes on the market that catches your eye, you better take a look sooner than later!
Due to lack of inventory, new listings are at a premium. Don’t expect to find too many bargains, though. The median sales price is up nearly ten percent.
Now for the latest housing numbers from July from the Sullivan County Board of Realtors:
Pending sales are up slightly from July 2016. Closed sales are up 5 percent from last year at this time. It’s taking less time to sell a home– about 207 days from listing to closing.
As previously mentioned, the median sales price is up 9.3 percent from last July to $99,500 compared to $91,000, and sellers are getting 90.1% of their asking price, up more than a percentage point from this time last year.
If you’re in the market to buy or sell a home, the Sullivan County Board of Realtors is here to help! When you work with a Realtor®, and not just a real estate agent, you’re partnering with a professional who operates according to a strict code of ethics, and must invest hours of continuing education to keep up with the ever-changing laws, regulations and practices.
You can find us on the web at scbrgetlamps.net or call (845) 794-2735.