Are We Heading Towards a Buyer's Market?

By Jason Giulieri

Jason, originally from the sunny Australian coast has lived in New York for over a decade. He has more than 20 years experience as a real estate investor with expertise in residential rentals; single family and multi-family renovations; and sales. Jason has extertise serving a varied clientele including first time home buyers, those up or downsizing and investors seeking to grow their portfolio.

Have you noticed a shift in our housing market lately? Some homes are taking longer to sell, and prices are volatile nationwide.This has made many wonder, “Are we finally heading towards a buyer’s market?” My best answer is no; at least, not exactly. Instead, I’d say we’re more likely to head to a balanced market where both sellers and buyers have opportunities if they know what to look for. Here are three things you need to know about our market right now to make sure you get the best deal possible, whether you’re buying or selling:

1. Why is our market balancing out? Despite record-high home prices and less demand than just a few short years ago, prices aren’t falling in the Capital Region. While these conditions might make it seem like we’re heading for a buyer’s market, the truth is that prices are being kept in check due to low supply. Inventory has increased nationwide, but this hasn’t been enough to offset the persistent lack of supply in most markets. If inventory continues to rise, the market could eventually favor buyers; however, low supply and low demand are offsetting each other and we’re not currently building nearly enough homes quickly enough to keep up with high buyer demand in the Capital Region.

2. Condition matters. In the current market, there is a huge gap between homes in good condition and those that need work. Due to affordability issues, buyers don’t have extra cash to make repairs after closing. If you don’t make the proper repairs before listing, you could suffer from a lack of demand that makes it feel like you’re in a buyer’s market. On the other hand, if you work with your agent to get your house ready for the market, multiple offers could come in quickly. You might even create a bidding war! Work with an agent who has a comprehensive marketing strategy and consider a pre-listing inspection, and you can still get an amazing deal on the sale of your home.

3. The market may speed up again soon. While lower activity might make you think we’re heading for a buyers market, we have already seen increased buyer activity since the Federal Reserve reduced interest rates by 0.5%. Due to worse job reports than expected and inflation being under control, most experts believe the Federal Reserve will lower interest rates again soon. If not before the end of the year then many experts are predicting multiple interest rate cuts during 2025. This will make buying a home more affordable and spur new buyer demand. Tons of would-be buyers have been sitting out of the market waiting for rates to drop, so as soon as the news hits, we could see a fresh wave of increasing demand.

There will be tons of competition as the Fed continues to drop rates. If you want to discuss strategies to avoid the increased competition or are interested in a free pre-listing consultation, please contact or email me at (518) 478-8050 or jason@peakrealtyny.com. I am always willing to help!