All Over Albany

Buyers and sellers

Is now a good time to buy a house? What about a good time to sell a house? The graph above is from a report today from the Siena Research Institute on "real estate sentiment scores" in New York -- basically how people around the state feel about residential real estate.

The short story: After being a buyers' market for years, people think the real estate market is now shifting toward a state in which neither side necessarily has the upper hand.

The slightly longer story, from a statement by SRI director Don Levy:

For the second consecutive quarter, the assessment of housing values in every region of the state is positive and predicted to increase by New Yorkers. Even more importantly, sellers, who for so long were seen as hostages of the financial meltdown now, while not yet universally in the catbird seat, are seen as in a much stronger position and headed upwards. Buyers are still able to get value, but they are no longer able to demand concessions from every seller. All numbers, strong overall market grade, strengthening sellers and modulating buyers, point towards robust real estate health.

And the somewhat longer story is in the report linked above.

In the Capital Region core in 2012, the number of closed sales was up between 10-18 percent in the four counties, and median sale prices were 2-4 percent. But median prices were roughly the same as they were in 2008.

Speaking of real estate decisions: GlobalFoundries' HR director told a Albany-Colonie Regional Chamber of Commerce gathering Wednesday that schools are the most important factor when relocating GloFo employees look for a place to live. [Biz Review]

graph: Siena Research Institute