What's Happening with Real Estate in the Capital District?

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Today I want to give you a brief real estate market update for the Capital District. Whether you're buying or selling, this information should be useful to you.

As we come out of the summer months, we're moving into a seller's market. This is happening because inventory has decreased by 8.7% from 2014. We're also seeing the days on market decreasing, and homes are now sitting on the market for only 63 days compared to 73 days last year. Pending sales are also starting to increase, so that gives us a really good, healthy market.

Median sale prices are increasing, and we currently sit at $220,000. Property values are also rising, so it's a great time to enter the market if you'd like to ride a wave of appreciation.

I can pinpoint three different reasons why the market is performing well right now.

1. Lending institutions are freeing up a lot of requirements for getting a mortgage.

2. Oil prices remain low.

3. Higher wages and lower unemployment rates.

Unfortunately, I do expect interest rates to creep back up, but this will not happen until the end of the year, and even then the change will be very gradual. It's not like rates will jump from 3% to 5% overnight.

If you have any questions about this or if you need assistance buying or selling a home in the Capital District, please don't hesitate to contact me!