This week, the U.S. senate agreed to extend the deadline for The Home Buyers Tax Credit until September 30, 2010. This comes as good news to home buyers who entered into a contract by April 30, 2010 but are on the clock and struggling to meet the original June 30, 2010 closing date.
The House of Representatives still needs to approve this law but are expected to do so by the end of June. In the meantime, real estate professionals across the country will continue their lobbying efforts.
Friday, June 18, 2010
Wednesday, January 27, 2010
December Numbers
Greater Capital Association of Realtors released housing statistics for single family homes in the month of December. This includes new construction and resale. Please see below for stats & summary:
Entire Capital Region MLS Compare to Dec., 2008
• Residential Pending Sales (455) +28.5% (354)
• Residential Closed Sales (644) +5.7% (609)
• Median Sales Price $180,000 -2.2% (184,000)
Average Days on Market 92 Days
Albany County
• Residential Closed Sales (142) -15% (167)
• Median Sales Price $193,000 +1.8% $189,500
Rensselaer County
• Residential Closed Sales (100) +23.5% (81)
• Median Sale Price $172,450 +0.8% $171,000
Saratoga County
• Residential Closed Sales (179) +11.9% (160)
• Median Sale Price $231,500 -7.8% $251,000
Schenectady County
• Residential Closed Sales (102) +8.5% (94)
• Median Sale Price $160,999 -3.6% $167,000
Schoharie County
• Residential Closed Sales (15) +25% (12)
• Median Sale Price $124,030 +9.3% $113,500
Montgomery County
• Residential Closed Sales (26) +36.8% (19)
• Median Sale Price $88,000 -24.8% $117,000
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2.0% (82)
• Average Price $322,874 -9.0% $357,322
Capital Region: 2008/2009 Comparison
2009 2008
Pending Sales (8,475) +3.0% (8,227)
Closed Sales (7,998) -4.9% (8,406)
Median Sale Price $183,500 -4.7% $192,500
New Construction
Closed Sales (759) -21% (966)
Avg. Sale Price $332,300 -4.3% $347,179
For the month of December the Capital Region showed a 5.7% increase in closed home sales as compared to December, 2008. Rensselaer County had the largest increase of 23.5%. In addition, pending sales increased for the seventh straight month with a 28.5% increase from last December. The median sale price decreased slightly (2.2%) to $180,000 this month but the dip is largely attributed to the $8,000 first-time home buyer’s tax credit which brought out first-time buyer’s who typically purchase below the $250,000 price point.
The Year in Review:
Overall, 2009 got off to a slow start but ended on a much higher note. There was a 3% increase in pending sales for 2009 and although closed sales are down by 4.9% from last year, the last few months of 2009 showed a steady increase with the $8,000 tax credit and low interest rates helping to keep the momentum. The median sales price also dropped from last year by 4.7% to $183,500, but the large number of first-time home buyers can be largely attributed to the drop.
Entire Capital Region MLS Compare to Dec., 2008
• Residential Pending Sales (455) +28.5% (354)
• Residential Closed Sales (644) +5.7% (609)
• Median Sales Price $180,000 -2.2% (184,000)
Average Days on Market 92 Days
Albany County
• Residential Closed Sales (142) -15% (167)
• Median Sales Price $193,000 +1.8% $189,500
Rensselaer County
• Residential Closed Sales (100) +23.5% (81)
• Median Sale Price $172,450 +0.8% $171,000
Saratoga County
• Residential Closed Sales (179) +11.9% (160)
• Median Sale Price $231,500 -7.8% $251,000
Schenectady County
• Residential Closed Sales (102) +8.5% (94)
• Median Sale Price $160,999 -3.6% $167,000
Schoharie County
• Residential Closed Sales (15) +25% (12)
• Median Sale Price $124,030 +9.3% $113,500
Montgomery County
• Residential Closed Sales (26) +36.8% (19)
• Median Sale Price $88,000 -24.8% $117,000
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2.0% (82)
• Average Price $322,874 -9.0% $357,322
Capital Region: 2008/2009 Comparison
2009 2008
Pending Sales (8,475) +3.0% (8,227)
Closed Sales (7,998) -4.9% (8,406)
Median Sale Price $183,500 -4.7% $192,500
New Construction
Closed Sales (759) -21% (966)
Avg. Sale Price $332,300 -4.3% $347,179
For the month of December the Capital Region showed a 5.7% increase in closed home sales as compared to December, 2008. Rensselaer County had the largest increase of 23.5%. In addition, pending sales increased for the seventh straight month with a 28.5% increase from last December. The median sale price decreased slightly (2.2%) to $180,000 this month but the dip is largely attributed to the $8,000 first-time home buyer’s tax credit which brought out first-time buyer’s who typically purchase below the $250,000 price point.
