Real Estate New York
Market Update July 2007
The Sky is Falling!
Maybe. . ,
But not in Real Estate
Despite media reports about a severe housing downturn, there are several reasons why experts do not foresee a market crash. Real estate is cyclical in nature due to supply and demand, but values are fueled by utility, not speculation, with a robust economy and job market increasing values and economic downturns putting downward pressure on values.
Every property is unique in terms of its location, views, lot size, and other characteristics and cannot be traded the same way that commodities are. Additionally, experts point out that there will always be demand for housing; and mortgage defaults, though typically low, can occur even when the economy is strong. Experts also note that there are many ways to calculate a home's value, but media reports only provide a snapshot of what buyers paid for a particular number of homes during a particular month.
Finally, experts insist real estate is not risky if buyers wish to accumulate wealth over the long term, adding that building equity, even when paying the mortgage gets tough, is always more profitable than renting.
Read Complete Article by George W. Mantor
The Classic Colonial
America's colonial period encompassed a number of housing types and styles, including: Cape Cod, Saltbox, Georgian, and Dutch Colonial. However, when we speak of the Colonial style, we often are referring to a rectangular, symmetrical home with bedrooms on the second floor. The double-hung windows usually have many small, equally sized square panes.
During the late 1800s and throughout the 20th century, builders borrowed Colonial ideas to create refined Colonial Revival homes with elegant central hallways and elaborate cornices. Unlike the original Colonials, Colonial Revival homes are often sided in white clapboard and trimmed with black or green shutters.
In the Capital Region the Colonial in all of its incarnations represent fully a third of all homes purchased.
Click for complete article By Barbara Ballinger
The World's Most Expensive Cities
Think Capital Region Prices are high? Even New York City ranks 15th behind Moscow (by 34%) and London according to Mercer Human Resource Consulting.
Desperate Measures for the Mortgage Business
Looks like some mortgage companies are still failing to give consumers credit for having a brain. Read what one outfit is up to now.
Click for complete article by Jon Birger Fortune Online
Click for our list of solid Capital Region Lenders
What's New on the Green Scene
Sustainability Takes Hold
The latest environmentally friendly home features aren't just good for the planet — they look great and are a huge draw for conscientious buyers, too.
From energy-efficient light bulbs to solar-paneled roofs, consumers have gravitated to the idea that they can help the earth by making smarter purchases and lifestyle decisions, even if it's not always cheap or easy. Many of these changes are happening in their homes, thanks also to manufacturers, builders, and architects who are encouraging green products.
“Interest in being green has moved across the country — it's no longer just for wacky Californians,” says Matt Golden, who founded Sustainable Spaces Inc. in San Francisco three years ago. The company performs environmental audits on homes, which tests for energy efficiency, indoor air quality, and other factors.
National Market Upturn Forecasted
Typically, the Capital Region real estate market lags behind national trends with neither the highs or lows experienced elsewhere. This is attributed to the stability of the local economy based on the state government, hospitals, and universities, plus our new high tech resources.
The downturn in the national market started in the second quarter of 2006 but was not apparent here until last month when prices finally came down to levels reached in the last few years.
This month prices indicate further correction in the market to levels not seen since 2005.
If history is any guide, our local market will again begin its ascent in the near future. This means there is a limited window of opportunity to profit from our fledgling "Buyers' Market"
Click for entire National Association of Realtors article
Market Update
Market Statistics as of July 1, 2007
This graph represents average sale versus list prices
Prices continue to drop to levels not seen since 2005.
And since these statistics are hot off the presses as of July 1st you are the first to know--even before most are Realtors.
In addition, sellers are getting 96.95% of their asking price with the days on market down up from 71 to 81.
This statistic indicates that there are now great bargains out there but they are going fast. Go get 'em!
However, the national trend is now showing signs of reversing.
Mortgage Rates and Trends
The link to up to the minute New York State mortgage information seems to work better than presenting the actual graph.
Click for up to the minute mortgage rate information
Bath Trends 2007
Kitchens, media rooms, and outdoor terraces are the spots where families and friends flock to enjoy time together. But just as important for busy home owners is a peaceful escape where they can turn to unwind and refresh, if even for a few minutes.
That's one reason why the bathroom continues to be one of the most important rooms buyers consider when choosing a home. And that's also why home owners spend generously on upgrades to this essential space — adding more square footage, bigger showers, fancier tubs, lots of light, sitting areas, and upscale fixtures.
Click for complete article by Barbara Ballinger
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 |
April 2007 May 2007 June 2007 |
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New Phone Numbers for Real Estate New York
With regret we have changed our phone center numbers, The old system did not handle international calls well. And an increasing number of Capital Reason buyers and investors are coming from other parts of the world.
The new numbers are: 518-312-4030 locally and 888-749-3384 toll free. 01-888-749-3384 toll free internationally. Faxes can be sent to any of these numbers by dialing #6 Please make a note of the new numbers. Thanks.