Market Report: Early Winter

We typically consider January through mid-April to be the “slow season” for Catskills real estate. So far 2020 is proving us wrong.

So far the winter has been as busy as the summer season but with fewer properties hitting the market. This is creating a competitive winter market and a very real time sensitivity for serious buyers. Anecdotally, in the last two days I’ve had two sets of buyers express interest in making offers only to find out that both properties had just accepted offers in the previous day or two.

The most important thing you can do to avoid this scenario is to get bank pre-approval. Unless you’re buying with cash, you’ll need a pre-approval letter from your bank to submit along with an offer. Banks can take days, if not longer, to turn around a pre-approval letter, during which time you may lose out to a competitor.

Next, it may be winter but there are still some gems hidden in the Catskills if you’re up for, at times, a bit of a mission. Winter house hunting favors the intrepid. Just this morning I met up with some Sorel-clad buyers, and we hiked up an unplowed blustery hilltop in icy rain to view a pool house that had been closed for the season but was still on the market. And it was worth it - the pool house had a “wow” factor as we crested the hill despite the current conditions.

The takeaway here is this: don’t let the winter season lull your search into hibernation. Keep an eye out for interesting properties, and act quickly to set up showings and to make offers. Have your bank pre-approval on hand for same day offers, when necessary. Move quickly and decisively when the right property comes along - it may not be there tomorrow!