2012 New York State Residential Market Forecast

FOR IMMEDIATE RELEASE
New York, New York, United States of America (Free-Press-Release.com) December 9, 2011 -- NY Realtors believe the outlook for the residential market in 2012 will be driven by one key variable: JOBS. NYS dropped 125,000 jobs between December 2007 and July 2011, with the national economy loosing approximately 11 million jobs during that same period.

Realtors in Albany agree that jobs are essential to the residential real estate market. Without jobs, people are unable to purchase homes or possibly even avoid foreclosure. Therefore, the outlook for 2012, to a large degree, is dependent on the economic and jobs outlook. With any forecast, the Capital Region Multiple Listing Service reports they are subject to risks and may be impacted by the growing number of unknowns that impact the economy.

New York State is in a better position economically than the overall US economy. The unemployment is lower than the national average and there are fewer overdue mortgages. Housing prices and real estate in Albany New York have held up better than the overall national average because they were able to avoid many of the major run-ups in the market and therefore have fared better subsequently.

Conclusion: Although we are looking at basically a flat real estate market for 2012, real estate agents in Albany recognize that the forecast is actually an improvement over some markets in the recent past. Not only that, but there is still a substantial amount of business available with the Capital Region growing into a “tech” sector. There continues to be a significant market for residential properties at the national level and for New York State annual transactions could be in excess of $50 billion.

Falvey Real Estate Group, Ltd.
427 New Karner Road
Albany, NY 12205
(518) 452-3912
www.falveygroup.com

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