The Truth About the Fall Real Estate Market

Real estate is a local animal, so why does the media always use sweeping generalities when it talks about the market? Today, I’ll give you a quick breakdown about what’s really going on.

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How is the market doing? How will the election affect the market? Should you buy or sell in the fall? I’ve heard all of these questions lately, so I wanted to address them today.

First, I would like to point out that I read two articles about the real estate market last week. One said that the real estate market was still going gangbusters, while the other said that the market was starting to slow down and that a shift is on the horizon. So, which of those two articles is right? 

The truth is that they both are. The media loves generalities. That’s why you see so many headlines that say now is a great time to sell or that the market is starting to slow down. However, real estate is a local animal, and there are many factors that affect the market in each city, town, and neighborhood.

Some of those factors include job growth, population growth, interest rates, and property taxes. How is the local economy doing? Some pockets in our area tend to do very well while others do poorly. It all depends on your local real estate market.

At the end of the day, whatever is happening in your specific area is what really matters.

As for the election — it really does not matter who is in office. It is very difficult for changes at the federal level to trickle all the way down to your local real estate market. The local government is much more important. For example, areas like Colonie are doing very well right now because there are positive things happening in the community and they have great schools.

At the end of the day, it really matters where you are. Generally speaking, I can tell you that our market is still seeing good activity. We are in one of the stronger markets we have seen since the market peak in 2006. In most areas, homes priced below $300,000 are in a seller’s market, while homes priced around the $400,000 or $600,000 mark are in a buyer’s market.

Remember, the median home price in our region is $200,000; as you go above that price point, the number of people who can afford those homes drops, which is why we start to see that buyer’s market in the higher price points.

If you are interested in the specifics about your town or neighborhood, just give me a call or send me an email. I would be happy to give you a more detailed, statistical report. I look forward to hearing from you!