Lake George, Warren County and all of the Adirondacks seems to have taken an upward swing when it comes to real estate. New listings are up. Pending sales are up. Median sale price is up. Average days on the market for a home decreased. It really looks (and feels) like the real estate market is rebounding in the area.
But how does one interpret all this real estate data from an individual perspective? It depends on the situation you find yourself in. We’ll take a quick look at both sides of the real estate transaction.
What does this mean for home sellers?
If you have been waiting to put your Lake George home on the real estate market, now seems to be a good time to take that step. Buyers are out there looking, and with mortgage rates still at historical lows they typically can afford more house today than they may be in the future.
As more potential sellers realizing that now is the time to put their home on the market, the trend for fewer days on the market for a home may level off. And if mortgage rates increase in the coming months and years. Buyers who need a mortgage to purchase a home won’t be able to afford as high a price for your home.
What does this mean for home buyers?
Let’s start with mortgage rates. Even though they have risen slightly recently, they are still at historical lows. This means that if you need to take out a mortgage to buy a home, doing so now vs. a future time when they may be higher will allow you to purchase a home with a higher price. This could mean the difference between getting the size home you want, living in the neighborhood you love or which amenities you can afford. This reason alone should get you seriously thinking of buying your new home if you know you will want to do so within the next few years.
Another item in favor of those looking to buy a home now is the inventory of houses out there. Many sellers have held back on selling their home in recent years, feeling that the downturn in the real estate market either a) would make it very difficult to sell their home or b) would make it impossible to get the price they wanted for the home. They recent upturn in the market suggests those times may be behind us. So here in the Lake George region you may now see more homes for sale, giving you choices, one of which may be perfect for you. And when a buyer has choices it is always a good thing.
Still have questions on what you should be doing, or preparing to do? Please give me a call at 518-321-1870. I’m happy to speak with you and answer any questions you may have about buying or selling a home.