Hi there,
I hope your new year is showing the same signs of optimism and momentum that we’re seeing in the local real estate market! People often pick my brain about the market so each January I like to update my clients and friends on the prior year’s stats and share some insights for the coming year.
2021 Market Recap: The home buying frenzy that began in 2020 after the re-opening only increased throughout 2021 resulting in a frighteningly competitive market for buyers, and unprecedented sale prices for sellers.
Looking at the five counties we’re most active in, we saw average home prices rise considerably (by $50,000 in Saratoga County) with more total sales and fewer homes on the market in nearly all of them.
My Approach: I advised sellers on timing, home improvements, staging, and pricing to maximize the opportunity. I employed my same high-end marketing strategies to highlight my listing’s value. Next, I provided imperative guidance during negotiations to consider and counter on every aspect of an offer’s terms to ensure it was the strongest possible deal for them, then protected that transaction until the closing to avoid pitfalls, like inspection challenges or buyer remorse.
For buyers, I hustled to find homes before they hit the market if possible, hurried to get them into new listings immediately and to quickly evaluate a home’s condition and value as showing timeframes and offer periods have been shorter than ever. I discouraged offers when it didn’t live up to its price, but when we recognized potential and enduring value, I brought creative strategies to craft an offer that’s compelling to a seller, many times competing against 5 to 20 other offers. In some cases I’ve written up to a dozen offers to get my clients a home. That’s been tough, but I’m proud to say, that’s because I’d never advise my buyers to overspend in the heat of the moment to get a home that wasn’t worth it for their long-term goals.
2022 Market Forecast: With rates staying low and pent-up demand from buyers that missed out in 2021 – or waited to avoid the chaotic atmosphere, plus a continued trend in low inventory, we’re expecting the market to continue at its pace in the number of sales. With new construction prices reaching all-time highs we expect re-sale home prices to continue to increase though it seems unlikely we’ll see it at the extent of 2021 as buyers are savvy and have limits to what they’re willing to spend.
People thinking about selling shouldn’t wait for the Spring market – or any other timeframe. Now is still the best time to capitalize on a property’s value, even if they want to stay in the home post-closing. Buyers can be assured that we will find properties of value and employee protective strategies for them despite the frenzied market this year too.
Giving Back: Real success is the ability to give back to our local community each year. We maintain memberships with the Saratoga County Chamber of Commerce, the Downtown Business Association, and supported several nonprofits again this year: Upstate NY Autism Alliance, The Dake Foundation for Children, Saratoga County Children’s Committee, Saratoga Regional YMCA, Community Work & Independence Inc., Kelly’s Angels, Lions Clubs of Greenfield/Saratoga, Catholic Charities, Greenfield Historical Society, plus our local schools, sports teams and fire departments’ community efforts. We made our fourth annual year-end donation to Shelters of Saratoga in recognition of each home we listed this year as well.
Looking Ahead: We’ve purchased a new home this year too at 116 West Avenue in Saratoga Springs! This 2,000 sq. ft. first-floor commercial condo will house our offices and provide ample parking and more meeting space. Look for an invitation to our upcoming grand opening this Spring!
Your continued support of my business and ongoing referrals has been greatly appreciated. I thank you for making me your partner in all things home, and I wish you a happy and healthy 2022! I’ll hope to see you soon!
Warm regards,
Melissa Cartier
Real Estate Broker/Owner
c: 518.321.5762