Real Estate New York

Market Update July 2009
6 Months Left to Use $8,000 First Time Buyer Grant information

NY Housing Market Posts Monthly Sales Gain in May

The New York State housing market posted sales gains for the third consecutive month, with an 11-percent increase in sales of existing single-family homes in May compared to April.

The statewide median selling price of $189,000 in May was 1.9 percent higher than the $185,400 median recorded in April 2009, according to preliminary single-family sales data accumulated by NYSAR. To access complete May statistics, click here

Nationally, single-family home sales rose 1.9 percent to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April. The median existing single-family home price was $172,900 in May, down 16.1 percent from a year ago. To access complete national statistics, click here .

See also: Home-Price Declines in 20 U.S. Cities Eased in April

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Seeking Home Sales' Bright Side

Housing market is up -- or down -- depending on measurement used

Let's consider two ways of measuring the Capital Region's housing market.

There's the traditional way -- comparing recent statistics to prior years. And by that method, the numbers released Tuesday by the Greater Capital Association of Realtors Inc. would depress even the most optimistic of real estate agents.

They show that closed sales in May were down 30 percent from a year ago. In Rensselaer County, which posted the most severe drop, they fell 55 percent.

But let's also measure May's numbers against what Realtors say were the market's worst days -- in the winter. Using that method, sales and median prices are on the rise.

In January, for example, local buyers closed on 387 homes and paid a median price of $171,700. In May, there were 554 closed sales at a median of $191,900.

As far as Realtors are concerned, those numbers provide evidence of brighter days. "Certainly it's not the best market we've ever seen," said James Ader, chief executive of GCAR, a Colonie-based trade group. "But it's an improving market."

Yet home-sale numbers almost always climb as the weather warms. Home buyers are like hibernating bears: They become alert in the spring.

And if you've visited an open house in recent months, you know that some are drawing significant traffic from browsers who seem interested in more than free cookies.

"The feeling is that when buyers become confident that their jobs are secure our market will pick up rapidly," said Sandra Nardoci, GCAR president and an agent at Prudential Manor Homes in Latham. "Until then, we have to remind sellers to be patient."

Folks who aren't buying or selling a home -- and have no plans to do so anytime soon -- can be forgiven for asking why they should care about the housing market. Why does it really matter?

But economists say housing sales have a broad impact, influencing tax rates, construction jobs and more.

"The status of the housing market is a sign of the general health of the economy," said Michael Jerison, an economics professor at the University at Albany.

National numbers released Tuesday seem to say little that's good about the economy, offering scant evidence that a recovery is under way.

The National Association of Realtors reported home sales rose 2.4 percent in May, but about one of every three homes sold was a foreclosure or distressed sale. Those sales had an effect on the national median price, which fell 16.8 percent from a year ago.

Locally, Realtors said the housing market is strong for homes priced below $200,000; so-so for homes priced between $200,000 and $300,000; and weak for more expensive houses.

Eric Dahl, managing director at the nonprofit Community Realty in Albany, said the distinctions can surprise buyers and sellers who assume the market is slow, but then find steep competition for modestly priced homes. He knows of two houses, one in Albany and one in Guilderland -- each priced at about $140,000 -- that went up for sale on Friday, but have already sold.

Read more from: The Albany Times Union June 24th by CHRIS CHURCHILL

See also: Market Stats for June

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Architecture Coach: Tips for Hiring an Architect

Sometimes a home is just right
except for a few details.

Despite the notion that hiring an architect—even one without star billing—may be too pricey, it needn't be, particularly in a down economy. The best way for home owners to find a good match is to look in their own backyard at the residential designs all around them.

Often a drive through neighborhoods is an easy way to find homes that have the most appeal. Simply ask which architects built the homes they like. They can call their local chapter of the American Institute of Architects (AIA) for members' names who specialize in residential design and then ask to see their portfolios. Suggest they inquire at architecture schools, which know about area architects. Also, ask contractors and designers for suggestions.

Home owners should also glance through architecture books and magazines to see what they like—perhaps a sweeping front porch, weathered cedar siding, use of colors, or building materials. Encourage them further to consider the environmental and social effects of the architects' work, says architect Andres Duany, co-founder with his wife Elizabeth Plater-Zyberk of the Miami-based firm, Duany Plater-Zyberk & Company (DPZ).

Architect Richard Landry, president of the Landry Design Group in Los Angeles, which works on classical and contemporary homes, likes to see examples of what architectural styles appeal to potential clients, whether Modernism or period designs such as a chateau from France's Loire Valley. He, in turn, points out the telling details that his firm tries to recreate in its architecture.

Home owners should give careful consideration to how each architect charges. Some architects bill a flat fee for design work, others an hourly fee, and still others a percentage of the total cost.

Architect Marc B. Spector, principal of the Spector Group in New York, says that architects can save home owners money and delivery time since most show up at the site throughout the project.

Finally, choose an architect whose goal is to create a work that suits the client's physical and visual needs rather than just provides them an exact replica or poor imitation of another architect's designs. Many of the best examples from today's masters—who've won the Pritzker or Driehaus prizes or other architectural awards—can lead the way.

By Barbara Ballinger

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Buying a Home: Guide to Getting Started

Let's say one morning you wake up and realize that, yes, buying a home is the right thing to do for yourself.. You're tired of throwing away money on rent and figure that it's time to get into a home of your own. But you have reservations.

After all, if it's your first time, you've got questions. You might be a little nervous that you'll mess up, and it's normal to feel that way. You are probably spending hundreds of thousands of dollars and making the most important financial purchase of your life.

You will find that being an informed individual about the home buying process is empowering for you. Lucky for you that you came to the right place. So let's get started buying your first home!

Many people harbor secrets fears about buying a home, and some of those fears are justified. Not everybody is cut out to own a home, and if you're one of those people, it's better to find this out now than when you're under contract.

• Renting vs. Buying .
  You might decide that renting is better for you than buying, because buying a home has its drawbacks.

• Reasons to Buy .
  On the other side of the coin, there are many more benefits to buying. Keep these reasons in mind if you start to get cold feet.

• Should You Buy a Home Before Getting Married?
  Tips for home buying with a partner or significant other before tying the knot, plus how to handle the financial details of homeownership without plans to ever marry.
  

Line up your financing, set aside a down payment and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you.

• Order a Free Credit Report .
  Give yourself time to clean up a credit report that contains mistakes. Dispute errors. Try to reduce your monthly debt obligations now by paying down those loan balances.

• Find a Lender.
  Check out places to get a mortgage and compare rates and fees. Start with your own financial institution, then interview a few mortgage brokers and choose a loan product you completely understand.

• Determine a Down Payment .
  The more you put down, the lower your monthly mortgage payment. Here are 12 places to find a down payment.

• Consider FHA Loans .
  FHA loans carry competitive interest rates, come with minimum down payment requirements and allow sellers to pay some or all of your closing costs.

• Get a Preapproval Letter .
  Showing the seller you are already preapproved for a loan gives you an edge during offer negotiation.

read more by Elizabeth Weintraub

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