{"id":31300,"date":"2018-10-11T03:31:30","date_gmt":"2018-10-11T07:31:30","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31300"},"modified":"2018-10-11T17:05:03","modified_gmt":"2018-10-11T21:05:03","slug":"for-residential-real-estate-agents-markets-remain-stable-while-new-challenges-arise","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/10\/for-residential-real-estate-agents-markets-remain-stable-while-new-challenges-arise\/","title":{"rendered":"For Residential Real Estate Agents, Markets Remain Stable While New Challenges Arise"},"content":{"rendered":"
\"\"
Ted Wilson, owner, All -American Properties, with offices in Glens Falls and Chestertown.
Courtesy Ted Wilson<\/figcaption><\/figure>\n

By Maureen Werther<\/p>\n

For Warren and Washington counties, the real estate news is mostly good, according to Ted Wilson, owner of All -American Properties with offices in Glens Falls and Chestertown.<\/p>\n

Wilson and his team of 22 agents have seen markets at their worst, their best and somewhere in between. He described the current residential market as \u201cstable,\u201d noting that the statistics from 2017 and 2018 are pretty similar. It could also be called a \u201cflat\u201d market, but Wilson is quick to point that he would rather have a stable market over one that is in decline.<\/p>\n

For years, interest rates were a strong determinant for people contemplating entering the real estate market. Wilson said that rates have remained low for so long and they are no longer the determining factor they used to be.<\/p>\n

\u201cNobody even seems to think of them anymore,\u201d he said. Unless they rise, which some indicators are pointing to for the future. However, the bygone days of 8, 9 and even 10 percent interest rates are dim memories for most home buyers, with first-time buyers having no experience with higher rates.<\/p>\n

Wilson cited the long-held real estate mantra that markets are always very localized, with pricing and sales figures markedly different even in areas in as close proximity as Fort Edward and Glens Falls.<\/p>\n

He said he thinks the market has trended slowly away from the buyers\u2019 market of six months or a year ago to a more balanced market. Buyers are better informed than ever before, thanks to the increasing accuracy of online real estate search engines.<\/p>\n

\u201cThe interesting thing about the internet is that 10 years ago, it was the Wild West. You couldn\u2019t trust the information about real estate,\u201d he said. Over time, the data became more and more accurate.<\/p>\n

The impact on real estate agents and brokers has made their jobs more challenging.<\/p>\n

\u201cFive years ago, when you listed a property, you might have to wait as much as a month before information about the listing got out to all the buyers. Today, it\u2019s like moments. When you hit \u2018activate\u2019 on a new listing, the buyers know about it.\u201d<\/p>\n

Because of the accuracy of the internet, buyers are better informed than ever It is not unusual to activate a property and, within seconds, get a call from a broker wanting to schedule a showing. When a new listing hits the web, it is viewed by many potential buyers before they ever set foot inside the property.<\/p>\n

One of the challenges Wilson sees is the failure of real estate agents to react quickly enough to the market.<\/p>\n

\u201cThey\u2019re still waiting to determine if they\u2019ve over-priced a house,\u201d he said. He said there doesn\u2019t seem to be as much of a middle ground regarding how long it will take a house to sell. \u201cYou either get multiple offers or a buyer within seven days, or it seems to sit. There doesn\u2019t seem to be anything in the middle.\u201d<\/p>\n

If buyers and sellers think the internet has made the job easier for real estate agents, they should think again. Wilson said that they have to work just as hard for commissions as transactions have become more complex and people tend to be more litigious than before.<\/p>\n

The notion of real estate agents as a dispensable part of the equation is wrong, according to Wilson. He said the \u201cvalue proposition\u201d problem is the biggest thing agents are struggling with right now.<\/p>\n

\u201cThe reason we are still in business is our expertise. You don\u2019t know what you don\u2019t know. Just ask people who try to sell on their own,\u201d said Wilson.<\/p>\n

As far as what is and isn\u2019t selling, Wilson said a first-floor bedroom has become a very good thing to have. As in other markets, baby boomers in the region are looking to buy a long-term home where they can be comfortable into their twilight years.<\/p>\n

Wilson said it feels like there are fewer first-time home buyers than in the past. He attributes that to a different outlook that millennials have on home buying. For many, he thinks their experiences with home ownership has been limited to bad things and they\u2019re hesitant to jump into home ownership. Many had to grow up in families who lost homes during the recession and they are gun shy because of it.<\/p>\n

Wilson said he does not think the wage issue is a big a factor in this region because costs are more affordable here. \u201cWe haven\u2019t had those huge increases in home prices.\u201d<\/p>\n

He said the general trend in home values and prices has slowly shown signs of ticking upward in the last six months.<\/p>\n

As for the average DOM (days on market). \u201cWe peaked at 130 back in the spring, but now it\u2019s back down to around 80. That is about average, but you have to remember that Lake George can tend to skew things, with much higher priced lake homes taking longer to sell and increasing the DOM statistic.\u201d<\/p>\n

As for the \u201csweet spot,\u201d the price range in which homes sell quickly, Wilson said that is also a little trickier to pinpoint because there is still an inventory of foreclosures in the region that drag down the average sale price.<\/p>\n

\u201cThere\u2019s not a lot of them left,\u201d said Wilson, \u201cbut there are enough of them to affect other values.\u201d He estimated that the sweet spot for the region is in the $200,000 range, with three bedrooms, ranches and even some newer homes being built.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Maureen Werther For Warren and Washington counties, the real estate news is mostly good, according to Ted Wilson, owner of All -American Properties with offices in Glens Falls and Chestertown. Wilson and his team of 22 agents have seen markets at their worst, their best and somewhere in between. He described the current residential […]<\/p>\n","protected":false},"author":89,"featured_media":31301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"yoast_head":"\r\nFor Residential Real Estate Agents, Markets Remain Stable While New Challenges Arise - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/10\/for-residential-real-estate-agents-markets-remain-stable-while-new-challenges-arise\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"For Residential Real Estate Agents, Markets Remain Stable While New Challenges Arise - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Maureen Werther For Warren and Washington counties, the real estate news is mostly good, according to Ted Wilson, owner of All -American Properties with offices in Glens Falls and Chestertown. 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