BALLSTON LAKE, N.Y. (NEWS10) —The real estate market has been hot since the pandemic began—low inventory and high prices. However, some new trends could mean the market is cooling off.
Since the pandemic began, the Capital Region has had fewer houses on the market.
“We’ve been seeing low inventory,” Lisa Wallock, Associate Broker for RE/MAX Platinum, said. “We’ve been seeing multiple offers. We’ve been seeing escalation clauses. The numbers have been crazy.”
According to RE/MAX’s August 2021 Housing Report, New York State’s month’s supply of inventory is down 23.4% this August compared to August 2020.
Beth Kayser, CPA, said she plans to put her house on Hunter Hill Road in Ballston Lake up for sale in just a few days.
“It’s an emotional decision, the amount of fun times we’ve had here,” Kayser said.
The median sales price continued to climb in August. The average home price was $395,000 in August 2020 compared to $204,000 last August. Meaning, the median sale price went up 29.9 percent.
“It’s been a lot of work to make sure it’s in pristine condition and ready for sale. I want to get the best price for my house,” Kayser said.
Although it’s still a seller’s market, Wallock said she’d seen a shift in the other direction on a local level.
Because the prices are so high, buyers expect perfection. Therefore, when houses don’t come up to snuff after inspection, buyers back out of their contracts. That means more homes are coming back on the market.
Some sellers are having a hard time fixing those issues on their property. Whether it’s before or after inspection, a backlog in construction materials and labor can hold them back.
“I’m very nervous about what will happen,” Kayser said. “What will happen with the market; It’s unsure,” Kayser said.