Real Estate New York
Market Update April 2007
Existing Home Sale Rise 14.2% in February-Prices Down 1.3% Nationally The dramatic rise in home sales in our area indicates that the spring market will be highly charged with buyers vying for the best homes now that the brief downturn seems over. Click for complete story While this means that it is going to be as hard as ever to own that beautiful new home, it also means that real estate in our area is a sound investment. The best course is to review new listings as soon as they reach the market. You can do this by employing our First Look system which emails listings moments after they are listed. Click to access First Look Housing Market Likely Rebound 2007 WASHINGTON, D.C. (MCT) - A recovery in the nation's housing market is "likely" this year, though problems in the subprime lending marketplace and unusual weather have posed challenges in assessing conditions, according to a Tuesday forecast from the National Association of Realtors. Total sales this year will be "fairly close" to the prior year because "last year started high and ended low," said David Lereah, NAR's chief economist, in a statement. This means that the home you purchase today will probably be worth more next year. Click for complete story 7 Practical Ways to Update the Outdated Home We often find excellent homes in well established neighborhoods that are perfect in every way except that they are often functionally obsolete. Today's home buyers expect more than a single bath; they want a master bedroom suit with a master bath. Today's home buyer wants drama in the way of vaulted ceilings, open floor plans and large windows. Here are seven practical ways to update an older, attractively priced home that return high value on resale. Click for complete article Invitation to Blog WeB LOGS are places where people share their experiences and insights. We were wondering if there are any potential new home buyers out there who would be interested in sharing their experiences leading to owning their new home. This information should prove invaluable for those who come after. It would only need an entry when something interesting or informative occurred during the process. The Blog would appear on the Real Estate New York website, which is the single most popular real estate site north of New York City. If you're are interested or would like additional information please contact our principal broker Dennis Maier at: DennisM@RENY.net			Appraisal Discrepancies: What You Need to Know Is it worth it? Some home buyers are running into a snag when their lender appraisal comes in low. Find out why this may be an appraisal error and not a reflection on the value of a property. Click for the complete story by Blanche Evans Market Update Market Statistics as of April. 1, 2007 This graph represents average sale versus list prices The above graphs indicates that both the average list price and sale price for the month of March 2007 significantly exceeds both the 2005 and 2006 list versus sale prices for the same period. Time on market is about average at 79 days with seller's getting 98.28% of their asking price. Once again, our local market has outperformed the national by a large margin. And while some have hoped for bargain prices, the fact of the matter is that our area benefits from a strong underlying market economy that protects us from surges and drops in market value. In addition, our average sold price of $231,249 is less than the average home price nationally at $247,000. The data presented is from the Capital Region MLS for the four principal counties of Albany, Schenectady, Rensselaer and Saratoga. Mortgage Rates and Trends We've heard that some people have had trouble accessing the dynamic mortgage information. The solution is to place the data on a page on the Real Estate New York website. Click for up to the minute mortgage rate information Senator Schumer Gets Tough on Sub-Primes Denouncing what he called “rogue” mortgage lenders and “liar” loans, New York Sen. Charles E. Schumer on Wednesday called for the national regulation of mortgage brokers, and a ban on riskier products and controversial loan terms. Joining a chorus of lawmakers, regulators and consumer advocates, the state’s senior senator said the collapse of the home loan market for borrowers with bad credit shows the need to protect consumers from practices he calls unscrupulous. Click for complete article Archives We've been asked to again include links to past market updates. But since our stories link to other web sites over which we have no control we only want to link to our most recent issues. Otherwise, the article links may fail to work as they once did. January 2007 February 2007 March 2007

Real Estate New York

Market Update April 2007

Existing Home Sale Rise 14.2% in February-Prices Down 1.3% Nationally

The dramatic rise in home sales in our area indicates that the spring market will be highly charged with buyers vying for the best homes now that the brief downturn seems over.

Click for complete story

While this means that it is going to be as hard as ever to own that beautiful new home, it also means that real estate in our area is a sound investment. The best course is to review new listings as soon as they reach the market. You can do this by employing our First Look system which emails listings moments after they are listed. Click to access First Look

Housing Market Likely Rebound 2007

WASHINGTON, D.C. (MCT) - A recovery in the nation's housing market is "likely" this year, though problems in the subprime lending marketplace and unusual weather have posed challenges in assessing conditions, according to a Tuesday forecast from the National Association of Realtors.

Total sales this year will be "fairly close" to the prior year because "last year started high and ended low," said David Lereah, NAR's chief economist, in a statement.

This means that the home you purchase today will probably be worth more next year.

Click for complete story

7 Practical Ways to Update the Outdated Home

We often find excellent homes in well established neighborhoods that are perfect in every way except that they are often functionally obsolete.
Today's home buyers expect more than a single bath; they want a master bedroom suit with a master bath. Today's home buyer wants drama in the way of vaulted ceilings, open floor plans and large windows.

Here are seven practical ways to update an older, attractively priced home that return high value on resale.

Click for complete article

Invitation to Blog

WeB LOGS are places where people share their experiences and insights.

We were wondering if there are any potential new home buyers out there who would be interested in sharing their experiences leading to owning their new home. This information should prove invaluable for those who come after. It would only need an entry when something interesting or informative occurred during the process.

The Blog would appear on the Real Estate New York website, which is the single most popular real estate site north of New York City.

If you're are interested or would like additional information please contact our principal broker Dennis Maier at: DennisM@RENY.net

Appraisal Discrepancies: What You Need to Know

Is it worth it?

Some home buyers are running into a snag when their lender appraisal comes in low.

Find out why this may be an appraisal error and not a reflection on the value of a property.

Click for the complete story by Blanche Evans

Market Update

Market Statistics as of April. 1, 2007

This graph represents average sale versus list prices

The above graphs indicates that both the average list price and sale price for the month of March 2007 significantly exceeds both the 2005 and 2006 list versus sale prices for the same period.

Time on market is about average at 79 days with seller's getting 98.28% of their asking price.

Once again, our local market has outperformed the national by a large margin. And while some have hoped for bargain prices, the fact of the matter is that our area benefits from a strong underlying market economy that protects us from surges and drops in market value.

In addition, our average sold price of $231,249 is less than the average home price nationally at $247,000.

The data presented is from the Capital Region MLS for the four principal counties of Albany, Schenectady, Rensselaer and Saratoga.

Mortgage Rates and Trends

We've heard that some people have had trouble accessing the dynamic mortgage information. The solution is to place the data on a page on the Real Estate New York website.

Click for up to the minute mortgage rate information

Senator Schumer Gets Tough on Sub-Primes

Denouncing what he called “rogue” mortgage lenders and “liar” loans, New York Sen. Charles E. Schumer on Wednesday called for the national regulation of mortgage brokers, and a ban on riskier products and controversial loan terms.

Joining a chorus of lawmakers, regulators and consumer advocates, the state’s senior senator said the collapse of the home loan market for borrowers with bad credit shows the need to protect consumers from practices he calls unscrupulous.