We’re talking about home sales. The fall season can be a very advantageous time to list your home. Market supply of homes is traditionally lower once the school season begins, but the demand for homes continues to remain high. One thing is for sure the tides are turning. It is hard to turn on any news station without hearing about soaring interest rates, inflation, or a possible recession on the horizon. If you are on the fence about making a move for your future the signs point to acting now. Why not guarantee a return on the investment you’ve made in your home? Here are five facts from the Great Capital Association of REALTORS on why sellers in the Capital Region continue to remain in a good position.
Top Five Reasons to Sell your Home this Season
1. The house you love is more in reach for first-time home buyers. There is a slowdown in new construction permits nationwide. With material supply costs at an all-time high the median price of a new construction home in the Capital Region was $523,000 in September of this year. This cost is out of range for most first-time home buyers, making the house you’ve lived in more desirable in the market.
2. In August, home sales in the Capital Region received 103% of the list price at closing. Buyers are continuing to pay above the listing price for homes pushing the median sales price around $300,000.
3. The Greater Capital Association of Realtors president, Kendal Baker attributes any reduction in sales to a lack of homes not a lack of buyers. “The Capital Region continues to experience not only an influx of remote workers, but also tech employees relocating due to the growing needs of the Tech Valley, and other positive business expansions and start-ups throughout the region.”
4. The days on the market dropped to a new low of only 19 days from list to sold in the month of September. Now is the time to sell your house fast. No one knows what challenges the new year will bring or where the financial markets will be in 2023.
5. In Albany County the median sales price in the month of August was $326,000. That is still up 10.7% from what it was a year ago.
While it is expected that moderating buyer demand may hit the Capital Region later in the season, there is still time to seize control of your future. We have some great floor plans currently available. If you decide that it’s now or never or you want to avoid another winter stuck in your house, explore your options today! Have peace of mind that you can plan ahead with your future at Shaker Pointe. We offer our residents of 10 years a rent increase freeze.
For more information on today’s housing market visit GCAR for Capital Region Real Estate Market Statistics.