Upstate Buyer: How much cash do you need to buy a house now?

While the panic buying of the first heady months of Covid are thankfully long behind us, the real estate market in The Catskills and Hudson Valley remains exceedingly competitive for the most desirable properties. As prices continue to push the envelope, bank appraisals often lag, creating nearly a requirement that buyers looking to snap up their dream home pony up more cash, sometimes substantially more, than the standard 20% downpayment. We explain the workings behind the strategy and share our recent experiences.

Spring arrives with a shortage of inventory and an abundance of buyers

It's a rite of spring: waiting for new inventory to hit the market. But this year feels like none in my memory as a real estate agent, which stretches ten years. My list of buyers (almost exclusively second home buyers) is extensive, with a lot of overlap, while the supply of quality, second home inventory is woefully thin. Other agents are in the same position. This means that the most responsive and prepared buyers will walk away with the most desirable properties.