The housing market took off at record speed in 2020 and is positioned for an even stronger 2021. Record-low mortgage interest rates are a driving factor, with average mortgage rates hovering at historic all-time lows. According to Residential Real Estate Sales Manager Tim Taylor of Community Bank in Lake Placid, the 30-year rate can be as low as 2.875%.
Buyer demand in our area is incredibly strong. With so few homes for sale right now, we are experiencing an unbalanced supply and demand. Record-low inventory means sales will decrease. Nationally, the number of homes currently for sale is at an all time low of 1.28 million, down 22% from one year ago. Locally, there are only 26 homes for sale in Lake Placid, and only 4 of them are listed between $200,000.00 and $350,000.00.
What does this mean for buyers and sellers?
Bob Miller is an Associate Broker with 10 years of real estate experience as well as 15 years of service as a former Lake Placid School Board member, and is currently a 3-time elected Town Councilman in Lake Placid.