An Update from Agent Brenda's Desk...
Can you believe that it's nearly March?! Time flies and while snow is in the forecast for tonight, right now my lawn is fully exposed, some tulips are starting to peek out of the ground, & the chirping birds tell us that spring truly IS around the corner.
In Real Estate, spring is "THE" anticipated market with the expectation that more sellers will decide to list and more buyers will be looking. As we look ahead to that season, I think it's fun to see where we currently are within our local market.
As of today, there are 1510 single family homes seeking buyers within New York's Capital Region. That probably means nothing to most readers so check this out: I first started tracking this on June 16, 2022 (don't get me wrong; I look at inventory daily with my log ins to our local Multiple Listing Service but, starting last June, I took note of it and started my own little spreadsheet). So what was the volume then? 1835. Fast forward to August 8, 2022 and there were 2228 homes on the market. December 1 there were 1983 and Feb 1, 2023 found us with 1557. SO.... INVENTORY IS DOWN! Why? Seasonality coupled with demand. Yes... BUYERS STILL WANT HOUSES.
Houses that have been PROPERLY prepared, priced and marketed ARE moving quickly. Want proof? Here's some from my desk: of the 6 closings I've had so far this year, I represented 5 of them as a listing agent. These properties connected with their buyer in an average of 6.6 days, had an average sale price of 103.6% of asking, & ALL had multiple offers. What happened with my 1 buyer? Well he successfully closed at 98% of asking price (shameless plug here that who you work with matters!).
Meanwhile, many of you have asked for updates about some recently promoted listings... Remember that awesome condo in Saratoga Springs? Under contract!
How about that lovely traditional home in Niskayuna? Under contract!
What about the newest Rotterdam listing? We had 40 parties through an open house last weekend & well... it joins the list of properties under contract!
I've been working with a lot of buyers lately & can tell you first hand that EVERY house we've visited over the past couple of weeks has gone to multiple offers....! Buyers HAVE to be ready. The market isn't waiting. Buyer activity NOW means they can be settled before their Memorial Day BBQ!
Think winter time is slow in real estate? Think again! Buyers & Sellers... Don't wait until spring & more competition. Things are happening NOW!
Let's connect and discuss your homeownership goal & how I can help make it a reality!
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Been there, done that Bill Salvatore - East Valley :)