{"id":39089,"date":"2023-10-12T09:49:58","date_gmt":"2023-10-12T13:49:58","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=39089"},"modified":"2023-10-12T09:49:58","modified_gmt":"2023-10-12T13:49:58","slug":"real-estate-professionals-say-strong-demand-for-homes-outpaces-the-existing-inventory","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/10\/real-estate-professionals-say-strong-demand-for-homes-outpaces-the-existing-inventory\/","title":{"rendered":"Real Estate Professionals Say Strong Demand For Homes Outpaces The Existing Inventory"},"content":{"rendered":"
\"\"
Real estate professionals in the region say it is a tough market for buyers.<\/figcaption><\/figure>\n

By Paul Post<\/p>\n

Area real estate professionals say the fourth quarter heading into 2024 continues to be a strong seller\u2019s market as demand far outpaces inventory for prospective homebuyers.<\/p>\n

\u201cIt seems that there\u2019s been a decline in homes coming on the market during the past year because many people who are at lower interest rates are holding back, they don\u2019t want to have to buy a house at a higher rate,\u201d said Janet Besheer, of Equitas Realty in Saratoga Springs. \u201cThey\u2019re just backing off. So there are fewer sales. We have a lot of disappointed people.\u201d<\/p>\n

Pending sales throughout the Capital Region declined 9 percent this summer while closed sales dropped more than 26 percent and total inventory was down 28 percent.<\/p>\n

Mortgage rates are currently over 7 percent, more than double the 3 percent level of a few years ago.<\/p>\n

\u201cThat\u2019s causing a certain portion of the market to step back and say, \u2018I\u2019m not going to buy now, we\u2019re going to stay put\u2019,\u201d Besheer said. \u201cOthers say, \u2018We\u2019ll wait till interest rates come down.\u2019 Well that might be a long wait.\u201d<\/p>\n

Meanwhile, prices continue to escalate.<\/p>\n

\u201cIt\u2019s hard for empty nesters to retire, sell and buy in this market,\u201d said Melissa Cartier, of Saratoga Springs-based Cartier Real Estate Group LLC. \u201cThey\u2019re getting a lot for their property, sure, but to purchase at such a higher price point? I don\u2019t know.\u201d<\/p>\n

\u201cIt\u2019s a really tough time for buyers,\u201d she said. \u201cIt\u2019s not fun for them. Lots of people have been looking six months, a year. One buyer I know moved out and rented for a full year before finding a house.\u201d<\/p>\n

Some people are so anxious to buy that they\u2019re waiving inspections, which she strongly discourages. \u201cWe like to see people be confident in what they\u2019re buying,\u201d Cartier said. \u201cWe try to have our buyers be more completive in other areas, like giving the seller more time to move out, not just throwing caution to the wind.\u201d<\/p>\n

<\/span><\/span><\/b><\/span>The situation, at least in part, is a byproduct of the COVID-19 pandemic when large numbers of downstate residents moved north, finding they could work remotely from home in more relaxed, comfortable communities. Homes started getting snapped up as soon as they came on the market, creating stiff buyer competition that caused prices to skyrocket.<\/p>\n

\u201cThe main people getting hurt were first-time home buyers who couldn\u2019t get a home either because there was so much competition or they just weren\u2019t ready,\u201d said Roohan Realty owner Tom Roohan, of Saratoga Springs. \u201cThey just got out of college, just got married, had just entered the workplace and were still getting their savings together and thinking about buying a house with interest rates at 3 percent. Now all of a sudden interest rates are twice that or more and they can\u2019t get as much house as they could have early on. Those are the real victims, I think.\u201d<\/p>\n

The good news for sellers is that prices remain high.<\/p>\n

\u201c$500,000 is the new 300,000,\u201d Besheer said. \u201cHomes in general are selling at 3.3 percent over list price. That\u2019s huge. The actual median sale price in the Capital Region has climbed to more than $300,000. We\u2019ve always been in the low- to mid-$200,000s. So it\u2019s going up. There\u2019s been a real up-tick in home prices in Saratoga County and Warren County around the lakes.\u201d<\/p>\n

\u201cEven in places like Granville and Argyle that used to be a little too far out for buyers, in Washington County, they\u2019ve seen a major up-tick in purchasing,\u201d she said. \u201cLake Luzerne became a hot spot during the past three years. Houses fly off the page there as well. So the market has moved out.\u201d<\/p>\n

