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Old 06-06-2019, 09:34 AM
70,622 posts, read 97,543,107 times
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From Albany Business Review...

"The Top Real Estate Market for Home Buyers Is What?"

That was the headline from a story posted Tuesday on Realtor.com.

It captured perfectly the reaction from the CEO of the Greater Capital Association of Realtors when she read that Albany topped the list of best markets for homebuyers — beating Chicago, Los Angeles, Nashville, Dallas and other cities.

"I have to give them a call and say, 'What are you doing?'" Laura Burns said.

According to the story, Albany "has that magic combination of low sales price growth, more homes going up for sale, and properties that are taking their time to sell — giving buyers a bit of a breather."

The Realtor.com rankings are based on the following criteria:

- The pace of sales relative to inventory is below average and slowing (measured by months supply and calculated as total for sale inventory divided by total number of sales)

- The inventory of homes for sale is growing (measured as the yearly change in the total number of listings for sale)

- Sales prices are growing slower than average or declining (measured by analyzing median closing prices from public deed records)

"The surge in sellers putting properties on the market has given buyers a leg up," according to the story. "Increasingly, sellers are now jockeying for qualified buyers instead of the other way around. That gives buyers more negotiating power and keeps prices from shooting up."

But data collected by GCAR indicates it's still a seller's market in the Albany region because the demand for homes exceeds supply.

There's slightly less than a five-month supply of homes available, Burns said. She considers the threshold for a buyer's market to be a seven- or eight-month supply.

Realtor.com uses a different yardstick for a buyer’s market: four months of supply or greater.

Relatively low inventory has been a factor in the local real estate market for several years, Burns said.

Home prices have increased moderately. The median sale price in April was $215,000, a 5 percent increase over the prior year, according to GCAR.

Realtor.com reported the median list price in Albany was $295,000, or 5.1 percent below the national median.

Scott Film, a broker in Troy, said demand for single-family and multi-family homes exceeds supply in the region, an imbalance that plays out in bidding wars, all-cash offers, and fast sales for desirable, well-kept properties.

"If it's in top shape, it's going to sell," Film said.

Source: https://www.bizjournals.com/albany/n..._news_headline

Actual article: https://www.realtor.com/news/trends/...uyers-is-what/

Last edited by ckhthankgod; 06-06-2019 at 10:01 AM..
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Old 06-06-2019, 10:04 AM
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Oh come on man lol.
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