Hello and happy new year! This newsletter went quiet for a bit, but I haven’t forgotten you. I have decided that, rather than bombard you with frequent newsletters, I’ll write when I have news, or some analysis that might be useful to you.
There’s enough chatter in the world right now, no?
So — quickly rounding up the real estate market trends for upstate New York in general, and the Catskills and Leatherstocking region in particular, the best description I can offer is “very busy.” But under that heading, add “patience is required.”
This place, pictured here, offers a pretty good picture of what’s going on in a nutshell.
It is every bit as gorgeous as it appears. It’s got total privacy, lots of land, a pond and several outbuildings. It’s in Cherry Valley, which is a little town about twenty minutes from Cooperstown (you know - the Baseball Hall of Fame.)
It was on the market for less than $500,000, which is a lot of money for this far upstate. But it was a steal for what it offered. And it got noticed.
We had three offers. Two were a little low. One was very low. It sold for $485,000. That was *not* the highest offer. Someone offered quite a bit more. But it was the offer the seller chose because she felt good about the price AND the terms - that includes mortgage contingencies, inspections, and timetables.
Here’s what you can learn from that story:
In a seller’s market, the seller isn’t under pressure, and a buyer is unlikely to get a “steal.” The best you can hope for is a good deal for everyone. And if you insist on underbidding, it could very well backfire.
If you’re a seller, you need to know that not every buyer will believe it’s a seller’s market, and you can’t take low offers personally. Real estate, like cars, tends to encourage negotiation. So price tight, close to what your house is likely to sell for, and don’t settle.
Next, be patient.
This one took almost four months to close. It was no one’s “fault” — it was just slow movement at the bank, and a lot of other factors that contributed to a very slow closing.
There’s another house that should be closing by the end of January that’s been in contract since August. I’m not kidding. It has taken that long.
Now for the upside, if you’re a seller. The upstate real estate season has already started. My phone started ringing on December 26. I have written four accepted purchase offers for four different properties since then. It’s going to be a busy year.
How about COVID, you ask? It’s damned frightening. That’s what I have to say about that.
But we’re working, and we’re being careful.
I have a wide variety of lovely, stylish masks, and anyone who wants to look at a property has to wear one. (I have extra masks in my car at all times for anyone who doesn’t have one.) In some houses, we wear gloves, too. And I have disinfectant to wipe down doorknobs.
I limit the number of people in a house at one time, and COVID disclosures are mandatory for everyone.
These aren’t just my rules - they are THE rules. And if we need to limit showing times because sellers are elderly, or there are homeschooling or work conflicts, we make it work.
But I hope better, healthier days are ahead.
And if you’re planning to buy or sell a house this year, don’t forget it’s stressful even in the best of times. Moving is a really big deal.
So breathe. Be kind to yourself and others.
And by the way, if you know anyone interested in buying a bunch of commercial properties in one small town, check out Cherry Valley. The pandemic kicked its historic little downtown in the teeth. A restaurant and bar, a cafe/bakery, an art gallery, a large storefront/office that was once a supermarket — all for sale. But there’s a new bookstore hanging on, another restaurant that’ll be back this year (with luck), and a wildly successful florist that’s doing beautifully despite the pandemic. I predict Cherry Valley is going to come back strong. And you could be right in the heart of it.