Updated 10/19/2012 05:11 PM
Real estate market heading towards balance
A few trends are being seen within the real estate market and as our Beth Croughan tells us, the numbers show things might be looking up.
To view our videos, you need to
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
ALBANY, N.Y. -- "Well, it's really exciting," said Siena College Research Institute Director Dr. Don Levy.
Dr. Levy said they've been studying the way New Yorker's feel about the real estate market for the past three years. And he said the results from the most recent survey "really are the best numbers that we've seen in three years."
While Dr. Levy said people are still a little more pessimistic than they are optimistic, he explained the gap is closing between the buyers and sellers market.
"We're returning to more of an open market. Where although the buyers still have an advantage, at least the seller doesn't feel like they have a gun to their head," said Dr. Levy.
The way those surveyed feel is reflected by the Capital Region's September housing numbers.
"Median price, which is the best gage, is up three percent over last year. That's not dramatic, but it is an increase. And it has shown that the market started to balance between buyers and sellers," said James Ader, CEO of the Greater Capital Association of Realtors.
What's also up, Ader said, is the number of pending sales.
"Pending sales are reported when the buyer and the seller agree on terms and conditions," Ader explained.
That has increased 24 percent from last year.
"Those two things show me that the market is getting better. And there's no reason to expect that it won't continue to get better," said Ader.
And both Ader and Levy said when the housing market improves other areas of the economy eventually do too.