The President's economic stimulus bill is proving to be a winner for first time home buyers in Albany. If you are a first time home buyer you may be eligible for up to an $8000 tax credit if you purchase a home and meet certain other requirements. This is a straight tax credit not simply a deduction. The beauty of this plan is it never has to be paid back unlike the watered down $7,500 version previously released. Here are some of the qualifications for the program in short.
1)First time home buyer -can qualify if you have not owned a home for 3 years
2)Must make less then $75K or $150K for couples
3)Must purchase a home between 1/1/09 and 11/30/09.
4)Credit is 10% of the value of the home or $8,000 whichever is less.
5) Must live in the home for a minimum of 3 years
If you have additional questions on this program visit my website at Albany NY first time home buyers
After my last posting about the market heating up I figured I would take a look at some market statistics. I don't like to pull my data like average Days on market solely from my Multiple Listing service as the data is skewed in my opinion. Homes are listed, re- listed, expire, agents changed and the days on market data becomes inaccurate. To me the overall absorption rate is a number that is important. Here are the numbers based on single family homes in Albany, Saratoga, Schenectady, and Rensselaer counties. In 2007 a total of 7,934 homes were sold. In 2008 this number dropped to 6,849 which represents a 13.6% decline in the number of homes sold. Currently there are 4,593 single family homes for sale in the four counties. Assuming we sell roughly the same number of homes this year as last year this represents roughly an 8 month supply of homes on the market. I expect the number of active homes will grow in the next couple of months as well. So there you have it, despite the multiple offers and increase activity over the past several weeks we still have an 8 month supply of homes for sale. As a general rule a 6 month supply of homes is considered a balanced market. More then this and we are in a buyers market. Less then 6 months of supply and we are in a sellers market. Based on this data the statistics still favor buyers. However it the current activity keeps up I can see the market falling into balance fairly quickly. Keep in mind this is only one measure of the market. Visit us online anytime at Albany NY Real Estate for more market statistics.
Despite all the doom in gloom in the national media the local real estate market seems to be picking up significant activity. This appears to be due to somewhat warmer weather, great interest rates, the new $8000 tax credit, and sentiment that home prices are at acceptable levels. Homes that are priced right are selling quickly. In the past 3 weeks, I have been involved with about a half dozen multiple offer situations. This may be hard to believe if you watch the national media. The key is the homes were generally all priced correctly by top agents. Overpriced homes continue to languish for months making sellers complain that the market is weak. This is generally not the case. I continue to see agents over pricing homes. I lost a listing to a newer agent recently that priced a home more then $30,000 above my estimate of market value. This home is going to sit until the price is reduced and the agent is going to waste everyone's time. The key in this market remains the same as it has been. Price the home correctly and the buyers are there.
I was fortunate enough to take a rare vacation recently and enjoy the warm weather in Orlando. Orlando is a great place that reportedly sees roughly 11 Million tourists each year. In my visit to local theme parks and restaurants the economy seemed to be doing very well. I experienced waits at both local restaurants and the theme parks. I had ready many, many articles on the depressed real estate market and economy and was fairly surprised at how strong local business appeared. However, my impression quickly changed when I took an early morning run through some of the local neighborhoods. Despite knowing in advance how weak the local real estate market was, I wasn't prepared for what I encountered. Home after home with foreclosure notices or vacant homes listed for sale. Curious, I called a couple of the local Realtors from the signs. Surprisingly I didn't get a call back. Know I know what is feels like to be a buyer! Apparently business is so good the Realtors don't need to return calls. Below are some of the homes where I was running. These are homes listed in the $130,000 to $160,000 range that reportedly sold for $250,000 to north of $300,000 just 2 years ago. If you are a buyer it appears you can name your price. Bottom line- Despite many foreclosures and short sales in Albany NY our market is much, much stronger then many areas of the country. You simply don't see entire neighborhoods hit like this. Albany NY Real Estate Market
THIS HOME IS 20 MINUTES TO DISNEY AND IS CURRENTLY LISTED FOR $135,000!
It seem like almost everyday I get asked the same question- "Do you handle short sales?" or "What is a short sale" Short sales seem to be growing by leaps and bounds. In the past 2 weeks I have been involved with about a dozen short sales in one form or another and the volume of calls regarding this area is growing. Simply put, a short sale occurs when a home is sold for a price that doesn't leave enough money to pay off the mortgage. The deal is subject to "third party approval" which means basically the bank needs to agree to accept less for the home then they are owed by the seller. The bank takes a hair cut on the deal or is "shorted". The seller generally walks away with nothing but avoids foreclosure and hopefully a deficiency judgment. On the surface it sounds simple but in practice it is not. Each lender is different and most Realtors have never handled a short sale. It is critical to pick an agent that is familiar with banks practices and knows how to negotiate a short sale. Surprisingly, banks are generally much more willing to take a short sale then they were just a year or two ago. For example, I have an investor client that was recently able to negotiate a purchase for 50% of the mortgage amount owed. This was a win win for everyone involved. If you need help with a short sale or are just looking for advice be sure to ask you agent how many short sales they have been involved in or visit me online at http://www.albanynyshortsales.com
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Albany NY realtor, Albany NY Real Estate, Albany NY homes, Albany NY Real Estate Agent Full Service Albany NY real estate brokerage and Albany real estate appraisal Http://www.clancyrealestate.com
Kevin Clancy has been providing real estate brokerage and appraisal services to the Capital District for over 18 years. He is a New York State licensed real estate broker, Insurance broker, and general certified appraiser. Kevin is a HUD approved broker and started his career specializing in the sale of HUD homes. Kevin's appraisal experience ranges from vacant land and single family homes to multi-tenant office buildings and retail centers. A graduate of Siena College with a degree in marketing, Kevin obtained an MBA from the University at Albany in the Spring of 2005. A portion of this degree requirement included an in-depth research paper on residential real estate in the Capital Region. During his career Kevin spent several years evaluating residential and commercial real estate throughout the northeast. This includes more then an estimated 10,000 residential homes in the Capital District. This is more homes than a typical Realtor will evaluate in an entire career! For a thorough evaluation of your home prior to listing, Kevin's experience speaks for itself. Kevin's past experience makes him the perfect choice to meet any of your Capital Region or Albany Area real estate sales or appraisal needs. Services include full service and discount brokerage, appraisals, property management, and general consultation services. Need a home? Search thousands of homes at Albany NY Home search or our main site at Albany NY Real Estate for appraisals visit us at Albany NY Real Estate Appraisals If you Need an Albany NY Realtor for buying a home in Albany NY or Selling a Home in Albany NY give us a call!
