Happy Spring!

I hope this finds everyone well and dusting off the winter. I have to say, Spring Buzz is in the air for buyers, but not so much for sellers. The triggers for inventory shortage have changed, but the net result remains the same.

While still not as high as the historic average prior to Covid, which hovered around 7.5%, the increased interest rates have simmered certain buyers and knocked others completely out of the affordability ring. All the while, there have been major layoffs throughout real estate and lender industries. So what's holding us in a sellers market at this point?

Higher interest rates and limited housing continue to keep many sellers on the sidelines. Thus, demand is still high with supply painfully tight. While inventory continues to rise, it remains nearly 50% below available listings in March, 2020, which was our last "normal trending" month before the wrath of Covid fully kicked in as many of the active listings carried over from February, 2020 while the nation dealt with shock.

We have been operating in the "aftermath phase" for some time now. The market has been an ebb and flow of crickets until a property drips on the market. If a property hits that is priced well and effectively marketed, the chance of multiple offers, particularly below the $350,000 price point, is high. Below $300,000 is practically a blood bath these days. Many in that price point are renters or first time buyers seeking home ownership. There is a troubling undercurrent going on in that sector that will be discussed in greater depth in upcoming issue.

While some homes are being gobbled up quickly, there is an overall increase in days on market (read: "sitting" listings) as certain offerings appear to be attempting one last squeeze from the market with overpricing. Didn't work during the height of Covid frenzy and historic inventory shortage and still doesn't.

Case in Point

My listing at 712 Traver Road, Pleasant Valley. On Market Date: February 2, 2023. The listing opened with a two week consideration window before my clients would consider any offers. Consideration windows allow buyers time to see the property and appropriately consider their purchase. They have worked very well for my clients throughout Covid and buyers routinely share appreciation for the grace they inherently instill into the process.

The comparative range, on paper, for this listing in Pleasant Valley was $469,000-$489,000. I knew if buyers came to see this solidly built and impeccably maintained property, the chances the sale price would escalate were high. Buyers are highly savvy these days. They have generally been in the market far longer than pre-Covid norm. If I had priced where I thought my seller would end up (my goal was $529,000,) we would have likely discouraged buyers from coming and negotiated down with a singular buyer. I had to stay in line with comparatives and price accordingly.

Mixed in with other homes in the comparative was a property around the corner from my clients home that entered the market eight months prior, in June, at $525,000. Their last reduction was in October to $499,000. By the time of that February comparative, it had already been sitting on the market for another four months at its reduced price. Rather than price against overpriced listings, I give them purpose and leverage them to support my clients sales.

My client opted to enter the market in the lower end of suggested range. Not underpriced, but the lower end of range. 712 Traver Road, Pleasant Valley entered the market on February 2, 2023 for $469,000. Here's the listing. My client was on and off the market in two weeks. How much over ask did it sell for? My client was both cute and sweet with this. Watch the 30 second reveal.

That $499,000 listing remains on the market. It is now approaching a year on the market while my client just around the corner was on and off the market in less than two weeks and sold for $550,000 or $81,000 over asking. Moral to the story: sellers can ask any price they want. At the end of the day, buyers determine value (whether up or down) through the sale price. While buyers are less in number, the flight over ask of this most recent sale along with the other still sitting proves buyers continue to be willing to climb the pricing ladder against each other but are repelled by overpriced listings.

Come off the Perch

If you are interested in selling, please come off the perch. There are varied options. My seller clients are on and off the market with tidy profits. If there is no desire to be on the open market, I can accommodate that, as well. I have a multitude of buyers across price points, some readying to have coronaries due to timing issues to find their next residence.

Want the open market but don't fancy being homeless? I can help you with a plan that has options. Let's talk it through and see if a move can make sense and be comfortable, particularly if your living needs or financial considerations are mandating a shift. Reach out to me and let's start with a conversation. I'm about the relationship, not the transaction.

This compound setting with Airbnb potential minutes from the Ashokan Reservoir is magical.

The lounge gazebo and stone path through a wisteria blanketed pergola separate main historic home from cottage. Another stone path leads to the fenced garden and detached/expanded one car garage featuring separate room for whatever your needs. The wrap around deck provides open flow and multiple entry to the 977 square foot main house built in 1825.

Hand hewn beams throughout meet tastefully updated modern amenities including newly installed splits for AC and heat (also oil in main house and radiant floor heat in cottage, if desired), new water filtration system, extensive septic update. The 576 square foot cottage features separate driveway and potential for Airbnb, workspace, studio, guest house or extended living space.

With no fuss perennials awakening amongst a setting surrounded by nature, the tranquil property generously delivers a full sensory experience and varied lifestyle options.

Country road take me home!

See Full Listing Here

Watch Sandi's two minute "Real Deal" video property tour here.

Wrap around deck leads from circa 1825 main house to cottage, built in 2006.

Open living room and kitchen with historic hand hewn beams, fireplace and bay window. Main level of primary house.

Beamed ceilings, expansive windows, wood burning stove and radiant heat with slate floors on main level of cottage.

LUXURY

I have been working on securing an ultra luxury (above $10,000,000) listing. Work in luxury and ultra luxury takes a different path than standard residential sales. While at face value, working in luxury is often coveted in my industry, it's not for everyone.

I don't mean that in a snobby way. It takes a different and multi-faceted skill set, contact base, shift in time allocation and financial commitment to successfully work in the luxury space, particularly ultra luxury. I have recently embarked on expanding my training in this space beyond global luxury specialist into certification as an International property specialist as certain clients are expanding their horizons into purchases outside of the US, as well.

I have been speaking with colleagues and marketing channels in Dubai, London, Hong Kong and China along with top luxury colleagues in targeted markets nationally in preparation for subsequent meetings with the owner of this ultra luxury property. While during Covid it was not uncommon to see an ultra luxury listing sell within a few months, that is far from norm in our area. There can be instances where your targeted audience comes down to only a few hundred people in the world, if that.

At this time, there are only three active listings in this sector in Dutchess, Ulster and Columbia. Two have been on the market for approximately 240 days each. The third, in Millerton, just entered the market. It is a farm with the price point heavily weighted in the 650+ acres encompassing the property, which includes potential for seven yet to be subdivided building sites with views. Click here for the latest ultra luxury entrant, coming to the table at $13,500,000.

Low Cost Way to Spruce things Up?

Painting! Click on image or here for a 15 second "Sandi's take" on this low cost way of freshening up the home, whether or not preparing for sale.

This was one of the "30 Days of Real Estate Questions" series I just finished on Instagram. Join me on IG @hudsonvalleynest for this and more!

Winery Anyone?

I have a multi-million dollar client seeking to purchase a functioning winery, preferably with storefront. If anyone happens to know a vintner interesting in selling, drop me a line. Throwing it out there as I reach my tentacles throughout the region.

It's a wrap! I have some interesting listings coming up. I'll keep you posted. Should you be interested in buying and/or selling, let's talk!

Should you have any questions on the market, feel free to reach out. Also, I am never too busy for your referrals and will take very good care of those sent my way.

Alright, Spring. Let's get some fuel in those jets...

Best,

Sandi