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Local real estate agents say the local market does not mirror national trends that say homes are not selling.
Jenny Mirling, an associate broker for Prudential Manor Homes, said the horrible things being said about the market is not true. “Homes are staying on the market longer, but that doesn’t mean the market is doing poorly,” Mirling said. “I don’t think the market is terrible.” Aubrey Guri of Geraldine and Associates of Realty USA agrees. “The market in Saratoga and the Capital District is doing well, despite what people have been hearing,” Guri said. “The national market does not mirror the local market.” Guri said the agents have been busy, especially since Thanksgiving. “We were showing homes on New Year’s Day,” Guri said. “I think the market is doing well.” She said interest rates are reasonable right now, which has led to movement. “Whether you are buying or selling, it is a good time to make a move,” Guri said. Mirling said 2005 was a hot market and homes had an average day on the market of 67 days; 2007 saw houses with an average of 100 days on the market. All this has done is add to the inventory and give buyers more houses to choose from. Mirling’s best advice is to come out of the gate with your house in ready condition and an aggressive price. “Our job as realtors is to make sure we don’t overprice the home,” Mirling said. She said one should price everything at the upper level of reasonableness. In the past, homes did sell for a little more than what they were worth, but that is not the case in the current market. Guri said a recent listing in Saratoga Springs was on the market two weeks and the owners of the property have had multiple offers on it. In recent years, homes are staying on the market longer. Guri said buyers can look at 10 homes and take some time to think about their decision. Mirling said the market is on a slightly slippery slope right now, but locally the statistics don’t correspond with national ones. She said in November 2007 her office did $10 million, double what it did in 2006 for November. “In my 30 years in the business, I’ve seen the market go up for seven years, stay flat for seven years, go up again and now it’s flat,” Mirling said. Mirling said while the future is unknown, she doesn’t think it’s going to be a bad market, and leveling out was a good thing. Mirling said first-time buyers stay in the market in search of their dream home. Guri said second homes or vacation homes are still big for the area, as well as condominiums. “They are low maintenance and easy living,” Guri said. Mirling agrees with Guri. The sales of condos has brought the average sale price up, but according to Mirling, the average sale price in the Saratoga Springs, Greenfield, Wilton and Northumberland area has increased steadily over the last few years. In 2007, the average sale price was $301,479, up from $294,276 in 2005. Staging the home is still a popular trend, one which Guri said gives a new look to homes and grabs perspective buyers attention. “The more people that know about your home, the more opportunity you have to get an offer,” she said. Guri said Geraldine and Associates’ Web site, www.geraldine.com, has brought attention from across the country. “There are buyers in all price ranges, if you are priced right,” Guri said. |