Thursday, 25 January 2024 13:51

The State of Saratoga Real Estate: A Seller’s Market

SARATOGA SPRINGS — If you’re considering selling your home, now may be the time to do it. According to Lisa McTygue, a top realtor at Julie & Co. in Saratoga Springs, “from a seller’s standpoint, this time of year is really the best to get ahead of your competition.”

“Everyone waits until April or May, when their grass is greenest, to list,” McTygue said. But during the warmer months, “competition for a seller greatly increases because the inventory goes up.” For sellers, listing their homes in the offseason can be beneficial because there isn’t as much competition.

Of course, it’s been a seller’s market in Saratoga for some time now. Inventory is still low, at around 2.2 months’ supply, which according to McTygue, is up slightly compared to this time last year. But “a normal market for buyers and sellers is 6 months’ supply of inventory, so we are way below, and this has been going on for a few years,” McTygue said. 

All of this is good news for sellers, as is the steady increase of property values in Saratoga Springs. “I’ve been doing this almost 20 years, property values just keep going up and up,” McTygue said. “Saratoga County has been an insulated area as far as being protected on values and being a very strong market for sellers, time and time again.” 

But the market is far more complex for buyers. “As far as the market goes for buyers, it revolves around interest rates and inventory. So right now we have high interest rates and low inventory,” McTygue said.

So what’s a buyer to do given this scenario? Waiting for interest rates to decline may not be as advantageous as it first seems. “If you keep waiting, prices go up, inventory goes up,” McTygue said. “In my opinion, it boils down to what’s the perfect time for the buyer. Are you qualified now? Do you have the funds to do it now? Don’t wait. You can always refinance if the rates go down a couple percent down the road. Don’t wait, because renting is 100% interest. Owning a home, you’re building equity and you’re building your wealth.”

McTygue said that in April and May, there will likely be an increase in inventory, but nothing “drastic.” She hopes that interest traits will fall to under 6% by the end of the first quarter or beginning of the second quarter. For buyers, the future might be a little brighter, but it’s still decidedly a seller’s market in Saratoga Springs.

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