Based on statistics released today by the Greater Capital Association of REALTORS®, Inc. (GCAR) pending sales (contracts of sale) and closed sales of single family homes in October 2010 in the Capital Region are down significantly from October 2009 while home values appear to have bottomed out as prices rise. 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, “We don’t want to try and sugar coat our report, the housing market is slow in New York’s Capital Region. Yet we do see positive news as well in that housing values have increased when compared to 2009 prices by 12% in October from October 2009. And this is the second month in a row we have seen increases in housing values and the 4th month in the last 5. This would appear to be a fairly certain indication that our prices have bottomed out and home owner equity is again growing.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “No one disputes the fact that the market remains slow, or at least slower than it should be. The local economy is solid and interest rates are low. So buyers should be taking advantage of favorable conditions to purchase”. He adds, “A fly in the ointment is the mortgage approval process. We have gone from several years of making higher interest loans to persons who should not have qualified for the mortgage to a mortgage approval process which offers low interest rates but approval red tape which often denies fully qualified buyers access to those loans.”
“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.” She adds, “To the mortgage lenders we would ask that you look at your approval processes and provide an expeditious way to make loans to qualified buyers.”
GCAR is a professional trade association representing 2,900 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate In The Capital Region.”