4 CNY
Housing Issues to Watch in 2013
What does
2013 have in store for the CNY Housing Market? With marked gains in 2012 we
expect the housing market to continue to gain momentum in 2013. Here are 4
areas we will be watching very closely.
·
Inventory: Onondaga County is holding steady at
a 5 month supply of homes which is below what the National Association of
Realtors believes is a balanced market. With this slight under supply will
prices begin to rise?
·
Will rising prices spur demand: Will more buyers find the urgency to
act quickly due to rising prices?
·
Mortgage Issues: Will the historically low rates
continue to draw renters into the market? In many cases it is now cheaper to
own and more and more renters are expected to make the jump into home ownership
·
The Broader CNY Economy: Of all commodities housing is the one
most impacted by the local economy, will the CNY economy continue its steady
path? If so housing will continue to surge.
One note to
remember, housing prices are driven by hyper-local factors. The same home in
Manlius has a very different value if it is picked up and moved to Clay.
Contact one our professionals to determine what the trends are in your
neighborhood.
