Based on statistics released today by the Greater Capital Association of REALTORS®, Inc. (GCAR) the residential real estate market in New York’s Capital Region showed a large increase in real estate title transfers (closings) in November compared against November of last year. REALTORS® lay much of the credit for the increase on the 1st time homebuyer tax credit. The report is based upon data collected by the Capital Region Multiple Listing Service, Inc. a regional service owned by GCAR and the Saratoga Schenectady Schoharie Association of REALTORS®, Inc.
Sandra Nardoci (448-0017), 2009 GCAR president says, “Closed sales this November, on homes sold through our regional multiple listing service, are up by 37% over closings last year at the same time. And while there is no way for us to put an exact number on the sales that closed in November to take advantage of the tax credit, which was due to expire November 30th, we are certain that this had a large impact on that number of closed sales.” She adds, “Now that the credit has been extended and, in fact, expanded we will wait to see if the impact continues in one form or another.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “It is very possible that because so many sales were rushed through in November that we will feel this as a decrease in sales during December when many of the “rushed” sales would have naturally occurred. It is also possible that we will continue to see some sales which could have but didn’t close in November because the credit was extended and subsequently closed in December boost those figures. Only time, and a few more weeks of reporting, will tell.”
“We would suggest to buyers that trying to time the market is as often as not unproductive. Take a look at the social and economic benefits of purchasing real estate and talk to your REALTOR® about taking advantage of the best market buyers have seen in many years,” says Mrs. Nardoci. “Low interest rates, an attractive inventory of homes for sale, and a government tax credit make this a wonderful time to purchase.”
GCAR is a professional trade association representing 3,000 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate™ In The Capital Region.”