What to Expect From the Capital District Real Estate Market in 2017

There is a lot to smile about in the Capital District real estate market. Here are just a few of the trends we are seeing right now.

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No matter where I go, people ask me about the market here in the Capital District. There has been a lot of uncertainty lately with a soaring stock market and a new presidential administration, so it’s only natural that people want to know what’s going on. 

Here’s what I’ve been seeing lately.

Home prices here in the Capital District are up by about 5% from last year. The main reason for that is our shortage of inventory. We only have about a five-month supply right now. That’s 20% less inventory than we had at this time in 2016. That’s great news for home sellers because the low supply is driving demand and prices up.

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Low supply is driving higher demand and prices.

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As we see more inventory come on the market in the spring and summer, we will see sales prices decrease. Pending sales are up, which is good, but we are starting to see sales decline from last year. Consistent wages and stable unemployment have contributed to this, too.

With all that in place, it looks like the first quarter stats from 2017 point to a strong market throughout the year. If you have any questions for me or you’re looking to buy a home in the Capital District, give me a call or send me an email. I would love to hear from you.

The Benefits of Selling a House in the Winter

Should you sell your home now or wait for the spring market if you're preparing to move? Today I'll explain why you should list now.

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I recently received a great question from a viewer that I wanted to answer for everyone. She asked, "Should I list my home now during the winter months or should I wait until the spring?"

There are three reasons why I feel you should list now rather than waiting for the spring market:

1. Less competition. There are only about three months of inventory here in the Capital District, and this will make your home stand out more with the buyers out there. In the spring, you will compete against many more sellers.
2. Buyers are really motivated right now. The buyers who are out looking for homes in the cold and snow are not just kicking tires; they are highly motivated to buy a home for reasons like a job transfer or tax reasons. Additionally, interest rates just went up, so buyers want to get a deal done before they go up again.
3. Your home looks great if it's tastefully decorated this time of year. Buyers make emotional decisions when buying a home and you want them to feel comfortable in your home. Buyers want to be able to picture themselves in your warm, cozy home next year when they're celebrating the holidays with their family.

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The decrease in competition makes your home stand out in the winter.

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Thanks to Eileen for submitting this question. It's a great topic for this season. You win a $25 gift card for having your question selected!

If you're ready to get into the market this winter, give me a call or send me an email. I'd be happy to help you.

The 9 Factors that Determine the Success of Your Home Sale

If you’re selling your home here in the Capital District, there are nine factors you need to pay attention to that will determine the success of your sale.

Looking for a Capital District home? Click here for a full Home Search 

Selling Your Capital District home? Get a free Home Price Evaluation

If you’re selling your home here in the Capital District, there are nine factors you need to keep in mind in order to ensure that it sells quickly and for top dollar: 

1. Curb appeal. This is like a first impression you make when you meet someone. Stand in front of the driveway of your home and take a long look at it. You’d be surprised at what you might notice that needs to be fixed. 

2. Local school ratings. People will pay top dollar to make sure that their kids are in the top schools. How does your local school stack up?

3. Is the home in move-in ready condition? Buyers want to be able to move into a home without needing to fix it up. 

4. The quality of the home’s photos. These days, 96% of all buyers start their search online. This means that if you don’t have high-quality photos, you’re turning off the majority of your buyer pool before they ever step foot into your home.  

5. Staging. Staging a home tends to sell a home quicker because it allows people to visualize themselves in it better. What you’d pay to have your home professionally staged is absolutely worth the price tag. 

6. Virtual tours. This allows online buyers to get an all-access walkthrough of your home. A presentation like that is a tempting lure to get them to see the home in person. 

7. Design features. If you’re going to invest money into your home, you want to make sure the kitchen and the bathrooms are taken care of and any granite countertops, stainless steel appliances, and cabinets are accentuated. 

8. Pricing. One of the worst things you can do when selling a house in a fast-moving market like ours is overpricing or underpricing it. 

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Beautify your home’s condition and list it at the right price.

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9. Having the right agent. Simply put, the right agent will work on your behalf and create the least amount of hassle possible for you and get your home sold for top dollar.

If you have any questions, feel free to give me a call or visit my website. I look forward to helping you!