One would think getting a deal to the closing table would be a realtor’s best day, and normally I would agree 100 percent, after all it means payday. But in this insanely low inventory market, a new listing is the real elation for an agent.

Now there will be a flurry of showings, something new to advertise, an opportunity to talk to fellow realtors. It may sound insignificant but pre-COVID-19 we did this daily. We had caravans, we met other realtors in classes for our continuing education, we met at showings, we met at home inspections and final walk throughs. Today we hardly have interactions, and when we do it is via texting most of the time.

So yesterday was one of those days for me. Yes!!! a new listing. The thrill of putting our sign on the front lawn, taking pictures to showcase the assets of the property, and now describing all it has to offer in the MLS. This flurry of activity will be short lived, because the listing will probably sell pretty quickly. Then we are back seeking more new listings. At last month’s Board of Directors meeting, our president gave us a reality check with a statistic that blew us away. On average, our MLS has 700 to 1,200 active single-family homes listed for sale in Ulster County. That day he ran a search (now keep in mind this is all of Ulster County), the number of single-family homes listed for sale was 170... yes 170 single-family homes and 990 realtors in our organization, all with at least a hand full of buyers trying to find a home. Talk about competition!

Today’s count was 204, with a price range from $92,500 for a foreclosure to a mansion at $9,850,000. Breaking down that 204 number: 36 of the listings were $1 million or more, 19 listings are in the $750,000 to $999,000 range, 46 listings range from $500,000 to $749,000, 28 listings range from $400,000 to $499,000, 33 listing are from $300,000 to $399,000, leaving 42 listings under $300,000.

Now you can see why a reasonable listing is exciting. I could do charts, graphs, and wheels to show you the impact that COVID-19 has done to our local market, but these numbers are shocking enough, the visuals could look scarier.

There is a lot of chatter about raising interest rates and how it will affect the buyers’ buying power, but keep in mind, people still need housing, and move for various reasons, so the demand is still there. I remember back in the 80s when mortgage interest rates reached a high of 18 percent. I had friends who bought during that time. Why, newly married, renting was not in their long-term plan; buying their first home was a priority. So, yes, higher interest rates will affect the buying power, but it isn't a total deterrence.

This is spring and usually listing season, so where are all the sellers?

I googled current interest rates this morning, it says an average 30-year fixed rate is 5.54 percent. That's huge compared to our record lows, just a short time ago of 2.66 percent.

The Federal Reserve recently hiked rates by half a percentage point. The rate hike announced is the largest rate increase by the Federal Reserve since 2000. As expected, the Federal Reserve, in an attempt to try to control inflation and ratchet down economic growth, raised interest rates by a half percentage point.

Remember, I love what I do! Please call me at 845-901-4553 if you are interested in listing your home, or are ready to buy.

Gail M. Vesely is New York State Licensed Real Estate Broker and owner of Lucille Hand Real Estate, located in Napanoch. She has a Certified Negotiation Expert designation, is a current member of the Board of Directors of the Hudson Valley Catskill region MLS (formally the Ulster County MLS), Chairperson for the MLS Wawarsing Caravan, serves on the MLS Grievance committee and past Board of Directors member on the Ellenville/Wawarsing Chamber of Commerce. Gail has been recognized for her sales achievements for the past 6 years from the Ulster County Board of Realtors.