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.
Buyer demand has seasonality to it. Usually, demand falls off in the winter months, especially in areas like ours, where the ground is covered in snow and access to some homes can be challenging.
Springtime generally opens the floodgates to new homes on the market. In addition, buyers looking for a house with particular amenities and features usually have better luck in Spring, when there are more options.
The good news.
Demand for housing is strong as mortgage rates have remained near historic lows. Buyers today are able to lock in an affordable monthly payment, and if they find a home that fits their needs, they do not delay as they look to “lock in” their low mortgage rate.
Sellers be warned.
Whether it’s spring, fall, summer or winter, if your house isn’t priced right it’s not going to sell. At the very least, poor pricing could force your property to sit on the market for way too long, and will likely bring you less for your home than if you priced it right at the start.
If you are considering buying or selling a home in 2019, call me to set up a time to evaluate how best to explore your real estate opportunities in the Adirondacks this year.
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.