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I already knew it as I have heard it before and seen it with the local sales figures ...but here it is from an outside source. According to this article from  24/7 Wall Street, Albany is the 3rd lowest in the nation, at 4.01%  for experiencing foreclosures.

WHY?

Albany and area have been known to be a stable area for real estate purchases. With a heavy state government employer base, incoming and existing high tech industries such as Global Foundries and Nanotech companies, along with a plethera of colleges and universities; the unemployment rate here is 6.2%( according to this article), well under the national average which is now around 9%.

These factors have kept Albany somewhat "insulated" from what the rest of the nation has experienced. Although this area didn't see the dramatic upward price swings from 2003-2008, it didnt see the dramatic price falls either. In fact, this article claims that the price decrease in the last year was not even 1 percent.

Personally, I do agree with this article for the most part. Being a full time realtor in this area for the past 5 years, I have seen prices decline since the end of 2008 and do feel that they are at a low from when I entered the business.  However, everything is relative. No way are we experiencing anything like that of the dramatic value declines in Florida, Arizona, Las Vegas and the like.

With interest rates STILL amazingly low and prices at very affordable rates, its STILL a GREAT time to buy!

Here is a 3 minute video that nicely sums up where we are. If you have any questions, please call me at 518-366-2856 or drop me an email!

HAPPY HOLIDAYS!