Albany NY Real Estate

I was recently on a conference call with some of the top real estate minds in the country talking about short sales. Based on this call it appears we may be in for a second wave of foreclosures and short sales as many option arm loans are set to adjust in the coming months. It seems like every week I get a call from an investor or homeowner interested in alternatives to foreclosure.  Simply put a short sale involves negotiating with the bank that holds the mortgage to accept a lower amount then what is owed on the home so the home can be sold. For example, say the owner owes $200,000 on a home. The home is sold and under contract for $175,000.  The sale price results in the owner being "short" $25,000  in funds to pay the bank off.   The short sale is contingent on the banks willingness to accept the lower amount and forgive the owner of the additional $25,000. This is a much better alternative to foreclosure.

With short sales almost becoming common place in our market it is surprising to me the perception still is they are not worth the time and effort. The fact of the matter is, if you understand the way they work the process is fairly straight forward. Over the past several months I have had short sales accepted that were tens of thousands of dollars under what was owed. One was even $200,000 short and was accepted by the bank!  Typically, we are getting them accepted $50,000-$80,000 short.  As far as the time frame goes I have had short sales take at little at 30 days from the time of contract to the time of closing! While this is unusual it can be done!

 From my experience there are three critical factors key to the success of short sale. The first is the involvement of a real estate professional familiar with the short sale process. Second is the existence of a legitimate hardship on the part of the seller. This may be a job loss, illness, etc. In one case I have even had incarceration used as a hardship!   Finally, the third key to the success of a short sale is the buyer's patience and understanding of the process. A short sale is not a typical transaction and while they can be completed in 30 days, it is not uncommon to wait 90 days for a response and to get a sale approved. If the buyer is not willing to wait and loses patience it will start the process over.

For help with your specific short sale questions contact me anytime. We do this everyday!   Do not let you home go to foreclosure when you have a viable short sale alternative!  

 Visits us anytime at Albany NY Short sales

Your Friend in the business,

Kevin Clancy

518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com

Be sure to check out this month's Newsletter, click here

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To see Kevin's Bio, click here

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It is not often that new product offerings surprise me. However, I was speaking with my good friend Liz Grogan at SEFCU today and she told me about a program  that I knew I had to share with you! SEFCU is offering a savings vehicle called Mortgage match to help save for a down payment on a house. The amazing thing about this product is they will give you $4 for every $1 you save up to $7,500!!!! Simply put , this is  a risk free 400% return on your money!  This is a deal that can't be beat!  Of course there are some income limitations and you do have to sit through a class or two. However, If you are saving for a down payment give me a call or email me and I will tell you how to get in contact with Liz!

Visit us online anytime at Albany NY Real Estate

 Your Friend in the business,

Kevin Clancy

518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com

Be sure to check out this month's Newsletter, click here

To Search Thousands of MLS listed homes, click here

To see Kevin's Bio, click here

To see Hot Listings, click here

For Buyer's Articles, click here

For Seller's Articles, click here

Just wanted to give a special thanks to the Albany Colonie Chamber of Commerce and AM 1300 for giving me the chance to talk about Albany NY Real Estate and my business. If you are a business owner and are not involved with the Chamber of commerce call me. We need to talk about how the chamber can change your business!  Hopefully down the road we will  have a full 1/2 hour show on AM 1300. Radio man Patrick Ryan makes the interviews fun and light. Thanks again. You guys rock!

To listen to a portion of the interview click the following link

 Albany NY Real Estate Chat

Your Friend in the business,

Kevin Clancy

518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com

Be sure to check out this month's Newsletter, click here

To Search Thousands of MLS listed homes, click here

To see Kevin's Bio, click here

To see Hot Listings, click here

For Buyer's Articles, click here

For Seller's Articles, click here

 I am a numbers guy and like crunching numbers and looking at statistics rather then going with a "gut" feel for the market. We have recently finished crunching the numbers for 2009 and the numbers are  similar to 2008.  Click the link below for your free copy of the 2009 Year Summary report.

 Clancy Real Estate 2009 Year end summary

It should be noted that this report includes market data for single family homes in Albany, Schenectady, Rensselaer, and Saratoga counties only.   The total number of homes sold held steady at about 5,875 for 2009 in comparison to 2008. In general, the number of homes sold each year has declined over the past 5 years. The 2009 total homes sold numbers are roughly 20% below  the 7,428 homes sold in 2004. So hopefully the market has found stability in it's volume of homes sold.

I think the stunning numbers are the percentage of homes sold. Back in 2004 99% of homes listed for sale sold and sold for an average of 98% of list price! In 2009, only 56% of homes listed actually sold and when they did sell they sold for an average of 96% of list price. Ouch!

The bulk of activity continues to be seen below the $300,000 mark.  Below this range market inventories are close to or below the 6 month inventory benchmark of a balanced market.   Much of this activity can likely be attributed to the $8,000 incentive to first time buyers.  Above $300,000 the inventories climb dramatically above 6 months and indicate a clear buyers market.  At the current absorption rates it will take  roughy two years to sell the current inventory of $400,000+ homes. Ouch again!

 For a detailed report of homes sold and listed in your neighborhood visit us at Albany NY Market Trends Report 

 For a video review of  November 2009 data put out by the Greater Capital Association of Realtors click the link below

  December 2009 Albany NY Real Estate Market Video

 I hope this helps. To discuss your personal situation and what this data means to you please do not hesitate to contact us. We love talking about real estate!

Sincerely,

Kevin Clancy

518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com

Be sure to check out this month's Newsletter, click here

To Search Thousands of MLS listed homes, click here

To see Kevin's Bio, click here

To see Hot Listings, click here

For Buyer's Articles, click here

For Seller's Articles, click here