Remember its not about me! Its about you! Let me be your exclusive buyer representative and mention you want the free 13 month home warranty. I will provide a free home warranty on the property for 13 months after you purchase it to take the worry out of home ownership! This offer is only available for a limited time so hurry!
"Kevin Clancy is by far one of the best if not the best real estate agent
in the Capital District. He is knowledgable about the field, his website
is exceptional and he makes himself accessible to his clients.
But most importantly, Kevin has a high standard of integrity ... simply
put his integrity is not for sale. Good or bad, he will tell you what you
need to know to make an informed decision. In a competitive market such as
this one, finding an agent that gives it to you straight is hard to find.
We highly recommend his company and we always welcome the opportunity to
tell others to use his services. Thank you again Kevin for your patience,
tenancity and professionalism. It was a breath of fresh air to work with
you."
Thomas and Ingrid Williams
Troy, New York
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When I listed my property for sale with Kevin, I didn't really expect or need to sell it. I gave Kevin a "walk away" price with my minimum to let it go.
Less than 1 week after listing the property, Kevin came back with 4 different offers. This guy knows the market! All of the offers were viable, and all were well over my walk away number. He kept in touch with me along the way, but did all of the negotiating on my behalf. The house went for higher than the listing price, and almost 20% more than my original "dream" number for the house. In today's market no one could ask for more than that.
I have bought and sold numerous properties in the past, but never have I dealt with someone so attentive, helpful, and full of good advice. Kevin's experience is evident, and I am grateful for his assistance during this process. He made it easy. I highly recommend Kevin and Clancy Real Estate.
Amy P.
Rexford, NY
6/27/2008
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"While looking for our first home, my wife and I worked with a few different realtors during our search. Kevin was, without a doubt, the best realtor "Kevin is a true professional who simply gets the job done! He's a valuable asset to anyone's team." October 27, 2007 Top qualities: Great Results, Personable, High Integrity Bob Eberle, NYREIA -------------------------------------------------------------------------------- Top qualities: Great Results, Personable, High Integrity Charis Ng -------------------------------------------------------------------------------- Top qualities: Personable, Expert, High Integrity Paul Gallagher
that we encountered and the reason we chose to utilize him exclusively!
Kevin is a tireless worker, an active listener and just a true professional.
Kevin knows the real estate market and all the financial complexities that
come with buying a home (which made him a tremendous resource for us as
first-time/inexperienced buyers).
If we are in need of his professional expertise, we will certainly use Kevin
again and we highly recommend him without reservation."
Tom and Denise D, Clifton Park, NY
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hired Kevin as a Real Estate Agent in 2006, and hired Kevin more than once
"I highly recommend Kevin. I listed a house with him and he brought me 3 offers within the first 2 weeks. He keeps me updated frequently and is a full-service expert in his field. He also recommended an excellent lawyer for the closing. I am very pleased and satisfied with Kevin and will definitely use him again for any future real estate transactions. Kevin Clancy is the owner of Clancy Real Estate. Alway deal with the owner! Thanks again, Kevin for helping me sell that property so quickly." October 23, 2007
hired Kevin as a Real Estate Agent in 2007
"Kevin has always offered me great advice. He knows value and where to find it. Kevin is an agent who understands how to work with investors... which I rarely find." September 30, 2007
hired Kevin as a Real Estate Agent in 2006
"Kevin made the process easy, and his knowledge and experience greatly helped us through the sale, from listing to contract to closing. In fact, his negotiations specifically resulted in a sale price higher than the listing price. We recommend Kevin to anyone looking to sell a home in the Capital District."
Jim M.- Director of a Commercial Real Estate funding company
"... Kevin has a great understanding of the market and more importantly how to position his clients. Great service, a professional approach and an intimate understanding of the local RE market. I highly recommend his firm."
Dear Kevin, As a first time home buyer, I really appreciated your patience and diligence. Through every step of the process I felt like you were there holding my hand. You followed up with members of my purchasing team (attorney, broker, etc.) and even called to check on me while I waited for my financing to get settled and the closing date to arrive. You exhibited professionalism and did a great job representing my interests whenever a challenge developed, such that I worried very little, knowing that you were on my team. This was the first of many real estate purchases for me and I look forward to working with you in the future.
Sincerely, Michele B., Albany, NY
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