A national Franchise announced that they will have a nationwide Real Estate Sale…. They are asking sellers to reduce the price of their home by 10% for 10 days! In my entire career I have never heard such a ridiculous idea…

Why would any seller, in their right mind, reduce their home by 10% for 10 days? Is their house overpriced to begin with? If so, the listing agent should educate the seller on the market. That’s their job.

What happens after the 10 days? Are sellers encouraged to overprice the house again?

I honestly believe someone (maybe everyone) forgot that real estate is a service. We are being entrusted with an individual’s (or a family’s) largest single investment. This proposed marketing strategy would work better if they are selling used cars or something less important.

What’s next the midnight sale?

I know if a house is priced right it will sell. It does not matter what condition the market is in, location doesn’t matter (that’s taken into account during the pricing process), it’s not about condition. There is only one factor when selling a house — PRICE!

Is this new “fly-by-night” plan such a great thing for the sellers or is showing desperation on the part of a real estate company?  You decide….

On Tuesday October 7, the long awaited announcement finally came:  AMD & Abu Dabi Advanced Technology Investment Company has formed a new partnership called “The Foundry” and they are planning to open a chip fabrication plant here in Malta, NY.

Construction is slated to start in the spring of 2009. When it is complete, the chip fab will employ up to 5000 people.

I was interviewed about this new local development by Channel 9 News, CBS 6 Albany & WTEN and their biggest question was, “How will this impact the local real estate market?”

The market in our region has been stable, with prices holding, but the number of homes sold has decreased. This is not a bad economy whatsoever, we are simply returning to a normal market after a period of flurry for several years. Right now, it takes between 30 to 60 days to sell a house.

Is that so bad? I don’t think so.

This news about AMD & The Foundry, means we will have around 5000 more jobs in our area. Not all these people will be buying; some will rent & some will buy. Our market will continue to be stable and price appreciation probably will go up at the same rate as inflation, as it always has here in the Capital Region.

The other big question people are asking: “Does this only impact Saratoga County? The answer is a BIG “No!” It will make a positive impact on the entire Capital Region (Tech Valley).  Here in Albany, we have the Nanotech Center on Washington Ave and all the tech parks around the region. I strongly believe the AMD announcement is just icing on our cake. AMD is another piece of the much bigger puzzle that we all have being working to complete.

The challenge now is for the municipalities to start working together instead of separately, so we can make this announcement a true success. The day of local politics should be over and we should start looking at our region as a single entity. We have been given the best gift we could have asked for, especially in this times of uncertainty in our nation. Lets not blow it!