Do you own a house like this?
Now could be a great time to sell.
Let’s be honest, it’s been a seller’s market in the Catskills ever since the world was turned upside down this past year. Unprecedented buyer demand and aspirations for nature, space and seclusion were layered on top of an already increasingly attractive market from recent years.
Now with a cautiously optimistic light at the end of the tunnel, real estate professionals are finding that buyer demand continues to boom. Maybe it’s the promise of sunnier and warmer days to come that ushers in the regular high season of April-October, or maybe it’s that this past year has triggered an honest assessment in buyers’ minds of what is truly valuable to them. Fresh air, headspace, family, entertaining, ownership, work life balance. Whatever the reason, the end result is that we’re still seeing a backlog of motivated buyers as we head into this high season.
Who is this season’s buyer?
The emphasis remains on turnkey, move-in ready homes. Willing to sell furnishings? Even better. This season’s buyer is ready to make moves quickly. And she’s likely very experienced at this point. Many clients have gone through multiple bidding wars at this stage. The shortage of new listings over the winter season has created even more competition on the rare, turnkey home that gets listed. By now, many clients also are aware that contractors and other service providers are backlogged, making renovations even less appealing.
This season’s buyer also finds appealing the option to rent out their weekend home on occasion. This means that homes located in rental friendly areas are in particularly high demand. This is no surprise - we all know the Catskills has been a popular travel destination for decades. But it’s particularly of interest to this season’s buyer, as she navigates shifting apartments and shifting remote work situations in the city. Buyers are in a period of navigating the transition back to normal, or perhaps a new normal. Many have let go of their apartment leases in the near term and like the idea of keeping options open. Perhaps moving upstate full time in the near term, and then taking a new apartment in the future with the option to rent out their upstate home.
More than ever, this season’s buyer is looking for space. After a year of working from home in a cramped apartment (for those lucky enough to have that as an option), juggling remote learning for little ones, and just generally feeling like everyone is on top of each other, room to spread out is essential. This doesn’t necessarily mean square footage, but some combination of minimal, cleaned lined interiors and outdoor green space goes a long way.
And of course there are the staples - a pool, a lakefront, a river, privacy, a 2-3 hour drive from the city, and general aesthetics.
What does this mean for you as a seller?
Repairs and staging.
Take time to address any known repairs needed, particularly focusing on major house systems or big ticket items. Tidying up the details goes a long way, too. But let’s chat before you embark on any costly or time consuming repairs. I can give guidance on what’s truly important.
Staging is key. Start with decluttering and deep cleaning. Then move on to furniture placement, textiles, spaces to entertain both inside and outside. I can connect you with cleaners, interior designers or just simply provide you with design inspiration.
When is the high season for real estate in the Catskills?
The high season typically begins in April, as buyers start to anticipate warmer weather, and lasts through mid-October (leaf peeping!). After that things tend to slow down a bit as both buyers and sellers start shifting their attention to the holidays.
What is a seller’s market?
When we say that this high season is a seller’s market, what that means is that sellers aren’t leaving money on the table. As long as buyer demand remains higher than the supply of new listings, the buyer market will continue to drive the price of appropriately priced listings higher. This often results in a multiple offer scenario that is beneficial to the seller. This also means your home will likely sell faster.
Now could be a great time to sell.
