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Albany New York Real Estate Blog

Fraida Varah

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Displaying blog entries 41-47 of 47

Albany NY Real Estate Market: July 2011 Update

by Fraida Varah

Preliminary Albany (County), NY real estate results for single family home sales during July, 2011 are as follows. Sold and closed homes in July numbered 153 compared to 214 in June. The average home sale price was $243,000 compared to $227,000 in June and the median sale price was $209,000 vs. $199,000 the previous month.  The sale to list price ratio increased almost a full point to 97.2% compared to 96.3% in June and the time on market decreased from an average of 78 in June days to 63 days in July.

Year to date the numbers show that at this point in the year 2011 is lagging last year as there are 996 closed sales through July 31 this year compared to 1229 last year. Both the average and median sale prices have slipped about 1% from last year and the time on the market has increased from an average of 75 days last year to 80 days this year. The average sale to list price ratio has remained steady at 96.5%. 

The months supply of single family homes on the market is up from 8.4 months on July 1 to 10.1 months on August 1. Active single family inventory in Albany County on August 1 stands at 1668 houses compared to 1608 last month and pending sales in July were 164 compared to 191 in June.

30 year fixed mortgage rates continue to hold between 4.25% and 4.5% generally.

Fraida Varah Real Estate Group

Albany NY Real Estate Market: June 2011 Update

by Fraida Varah

Preliminary Albany County single family home sale numbers for June indicate the second month in a row of good home sale numbers with 192 closed units at an average sale price of $226,078.  For the first half of 2011, closed Albany County single family units numbered 813 (1076 for the same period last year) and an average sale price of $218,376 ($224,477 last year at this time) and a list to sale ratio of 96.5% (compared to 96.6% last year) and an average of 81 days on market (74 for the same period last year). We were still seeing the impact of the tax credit this time last year.

As of July 1 there were 1608 single family homes on the market in Albany County and there were 191 homes that went under contract in June (compared to 194 in May). This is an 8.4 month supply of homes on the market..indicating a market favoring buyers. Interest rates are still at historic lows..in the 4.5% range for 30 year fixed mortgages.

Fraida Varah Real Estate Group

NY Real Estate Property Tax Cap

by Fraida Varah

On Saturday, June 25th, a property tax cap was enacted in New York State. This was an item that has long been supported by the New York State Association of Realtors in an effort to protect the home equity of New York State homeowners.

See the press release below.

http://www.nysar.com/content/press/pressreleases.htm?page_id=88&inCtx9pg=0&inCtx9view=1&inCtx9news=5&inCtx9news_id=1030&site_id=1&minor=0&major=2&inCtx9order_by=S:[start_date] desc

Fraida Varah Real Estate Group

Why It's Time to Buy a House

by Fraida Varah

Take a look at this Wall Street Journal piece published last September.....

http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html

The latest Wall Street Journal piece about Why It's Time to Buy was published on Saturday, June 4.....

http://finance.yahoo.com/news/Why-Its-Time-To-wallstreet-3012977435.html

Fraida Varah Real Estate Group

Albany NY Real Estate Market: May 2011 Update

by Fraida Varah

Preliminary single family home sale numbers in Albany County indicate that there were 133 homes closed in May, up from 111 last month, at an average sale price of $218,000 and a median price of $208,000. Year to date there have been 598 homes sold and closed at an average selling price of $217,000, a median price of $191,500 and a 96.5% sale price to list price ratio and an average of 84 days on the market. Comparable numbers for the first five months of last year were 740 homes closed (aided by the federal tax credit) at an average sale price of $211,000 and a median price of $190,000. Sale to list ratio was 96.4% and the average days on market were 79.

As of June 1 there were 1533 single family homes on the market in Albany County with 194 homes going under contract in May indicating a 7.9 month supply of homes...down slightly from last month's 8.4 month supply. The market still slightly favors buyers at this point.

30 year fixed rate mortgages are still in the 4.5% range.

Fraida Varah Real Estate Group

Albany NY Real Estate Market: April 2011 Update

by Fraida Varah

Preliminary Albany County single family home sale numbers for April show 111 closed transactions in April compared to 165 last April (when we had the federal tax credit). The average selling price this April to last is up about 1% as is the sale to list price ratio but days on market are up also. This April 30 year to date closed sales are 447 compared to 544 last year (again the tax credit) and the average and median sale price are both up about 1%. The sale to list price ratio is up from 96.3 to 96.6% but average days on market are also up from 77 to 89.

On May 1 there were 1452 single family homes on the market in Albany County and there were 173 homes that went under contract (up from 149 last month). This indicates an 8.4 month supply of homes…still a buyer’s market. Mortgage interest rates for 30 year fisce rate mortgages or still below 5%.

Fraida Varah Real Estate Group

Should I Buy a Home Now?

by Fraida Varah

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Fraida Varah Real Estate Group

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 41-47 of 47