Real Estate New York
Market Update March 2007
Learn How to Raise Your Credit Score
Why are Credit Scores so important? Credit Scores directly effect many financial transactions you do including: buying a home with a mortgage, borrowing money to purchase a car, applying for credit cards, and sometimes applying for a job.
Your Credit Score tells a lender very quickly and efficiently how likely you are to default on a loan. The lower the Credit Score, the higher the interest you will pay - since the lender has to take on more risk to lend you money based on your payment history.
Click for Credit Score Resources
10 Steps to Home Ownership!
The home-buying process doesn't need to be scary. Our step-by-step guide will walk you through the process and answer your questions on what you should expect from your REALTOR®, where to look for loans, and what to watch out for when closing the deal.
Slowing Housing Market Sees Rates Fall
Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.22 percent with an average 0.5 point for the week ending February 22, 2007, down from last week when it averaged 6.30 percent. Last year at this time, the 30-year FRM averaged 6.26 percent.
a few minutes with ... Douglas Hoerr
What should great landscape design try to accomplish?
It should combine the owner's practical considerations, such as being low maintenance, with functional objectives: Is it a space for entertaining or a quiet spot for meditating? It should also be married to the architectural style of the property and reflect its location regionally. You probably don't want to pair a Japanese garden with a bungalow.
If it does these things, sellers will get tremendous value out of it—both personally and economically. That's a successful landscape. A great landscape can actually change the habits of the people who own it—enabling them to spend more time outside, for instance. People want happiness in their lives, and a great landscape can deliver that.
Click to view complete story
Looking for the BEST mortgage?
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it's a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Real-Estate Market Sales Rebound Prices Fall
Sales of existing U.S. homes rose 3% to a seasonally adjusted annual rate of 6.46 million in January, the highest sales pace in seven months, the National Association of Realtors reported Tuesday. It was the largest percentage gain in two years.
However, the median sales price fell 3.1% year-over-year to $210,600. "The price correction is working," Lereah said
Click for the complete story by Rex Nutting
In the Capital Region the average sale price dropped by 6 3/4% from January but are up over 10% from February 2006. See graph below.
Market Update
Market Statistics as of March. 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 February significantly exceeds both the 2005 and 2006 list versus sale prices for the same period.
The good news is average sales price figures are down 6 3/4% over last month. The average time a home stays on the market is also up to 81 days
However, the best homes go fast. So, the best course is to act quickly on listings emailed from the FIRST LOOK system and get out to see the new listings ASAP. If you have not registered your home needs with FIRST LOOK just click here.
The above statistics are for the four main counties of the Capital Region: Albany, Schenectady, Saratoga and Rensselaer. Outlying areas tend to have lower average prices.
$50.00 off Home Inspection
Mortgage Rates and Trends
We've been asked to display rates and rate trends for other mortgage products besides the 30 yr. fixed. We can do that but will not have room in this update to display all the trend graphs.
What we've done is to display the numbers with a link to the trend graph for any of the mortgage products listed. Please let us know if this works for you.
incidentally, the above graph is dynamic, in that it updates automatically. This allows you to return to this page for the latest data.