Key takeaways:
- The Catskills’ real estate market has become more competitive than ever, largely thanks to the COVID-19 pandemic.
- Today’s buyers face stiff competition, while sellers are receiving multiple offers far above their original list price.
- Need help navigating our local market? The Catskills Dream Team will be by your side through every step of the sale…and even after you close!
What You Need to Know About the Catskills’ Hot Real Estate Market
For decades, the Catskills have been considered a hidden gem for those seeking an escape from the city. However, the ongoing pandemic has tempted urban dwellers to search for fresh air and wide open space—and many of them are headed north.
Here’s everything you need to know about the Catskills’ competitive real estate market, especially if you’re thinking about buying or selling.
Big-city residents are flocking to the Catskills
Almost a year ago, the Catskills real estate market came to a screeching halt due to the COVID-19 pandemic. However, April 2020 home sales in Sullivan, Ulster, Greene, and Delaware Counties skyrocketed to unprecedented highs. This real estate surge was most apparent in the $200,00 to $450,000 price brackets, which proved popular for urbanites looking to escape the city.
COVID-19 allowed countless big-city residents to start working from home, and some yearned for more space without congested streets or a high cost of living. This prompted a mass exodus to more suburban communities—including the Catskills.
Most homes are selling above asking price
As demand rises, the supply of new Catskills listings has dwindled—and prices have also gone up. Many current homeowners who planned on listing have now opted to rent out their property or not move at all. It’s also not uncommon for buyers to submit all-cash offers well above the original asking price.
We’re even seeing buyers implement an escalation clause, a statement submitted with an offer that automatically raises the bid a specified amount above the highest offer, with a cap.
Sellers shouldn’t wait to list their homes
The ongoing real estate frenzy is fantastic news for homeowners, particularly if you’re thinking about selling soon. It’s not uncommon for a Catskills home to sell just a few days after it’s listed. And if your home is within the $200,00 to $450,000 sweet spot, expect multiple offers!
It’s more important than ever to work with an agent
If you’re in the market for a new Catskills home, you might feel discouraged by today’s cutthroat market—but working with a top-notch agent can make all the difference.
To combat unfair escalation clauses, we recommend that our clients bid aggressively and ask the seller to respond within 24 hours without accepting any other offers. We’ll also negotiate on your behalf and help you keep up with listings as soon as they hit the market.
Navigate the Catskills Market with Ease
Thinking about buying or selling a home in the Catskills? We can help! Contact the Catskills Dream Team to achieve all of your real estate goals. We have plenty of resources, as well as a handy search tool to get you started.
Looking for more tips? Check out our other blog posts or watch our video guides!