October 2018 Blog

When people ask me where the local real estate market is going to be in the next six months or a year, the first thing I tell them is that, alas, I do not have a crystal ball. However, I do have the benefit of years of expertise and rolling with the market in down turns as well as booms.

One of the tried and true mantras of real estate is “All real estate is Local!” In other words, what is happening in Oshkosh can’t be compared to Tallahassee, Bangor or the suburbs of Philadelphia. Granted, economic and environmental factors can affect entire regions. For example, it’s not at all impossible that the recent hurricane has had marginal effects on own our region. People who own second homes in states that were hit, may put off listing their own homes here while they make repairs to homes in Florida or South Carolina.

Another example is the 2008 recession. While the entire nation felt the impact of the economic decline, some regions were more impacted than others. more sharply in some places than in others.

In Saratoga Springs, we were fortunate to be less affected than in other parts of the country. Prices dipped and fewer houses were sold, but not by nearly as much as in places like LA or Denver.  

While the beginning of the Fall real estate season has started off a little more slowly this year than in 2017 (new contracts for the first part of September were down slightly from the same time last year), the market is showing signs of picking back up again.

(Image courtesy of Gettingontravel.com)

New construction is doing well, with one of the biggest problems being the shortage of qualified people to fill the increasing job demands in the construction industry.

As we approach the Fall/Winter selling season, many people are hesitant to put their homes on the market. They tend to think there won’t be enough qualified and motivated buyers and their houses will sit on the market for too long.

According to agents and builders who participated in the recent Showcase of Homes, record numbers of people visited this year’s homes and the number of qualified buyers and solid leads was up exponentially over last year. That means there are people actively looking for homes in our region. Saratoga County continues to outpace other parts of the region and the state, with more and more people discovering the benefits of living, working and raising families in the Capital Region.

If you ask anyone when the “best” time to sell a house is, most will say “spring”.    Yet, since many people agree with this, there is much more competition in the spring than in the winter.  This equates to much more competition in the spring and a longer time frame for selling. 

For anyone who thinks that homes don’t sell in the winter months, think again. People who need to buy a home at this time of year are usually very motivated and, once they find the right house, they tend to close on the sale very quickly. Besides, homes typically show very well in the winter months, with festive holiday decorations inside and out.  Plus, there is usually less inventory during this time so one has a better chance of selling quicker and for more.

So, after you’ve read all the articles in the national news, why not stop by and talk to a local realtor – somebody who has been helping buyers and sellers in the Saratoga and Albany markets for years! Give me a call at 518-368-0215 to learn more about the current value of your home and how I can get it sold for you in the least amount of time possible for the best price possible.

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