Cartier said, \u201cWe encourage people to stretch their geographic areas when looking, to not be in the most competitive places, and to be open to doing updating.\u201d<\/p>\n

Homes that sell the fastest, for the highest price are those that don\u2019t need any work. But quite often a solid house that needs a little updating can be purchased for much less. \u201cLet\u2019s try to get you in at your price point,\u201d Cartier said. \u201cYou can do cosmetics down the road.\u201d<\/p>\n

Tim Combs, of HUNT Real Estate in Glens Falls, said, \u201cEverybody is getting more money for their houses. People looking to sell are getting a lot more money if everything is maintained. If you want to get full value for your house, a lot of people are doing little projects before they sell to make them more attractive.\u201d<\/p>\n

Other advice?<\/p>\n

\u201cSmart buyers can find housing quicker in this market by using tools like getting pre-qualified, which means you\u2019re ready to make a deal,\u201d Combs said. \u201cA lot of buyers go out there and just start looking at houses and they don\u2019t even know how much they can purchase. Once they look at a house and fall in love with it, they have to wait until their financing is approved.\u201d<\/p>\n

Most new home construction in the Capital Region is high-end, so buyers shouldn\u2019t expect to see much affordable housing come on the market any time soon.<\/p>\n

\u201cI don\u2019t see much changing,\u201d Cartier said. \u201cI think lenders are going to have to offer promotions to help people want to sell and buy. A lot of home owners that bought with 3 percent loans don\u2019t want to sell because they\u2019re afraid to buy at 7 percent. Trustco is now offering a \u2018split the difference\u2019 initiative that gives rates in the middle. Lenders are going to have to do things like that because people can\u2019t justify doubling their interest rate unless they really need to buy, really need to move.\u201d<\/p>\n

Anyone who can pay cash has a decided advantage.<\/p>\n

\u201cIf you don\u2019t have cash you must definitely speak to a couple of lenders to find out what you can safely afford. That\u2019s the first thing,\u201d Besheer said. \u201cNext, engage a buyer-agent to be your guide. Have them show you properties you can afford so you become familiar with the inventory. That way, if you have to make a quick decision, you can because you understand what you can get for your money. You can buy a house and be happy without second-guessing yourself for the rest of your life. But you have to be ready to move, you have to be ready to take the plunge.\u201d<\/p>\n

\u201cYou also have to be prepared to go over the asking price,\u201d she said. \u201cThat\u2019s another reason to have a knowledge of the inventory in your area, and have someone who can say to you, \u2018I think this is still a good buy even if you go over\u2019.\u201d<\/p>\n

\u00a0<\/span>Roohan said people might have to adapt to a \u201cnew normal\u201d in the marketplace and adjust their expectations accordingly. \u201cInterest rates are higher, but I think we were spoiled for a period there,\u201d he said. \u201cWhen I first entered the real estate business fixed rate mortgages were 17 percent. I hope we don\u2019t ever see that again, but I think interest rates have sort of stabilized.\u201d<\/p>\n

\u00a0<\/span>\u201cMy crystal ball says, \u2018If you\u2019re sitting on the sidelines and want to do something, get off the bench because although you might be unhappy about interest rates, they aren\u2019t bad in an historical context,\u201d he said. \u201cMore people are coming to market with their homes. They sat on the sidelines a little bit. They couldn\u2019t make a decision about what to do. Now they\u2019re making those decisions. We\u2019re hoping our listing inventory for prospective purchases keeps growing a little bit.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Paul Post Area real estate professionals say the fourth quarter heading into 2024 continues to be a strong seller\u2019s market as demand far outpaces inventory for prospective homebuyers. \u201cIt seems that there\u2019s been a decline in homes coming on the market during the past year because many people who are at lower interest rates […]<\/p>\n","protected":false},"author":89,"featured_media":39090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-39089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-residential-real-estate"],"yoast_head":"\r\nReal Estate Professionals Say Strong Demand For Homes Outpaces The Existing Inventory - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/10\/real-estate-professionals-say-strong-demand-for-homes-outpaces-the-existing-inventory\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Real Estate Professionals Say Strong Demand For Homes Outpaces The Existing Inventory - 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