By Pamela Fisher
Views of the 2012 real estate market are often conflicting, making it difficult to assess if the housing market is in decline or on the mend. As a result, prospective home sellers and buyers are apprehensive and confused. Working in the Glens Falls community are realtors Lisa Ostrander of Realty USA in Queensbury and Tina DeMarsh, owner of DeMarsh Realty in Glens Falls. Both agents have positive outlooks when discussing the local housing market.
“I disagree that the real estate market is in bad shape,” stated Ostrander, a realtor for over five years. “Market conditions have improved and are fantastic for buyers because homes are priced well. If a seller is not making a lot of money on his home, he’s making it up on the purchase of a new home. Interest rates are so low that the payment of the new home, over time, is a lot less.”
DeMarsh agrees that it is a good time to sell in Glens Falls.
“Sellers are doing well when their homes are priced accordingly,” said DeMarsh, a real estate agent for ten years, and owner of her company for four.
Like Ostrander, who has closed 29 transactions already in 2012, DeMarsh talks of positive business conditions and much success as a local real estate agent. DeMarsh Realty has almost finished filling Charlton Farms, a 16 home cul de sac subdivision in Queensbury. DeMarsh Realty is also brokering for another Queensbury subdivision, Burnt Hills, which offers 36 1.5 acre lots. The community plans to break ground mid-summer of 2012.
Both Ostrander and DeMarsh agree that market conditions are as positive for buyers as sellers, even with buyers experiencing greater difficulty obtaining mortgages.
“This is a good thing,” says DeMarsh. “The way that it was in 2007 is why we ended up a little bit upside down in the market. I have only had one transaction fail because of a client’s inability to obtain a mortgage and he is going to wait three months and try again.” “Interest rates are so low for buyers,” said Ostrander. “The economy seems to be turning around, and conditions in our local housing market are very good. Very strong.”
Both realtors recognize the hesitations of local sellers and buyers, and they offer advice to make the process less worrisome.
“Sellers need to just get on the market,” said Ostander. “Conditions really have improved.”
DeMarsh recommended that buyers seek the advice of a full time agent.
“It is difficult to keep up with the trends and different types of loans available as a part time agent. Everything changes with financing every three to six months,” she stated. She advises that buyers work with an agent knowledgeable of FHA and conventional loans, and if considering a USDA loan, ensuring that the agent know the areas covered by that loan.
“I also recommend that buyers not rush into anything, take their time, and really research the location of where they want to be,” said DeMarsh.
Both Ostrander and DeMarsh acknowledged that the development of Global Foundries in Malta has brought many engineers and technicians to the area who recognize they can often pay $150,000 less to live in Glens Falls as opposed to Saratoga, and still have reasonable commutes. Both realtors also pointed out that the revitalization efforts of downtown Glens Falls and the addition of new shops and restaurants are also attracting more buyers to the area.
Contact Lisa Ostrander at 744-6513 or at www.lisaostrander.com. To reach Tina DeMarsh, call 793-4370, or visit www.demarshrealty.com.