I’m certain over the years you have heard the expression, “All Real Estate is local.” But what does it really mean in the context of 2020? Simply put, what happens in one part of the country—or even one part of the state—doesn't necessarily reflect the reality on your own street.
The Unpredicted Hudson Valley Shift
No one could have predicted the dramatic shift our local market experienced when the pandemic reached our shores earlier this year. As the metropolitan areas faced increasingly difficult conditions, we witnessed an unprecedented "rush to the Hudson Valley" as families sought safety, space, and a new way of living.
The Remote Work Revolution
What we didn’t realize at the start of the year was how quickly both companies and individuals would adapt to remote work. This newfound productivity from home has transformed the Hudson Valley into a "safe haven" for those no longer tethered to a city office.
A Historic Seller's Market
We are currently seeing the single largest surge in real estate transactions and rising prices in our agency's history. It is now common for buyers to pay above the asking price just to secure a home.
How long will this trend continue? While no one can safely predict the future, my advice to our seller clients remains the same: If you have ever thought of selling, the time is now. With high demand and limited inventory, there is no telling where the market will end up, but the current opportunity for sellers is historic.
