Sale prices up, days on the market down… but this ideal sales window may be fleeting.
As an on-the-fence seller, you may be thinking, “Why should I sell now?” As average sale prices continue to rise and the average days on market continues to fall, it’s tempting to wait and see how ‘hot’ the market can get.
However, with mortgage rates expected to rise significantly at the end of Q3 (October), the current volume of interested buyers may shrink.
Seasonality also plays an important role. Like most markets, buyer interest in the Finger Lakes takes off in the spring, peaks late summer/early fall and drops off in the winter. As a region renowned for its favorably mild summers, aesthetic fall seasons, and then leaping into such severe winters, it makes sense that our market responds in a correlative manner.
Bottom line: if you are not prepared to sell, hold on to your asset. Finish those home repairs/updates to maximize your property value. The value of your lakefront home will not depreciate. But if you have contemplated selling, it is important that you recognize the advantages of listing now.