Has the Upstate New York Real Estate Market Hit Bottom?

  |  May 25, 2012

That’s apparently what some buyers believe. And that notion, combined with the historically low interest rates, has caused an uptick in real estate activity in the Hudson Valley and Catskills. So says one Sullivan County broker, who reports that he’s seen more activity in the past few weeks than he’s seen in years.

While previously we’ve reported that upstate New York real estate activity had been relegated to the luxury and low-income sectors, apparently moderately-priced homes are now most interesting to buyers. “The buyers I’ve seen jumping back into the market are largely focussed on moderate range properties under $250,000,” he writes, “with lakefront interest pushing up into the mid to upper $300s. I’m not seeing a lot of interest much above those levels.”

Still, he cautions sellers not to take this as a sign to raise asking prices. “From what I’ve seen, the houses that are moving are very attractively priced. Similar houses at higher prices aren’t moving. And most buyers have very firm price ceilings. If their budget is $250,000, it’s very unlikely they’re going to $300,000 or above — even if they love the house.”

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