If you spend any time reading or watching the news these days, you may have come across a story or two that talks about how much of a home sellers’ market it seems to be these days. And it’s not just in the seemingly always hot Silicon Valley market of California. In fact, in just the past few weeks I have seen two news stories about booming real estate markets right here in New York – Schenectady and Buffalo.
Does the national hot real estate market extend into the Lake George / Warren County / Adirondack region? According to the New York State Association of REALTORS, it does:
Comparing March 2017 to March 2016, more home sales are closing at a higher average price this year. Not to mention that the supply of homes that are for sale has decreased. All this tells us that the market is indeed trending to much more of a sellers’ market here in the Lake George area at this point in time. But what does this mean for you?
If You Are A Home Owner
If you are a home owner that has been planning on selling their home, this is good news. The market is indicating it can handle more homes for sale, and the number of people looking for homes is still robust for the area. Now this doesn’t mean that your home will sell for any price you want, nor does it guarantee that your home will sell at all. But it does mean that now seems to be one of the best times in a decade to be a home seller.
If you are a home owner who wasn’t planning on selling their home, does it mean you should think about selling any way? It’s possible, but you rarely want to let the real estate market dictate when you buy or sell a home. You may be able to get the most value out of your home right now, but there are other things to consider:
- The market is still trending up. Although it is a strong home seller’s market right now, it is possible that it may get even better.
- More importantly, if you do sell your home, you’ll need somewhere to move to. That could then push you into becoming a potential home buyer in this market as well.
If You Are Looking To Buy A Home
Sure the statistics out there show that you may have missed an opportunity to buy a home at a lower price and lower mortgage rate a year ago. But were you in a position to buy a home then? That’s one of the most important factors to consider. And just like potential home sellers, home buyers should not let market factors dictate when they go ahead and buy a home.
You should be aware of the real estate market, but other factors such as household size, job relocation, downsizing and personal preferences should be bigger factors in determining when to start your new home search. Besides, even though it appears to be a solid home sellers’ market today, it could actually be the best position a home buyer could be in for a few years.
One of the most important things to keep in mind as a potential home buyer in today’s market is to not let the market statistics impact the ceiling on what you’re willing to spend. Just because the average home may cost more to get doesn’t mean you can automatically afford more. These statistics are not going to lower your mortgage rate or increase your take home pay.
Not sure what to make of the area’s real estate market? Please give me a call. Whether you are looking to buy a new home, or potentially sell your home, I am happy to answer any questions you may have.