Saratoga Springs, NY Info That Hits Us Where We Live – Patience
QUOTE OF THE WEEK… “Hold on; hold fast; hold out. Patience is genius.”–Georges-Louis Leclerc (1707–1788), French naturalist, mathematician, cosmologist, and author
INFO THAT HITS US WHERE WE LIVE… Patience may not quite be genius in the housing market, but it certainly is paying off. A report by a major real estate search and marketing site said home asking prices in March rose 7.2% annually, while rents on single-family homes were up just 0.1% for the year. Their chief economist explained: “Rising prices and flattening rents change the math. Investors will decide to sell units they’ve been renting, which would create new, desperately needed for-sale inventory. On the other hand, some renters watching prices rise will rush to buy before they rise further.”
In addition, a real estate analytics firm released a report that overall home priceswere UP 10.2% in February compared to a year ago. This was the biggest year-over-year hike since March 2006. The firm’s home price index, UP 0.5% for the month, has now posted a gain twelve months in a row. Most significantly, this price index includes distressed sales, which aren’t doing much to slow down the overall upward price trend. Finally, a Fannie Mae survey says Americans expect home prices to rise 2.9% in the next year, the highest forecast reported since 2010.
BUSINESS TIP OF THE WEEK… To foster innovation, focus on understanding what your customers want and then think of fresh ways to offer it to them.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066