Saratoga County realtors are optimistic about a stronger market in, at least, the first half of 2010.
Based on statistics released by the Greater Capital Association of Realtors, 2009 ended on a high note for the Capital District's residential real estate market.
Saratoga County saw an11.9 percent increase in the number of closed sales compared with 2008.
Since December, we've seen a huge rise in activity," Miguel Berger of TechValley Realty said. "A lot of people didn't do anything last year; they were kind of paralyzed from meltdowns in the banking industry. But now I think we are facing a new reality; the consumer has learned to live and adjust to the economy and buyers are out there, mortgages are loosening up a little; the market in general is picking up, especially the Saratoga County market."
Although Berger admits it is still way too early to tell exactly what trends are down the road, in just the last three days he participated in three single-family home sales involving the sale of an existing house to buy a more expensive one.
"I'm optimistic about 2010. I think we're going to see the numbers continuously improving, not doubled, but steady improvements," Berger said.
Although it's still a buyers' market in Saratoga County and the median sales price in 2009 was down 7.8 percent from 2008, the number of foreclosures dropped significantly within the same time frame.
According to RealtyTrac's Foreclosure Marketplace Report, the Capital Region has seen a significantly lower number of foreclosures as compared with the rest of the country.
Most counties in the region realized a near 50 percent decrease in the number of foreclosed homes between 2008 and 2009.
In 2008, Saratoga County had 468 foreclosures but only 148 in 2009.
According to Stuart Thomas, President of the Saratoga, Schenectady and Schoharie Association of Realtors, Saratoga County's real estate market has remained stronger, and therefore more resilient to foreclosure, than most areas of the country.
"I feel optimistic that we have a pent-up demand of buyers who are looking for a good deal, and we have a number of buyers who want to buy a house and this is the best time to buy a house. I feel that we will have a very active spring, this will be the time, very positive about the immediate future," Thomas said.
"It's trending that March and April may end up a seller's market more than buyer's market and it's definitely because of inventories. As for the second half, I don't know - my crystal ball broke"
Saratoga County saw an11.9 percent increase in the number of closed sales compared with 2008.
Since December, we've seen a huge rise in activity," Miguel Berger of TechValley Realty said. "A lot of people didn't do anything last year; they were kind of paralyzed from meltdowns in the banking industry. But now I think we are facing a new reality; the consumer has learned to live and adjust to the economy and buyers are out there, mortgages are loosening up a little; the market in general is picking up, especially the Saratoga County market."
Although Berger admits it is still way too early to tell exactly what trends are down the road, in just the last three days he participated in three single-family home sales involving the sale of an existing house to buy a more expensive one.
"I'm optimistic about 2010. I think we're going to see the numbers continuously improving, not doubled, but steady improvements," Berger said.
Although it's still a buyers' market in Saratoga County and the median sales price in 2009 was down 7.8 percent from 2008, the number of foreclosures dropped significantly within the same time frame.
According to RealtyTrac's Foreclosure Marketplace Report, the Capital Region has seen a significantly lower number of foreclosures as compared with the rest of the country.
Most counties in the region realized a near 50 percent decrease in the number of foreclosed homes between 2008 and 2009.
In 2008, Saratoga County had 468 foreclosures but only 148 in 2009.
According to Stuart Thomas, President of the Saratoga, Schenectady and Schoharie Association of Realtors, Saratoga County's real estate market has remained stronger, and therefore more resilient to foreclosure, than most areas of the country.
"I feel optimistic that we have a pent-up demand of buyers who are looking for a good deal, and we have a number of buyers who want to buy a house and this is the best time to buy a house. I feel that we will have a very active spring, this will be the time, very positive about the immediate future," Thomas said.
"It's trending that March and April may end up a seller's market more than buyer's market and it's definitely because of inventories. As for the second half, I don't know - my crystal ball broke"
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