Welcome to summer in the Capital Region. The weather's been a little wet, but I'm sure that it will finally settle down so that those of us with pools can finally begin to enjoy them!
To be honest, I'm a little tired of talking about how depressed this real estate market is. That's true in many parts of the country, but not so much in the Capital Region. Our total number of sales through May, 2008 is down 11% versus last year. However, in that same period, our average sales price has only dropped 1%, to $216,702. Hardly the disaster the media would have us believe.
There is one fact that the so-called "experts" on cable news fail to mention in all their analysis: All real estate is local. Were we in Las Vegas or South Florida, I would be giving you a very different report!
The good news for us is that our area is very stable. We are the state capital, which grants us a secure job base. And with such government/private partnerships as Tech Valley and AMD in Luther Forest, we can expect an influx of high paying jobs for years to come. These factors all tend to support a healthy housing market.
I am commonly asked as a Realtor, how is your business doing? I am doing just fine because real estate is my career, not my part time hobby. I am on track to close more houses than I did in 2007. Right now, the bulk of my business is coming from buyers who are taking advantage of this favorable market, with its low interest rates and numerous bargains. I studied the market, discovered that it has changed, and I have responded. That's why I will be here for a long time.
Call me anytime. I would love to help you take of advantage of this market. It's a great time to invest, while interest rates are still low. Thanks so much for your support. Make it a fabulous summer!
KEVIN D. BROWN
(518) 331-0608
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