What to Know About the Upstate Housing Market: A Q&A With Candida Ellis of Coldwell Banker Village Green Realty

There’s no denying that the upstate real estate market has been a wild ride since the pandemic. Although the Hudson Valley home rush has slightly sated, there are still scores of buyers looking to settle down in the region—and who can blame them? It’s gorgeous here. But with more demand than supply for housing, what’s the state of our local market? And how do national policy changes affect buying and selling upstate?

We caught up with Candida Ellis, owner of Coldwell Banker Village Green Realty and president of the Hudson Valley Catskill Region Multiple Listing Service, to get her take on the local market, what national changes are in store, and, of course, what she loves most about helping people find homes right here.

How did you first get started in real estate?

In 2006, I made a conscious decision to get out of my previous career and had a fortuitous meeting with Joan Lonergan, who founded Village Green Realty. I’d always been fascinated by real estate and had been making investments of my own when Joan—being the quintessential real estate person—suggested I jump in. And she was right! It was the right time. We opened the company’s fourth office in Windham, which is still thriving today. In 24 months, it became the number-one office in the region.

When did you transition to the owner of the company?

My relationship with Joan grew over the years, and so did my involvement in the company. One day, she made me an offer to continue her legacy and take on the company as majority owner in 2020. She’s still very involved in the company she founded in 1995, which became a Coldwell Banker franchise in 2001. We now have six offices in the Hudson Valley and Catskills region: Windham, Catskill, Red Hook, Woodstock, Kingston, and New Paltz.

What excites you about the work you do?

It probably sounds corny, but I truly love seeing people realize their goals. Whether that’s real estate investing, buying a first home, buying a second or weekend home—there’s so much I get to see every day. I really like helping others and teaching, and I get to do that in my role every day. Not to mention, I get to bring people to this beautiful area and help build sustainable communities where I myself, live.

What do you enjoy most about this region?

I have a 130-acre farm with 25 horses in Saugerties, so I love to be outdoors with them; our countryside is beautiful and I spend a lot of time riding through it. I also love to hike or just take in the views of the Blue Mountains from my porch, but when I venture to town, I’m a big fan of visiting Kingston. I bought my first home in Kingston in 1998, so it’s been exciting to watch how the city has changed since then. It’s a really cool mix of people, houses, culture, activity—some great restaurants and shops. Too many to list by name.

Kingston has been a hot real estate market, too. With how much these local cities and towns have grown over recent years, how would you describe the state of the Hudson Valley/Catskills region real estate market today?

Right now, we’re in a historical inventory shortage—generally and in this region. The Hudson Valley is a place people want to be and that will only continue. The mass exodus of COVID is over—July 2021 was arguably the peak of that market—but what we see now is a lack of inventory for sophisticated buyers who aren’t willing to pay unrealistic prices for what is available. Buyers are being more prudent than in recent years because the feeling isn’t so urgent.

When looking at the national market, the National Association of Realtors (NAR) has been in the news recently about a legal settlement that affects buyer commissions; it sounds like a complex issue that’s often been pared down to soundbites in the media. Will the terms of this settlement affect our regional market?

One thing to note about this settlement is that the complaint stems from practices in the state of Missouri. Some national companies have offices in that state that practice business differently than how we would here in New York. The settlement doesn’t preclude sellers from offering compensation to a buyer’s agent but states that we can’t publish that amount in the Multiple Listing Service (MLS). So it won’t really change how we do business, yet it can bring some unintended consequences. For instance, the guidelines of many federally insured mortgages don’t allow a buyer’s agent commission as part of a concession—in other words, that cost can’t be financed and those that do allow it to be financed often charge high fees, so there may be more to pay out of pocket. This might lead to the buyer deducting that cost from the offer, or paying thousands of dollars in interest if they can qualify for a mortgage product that will finance it. After the settlement was reached, Fannie Mae and Freddie Mac released statements saying that buyers are excluded from compensating the buyer’s agent. So now, buyers who do need that buyer representation, like first-time home buyers, will potentially be forced to pay for independent representation out-of-pocket.

How do realtors view these changes and when will they be implemented?

Essentially, it’s an argument over semantics. NAR has a code of ethics designed to protect the public and a commitment to do ethical business. I encourage people to read the NAR code of ethics. Otherwise, we don’t have a lot of insight into the exact changes here yet, other than we can’t publicize real estate commissions through the MLS and will likely be required to work with a nonexclusive buyer agreement. The motion was filed in April, so we are expecting it to go into effect in late summer. However, real estate agents are very used to change, and we will embrace any changes so that we can continue to best serve the public.

Do you have any tips for buyers after these changes are implemented?

There will likely not be much of a change to how we do business in NY. Again, the complaint is based out of Missouri, and each state, even region within each state, may do business very differently. Here, consumer behavior drives the market, but it’s still important to vet your real estate agent and company. Make sure you are truly examining the details the agent is showing you, and ask your agent to explain the value of a buyer agent; they can be an amazing tool in your search.

What advice would you give to buyers looking to move to the Hudson Valley?

When moving to the region, one really important thing to remember is that it’s not one big zip code. This is a very prismatic region, so make sure you explore it, either with a real estate agent or on your own, to learn the depths of the area—each town has its own amazing character, appeal, lifestyle offerings; just take your time exploring and get yourself a good guide.

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Photos: Courtesy of Coldwell Banker Village Green Realty.