2018 Housing Market Landscape: Majority believe good time to buy, sell

LANCE EVANS

The winter months in the north country are traditionally a slow time for real estate. It is a good time for people to reassess their housing situation.  For instance, is it time to downsize, time to get a bigger home, buy a second property, or stop renting? Potential buyers and sellers can also reflect on last year’s housing market data and examine the 2018 outlook so they can better prepare themselves for entering the market and buying or selling a home.

    Nationally, home sales and prices both increased in 2017.  In 2018, national existing-home sales are projected to be unchanged from 2017, at about 5.5 million sales, after rising the past three years, and the median home price will edge up only about 2 percent. One of the biggest challenges in 2018 will continue to be the low levels of homes available for sale.

    Regionally, the story was slightly different.  According to figures from the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors, all three counties (Jefferson, Lewis, and St. Lawrence) experienced stronger single-family home sales in 2017 than the previous three years.  In fact, unit sales were up 6 to 12 percent over 2016 and 25 to 3 percent over 2014. In addition, the number of homes for sale has declined year over year, which corresponds to the national picture.

    However, all three counties experienced a decline in median price, with St. Lawrence County having the smallest decline and Lewis County the largest.  The average price has also declined.  Some of this is due to an increase in homes sold through foreclosure. 

    The National Association of Realtor’s Housing Opportunities and Market Experience (HOME) survey tracks topical real estate trends and renters and homeowners’ views and aspirations regarding homeownership.  Released in December, the quarterly survey showed that at the end of 2017 a smaller share of homeowners believed that now is a good time to buy or sell a home, even with strong job creation and faster economic growth in the last months of 2017.  Optimism that now is a good time to buy has slipped from 62 percent in the third quarter of last year to 60 percent, up from 57 percent in December 2016.

    The report also found that 76 percent of homeowners think now is a good time to list their home for sale, which is down from last quarter (80 percent) but up from a year ago (67 percent). 

    This data should help potential buyers and sellers better understand the market environment and know what to expect in 2018.  Working with a real estate professional, they can apply the lessons learned from the past year and expectations for the year ahead to achieve their home buying and selling goals.


    In early February, fifteen Realtors from the Jefferson-Lewis and St. Lawrence County Boards of Realtors and I attended the New York State Association of Realtors (NYSAR) Mid-Winter Leadership Conference and Business Meetings at the Desmond Hotel in Albany.  We joined over 450 other attendees from around the state for meetings and informational sessions designed to enhance and advance real estate in New York and around the country.

    During the conference, Jennifer Stevenson (Blue Heron Realty, Ogdensburg) was sworn in as NYSAR’s 2018 secretary-treasurer.  This puts her in line to be NYSAR’s president in 2020.  As secretary-treasurer, Ms. Stevenson will oversee the finances of the State Association, chair NYSAR’s Investment Committee and Budget & Finance Committee, serve on the Executive Committee, and be part of the elected leadership team joining President CJ DelVecchio of Ithaca and Moses Seuram of Flushing.

                In addition, Lisa L’Huillier (Hefferon Real Estate, Watertown) was sworn in for a second term as governor for the state’s Women’s Council of Realtors (WCR) Network.  Ms. L’Huillier, a past president of both the local and state WCR networks, will work with the WCR networks in Buffalo, Rochester, Albany, as well as the local tri-county network.

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

 

June 2016: Real Estate Roundup

Realtors meet members of Congress

Lance Evans

Lance Evans

From May 9 to 14, the National Association of Realtors held its Realtor Legislative Meetings and Trade Expo in Washington, D.C. Approximately 8,500 attendees from across the country and around the world attended the annual conference. The week included about 200 meetings and events that covered many real estate topics and allowed NAR members to take an active role in advancing the real estate industry, public policy, and the association. [Read more…]

March 2016: Real Estate Roundup

Understanding residential transactions

Lance Evans

Lance Evans

In the coming months, I will discuss some common forms a buyer or seller encounters during a real estate transaction starting with the Agency Disclosure Form. This is the one form you should see in any transaction involving real estate agents and sales of property ranging from single-family residences to four-family homes. Remember that all parties should always be given a copy of any contract or form that is signed. [Read more…]

January 2016: Real Estate Roundup

Realtors honor service, change officers

Evans_LanceWEach December, the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors thank their volunteers, install new officers and directors, award special honors, and raise money for local charities. [Read more…]

April 2015 Leadership Feature Story: “Got Leadership?” Luncheon

‘The sky’s the limit’

Women’s Council of Realtors “Got Leadership?” panelists, from left, Jefferson County Sheriff Colleen M. O’Neill, Doreen Garrett, founder of Otis Technology and owner of the Tilted Kilt, Erika F. Flint, executive director, Watertown Urban Mission and Sarah V. Compo, deputy chief of staff for state Sen. Patty Ritchie, R- Heuvelton. Photo by Norm Johnston, NNY Business.

Women’s Council of Realtors “Got Leadership?” panelists, from left, Jefferson County Sheriff Colleen M. O’Neill, Doreen Garrett, founder of Otis Technology and owner of the Tilted Kilt, Erika F. Flint, executive director, Watertown Urban Mission and Sarah V. Compo, deputy chief of staff for state Sen. Patty Ritchie, R- Heuvelton. Photo by Norm Johnston, NNY Business.

Women leaders stress goal-setting, networking

By Lorna Oppedisano, NNY Business

Leadership is a lot like parenting: you have to make the best decisions for your team, know when to sit back and listen, absolutely love what you do and know your end game. [Read more…]

Business Briefcase – Oct. 2013

Clarkson University’s entrepreneurship program honored

Clarkson University’s entrepreneurship program has been named in the top 15 in the nation, according to the Princeton Review and Entrepreneur magazine. It ranks 14th on both publication’s 2014 list of “Top 25 Undergraduate Schools for Entrepreneurship Programs” based on surveys of business school administrators at more than 2,000 institutions.

The lists are based on schools’ level of commitment to entrepreneurship inside and outside the classroom, the percentage of faculty, students and alumni actively involved in entrepreneurial endeavors, the number of their mentorship programs, and funding for scholarships and grants for entrepreneurial studies and projects, according to a release from the university.

Clarkson was also ranked first on U.S. News & World Report’s 2012 list of schools that produced the largest percentage of interns among the class of 2011, with 86 percent. The university reports that 96 percent of students in its class of 2012 who used the campus Career Services Center said they were placed in their field of study or career aspiration in the first year after graduation. [Read more…]

Women Council of Realtors leader rallies women in field

Lisa A. L’Huillier is the broker and owner of Hefferon Real Estate and president of Women’s Council of Realtors Tri-County New York Chapter. Photo by Justin Sorensen.

By Gabrielle Hovendon
NNY Business

Although Lisa A. L’Huillier has encountered plenty of ceilings in her decades-long career as a Realtor, she’s never hit a glass one.

Ms. L’Huillier, a New York State licensed real estate broker and the owner of Hefferon Real Estate, Watertown, says she has never faced discrimination as a woman in business, something she attributes to the prevalence of females in her field.

[Read more…]