The Year in Review:
Overall, 2009 got off to a slow start but ended on a much higher note. There was a 3% increase in pending sales for 2009 and although closed sales are down by 4.9% from last year, the last few months of 2009 showed a steady increase with the $8,000 tax credit and low interest rates helping to keep the momentum. The median sales price also dropped from last year by 4.7% to $183,500, but the large number of first-time home buyers can be largely attributed to the drop.
Monday, January 4, 2010
November Numbers
Greater Capital Association of Realtors released housing statistics for single family homes in the month of November. This includes new construction and resale. Please see below for stats & summary:
Entire Capital Region MLS Compare to Nov., 2008
• Residential Sales of Contract (544) +10.6% (492)
• Residential Closed Sales (804) +36.3% (590)
• Median Sales Price $178,000 -6.3% (190,000)
Average Days on Market 85 Days
Albany County
• Residential Closed Sales (195) +21.9% (160)
• Median Sales Price $195,000 -2.3% $199,500
Rensselaer County
• Residential Closed Sales (124) +74.6% (71)
• Median Sale Price $164,950 -10.8% $185,000
Saratoga County
• Residential Closed Sales (195) +26.6% (154)
• Median Sale Price $237,400 -4.5% $248,500
Schenectady County
• Residential Closed Sales (149) +28.4% (116)
• Median Sale Price $159,000 +4.3% $152,500
Schoharie County
• Residential Closed Sales (17) +6.3% (16)
• Median Sale Price $135,000 -11.1% $151,900
Montgomery County
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $109,250 +60.7% $68,000
New Construction (Entire CRMLS)
• Existing Home Sales (73 ) +.013% from (72)
• Average List Price Sold $306,412 -14% $356,067
Overall the Capital Region experienced a 36.3% increase in closed sales for the month of November in comparison to the same time last year. Rensselaer County faired extremely well with a 74.6% increase with none of the six counties listed dropping this month. While the increase in closed sales is positive, the contracts of sales increased in the month of November for the sixth month in a row. There were 544 signed purchase agreements in the month of November, up 10.6% from a year ago.
The median sale price for most counties has dropped across the board but the overall softening can be attributed to the first-time home buyers tax credit and the large number of first-time home buyers.
Entire Capital Region MLS Compare to Nov., 2008
• Residential Sales of Contract (544) +10.6% (492)
• Residential Closed Sales (804) +36.3% (590)
• Median Sales Price $178,000 -6.3% (190,000)
Average Days on Market 85 Days
Albany County
• Residential Closed Sales (195) +21.9% (160)
• Median Sales Price $195,000 -2.3% $199,500
Rensselaer County
• Residential Closed Sales (124) +74.6% (71)
• Median Sale Price $164,950 -10.8% $185,000
Saratoga County
• Residential Closed Sales (195) +26.6% (154)
• Median Sale Price $237,400 -4.5% $248,500
Schenectady County
• Residential Closed Sales (149) +28.4% (116)
• Median Sale Price $159,000 +4.3% $152,500
Schoharie County
• Residential Closed Sales (17) +6.3% (16)
• Median Sale Price $135,000 -11.1% $151,900
Montgomery County
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $109,250 +60.7% $68,000
New Construction (Entire CRMLS)
• Existing Home Sales (73 ) +.013% from (72)
• Average List Price Sold $306,412 -14% $356,067
Overall the Capital Region experienced a 36.3% increase in closed sales for the month of November in comparison to the same time last year. Rensselaer County faired extremely well with a 74.6% increase with none of the six counties listed dropping this month. While the increase in closed sales is positive, the contracts of sales increased in the month of November for the sixth month in a row. There were 544 signed purchase agreements in the month of November, up 10.6% from a year ago.
