All Real Estate Is Local

I’m certain over the years you have heard the expression, “All Real Estate is local”, so what does it really mean? Well, to begin with what goes on in one part of the country or state doesn’t mean it’s happening everywhere else. Look at what has happened to our local market since this terrible pandemic fell upon our shores earlier this year. No one could have predicted just how bad things would become for all of us. So, here we are still struggling to get back to some form of normalcy. What we didn’t realize is that as conditions worsened in the metropolitan area, that folks would rush to the Hudson Valley to escape. Add to that the fact that companies and individuals learned quickly that working remotely was not only possible, but also very productive. What we are seeing is the single largest surge in Real Estate transactions and rising prices. All too common buyers are having to pay above the asking price in order to secure their safe haven. How long will this trend continue? No one can safely predict. As I have been advising many of our seller clients, if you were ever thinking of selling, do it now because there is no telling where this will all end up.