Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) it is becoming clear that what has been for several years a buyer’s market is close to reaching a balance.. 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.
Miguel Berger (435-9944), 2013 GCAR president says, “There are two strong indicators in our Capital Region housing market which indicate that the buyer’s market of the last several years has, or has nearly, returned to a balanced market where neither buyer nor seller have an inherent negotiating advantage.” He adds, “The first indicator, and this is a report from our 2,600 members active in the market, is housing inventory. The biggest concern we hear in this area is a lack of inventory. After our fifteenth straight month of year over year decline in inventory it comes as no surprise that buyer’s aren’t as able to play one seller against another when negotiating price.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “The second indicator is that of housing value and once again we saw an increase in housing prices compared against the same month a year earlier. The median price of a single family home which was transferred in February is 3% higher than February 2012.” He adds, “Declining inventory and rising prices both indicate the regional housing market is strong and balanced.”
“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 Mr. Berger. “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 are at historic lows.”
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