The median sale price for most counties has dropped across the board but the overall softening can be attributed to the first-time home buyers tax credit and the large number of first-time home buyers.
Monday, December 21, 2009
Prepping for the Holidays
Because I'm busy preparing for the holidays, I'm taking the next couple of weeks off. I hope you enjoy the festivities as much as I plan to!
Monday, December 7, 2009
Come on Down
As a kid I loved the game show The Price is Right. The excitement never ended from the time Bob Barker called down a new contestant until the major prizes were won in showcase. Showcase showdown was my favorite round. This is the game that occurs at the end when two players have the opportunity to guess how much vacation packages, cars, appliances and all sorts of other cool stuff cost. I scoffed at players who misestimated prices. At the tender age of 12, I was certain I could guess the right price, and angry nobody would take me to Burbank, CA so I could take a stab at it. Years later, I’m a real estate agent and my days of watching The Price is Right are long gone, but pricing a home in a competitive housing market is much like showcase showdown—if you don’t get it right, the game is over.
Pricing is the single most important factor when selling a home. I’ll say it again- pricing is the single most important factor when selling a home. Location is important, condition is important, advertising and promotion are imperative; but if a house isn’t priced properly and is entirely out of sync with what’s considered fair market value, it won’t sell. In fact, you’ve just done your competition a favor. Their buyers will think they’re getting a pretty good deal compared to your expensive home. In addition, the longer a house sits on the market without any offers; the more potential buyers begin to think there’s something wrong with the property. Have I mentioned the hundreds- if not thousands- of dollars wasted on advertising and promotion? If you’re a real estate agent, you’re foolish to take an overpriced listing; and if you’re selling without representation, you’ll be waiting a long time for a buyer. My advice- price it right!
Pricing is the single most important factor when selling a home. I’ll say it again- pricing is the single most important factor when selling a home. Location is important, condition is important, advertising and promotion are imperative; but if a house isn’t priced properly and is entirely out of sync with what’s considered fair market value, it won’t sell. In fact, you’ve just done your competition a favor. Their buyers will think they’re getting a pretty good deal compared to your expensive home. In addition, the longer a house sits on the market without any offers; the more potential buyers begin to think there’s something wrong with the property. Have I mentioned the hundreds- if not thousands- of dollars wasted on advertising and promotion? If you’re a real estate agent, you’re foolish to take an overpriced listing; and if you’re selling without representation, you’ll be waiting a long time for a buyer. My advice- price it right!
