Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region has completed the year with a marked increase in sales activity perhaps pointing at a return in 2010 to a more balanced market. 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 (690-0510), 2009 GCAR president, says, “The housing market ended 2009 much more active than it began the year. Pending sales were up over the last four months, closed sales were up over the same period, and members report that this increased activity should extend into 2010.” She adds, “So while the market is certainly less active than we would hope it does show signs of regaining its footing as we move forward.”
Laurene Curtin (459-4564), 2010 GCAR president says, “Certainly tax credits for the first-time buyer, and now the repeat buyer as well, have been helpful. But that’s not the only factor involved. Capital Region residents feel better about the economy generally and that is translating to housing activity.” Mrs. Curtin adds, “As we move through 2010 we’ll be able to judge just how much of the housing resurgence is a result of the tax credits and how much is the result of Capital Region consumer confidence.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “The local market has begun a move to a balanced market which favors neither buyer nor seller. But it still remains a buyer’s market. And when you throw in very low mortgage interest rates it is the perfect time to be buying.”
“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. Curtin. “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 3,100 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate In The Capital Region.”