Summer is here and the spring market is now behind us. With springtime we generally see the best time of year to sell houses. This spring got off to a quick start and homes sold at a good clip in the area.
My colleagues and I are off to our best start in years. The reports coming in from the other six Prudential Offices in DutchessCounty are also confirming the increase in sales throughout the area.
The market as expected, is beginning to slow as I write this letter and showings have tailed off somewhat on current listings. Some reasons for this are expected. With holidays like Mothers Day, Fathers Day, and Memorial Day, as well as graduation plans, many buyers are just extremely busy with family and friends. Houses that are priced well are still getting the majority of showings and offers. It’s the same story here my friends, price to be competitive with other homes that are similar to yours. Keep that lawn mowed and maintain that overall curb appeal.
Interest rates continue to be at all time historical lows under four percent, but now they are beginning to tick upward. I think the fact that they have started to move has prompted many buyers to get off the fence. Purchasers are now thinking the next move in prices will be up. I think the pendulum is now starting to swing back in the seller’s direction ever so slightly.
Moving forward we are expecting the market to cool a bit as we move into the dog days of summer, but this should just be temporary. (Lets hope so!!)
Here are some statistics from the Westchester Putnam MLS regarding the number of homes currently on the market in Pawling in a given price range, and the number of solds in the last six months as of June 30.
$200,000 to $300,000 26 Active on the market and 15 Sold
$300,000 to $400,000 36 Active on the market and 7 Sold
$400,000 to $500,000 10 Active on the market and 3 Sold
$500,000 to $600,000 6 Active on the market and 3 Sold
$600,000 to $1,000,000 13 Active on the market and 2 Sold
In summary, competition will continue to be tough for sellers although it is getting better. The numbers prove it. Don’t turn down showings, and keep your property looking sharp. Price your home right if you really want a chance to sell it.
Good luck everyone, and enjoy your summer.
14C East Main Street