Real Estate is very local. The market in Albany is very different from Saratoga Springs, and Clifton Park is very different from either of them.
Yes, the market was down a bit. There were 11% fewer sales this year than in 2007. Prices also declined a bit too. The average sales price is 10% lower this year than last.
I would not jump to the conclusion that the price for all homes fell by 10% however. There are several ways to examine these numbers. It is all together possible that Short Sales affected the average prices; and it too is very possible that first time buyers purchased homes in a lower price range than they did last year.
Each home is as different as my example about each marketplace. The only way to find out about your home value is to invite me in. I'll let you know what kind of offer to expect from a buyer; how long it will take to get an offer; and also provide you with a detailed marketing plan.
Many consumers look to the Internet to find out the answers to these questions. I think you would be making a mistake to trust sites like Zillow to provide you with an estimate on the value of your home. I checked some of the estimates on their site and they were way off base. Again, the best way to know what your home is worth is to invite me in.
Contact me anytime at my office : 518-371-0090
or on my SELL phone: 518-598-9081
I will be in Paris over the Christmas Holidays- so best not to phone me then!
Lorraine Conoby, GRI