Every new investment comes with an opportunity cost! So, real estate investment is a combination of new opportunities, challenges, and of course some risks.
However, your experience, patience, and extensive knowledge can minimize your risks and expand your investment opportunities and returns. If we talk about New York then there is no doubt that real estate in New York is well-known for offering up an abundance of investment prospects.
New York is one of the most dynamic and famed cities in the world so it has exclusive investment opportunities for everyone. But, real estate investment in Albany, NY is never a walk in the park. In this post, we will discuss the market conditions of Albany, investment opportunities, and the best time of year for real estate investment so that you can proceed to make the right investment decision from point of information.
Real Estate Market Conditions for Investors in Albany, NY
If we talk about the selling side first, Albany is a solid market for investors as prices and sales are modestly but steadily rising from last many months without any turnaround. The reason for this upward trend is due to ongoing inventory shortage which is 16% down regionally since august 2017. So if you have some property to offload then it is a good time.
The foreclosure market is a good place to find solid investment opportunities as the percentage of distressed properties in Albany is still rising. More to the point, the foreclosure rates are rising year by year by 2%. So, we can say that the foreclosure markets can provide you good investment opportunity if you want to invest in the larger pool of the distressed properties in Albany.
Best Time of Year for Real Estate Investment in Albany, New York
The real estate market in Albany, NY showed optimistic improvements to kick off in 2019. According to recent data from the New York States Associations of Realtors, Inc shows the rise of 8.2% over the previous year while pending sales increased by 3.9%. This uptick is the good news for real estate hunters as here are various investment options available. However, buyers of property can face challenges while scoring the best investment deal.
If you understand the seasonality of the local market of Albany then it can provide a great advantage for the investors. Spring season can be the right time for the real estate investors and hopeful for house hunters. Also, recent data shows that from March to May approximately 20% of homes are sold.
If we talk about the northeastern territories, price reductions may happen before winters, so it is not good to move during frigid temperatures.
For that reason, the ideal time to get a great investment deal in Albany, NY begins in September when price reductions may happen.
To conclude, there are lots of opportunities for real estate investment in Albany, New York. An insider of real estate information may help to crack the best and safe investment deal.