Is the housing crisis over in upstate New York?

By
Real Estate Broker/Owner with HUNT Real Estate ERA

This is the big question that everyone is asking.  I am a broker /owner of a small company located 40 miles north of Albany and about 10 miles south of Lake George--about midway between NYC and Montreal.  

I have always believed that our small company's activity level is a reflection of our entire region and that when our company is doing well, everyone is doing well and the reverse is also true.  We had a weak start for 2008, with a dismal first quarter, but in May the business picked up substantially and June and July have been good months.  Our agents are busy, the phones are ringing and we have business. 

The market is still a strong buyer's market.  Our inventory is continuing to grow with no let up in sight.  For buyers with good credit and cash, this is a great opportunity.  Getting a strong fix on prices is tricky.  some price ranges are doing OK and others are not.  When someone asks me if prices are going down in Queensbury, the simple answer is yes, but that depends on which price range you are asking about.  Our median price for a 4 bedroom , 2 1/2 bath colonial is about $250k to $275k.  Our market is glutted with properties $275k and up, but houses listing below $200k are in demand and are being carefully scrutinized. 

The mortgage end of this is also affecting our recovery.  Because of tighter guidelines , many people who would normally be buying are not.  I believe as time goes by that the guidelines will gradually loosen up and our market will recover completely. 

As I am sure with most markets , when our inventory starts diminishing, the crisis will be over.

 

Comments (0)