Local real estate market starts to balance out

After years of a sluggish real estate market, things are picking up in the Capital Region.

Home sales and home prices are on the rise, indicating what was once a buyers market, is starting to balance out.

For the first time in a long time, neither the buyer nor the seller has an overwhelming advantage, which means there are a lot of homes on the market and a lot of buyers looking.

So, when it comes to the market, whether you're planning to buy or sell, local real estate agent Debbie Bucher says, “Oh gosh, now is the best time to do it.”

Bucher has been in the real estate business for abut 25 years and says this is the best market she's ever seen.

“Everything has come together like a little puzzle piece,” she said.

According to the Greater Capital Association of Realtors, pending home sales increased 16 percent from this time last year, and the average home price has also jumped.

“You have the low interest rates 3.75 for both FHA and conventional,” Bucher said. “You are also looking at plenty of homes on the market and you're looking at a great spring market where the houses show very well.”

East Greenbush resident Larry Robetoy is in the business of flipping homes.

He buys fixer-uppers, remodels them, and then puts them on the market.

“It’s been phenomenal actually,” he said.

Robetoy sold one home last week, closed on another, and has another that will be ready for sale in a few weeks.

“The minute I get them done, I put them on the market, and within usually a week they're sold,” he said.

After years of a sluggish market, experts finally say it's turned around, thanks, in large part, to those historically low interest rates, and growing consumer confidence.

“They're not believing the economy is that bad anymore,” Robetoy said. “They're not listening to all the hype and actually saying, ‘I have same amount of money, I am going to buy a house now.’”

The weather has played a huge role in the market turnaround.

The mild winter has been great for buyers to go out looking, and great for sellers to keep their properties looking attractive.

Bottom line: whether you're looking to buy or sell, do it now.

Source: http://www.fox23news.com/news/local/story/Local-real-estate-market-starts-to-balance-out/h-ZFL1L00EuvC0Z4AzMw_Q.cspx