People Always Ask Me:
what's the market doing?
So far this year in Otsego County, we have seen fewer transactions and sales volume is down. This is a result of low inventory, as well as inflation and higher interest rates. Prices have settled since the peak last year, but given lack of properties for sale – prices are still holding strong.
There are still many cash buyers – or buyers who are leveraging their equity – and plenty of folks hoping to relocate here from downstate.
For borrowers – ask your lender about options to buy down the interest rate, or try to use more cash in the deal to help lower your rate.
Average Days on Market for all properties is longer.
Buyers are being more patient and selective – challenging sellers to price their properties to the market taking into perspective the quality of the home. In the past it was easier for buyers to make changes/updates to homes, but the local general contractors and sub-contractors have a backlog of projects which affects timeframes and higher project costs (which I believe is partially responsible for keeping home prices where they are).
Curious about what your home is worth?
Want to be prepared for the summer buying season?
Contact me today to discuss!
