Miguel Berger (435-9944), 2013 GCAR president says, “Motivated by interest rates which have begun to move upwards and low inventory of available homes, buyers in the Region have continued to be active. That has in turn resulted in a continuing increase in housing values in the Region where the median price is up by 2% comparing August 2013 with the August 2012; and year to date the median price is up by 3% over last year.” Mr. Berger adds, “Although interest rates have increased to the low to mid 4% range we see nothing to indicate they will escalate much beyond where they sit right now. But don’t pass up an opportunity in a market which has reached a balance where neither buyers nor sellers have a perceptible advantage in the negotiation process.”

James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “Housing appreciation is at the point where, while moderate, it should not create pricing which is vulnerable should market conditions soften. A 3% appreciation rate is one which can be sustained and does not create an over-valued housing stock.”

“We’d like to remind homeowners who receive the basic STAR exemption that they need to reregister for that exemption to continue in 2014. This is, at this point, a one-time reregistration process. Enhanced (seniors) STAR recipients must reregister each year as they have done previously.”
GCAR is a professional trade association representing 2,770 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate ™ in the Capital Region.”

###

GCAR, 451 New Karner Road, Albany, NY 12205