By Kassie Parisi
CLIFTON PARK —Families looking for a new place to live can find something about Clifton Park: a highly stable housing market.
Abbey McCormick, a property agent at Coldwell Banker Prime Properties in Saratoga, explained that market in Clifton Park is unique, in that it’s located very close to large attractions, such as Saratoga and Albany, which keep the market strong year round. Contributing to the market stability are large nearby businesses such as GlobalFoundries and General Electric.
“We really do have a good market year round,” McCormick, who has been working in local real estate for six years, said.
Right now, said McCormick, inventory levels in Saratoga County are low, and that it would be a good time for people who are considering selling their homes to list them. She added that it would be beneficial to put a home on the market now because with the amount of people looking for homes, local sellers have a strong opportunity to be able to negotiate a fair price for the home. Customers, she said, are more likely at this point to buy at higher prices because there are so few homes on the market.
“When they do look at a home, it’s probably going to go pretty quickly,” she said.
In real estate cycles, McCormick said, it’s expected to see a market rise for five years, and then decline for two years. During the middle of 2016, she said, she had been expecting to see a decline, but it didn’t come. Now, she said, the market is improving, and that decline might be a little slower to reach the area.
“Were probably due for a reset in the market in two or three years,” she said. Right now, she said, it’s taking an average of about 69 days for a property to be sold in Saratoga County, and many properties that have been on the market for longer than six months are being sold as well. Right now, she said, sellers are getting roughly 96 percent of their asking price.
The demographics of people looking to buy homes in the area vary, said McCormick, but she noted that the $300,000 to $400,000 price range for homes is popular in Clifton Park. Also, she added, more and more people are looking for homes that come with smaller “in-law apartments.”
Above all, McCormick stressed that action now is better than waiting around to buy a house. She recommended that customers make sure to get prequalified with a bank with a good reputation from the get go, and to figure out early on how much they’re comfortable paying each month. She also suggested that customers set up house showings quickly, and look around at properties that have similar factors that have sold to gauge what a fair price could be, but cautioned against low-balling the price in this area, which will most likely lead to someone else getting the property.
“You don’t want to find your dream home then lose it,” she said.