Happy last days of summer! Now is the time to enjoy fall-like weather for hikes, warm water swims, and the occasional evening fire. With the changing of the season, I thought now would be a good time to share an update on the Adirondack real estate market.
In 2020, the market came to a near standstill after Covid-19 lockdowns and restrictions in the spring, which typically is the busiest home buying season. Yet the market was buoyed by summer, when people from metropolitan areas flocked to the Adirondacks. Multiple factors then contributed to a fierce, three-season seller’s market. Inventory dropped, and prices to rose, peaking this past spring.
Since then, the breakneck pace of the market has slowed, and we’ve begun to see a settling of buyer and seller markets. The demand has stabilized, and inventory rising. In July 2021 – for the first time in well over a year – we saw a slight dip in average sale price from 2020 month-to-month figures. For sellers, this means now, before the snow flies, is an optimal time to list your property.
For buyers, now may be the best time in recent months to consider your best property options. According to local lenders Al Fry at NBT and Alex Nenno at Community Bank, home buyers are still able to get a 30-year mortgage at 3.00%, with as little as 5% down. Interest rates may not stay this low for long; some expect the Fed to increase rates in 2022.
As always, I am available to discuss your real estate needs, offer advice, and answer any questions you have about buying or selling a property this fall.