Soon after the coronavirus (COVID-19) pandemic approached the U.S., the real estate market felt its shocks pretty quickly. From closing down open houses to putting restrictions on showings, the sector had to reduce its activity to practically nothing. But now that everyone is getting back to life, the real estate market is booming again.
This aptly applies to the Sullivan County real estate sector. From those who want to move from Manhattan to those who require bigger spaces, the region is catering to everyone. With this in mind, it’s not surprising to see that New York county is currently enjoying heightened sales activity.
Sullivan County is Enjoying a Boom in Activity
During the past few weeks, Sullivan County is attracting in-state buyers and out-of-state movers alike. According to local experts, it is one of the busiest eras for the region in over a decade. The heightened interest stems from a number of reasons. One of the most apparent causes is the buyers’ haste to get out of the crowded metropolitan areas.
In this post-coronavirus era, those who live in packed urban areas are desperately trying to find alternative options. With breathtaking outdoor and picturesque sights, the Sullivan County housing market is the perfect fit for these requirements. That is why the sector is attracting attention left, right, and center.
The Interest Creates Urgency for Buyers
The current scale of activity makes Sullivan County one of the hottest real estate markets in New York. According to realtors, they only need to wait for 1-3 days for a listing to garner genuine interest. Once the calls start to come in, it doesn’t take much to start a bidding war. Those who have the purchasing power quickly close on offers without even a physical showing.
This creates a thrilling environment for Sullivan County real estate sellers. At the same time, it also generates massive competition for buyers. Those who want to close on a listing have to move fast. Otherwise, they see it being taken away by someone else. This particular phenomenon has twice the effect due to the shortage of inventory in the area.
Shortage of Inventory is Boosting Prices
Thanks to some of the lowest mortgage rates in history, listings are moving fast across all active real estate markets. This also holds true for the Sullivan County housing market. With homes selling off without open houses or traditional showings, the local inventory is getting tighter. Once again, it makes way for favorable conditions for sellers who are taking full advantage of the opportunity.
But those buyers who want to benefit from Sullivan County’s peaceful environment and optimal infrastructure are not holding back. Their interest is evident to the point where some of them are closing offers above the asking price.
Due to this reason, the current boost in activity is also influencing prices. According to local realtors, they have noticed an overall increase of 10-25 percent in market value of listings. If the trend goes on for the near future, Sullivan County might just become one of the most interesting markets of this year.
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