Real Estate Information

Preliminary single family home sale numbers for Albany County indicate 145 homes closed in November up 2 from last month with an average sale price of $230,000 and a median sale price of $210,000. Average time on the market slowed to 85 days from 73 the previous month and the sale to list price ratio declined from 96.6% in October to 95.5% in November.

Year to date, single family closed home sales in Albany County are running about 100 fewer that last year to date with 1719 so far this year compared to 1814 this time last year. The year to date average sales price is up slightly to $228,000 from $227,000. but the median is down slightly to $196,000 from $200,000. The average days on the market is up from 72 to 79 and the sale to list price ratio is virtually unchanged at 96.5%.

The months supply of inventory stands at 12 months with 1493 active listings as of December 1 and 126 pending sales written in November. 30 year fixed rate mortgage interest rates remain in the 4% range.

Fraida Varah

Maple Ski Ridge is just 30 minutes northwest of Albany, which means one of New York’s finest skiing and snowboarding resorts is easy to get to, even on a moment’s notice, when the urge for the slopes hits. Whether you spend the whole day in the snow, or take some time to relax by the fireplace, a day spent at Maple Ski Ridge will be a day well spent. There are many features that set Maple Ski Ridge apart. Consider its state-of-the-art, environmentally safe snow-making equipment, which covers 95% of the trails. Even when snow levels are less than ideal, Maple Ski Ridge can safely stay open, meaning you get more out of your season pass!

So, what can you expect from a visit to Maple Ski Ridge? For starters, you’ll find trails accommodating every snow enthusiast—from beginners to daredevils. Plus, the Terrain Park, with its hills, jumps, and rails, gives you the chance to do tricks just like the X Games pros. Private lessons and group lessons are available for people of all ages and skill levels, making it easy for everyone to hit the slopes with confidence. And no worries if you don’t have your own equipment, because Maple Ski Ridge has plenty of snowboards, skis, poles, boots, and bindings available to rent.

Season passes purchased before November 30^th are only $275, so buy your pass today and save! Day passes are also available, starting with four-hour passes for $32. If you’re looking for a great deal, consider signing up with your family or friends for unbeatable group rates. For more information on rates and passes, click here.

Winter weather means getting out your coats and gloves. But have you thought about getting your house ready for the colder months? If you’re not careful, winter weather can wreak havoc on your home in the form of frozen pipes and leaky roofs, among other things. The good news is that by winterizing your home you can not only avoid these and other problems, but save some money on heating costs too.

The following are some basic winterizing tips:

1. Check the seals around windows and doors for drafts. If you’re having trouble feeling drafts, try lighting a stick of incense to help you see them. Apply weather stripping wherever air is getting through. Investing in door sweeps is also an inexpensive investment that quickly pays off.
2. Since heat rises, adding insulation to your attic is an easy and relatively inexpensive way to keep more warmth inside your home. Remember, you should have a minimum one-foot of insulation up there, no matter how cold it gets.
3. Insulate your pipes to keep them from cracking. Pre-molded foam rubber sleeves are available at most local hardware stores.
4. If you have a fireplace, make sure there isn’t any debris in the chimney. Also, consider investing in a chimney cap to keep obstructions from entering your chimney in the first place.
5. Cleaning out your gutters might seem like a time-consuming chore, but clogged gutters can cause water to back up and freeze, which can potentially lead to a leaky roof.
6. Make sure your furnace is working properly. Replace the furnace filters at the beginning of winter, and plan to change them as needed throughout the season. An annual tune-up and cleaning is also advised.

Preliminary numbers of Albany County single family home sold show 128 homes closed in September compared to 179 one month ago. The average selling price was $212,000 compared to $236,000 a month ago.

Year to date single family homes sales in Albany County stood at 1556 compared to 1656 for the same 10 month period last year. The average selling price is unchanged at $228,000 but the median selling price is down to $195,000 from $200,000. Average sale to list price ratio is about the same at 95.5% and the average time on market is up slightly from 71 days to 78 days.

As of November 1, there is approximately 11 months of inventory available with 1600 listings and 142 houses selling in October...still a buyer's market across many price ranges althought not all.

Mortgage interest rates continue to remain below 4% for a 30 year fixed rate conventional mortgage.

Fraida Varah Real Estate Group

Preliminary Albany County single family home sale numbers indicate 164 homes closed in September, down from 208 last month, at an average sale price of $239,000 (down from $253,000 last month) and a median sale price of $194,000 (down from $200,000 last month). The average sale to list price ratio was 95.7% and the average time on the market was 83 days.

Year to date, single family homes closed is 1409, down from 1514 during the first nine months of last year. The average sale price is up from $228,000 to $229,000 and the median sale price is down to $195,000 from $200,000 last year. The average sale to list price is about the same as last year at 96.4% and the time on the market is up from 72 days last year to 79 so far this year.

The market slowed some in September with 123 homes going under contract and with 1653 homes on the market as of October 1, the months supply of inventory is now up to 13.2 months compared to 9.5 months at the end of August.

