Our local real estate market has been on an unprecedented run these last years due to the popularity of the Adirondacks and a limited inventory of homes for sale. This bull market positioned home owners well for continued pricing optimism going into 2020. We all know however that our world has been turned upside down by COVID-19.
I have received many calls and emails from potential clients asking how COVID-19 will affect our local real estate market. To answer peoples questions, we should look to historical events and the effects those events had in the short, and long term.
In case you aren't aware, I am a data geek about all things real estate. The National Association of Realtors happened to post a few facts that I found interesting:
* The median rent in the U.S. has risen to $1,435.00 a month.
* National home values rose 6.7% last year.
* 10.7% fewer homes are available for purchase since 2017 in the U.S.
These facts all point to how expensive housing is, and how challenging it can be for young people to purchase their first home.
Luckily, there is often some assistance for qualifying first home buyers. Check with your Realtor for information.
61% of first time buyers made a downpayment of under 6%. Fannie Mae and Freddie Mac accept mortgage applications with as little as 3% downpayment to ease the access to credit for first-time buyers. Again, ask your Realtor for more information.
As always, please let me know if I may be of assistance.
Gull Pond, a pristine, spring-fed glacial lake, is often called a jewel by the lucky few who have had the opportunity to enjoy it. With no public access and protected by deed restrictions limiting motorized boating, this 350-acre, 75 foot deep lake and its shoreline is a true paddlers paradise.
The number of homes is extremely limited and plots are large, guaranteeing privacy for homeowners and their guests. Gull Pond is an exceptional place to fish, swim, paddle, row, observe wildlife, and simply delight in the view. Fishermen will find a variety of fish including brown trout, largemouth bass, smallmouth bass, pumpkinseed, and rainbow trout.
To make the biggest impact, stage your home before your listing photos are taken. You want a potential buyer to have the best first impression possible. Here’s our list of a few "Hot Tips" to help you on your way to a home that buyers will want to make their own.
Hot Tip #1: Hang a Mirror
We all know that a mirror makes a space feel more open, but when it comes to home staging, mirrors can serve an even more important purpose. If you’d like a potential home buyer to see themselves in that house, what better way than to have them see themselves in that space? Additional tip: make sure your mirrors are clean and streak free!
It’s finally Spring!
It’s finally Spring in the Adirondacks and I have a crocus in the yard to prove it.
Yes, Springtime temperatures have been slow to appear, and so has the list of available homes for sale in our area.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally, they have been right. With Spring 2019 now officially underway, the first thing homebuyers need to understand is that inventory levels are low. In fact, the biggest challenge buyers in the Adirondacks face today is finding a home to buy.
Thirty-three percent of millennial homebuyers in a recent Harris Poll said their desire to own a home is partially driven by their dog.
Surprising? Not likely. Sixty-eight percent of U.S. households, or about 85 million families, own a pet.
“One of the downsides of being self employed is not having someone to tell you to stop working.” – Moby
Living in the Adirondacks means finding a balance.
While it’s important for us to work at our professions and look for ways we can better serve our clients, it’s also important to spend time with family, and enjoy this place we call home.
Many of our friends in suburban areas live where they live solely because that’s where their job is. In the Adirondacks, it’s often quite different. We live here because we love our lakes and mountains, and we are willing to sacrifice financially (and otherwise} to be here.
We can work hard, but we also need to take time to celebrate living in the Adirondacks.
It’s all about finding balance.
Is that easy?
Not for me, but I’m trying!
Lake Placid is a small village in the Adirondack Mountains that welcomes the world. For the over 3 million overnight visitors that join us every year, we are a scenic vacation destination place, and it’s easy to understand why.
Visitors come for the challenging mountain peaks to hike, and crystal clear lakes, waterfalls and gorges to swim.
A resort community, we offer music in the park, Olympic venues to tour, and an Olympic mountain to ski. There are quaint and unique Main Street stores to shop, and wonderful restaurants to dine in.
There is more to Lake Placid than being a resort. For the approximately 2800 people who live here, Lake Placid is home.
I remember first visiting Saranac Lake. 1987. Roads bordered by beautiful lakes. A festival in the park. Quaint Main Street shops and restaurants. Mountain vistas all around me. People I didn’t know saying “good morning”. Cars actually stopping to allow me to cross the street. I was smitten with this mountain village, and I still didn’t know the half of it.
Saranac Lake is special; just ask anyone who lives here. Saranac Lakers know their village is like no other, and will happily share their love for this community with anyone willing to listen. The area's rich history, natural beauty, artistic vibe and local food scene may be what attracts visitors, but the close knit sense of community is what keeps many from ever leaving, and calling Saranac Lake home.
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.