Leveraging Low Inventory

The decision to sell your home is significantly influenced by current housing inventory levels. Presently, the number of homes for sale is low, with approximately a 2.3 months supply of inventory. In a balanced market, this figure typically hovers around 6 months. Your property not only stands out more in a low inventory market, but also faces less competition, making it an opportune time to consider listing your home.

Despite the low inventory, recent data from the Greater Capital Region MLS reveals a shifting tide.

We are in our fourth consecutive month of rising inventory. April alone witnessed a 38% surge in new listings compared to January 2024. This upswing signifies a departure from the trend of declining listings observed over the last five months of 2023, revealing a renewed interest among homeowners to enter the market.

So, what implications does this hold for prospective sellers? The uptick in new listings should serve as a prompt for those who have been apprehensive about selling. Delaying your decision could mean entering a market saturated with options for buyers, potentially diminishing the visibility and impact of your listing. It’s worth noting that the late spring to early summer period is traditionally regarded as the optimal time to sell. Increased buyer activity during this period often translates to quicker sales and potentially higher prices, fueled by the favorable conditions of low inventory and heightened demand. In fact, the current average sales price in our region stands at $372,589, reflecting an 11% increase from last year.

As inventory remains low, the question remains: where will you go?

Crafting a compelling offer is essential, and the equity accumulated in your current home can significantly influence your next move. With the average homeowner having $298,000 in equity, leveraging this asset can enable you to make a larger down payment on your next property, thereby reducing future mortgage obligations or even facilitating an all-cash purchase—which is particularly enticing in competitive markets.

In essence, if you’re contemplating selling your home, the current market conditions offer a promising backdrop. While low inventory levels provide an advantage in terms of visibility and reduced competition, it’s imperative to act decisively to capitalize on these opportunities.

Partnering with a seasoned real estate agent is crucial.

Their expertise can help highlight the unique selling points of your home, advise on competitive pricing, and strategize on marketing to attract maximum buyer interest. With the market evolving, now might just be the perfect moment to make that move! Contact an experienced agent near you today.

Market updates. Source: Global MLS 5.02.2024 

161 White Road, Ballston Spa, NY 12020 (MLS # 202414982)

(all data current as of 5/21/2024)
Price $1,450,000
Beds 6
Baths 4 Baths
Home size 4,334 sqft
Lot Size 17.71 ac
Days on Market 41
Status Active
Welcome to your sprawling 17-acre year-round equestrian retreat in Ballston Spa, minutes to Saratoga! This horsefarm features a spacious 95x200 outdoor + 60x155 indoor arena both w/treated DKS footing. Indoor has LED lights, fully insulated build, + heated viewing room. Three barns offer over 30 (11x11 or larger) stalls, incl. 6 runouts, heated tack + feed rooms, + storage for 4400 bales. Various turnout options from 1/2 acre grass-paddocks to all-weather-paddocks w/run-in sheds, automatic waterers, + round pen. Expansive main house features 4 bedrooms, 3 baths, massive bonus room, gourmet kitchen, + hardwood floors. Ground-level two-bedroom in-law apartment w/separate entrance. Fenced-in backyard, in-ground pool, workshop + outbuildings complete this equine paradise.

Property Type(s): Single Family

Last Updated 4/12/2024 Tract n/a
Year Built 1983 Community n/a
Garage Spaces n/a County Saratoga
Total Parking n/a

Additional Details

Lot 17.71 acre(s) Parking Off Street, Driveway
Pool Description In Ground, Outdoor Pool Sewer Septic Tank
Taxes 16444.4 View Description Pasture, Trees/Woods
Water Well Zoning Farm
Lot Dimensions 861 x 895 Buyer's Brokerage Compensation 2.50

Features

Air Central Air
Air Conditioning Yes
Appliances Dishwasher, Disposal, Microwave, Oven, Range, Refrigerator, Washer/Dryer
Barn/Equestrian Yes
Basement Unfinished, Yes
Construction Vinyl Siding
Fireplace Yes
Heat Oil, Pellet Stove
Interior Built-in Features, Eat-in Kitchen, Kitchen Island, Walk-In Closet(s)
Lot Description Cleared, Level
Style Split Level
View Yes

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

This listing courtesy of Romeo Team Realty

(view all details for MLS #202414982)