According to RealtyTrac, an online researcher of distressed properties, the number of home foreclosures in the Capital Region of New York has plummeted by 50% in 2009! There were 1220 properties in the Capital Region that were foreclosed upon compared with 2464 in 2008 or 1 out of every 311 housing units.
To offer some perspective of our stable real estate market, Las Vegas Nevada had the highest percapita rate with 1 out of every 8 housing units receiving a foreclosure filing!
So, what do these statistics and numbers mean for home sellers and buyers of real estate in the Capital Region of New York? What does the upstate New York real estate market offer people who are considering either selling a home or buying a home?
We know a four market facts that present a compelling line of reasoning that "now" is the time to buy and sell real estate. To help illustrate for potential buyers and sellers, the following should be relevant items that will help clear your path:
1. Interest Rates: They are at near historic lows. This is a great benefit to both first time and repeat buyers.
2. Incentives: Beyond the great tax advantages of home ownership, the Federal Government has extended the First Time/Repeat Home Buyer Tax Credit through April 30th, 2010 [with closings occurring by June 30th, 2010].
3. Inventory: While there is ample available inventory for buyers, the market still can sustain additional inventory in almost every price point. This is a benefit to buyers and an advantage to prospective sellers.
4. Prices: Affordability is at record levels now!
If you have questions about buying or selling a home, or would like additional information about your local market, Coldwell Banker Prime Properties can offer informed guidance and competent advice. Please visit www.ColdwellBankerPrime.com.