Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market inNew York’s Capital Region remains a buyer’s market, a position it has held for several years. 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.
Paul Semanek (348-7100 Ext. 502), GCAR president says, “When we look at our market we see a full inventory of home types, locations, and prices; we see that interest rates are at historic lows; that prices have remained basically flat for some time now; and we know we have sellers who have come to understand the value of their homes in today’s economy. All these factors would point to a buyer’s market. Yet buyers are not yet returning to the market.” When asked why buyers are not returning to the market Mr. Semanek added, “The overall, everyday disappointing reports we hear about the national and global economies seems to be causing persons who would otherwise be looking for new housing to remain where they are. And it is our feeling that when the market moves out of its lethargy many of these persons will be disappointed that they did not act when they could have.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “When the economy does start to improve, when the possibility of inflation presents itself we know interest rates will rise. And when the housing market starts to improve housing values will begin to appreciate. Higher interest rates plus higher prices will make many buyers regret their decision to remain on the sidelines right now.” He adds, “There is an indication that the market has started to recover. In November we saw pending sales, when buyers and sellers agree on the terms of a purchase and sale, rise over last November. This is the fifth month in the last seven where pending sales have increased.”
“We would remind everyone who is interested in buying or selling a home to talk with a professional. The housing purchase is too large to tackle without a complete understanding of the Capital Region’s market and of the entire real estate transaction”, says Mr. Semanek.
GCAR is a professional trade association representing 2,700 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate ™ in the Capital Region.”
GCAR, 451 New Karner Road,Albany, NY 12205