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.”