By Vanessa Saunders. Founder/CEO
& Principal Broker – Global Property Systems Real Estate
As we delve into the current housing market, June 2023 presents a unique landscape, offering both challenges and opportunities. So, let’s explore what’s happening in the Hudson Valley housing market together.
Spring is typically a vibrant time for the housing market, with buyers emerging as the weather warms up. However, this year has brought a different scenario. We find ourselves in a market that appears to be at a standstill, primarily due to a shortage of sellers, as highlighted by housing experts.
Despite strong buyer interest, as evidenced by a 10% increase in mortgage applications in March compared to the previous month, the number of available homes for sale remains low. Homeowners who might have considered selling are hesitating due to steep prices and mortgage rates they would face as buyers themselves.
It’s important to note that long-term fixed rates had enjoyed over two decades of staying below 7% before the recent upward trend. Historical data from the Federal Reserve showcases this trend. However, the current situation presents a mismatch between buyer interest and the limited housing inventory.
Traditionally, sellers would emerge when rates increased, leading to increased inventory and potential price negotiations. However, recent shifts, such as the impact of COVID-19 and the resulting migration from large urban areas to smaller regions with lower prices, have disrupted this pattern. Even at the top of the market, buyers engage in bidding wars, driving higher prices than usual.
Consequently, the “set point” is now higher than expected, especially given the current elevated rates. It would be logical to anticipate sellers offering deeper price reductions or larger concessions to attract buyers. However, the rapid market changes have occurred within a short period, leaving little time for the market to adjust.
As industry professionals, we recognize the need for expertise and dedication in navigating these circumstances. Opportunistic individuals who entered the market during high-volume periods may find themselves struggling in the face of reduced activity. However, for those committed to providing exceptional service, this can be an opportunity to deepen roots and cultivate prosperous businesses, regardless of Federal Reserve actions.
Every day, life events shape housing decisions. Job relocations, growing families, and retirement plans create opportunities for professionals to assist clients and generate potential referrals. Opportunists lack the time, patience, and systems required to stay connected to these individuals.
At GPS, we are navigating the Hudson Valley housing market and challenging the status quo of the real estate industry. We operate on the blockchain, ensuring transparent transactions like never before. Our commitment to transparency and accountability means that every detail of a transaction is recorded, eliminating any shenanigans or hidden surprises when buying or selling a property.
In addition, our professional marketing team employs cutting-edge strategies to showcase properties effectively, maximizing exposure and attracting the right buyers. Our goal is to ensure our sellers receive top dollar for their properties, while our buyers find their dream homes. In summary, we invite you to embrace this unusual time alongside us. As committed professionals, we can offer invaluable guidance and exceptional service. Let’s chart a course together to navigate the Hudson Valley housing landscape. Reach out to us by clicking here if you have any questions or know someone needing expert advice. Your referrals are the heart of our business, and we take pride in helping those you care about.
Let’s thrive together in the ever-changing world of real estate, as we challenge the status quo and provide transparent transactions, leveraging the power of the blockchain.
