What is the Current Albany, NY Real Estate Market Condition?
The Greater Albany area real estate market in
2008 has become a "balanced market". Home prices generally leveled off from the significant price increases during the 2002 to
2006 period. In some price ranges the prices are correcting downward slightly. In 2008, there
has been a good supply (six month supply on average) of homes on the market and with fixed interest rate thirty year mortgages in the
6 to 6.5% range, 2008 has been a good year for homebuyers. For Albany area home sellers, now is the time to make sure your home is priced correctly for a market that
is beginning to favor buyers. Along with pricing your home properly, home sellers must pay close attention to the details of marketing their home. Don’t forget to consider curb appeal and staging your home for a successful sale. First impressions are everything.
Should I Wait For the Market to Improve?
Home sellers often asked us this question. Ultimately it depends on what is motivating you to sell your home. If you need a larger home for your growing family or you need to downsize, don’t wait for market conditions to change.
If you are thinking about selling your home this year, make a plan:
(1) Make sure your home is prepared for the market. Initiate repairs to any items that will be obvious to a potential homebuyer. Be aware buyers will secure a home inspection so go ahead and tackle any repairs now before you place your home on the market.
(2) Price your home correctly for the market. If your not sure about the value of your home, we have years of experience helping people just like you sell their homes in all kinds of market conditions and we will help you. We will sell your Albany County home for top dollar and sell it quicker than any other agent in the area. (We have the
stats to prove it!)
(3) Be familiar with the home selling process. If you would like to learn more about the home selling process, you can read our article
The Home Selling Process. My free
Home Selling Report is also a great resource if you are thinking about placing your Capital District home on the market.
Explanation of: Seller's Market - Buyer's Market - Balanced Market
Seller’s Market - In this market there are more buyers than homes for sale. While sellers may control this market, don’t be tempted to over price your property. If your home is overpriced chances are it will languish on the market. In any market, your home will be competing with all other homes for sale in the area in the same price point. Curb appeal, and the overall condition of your property should not be overlooked. We constantly analyze the market and we will make sure your home sells for top dollar. Remember experience and negotiating power is paramount to your success. We will also bring our experience and perspective to the negotiating table as a sellers market may produce multiple offers for your home. We will help you negotiate all offers, negotiating in your best interest.
Buyer’s Market - In a buyer’s market there are many homes for sale and competition can be fierce among sellers. In a buyer’s market, buyers can be very selective and sellers should have their homes in the tip-top condition. The price of your home will need to be in line with your competition and recently sold homes in similar market conditions. Its very important sellers be particularly savvy. A time-tested, customized marketing plan is essential for you to sale your property for top dollar in the shortest time possible!
Balanced Market - A balanced or normal market describes a market where there are equal buyers and homes for sale. In this market neither buyer nor seller has a clear advantage when it comes to negotiating for price. The fundamentals of properly pricing your home along with superior curb appeal are important in this market as well.
Believe it or not, homes within different price ranges or neighborhoods can experience different market conditions. If you’re wondering what kind of market the homes in your area are experiencing,
contact us and we’ll let you know what’s happening in your neighborhood. We promise to respond quickly and answer any questions you may have about your home’s value or the current market in your neighborhood.
