What's in Store for the 2017 Albany Market?

What's going to happen to the real estate market as we move forward in 2017? Today, I have some predictions that will hopefully guide your decisions when it comes to taking advantage of the Albany market.

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I want to take a moment today to discuss the real estate market in the Albany area, along with some predictions for the market in 2017.

We know that 2016 was a great year, and 2017 is off to an absolutely fantastic start. We saw a new wave of buyers enter the market, which happens every January. In fact, it's kind of funny how sellers always wait until March and April to list their homes even though buyers always come into the market in January. If you're thinking about listing your home, it's important to get ahead of the curve and take advantage of low inventory.

Moving forward this year, I expect the trends we're seeing so far in 2017 to continue. Sellers in the baby boomer age group are retiring and their kids are out of the house. We're seeing these types of people sell their McMansions and move down south to the Carolinas, Florida, Texas, or other warm weather states.

I think the wild card this year will be how active interest rates are. We saw them start to tick up at the end of last year and again in early 2017. How far those rates move up will have a dramatic impact on the market this year, and nobody really knows what is going to happen. If you're thinking about buying a home, it's important to act now so you can lock in a low rate for the next 30 years.

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I think the wild card this year will be how active interest rates are.

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If you're thinking about selling, remember that a 1% to 2% rise in rates means a 10% to 20% hit to a buyer's power to purchase your house. Get your house on the market now to take advantage of these low rates while buyers can afford to pay you more, and you have a larger pool of buyers able to buy your house.

Going into the rest of the year, it'll definitely be interesting to see what happens with the new administration, but I really think we're in for a great market. We're already seeing good trends. However, remember that real estate is local and prices depend on location.

If you're interested in a specific, personalized report for your neighborhood, give me a call or send me an email and I'll help you find out if it's best to buy, sell, or wait. I look forward to hearing from you!