Just For Sellers
What are the current market conditions in the Capital Region?
You may have heard or read how "hot" our current market is in the Saratoga Springs area. Some properties are selling within weeks or even days and often with multiple offers over asking price. This has held true for quite awhile, but as is the case with real estate, all good things must come to an end.
Real estate moves in waves with highs and lows depending on the economy and the local conditions. We are still seeing the phenomenon of some properties selling quickly for the maximum price, but at the same time we are also feeling the affects of a Real Estate market that has been too good for too long. Sellers are beginning to overprice their homes, thereby dooming them to a longer than normal time on the market.
The perils of overpricing extend much further than the wait for buyers to make you an offer. Once a price is agreed upon, the bank must than also agree that this is a fair price during their appraisal process. The bank appraiser is much more concerned with what has sold in your area than the lack of active competition your home has. If they are unable to find other sold homes to compare yours to within a few miles radius, they will usually look to lower priced homes which in turn will drive your market value down. This makes it all the more imperative that we research in depth what is "fair" in your neighborhood.
In the near future, we expect interest rates to remain very low, which will certainly help the market. Buyers will continue to be able to purchase more home with help from rates hovering in the mid 6% range. We expect many more Buyers to continue buying homes, but the signs of a slowing market are just over the horizon. It is imperative that we keep a level head when pricing your home, taking into account all of the current conditions effecting the market.