Monday, November 30, 2009
October Numbers
Greater Capital Association of Realtors released housing statistics for single family homes in the month of October. This includes new construction and resale. Please see below for stats & summary:
Entire Capital Region MLS Compare to
Oct., 2008
• Residential Sales of Contract (792) +9% (608)
• Residential Closed Sales (824) -4% (791)
• Median Sales Price $174,500 -8% (189,500)
Albany County
• Residential Sales of Contract (176) +7% (164)
• Residential Closed Sales (199) -1% (202)
• Median Sales Price $192,000 -2% $195,900
Rensselaer County
• Residential Sales of Contract (113) +33% (85)
• Residential Closed Sales (110) -3% (113)
• Median Sale Price $168,000 -6% $178,000
Saratoga County
• Residential Sales of Contract (210) +24% (169)
• Residential Closed Sales (196) -8% (213)
• Median Sale Price $237,300 -5% $250,000
Schenectady County
• Residential Sales of Contract (139) +35% (103)
• Residential Closed Sales (144) -21% (119)
• Median Sale Price $148,500 -8% $166,723
Schoharie County
• Residential Sales of Contract (21) +91% (11)
• Residential Closed Sales (19) -46% (13)
• Median Sale Price $130,000 +16% $112,500
Montgomery County
• Residential Sales of Contract (17) -11% (19)
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $96,500 +7% $89,900
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2% from (97)
• Average Sale Price $366,783 +5% $349,034
Overall the Capital Region experienced a 4% increase in closed sales for the month of October in comparison to the same time last year. Schenectady faired well with a 24% increase while Saratoga dropped 8%, Rensselaer 3%, and Albany County dropping a modest 1%. While the increase in closed sales varies from county to county, the contracts of sales increased for the fifth month in a row and Schenectady County leads the way with a 35% increase.
The median sale price dropped by 8% across the entire Capital Region with Schenectady County seeing a 7% decrease.
Entire Capital Region MLS Compare to
Oct., 2008
• Residential Sales of Contract (792) +9% (608)
• Residential Closed Sales (824) -4% (791)
• Median Sales Price $174,500 -8% (189,500)
Albany County
• Residential Sales of Contract (176) +7% (164)
• Residential Closed Sales (199) -1% (202)
• Median Sales Price $192,000 -2% $195,900
Rensselaer County
• Residential Sales of Contract (113) +33% (85)
• Residential Closed Sales (110) -3% (113)
• Median Sale Price $168,000 -6% $178,000
Saratoga County
• Residential Sales of Contract (210) +24% (169)
• Residential Closed Sales (196) -8% (213)
• Median Sale Price $237,300 -5% $250,000
Schenectady County
• Residential Sales of Contract (139) +35% (103)
• Residential Closed Sales (144) -21% (119)
• Median Sale Price $148,500 -8% $166,723
Schoharie County
• Residential Sales of Contract (21) +91% (11)
• Residential Closed Sales (19) -46% (13)
• Median Sale Price $130,000 +16% $112,500
Montgomery County
• Residential Sales of Contract (17) -11% (19)
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $96,500 +7% $89,900
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2% from (97)
• Average Sale Price $366,783 +5% $349,034
Overall the Capital Region experienced a 4% increase in closed sales for the month of October in comparison to the same time last year. Schenectady faired well with a 24% increase while Saratoga dropped 8%, Rensselaer 3%, and Albany County dropping a modest 1%. While the increase in closed sales varies from county to county, the contracts of sales increased for the fifth month in a row and Schenectady County leads the way with a 35% increase.
The median sale price dropped by 8% across the entire Capital Region with Schenectady County seeing a 7% decrease.
Monday, November 23, 2009
T'is the Season
Thanksgiving is a few days away and Friday marks the beginning of the Holiday season. Everyone is gearing up for what’s arguably the busiest time of year. While I’ll admit this probably isn’t the most convenient time for a seller to put their house on the market or a buyer to search properties, but it’s definitely the time of year when houses and their neighborhoods are looking festive and fantastic. Couple that with the extension and expansion of the $8,000 tax credit, along with interest rates hovering around 5% and this may be the best holiday ever to buy or sell a home!
If you’re thinking about waiting until after the holidays to make your move, you might want to think again. As a seller, you have the opportunity to take advantage of the vast number of first-time or repeat home buyers looking to cash in on the $8,000/$6,500 tax credit. And as a buyer, this is a great time to view decked-out homes and tour these properties with the holiday cheer they deserve!
If you’re thinking about waiting until after the holidays to make your move, you might want to think again. As a seller, you have the opportunity to take advantage of the vast number of first-time or repeat home buyers looking to cash in on the $8,000/$6,500 tax credit. And as a buyer, this is a great time to view decked-out homes and tour these properties with the holiday cheer they deserve!
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