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 begun the new year with modest activity and but with positive signs for the market as we move forward. 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.
Laurene Curtin (459-4564), 2010 GCAR president says, “The housing market has begun 2010 with similar results shown a year ago in January 2009. Closed sale are down by 2% from a year ago but the more positive news is that, for the seventh consecutive month, contracts of sale have increased from the previous year. This is important because it measures, in part, the mood of the home buying public and the willingness of home sellers to negotiate pricing.” She adds; “And the increase in pending sales should show up later on as these contracts move towards transfer of title.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “There are a number of happenings which have affected the number of closings. One of these is the rush we saw last November to close as many deals as possible to allow first-time homebuyers to take advantage of the then soon-to-end tax credit. So that affected closings for the next several months. Now that the tax credit has been extended until April 30, 2010 as deadline contract date and June 30, 2010 as a deadline closing date we may see the same affect mid-year.” He adds; “The other thing we note that the tax credit has affected is the average and median price of homes sold. As many, perhaps most, first-time buyers are looking at homes in the mid to lower price range that will cause sales prices to appear lower than otherwise. And our members report that the more expensive market is, and has been for some time, the slowest part of the market in the Capital Region.”
“We would suggest to buyers that they 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. “It is still a buyer’s market. 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.”