SARATOGA SPRINGS — When it comes to buying and selling a home, many people have been on the fence, not sure if it is the right time. According to Anne Urban, a loan officer with Fairway Independent Mortgage Corporation, “If someone is thinking of selling their house in the next few years now might be a good time to discuss listing with an agent.”
Tom Roohan of Roohan Realty adds that there is a shortage of inventory for realtors, meaning that there aren’t enough homes on the market to sell. “Saratoga County is quite the ideal destination for people to buy homes.” added. Roohan, who has been in the real estate business for 40+ years, mentioned that interest rates are still affordable for homebuyers of all levels.
In the last two to three years, the real estate market has been in a unique position. Despite many thinking that the market is weak, it is actually strong. Of course, with the decrease in people selling their homes it does make it challenging for home buyers, which in return is why many buyers are willing to pay well over the asking price for homes. According to Evolve Mortgage’s Kristin Zorda “Saratoga Springs, Saratoga and the surrounding area is a great market to be purchasing and selling.” She attributes this to the rise in people buying properties with the intentions of renting the property out to long-term renters or even to use for Airbnb.
When people are looking to buy properties, they know Saratoga is a well-known tourist destination in Upstate New York. This is where Airbnb comes into play. Buying up property to use for renters and Airbnb is trending up right now, helping the real estate market to be hot. With the idea for using a property for extra income however, can cause problems for first-time home buyers. Outside investors have been coming in and putting down cash offers or outbidding the new home buyers. People are coming from all over the country knowing that Saratoga is a hot market and great for tourists. The buyers are purchasing the properties that are in the price range that most first-time buyers are looking for.
But that shouldn’t discourage you if you are looking for your first home. Kristin says “I cannot stress the importance of having patience for first time buyers. Also make sure you have an effective team with your realtor, attorney, and whoever you use for your mortgage.” Anne Urban also backs up this statement with saying “First-time home buyers should surround themselves with an A-Team (i.e.. mortgage lender, real estate agent, attorney, home inspector, insurance agent, etc.” While she does mention that the homebuying process can seem daunting, having the right experts on your team can change the type of experience you have.
While some might say the market is not ideal there are some who will say otherwise. It all depends on your perspective. There is currently no indication there will be a drastic fall in prices; there might be some specific market exceptions