Hope springs eternal… and spring brings eternal hope—at least in the Real Estate business!
The heart of the winter season is not always kind to the housing market. Unpredictable weather can cause people looking to cancel showings; sellers can be reticent to list their homes due to people tracking ice and snow into their residences; many second homes are “winterized,” meaning water and heat are turned off, so the house can be colder inside than out— not exactly inviting to buyers. Many homeowners want to wait until spring to list their houses, so they show better in photos and in person— eg: windows can be open in the nicer weather, not so many boots and mittens to clutter the house, snow tracked in won’t leave puddles, etc.
That being said, the first few months of the year can be very busy for agents, as many buyers put their
year-end bonuses into buying houses. Couple that sales fever with a lack of listings due to reticent sellers, and inventory becomes low this time of year. You can’t sell your home if it isn’t listed, so there really is no “bad” time to put your house on the market.
Looking at the latest housing market report for New York State, January 2017 sales data shows a 4% increase in closed sales from the year before.
The median state sales price jumped more than 8.5% from 2016, and inventory shrank 19% from the year earlier.
Locally, in Sullivan County, closed sales were up 12.7% in January 2017 from the same period last year. The median sales price dropped, though, from $132,500 to $125,000. There were less homes for sale, down 13% from 2016– that’s our traditional beginning of the year inventory shortage.
So for buyers, sellers, and Realtors, hope really does spring eternal. Hope that the nicer weather allows more homes to be listed, that more buyers will come out, and that interest rates will stay moderately low. All that translates to a thriving housing market, which helps boost local, state and national economies. Economic benefits from the sale of a home extend well beyond the closing table to include the many purchases made by new homeowners including appliances, hardware, home furnishings, movers, and contractors. These purchases also generate much-needed tax revenue.
If you’re looking to buy or sell your home, make sure to use a Realtor™ for the transaction. The Sullivan County Board of Realtors is located in Monticello and can be reached at (845) 794-2735.