A Delaware County farm that sold in January.
There’s still some snow on the ground in the Catskills. It is NOT prime real estate season yet.
But something has changed this year. An outdoorsman told me that this spring, he saw male grouse doing their mating routines in mid-February.
“That does not happen until late March,” he told me.
This year is different for home shoppers, too.
Back in BC (Before Covid), I expected a spell of quiet that started around Thanksgiving and lasted until Valentine’s Day. It was a good time to plan work around the house, a vacation trip, knowing that real estate clients were likely hibernating and would just start rubbing the sleep from their eyes and start to scour the Internet again as the sun’s light grew a bit brighter.
This year, the phone started ringing at the end of January, and in one week I’ve put four deals together. It could be the rumors of interest rates rising. It could be a sense that there’s going to be another crazy sellers’ market this year. It could be the folks who missed out at the end of last season, who want to get a jump on the competition this year.
But the fact is they’re back, and there is practically nothing to show them. The local MLS indicates sales are up 35% from a year ago, prices are up 32%, and inventory is down 31%.
Properties that languished on the market are getting snapped up. Offers are getting closer to asking, because multiple offers are now commonplace. I’m seeing more cash offers, higher downpayments on homes involving financing, and fewer contingencies.
The feeding frenzy from last year is not over. It only paused for the winter.
This is new for the western Catskills and Otsego County. This hasn’t been seen since 9/11, and that surge didn’t last. This time, there’s a cultural change — working from home, better Internet access, worries about overcrowded schools and cities that don’t feel the same — it’s all leading to a sustained push on upstate real estate.
There is nothing to rent. Very little to buy. And locals who’d been considering retiring to sunnier climes are seeing an opportunity to maximize the value in their homes. But there just aren’t enough of them.
All winter, people asked me what I thought was going to happen this spring. If Covid taught me anything, it’s that I can’t predict the future. But I can answer them now.
I am running out of listings. I’ve got plenty of buyers. My colleagues tell me they’re in the same boat. So if you’re selling, get in touch. And if you’re buying, be warned. It’s a jungle out there.