Nicholas Politi
| Having been in real estate for over 20 years, you hear sayings that stick with you over time. One that has always resonated comes from a longtime Merrill L. Thomas broker and mentor who once said, “You either win the beauty contest or the price war.” I feel like that saying perfectly captures where we are today. Most importantly, how did we get here? A lot has to do with our booming market from 2020 to 2023, which drove inventory down to some of the lowest levels of my career and pushed prices higher. Now, as a realtor, I can’t complain about the lack of inventory because it has grown enough to create real competition again. With a slight lull in midsummer demand, this saying bodes well for what’s ahead. Since 2023, it hasn’t been bad at all—our sales volume in 2024 reached $160 million, just shy of the 2021 high of $178 million. Ultimately, it has been a soft landing. Recently, I’ve had many conversations with sellers about why their properties aren’t getting the interest they expected or are only attracting lowball offers. This is typical after a boom market softens. While prices remain strong compared to many vacation markets nationwide, buyers are becoming more discerning. The Adirondacks still offer exceptional value and steady activity in key price ranges, making it one of the strongest markets in the region (no offense to my Lake George friends, but yes, I’m biased). Now that big summer events like Ironman and Lacrosse Week are behind us, the market tends to settle. Historically, the period from now until October is the best selling season. Sellers waiting for the right buyer still have a strong chance, but pricing remains crucial. For buyers, staying alert and connected is key. Exceptional listings continue to come to market, and many sellers are realistic on price. At the end of the day, you either win the beauty contest or the price war. If you want to win, now is the time to be motivated. |
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