Media

Date: 08/24/10

Pending Sales Fall

 

Homeowner Tax Credit Pushed Buyers Forward

          Based on statistics released today by the Greater Capital Association of REALTORS®, Inc. (GCAR) pending sales (contracts of sale) of single family homes in July 2010 in the Capital Region are down significantly from July 2009 a direct result of the home owner 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.

Laurene Curtin (459-4564), 2010 GCAR president says, “Pending sales this year are off by 39% from July of 2009. It is clear that the tax credit borrowed buyers from May, June and July and moved them up to April or earlier. We expected this but I’m not sure we expected it to be this significant”. She adds, “What is interesting is that closed sales prices for the month of July are up by 5% – both the median and the average – compared to last July. This bodes well for the market.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “It is a hard market for us to read, or at least difficult for us to predict going forward. On one hand we see fewer buyers entering into contracts to purchase which might also indicate there would a drop in sales prices. But that is not the case as prices have increased.” He adds, “This industry has been, is, and continues to be one where those of us involved are always excited about the future. And we do envision great things for the Capital Region as its economy grows and the housing market becomes more and more vital.”

“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 2,800 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate In The Capital Region.

 

Date: 08/4/10

Closed Residential Sales Strong on Heels of Tax Credit

Closed Residential Sales Strong On Heels Of Tax Credit –Pending Sales Fall


 
Based on statistics released today by the Greater Capital Association of REALTORS®, Inc. (GCAR) closed single family sales in June 2010 were up significantly over June 2009 as the impact of the homebuyer tax credit continues to be felt. Contracts of sale for the month were down sharply as the tax credit, which ended April 30th, caused many buyers to move their purchase forward to earlier in the year. 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, “Closed residential sales in June were ahead of 2009 levels by 34% which is a direct result in large part to the homebuyer tax credit. However, if we look forward to closed sales later this summer we can see by the number of contracts of sale during June that we will see fewer closings.” She adds, “This is not unexpected. We know that many home buyers who would have otherwise gone to contract during June or July, and perhaps even later, pushed their purchase up to meet the April 30th contract deadline for the tax credit. Closings should remain solid for at least another month as the deadline for closing as been extended until September 30th.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “What we are seeing is exactly what we expected. The test of the market now will be its ability to generate some excitement and sales as we move into an extended period of ‘business as usual’. That is a market standing on its own without the benefit of federal money in the transaction in the form of a tax credit.”

“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.