Home values in Rockland County have increased by 2.5% in the last year alone. The market remains strong in Rockland County, though holdouts are disappearing fast, selling their homes due to the rise of mortgage interest rates and increased property taxes. Now more than ever local residents are cashing in on the real estate gold rush.
The Rockland County Draw
Putting aside the high paced stressful lifestyle New York City has to offer, it takes 45 minutes or more just to commute from Brooklyn to Penn Station. Yet it takes the same amount of time to drive from Nyack to Penn station on any given day. Why live in a shoebox apartment with a view of a brick wall when you could live on a quiet street in a three bedroom house within walking distance of several hip restaurants and bars. There’s diversity, community, and the balance of small town mixed with an urban lifestyle. No wonder so many millennials are flooding into the area by storm.
How Long Should You Hang On?
More and more holdouts are throwing in the towel and moving to neighboring counties. Similar properties in Bergen and Orange County are selling for half the price of Rockland County. Yet home values in both those areas have risen by 8.7% compared to the 2.5% of Rockland. The appeal of paying off a mortgage and buying outright is luring more locals away, especially if their next home seems like a solid investment.
As homeowners struggle with large mortgage payments and rising interest rates, many make the mistake of waiting until they’re desperate to sell. As a result, nearly 30% of sellers don’t allow themselves enough time to properly ready their home for sale. This leads to over three-quarters of sellers reducing the price of their home when the bids start coming in. That’s something to consider in a market with a low inventory that often results in a bidding war. Yet in most instances, this is easily avoided through planning way ahead, and addressing high priority simple fixes that make all the difference. Things like branches touching the roof, gutters overflowing with leaves, or a leaky sink are worthwhile repairs, yet left undone can lower the price of a home.
What Millenials Want
Plenty of people presume a buyer wants one thing or another. Most realtors will discourage a seller from troubling themselves with doing any more than what’s necessary. One agent will argue a modern kitchen is all the rage, and another will argue that those old fixtures and that clawfoot tub are what drew that person to the NYC apartment they’re moving from, and maybe they want more of the same. In the end, it’s impossible to predict what any one individual will want. What is clear, however, is that they want to buy a home in Rockland County. The numbers speak for themselves.