Views of the 2012 real estate market are often conflicting, making it difficult to assess if the housing market is in decline or on the mend. As a result, prospectivehome sellers and buyers are apprehensive and often confused. Working in the Glens Falls, Queensbury and Capital District communities I have an optimistic outlook when discussing the local housing market.
Market conditions have improved and are fantastic for buyers because homes are priced well. If a seller is not making a lot of money on his home, he’s making it up on the purchase of a new home. However, most home owners selling in this market have been in their homes longer than 10 years and are able to sell their home for more than they had invested in most cases. Interest rates are so low that the payment of the new home, over time, is a lot less, making this another great opportunity for buyers to get into the marketplace.
Homes that are priced well, are selling quickly. Most, within 90 -120 days. That gives the sellers the opportunity also to get into the market as a buyer picking up the same benefits of good pricing and low interest rates.
Even with the stronger lending requirements buyers are still able to obtain financing. Local lending institutions have eased lending while still following strict guidelines. Stricter guidelines in lending is a good thing. The long term effects of stricter lending will pay off in a stronger market down the road. For right now it is a matter of navigating these changes so that you can comply while still being able to obtain the financing of your choice.
Another great thing is our local economy. The Capital Region is a great place to live, raise a family and stay. We continue to have a great transportation system, fabulous universities and leading health services. With Nanotech and microchip technology being the strongest in the country right now we have opportunities for our children that we didn't have 25 years ago. All this has helped to maintain a stable local economy as other areas in the nation have suffered.
Additionally, the development of Global Foundries in Malta has not only brought over thousands of new technical jobs to the area, it has also spurred dozens of ancillary businesses who support Global Foundries. In addition that has created more jobs and business for restaurants, salons, retail and service providers making the long term effects for our area outstanding.
This Blog was written by Cindy Quade, Sales and Marketing Manager at The Michaels Group*