Home mortgage rates are at historic lows with a 30 year fixed rate FHA loan now available at 3.75%.

Fraida Varah

The City of Albany recently announced a homeownership assistance program designed to help Albany homebuyers with downpayment and closing costs. The city will make 0% interest loans up to a maximum of 8% of the purchase price to a maximum of $15,000 for a term of up to 10 years on homes whose purchase price does not exceed $200,000. The homeowner must live in the home during the entire term of the loan and complete a Homebuyer 101 course offered by the Affordable Housing Partnership as a condition of being qualified for the program. The homebuyer also must provide a purchase contract and a pre-approval letter from mortgage lender. For additional information and an application, please see the City of Albany website and the link below.

http://albanyny.gov/Government/Departments/DevelopmentPlanning/AlbanyCommunityDevelopmentAgency/HomeownershipAssistance.aspx

Planning a remodel on your home? Need creative inspiration? Looking for ideas on how to save money in the process? Look no further! The Albany Fall Home Show in Albany, New York, is an exciting convention designed to help homeowners whether they are remodeling, landscaping, or decorating their homes.

Walking through the aisles, you will be able to gather information from experts in each display or booth. The show will have numerous outdoor vignettes, sample interiors, and product demonstrations including some that will entertain and educate. This is an excellent opportunity to save time by visiting handfuls of companies in one spot! You will learn how to improve the comfort and functionality of your home, along with the overall value.

There will be vendors specializing in the following areas:

• Kitchens & Bath
• Windows & Doors
• Landscaping
• Roofing & Siding
• Flooring
• Hot Tubs & Pools
• Sunrooms
• …and more!

The Albany Homeshow displays will wow and inspire you. You’re bound to walk away from this convention with your head buzzing with ideas.

Held at the Times Union Center in downtown Albany, the Homeshow will be open for one weekend only! It will be open (with FREE admission) on Friday, September 16^th from 11:00 a.m. – 9:00 p.m., on Saturday, September 17^th from 10:00 a.m. – 8:00 p.m., and on Sunday, September 18^th from 10:00 a.m. – 6:00 p.m. Items will be available for purchase directly from vendors on-site. This is a wonderful opportunity, so don’t miss out!

For more information, call 1-800-745-3000.

If you are looking for an exciting way to end the summer, take a trip to the 30^th Annual Larkfest in Albany, New York! The largest one-day street festival in the area, Larkfest is a highly anticipated event by many for its various vendors and two stages for local and national bands. It was voted “Best Arts Event” in the Capital area in both 2009 and 2010.

Larkfest will also include a few special attractions such as the Larkfest Silent Disco, Living Walls: Albany Project, and Kids Zone. The Larkfest Silent Disco includes participants wearing a wireless headset that receives a broadcast from a local source. Everyone wearing a headset is listening to the same music, but those without headphone will never even know anything is going on! The Kids Zone will offer music, fun and games for children along with a special appearance by Disney and PBS characters.

The exciting band lineup for Larkfest includes:

• Ben Karis Nix
• Landlines
• We are Jeneric
• Cody Beebe & The Crooks
• Motopony
• Mike Doughty
• Blotto
• Severe Severe
• Faces on Film
• …and more!

Make sure you don’t miss out on this exciting event on September 17^th. It is an all- day event going from 10:00 a.m. to 5:30 p.m. The best part? FREE admission! For more information, call (518) 434-3861. This event is presented by Lite POM and co-sponsored by the City of Albany and Mayor Jerry Jennings.

Preliminary Albany County home sale numbers for August indicate a more active month compared to July with 190 homes closed (compared to 153 in July) and an average price of $254,800 (compared to $243,800 in July) and a median sales price of $200,000 (compared to $209,000 in July). Percentage of asking price received slipped from 97.2% in July to 96.1% in August and average days on the market increased from 63 in July to 78 in August.

Year to date Albany County real estate market numbers show 1225 closed sales through 8/31/11 compared to 1384 during the same period last year. The average sale price was up less than 1% to $227,800 and the median price was down 2% to $195,000. Sale to list ratio has remained steady at 96.6% and days on the market have increased from 73 to 79.

The months supply of inventory has decreased from July from 10.1 months supply to 9.5 months. There were 175 houses that went under contract in August compared to 164 in July.

Current mortgage interest rates remain at historically low levels...low 4% range for a 30 year fixed rate mortgage.

Fraida Varah Real Estate Group

Since 2009, third party residential real estate appraisers are no longer hired directly by the mortgage lender (unless they use in-house personnel), mortgage banker or mortgage broker. They are hired by appraisal managment companies who share the appraisal fee with the actural appraiser. The result of this new arrangement is that appraisal fees to the consumer have increased, appraisers are earning less, and often the appraisers are inexperienced or unfamiliar with the local market and this has resulted in inaccurate appraisals. This in turn has caused many residential real estate transactions to fail. For more on this, see the Reuters story at the link below.

http://www.reuters.com/article/2011/08/24/us-usa-economy-appraisals-idUSTRE77N2PM20110824

Fraida Varah Real Estate Group