The 2016 Capital District Real Estate Market Kick Off!

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It's official! 2015 was the best year for home sales here in the Capital district since 2006. That's great news! Today, I'll go over some numbers for four different counties with you.

First, I came across a great article in The Business Review. The median sales price in our area increased by 1% to $195,000, but the average sales price has stayed virtually the same, sticking at $222,701.

However, results released over the past few months indicated that the market was on track to post the best year in real estate since 2006. If you remember back to the beginning of the year, we had a rough start to 2015 because of the brutal winter. So it's great to see that in the third and fourth quarter, we came back strong.

Why did our market do so well? I can point to three main factors: job growth, lower unemployment rates, and historically low interest rates. Even though rates went up a little bit, that small increase was not enough to deter buyers from purchasing a home. However, be aware that you will start to see rates increase over the next year or so.

Now for the numbers. Closed sales fell by about 6% in December, but the good news is that pending contracts are actually up 12%. That's a great sign, and 2016 is starting off very strong compared to last year. Here are the sales numbers for four different counties in our area:

• Albany County: Sales are up 10%. The average sales price is down 1% at $239,602.

• Rensselaer County: Sales are up 6% and the average sales price is $182,386.

• Saratoga County: Sales are up 5%. The average sales price is up 3% at $299,878.

• Schenectady County: Sales are up 16% and the average sales price is down 1% at $170,030.

The average days on market is about the same as last year, maybe just a week quicker. That's due to low inventory, which should pick up here in the spring market.

That's it for my market update. If you're thinking of buying or selling a home, I just want to take a quick moment to offer you two great books for free. I co-authored both of these with 18 other top agents: Answers from Experts on Selling a Home and Answers from Experts on Buying a Home.

If you're interested in these books, or if you have any questions regarding real estate, give me a call or send me an email. I look forward to hearing from you!

Should You Sell Your Capital District Home this Winter?

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Selling Your Capital District home? Get a free Home Price Evaluation

During this time of year, sellers often ask, “Should I put my home on the market during the winter, or should I want until spring?” Let’s review some advantages and disadvantages of selling during the winter months.

One advantage to selling your home in winter, is supply and demand. Many sellers fear their home won’t sell and end up taking it off the market. These particular sellers rely on the common misconception that homes do not sell during the wintertime. When inventory is low, you have less competition, resulting in a higher demand and an increased sales price for your property. 

There aren’t any disadvantages to selling in the winter, if you’re a motivated buyer. 

If you decide to wait until spring to sell your home, you face certain disadvantages, such as exposure. Your home will not be shown to the motivated buyers who are looking for homes in the winter. Some of those buyers have recently transferred jobs and have a deadline to purchase a home by January 1st. Those buyers will not see your property if you wait until spring.

If you wait to sell your home, there could be another 15 or 20 homes out there for sale. When inventory increases in the spring, demand for your home decreases and so does the sales price.

If you're still not convinced, a recent study was released called “Cold Weather Equals Hotter Sales”. This study found that houses listed in winter are more likely to sell in six months or less than houses listed in the spring.

As you can see, now is a great time to sell your home. If you have any questions, give me a call or send me an email. I look forward to hearing from you!

The Capital District Market Today

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As we close with a strong year, we’re hoping to start boldly in 2016. We’ve had a phenomenal year. As a single company, we’ve done twenty million in business so far. We presume we’ve seen such great success from the customer satisfaction we provide. Consumer confidence is up, the unemployment rate is as at its lowest since 1973, and the stock market is going back.

• Inventory decreased by 11.5% this year. The positive takeaway is the fact that prices increased by 3.8%. Last year, the average sales price was $186,000. Comparatively, this year, it is $193,000. This is an excellent improvement especially from the decreased inventory our market experiences. Thus, homes are selling quicker for sellers and the interest rates are low for buyers.

• We maintain a 93.2% list to sales ratio. That’s a good, healthy number to admire. For every home sold, we expect to receive at least 93.2% of the listing price when the property closes. If you’re a seller, don’t remove your home during the holidays. Homes sell during the entire year, and fortunately, we’ve experienced more sales this year during the fourth quarter compared to the past.

• Interest rates are down. The Federal Reserve had two opportunities to increase rates at the end of the third into the fourth quarter, but they didn’t. Furthermore, the rumors say the Fed will increase rates this year into next year. Now is the time to buy if you’ve been thinking about it. Take advantage of the low rates while they last!

If you have any questions about buying or selling a home, reach out to us. Give us a call or email today. We’d be happy to sit down with you!