News & Insights

REAL ESTATE UPDATE

Last updated on March 22nd, 2019

There is good news spreading across Sullivan County, the daffodils in our gardens are just waiting to pop up. Yes, it is true spring is right around the corner and with it, many home sellers and buyers are thinking about the real estate market.

And, like the promise of the daffodils, data on recent housing market showed positive signs at the start of 2019, giving us all reason for optimism!

Despite a shortage of available homes for sale, according to Hudson Gateway Association of Realtors, Sullivan County had a slight uptick of 2.4 percent in inventory in January following being down 12.6 percent over the previous 12 months.

Also, the median sale price is up slightly and the number of days a property is on the market before a sale is down 17.3 percent.

When buying a home, mortgage rates are always an important consideration. In a 2018 National Association of REALTORS (NAR) Profile of Home Buyers and Sellers survey among those who financed their home purchase, buyers typically financed 90 percent of the home price. The good news for buyers is that the Federal Reserve did not raise interest rates in January.

One of the key issues when selling a property is to price it correctly. This is where Realtors can help by conducting a comparative market analysis (CMA) to assist a seller in determining the value of their property.

Realtors have a valuable role in the real estate market for buyers too. In the 2018 NAR survey, 87 percent of buyers purchased their home through a real estate agent or broker and 74 percent of buyers would use their agent again or recommend their agent to others.

So, get ready for spring, warmer temperatures, the daffodils, and beautiful Sullivan County. Find yourself a Sullivan County Realtor and get ready to sell your home or find your dream first home or vacation home!

 

By, Cathleen Breen
President, Sullivan County Board of Realtors