Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region is seeing a continuing increase in buyer activity which is leading the market towards a balance where soon neither buyer nor seller will have an innate advantage in negotiations. 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.
Nina Amadon (489-1000), 2012 GCAR president says, “September contracts of sale, the time when buyer and seller agree on price and terms, show a 24% increase over contracts of sale in September 2011. By itself this one figure shows that buyers are returning to the market and that it is becoming less and less a market where sellers have the upper hand in the purchase process.” She adds, “If this trend continues as it has for all of 2012 we will soon see a balanced market which is best for the purchase and sale process in general.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “The other indicator that a balance is returning is the median sales price of a home. While still down slightly from the high water mark set in 2007 the median price has started to appreciate. Through the end of September, two-thirds of the way through 2012, the median sales price is up 3% from 2011.”
“We 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 Ms. Amadon. “And we caution buyers if you were waiting for the market to bottom out that time has passed. And if you are waiting for interest rates to drop lower you may well miss the wonderful opportunity which exists today. Prices are appreciating and interest rates just cannot get any lower.”
GCAR is a professional trade association representing 2,600 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