If you are one of my investor clients you know rents have been going up for sometime. The credit crunch bumped many potential buyers back to renters and spurred rental demand in my opinion. On top of this, we are starting to see more and more "renters by choice". These are a few of the factors working to increase rents in the Albany area. According to a report released by Sunrise Management and Consulting in Latham, the asking rental rates at major apartment complexes have increased 12.5% on average over the past three years to $900/month. I continue to see quality multi family homes sell quickly and be in demand, particularly from downstate investors. If you are interested in creating a passive income using real estate call me to discuss the possibilities.
60 Minutes ran a story tonight on the second wave of foreclosures we are going to face as "Alt-A" and Option arm loans start resetting. The numbers thrown out on the program pegged the value of these loans in the the $1.5 Trillion range. If you watched the interview it made you think the bottom was going to fall out on the real estate market and homes values would be following stock values into an Abyss.
Let me say there were some very good points made on the show. However, real estate is local. It always has been and always will be . Yes there certain factors that impact real estate on a national level. (Interest rates being one) But for the most part real estate values are driven by local characteristics. As a real estate broker and appraiser I have been involved in thousands of real estate loan transactions over the past decade. This includes both purchase money mortgages and refinances. Sure we had our share locally of Sub prime mortgages, 100%+ LTV Loans, No doc loans, etc. However generally speaking we had a much lower number then other areas. I just took a look at a Federal Reserve Map of sub-prime mortgages. New York State as a whole had about 16/1000 loans rated as sub-prime. This compares to about 30/1000 for States like California, Nevada, and Florida. In upstate, it is my guess that "Alt-A" and option arms made up a much smaller percentage of loans then it did downstate or in other states. I simply have not seen that many come across my desk. One reason- our median home price is still around $200,000 which is much lower then many other areas of the country. In some areas, option arms were the only possible way borrowers could even think of affording monthly payments.
According to realty Trac nationally foreclosure in November 2008 were up 28%. However, Realty Trac reports the Albany NY market had a 20% decrease in foreclosures in November over a year ago. Realty Trac also pegs Albany NY as number 202 on the list of MSA's with the highest rate of foreclosures.
Rates are great and obtainable below 5% on a 30 year fixed rate mortgage in some cases. Remember real estate remains local. Don't let the national media scare you out of the Albany NY Real estate market. Have questions? Visit me online at Albany NY Real Estate
Just a quick note to point out that Albany NY area mortgage rates are great! I had a couple buying a two family owner occupied property yesterday quoted 4.87% for a 30 year fixed with only 3% down. If you are employed and have a decent credit report the money is available. Don't believe all the hype about loans taking 6 months and money not being available. I have had a local loan officer do a loan and clear it to close in 2 weeks this month! Need help choosing a mortgage company or officer? Visit me online at Albany NY Real Estate Advice for advice.
I knew we were hit pretty hard by the ice storm but until I hit the road for appointments this morning I had no idea how hard. On my way to my first appointment today I ran into 3 roadblocks with closed roads. The shot below is actually the street scene shot this afternoon of a home I was inspecting for an out of state bank. The subject property had lines down against the home and probably won't have power for days. I spent the afternoon getting my kerosene heater going in one house and delivering my generator to another. Fortunately both homes got power back this evening. If you need a generator or one of my kerosene heaters call me. Obviously, if you don't have power you can't read this so if you know if someone that still is without power and needs help let me know. Another day without power and pipes are in jeopardy. Your options include draining and winterizing your pipes which is fairly simply or getting a temporary heat source. If you need advice on temporarily winterizing your home call me. I have done it many times. You can also leave your faucets running on a low trickle to stall the freeze process for a while. Hopefully power will be restored quickly. If it has anything to do with real estate I am always available. Even power losses! Http://www.clancyrealestate.com
Update-Went out for a run early this morning 12/14 and brought my camera. Still many roads closed!
I read and subscribe to many periodicals including the Wallstreet Journal, Businessweek, The Business Review, Inc Magazine, etc, etc. My wife subscribes to many magazines but her main read is "People". I noticed a funny thing in my home over the last couple of weeks. A good percentage of people visiting picked up the "people" magazine. Nobody picked up my BusinessWeek! Then I started thinking "People" costs me over $200 a year which is outrageous in my opinion! Do you really need to know what star is dating whom? Obviously many, many, people do. BusinessWeek comes out weekly and I pay a small fraction of what I pay for "People". Yet business week provides great insight into the economy and business environment. Ditto for the Wallstreet journal, Business Review, Inc magazine etc. A Wallstreet journal subscription delivered daily is much less then a "People" subscription!
This demonstrates one thing, the demand for "people" magazine is much greater then any business publication or they couldn't charge that much more. It means the majority of our country couldn't care less about TARP money, the GM bailout, or the NYS budget woes. All the majority of people care about is reading about other peoples lifestyles!
So back to my blog title, if Businessweek cost as much as "People" magazine it would indicate that as a nation we actually do care about business and the economy. Until people start caring and getting involved we are going to have an uphill battle to recovery. Have questions? Visit me online at Albany NY Real Estate
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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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