Date: 04/28/10

Capital Region Housing Market Responds

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 during the first quarter of 2010 has responded well to improving buyer confidence and federal home buyer tax credits. 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, “During the first quarter of 2010 Capital Region home buyers have begun to return to the market which is the result of both the federal home buyer tax credits and an overall improvement in the economic climate.” Mrs. Curtin adds, “We aren’t able to quantify the impact of the tax credits as only IRS has those figures but our membership tells us that it has certainly been significant. With the tax credit ending in a few days (April 30th) the next months will give us a clearer look at whether or not the market can continue to grow even without that added incentive.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “As we look at the market and try to make projections for the next few months and into the future the views expressed most often would lead us to believe in the short term sales will slow. This is due to the number of buyers who worked hard to put together their purchase contracts before April 30th, the tax credit deadline. Many of these are buyers who would in the normal course of business have gone to contract in May, perhaps even June so the sales those months  might well be down.” “But,” he adds “we think that the market has started to rebound to the point that we will see an improving atmosphere for and activity among buyers as we move into the summer and fall.”

“We would suggest to buyers that they take a look at the social and economic benefits of purchasing real estate and talk to their REALTOR® about taking advantage of the best market buyers have seen in many years,” says Mrs. Curtin. “We think they’ll be pleasantly surprised by the home buying power of their dollars in the Capital Region.”

  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.