It's a Seller's Market!

Today in Onondaga County there are 2,119 single family homes for sale 119 of those came onto the market in the last 7 days. Over the past 6 months 2,328 homes have sold and closed. When the number of sales over the previous 6 months is higher than the number of available homes the market is said to be favoring the seller so we are in a “sellers’ market”. In a sellers’ market prices hold steady and often rise, in the Greater Syracuse market that rise in pricing will be modest but the overall lack of inventory may force buyers to pay close to full asking price.

From the buyers perspective it is still a fantastic time to buy. Even at full asking price the ultra-low interest rates will make up for any negativity a buyer may feel paying the full asking price. If you have questions on the local market visit our website or email me john@johnarquette.com

LOCAL INVENTORY ON THE RISE

The low point was March of this year when only about 1600 single family homes were available to purchase in Onondaga County. Buyers were having a hard time finding just the right house among slim pickings and many turned to new home builders, a welcome sight to a group battered by the recession.

Since that point sellers have been coming back into the market hoping to catch the market at the right time and move forward. Many had felt trapped in a home they purchased during the boom years and were unable to recapture their initial investment, those days are gone. In almost every town within The Greater Syracuse area homes are selling at a brisk pace and prices are rising, often due to multiple offers. This positive news has caught the attention of many homeowners who have recently listed their homes for sale offering buyers greater selection.

One of the hottest markets is the Town of Clay where a slight undersupply still exists, supply and demand rules still apply. Once the supply of homes in any given market falls beneath six months prices start to nudge up. With interest rates holding at historical lows and inventory starting to rise there hasn’t been a better time to move in years.

Click the above images for a larger view!

 

 

As always, the John Arquette Properties team would love to answer any questions you have regarding the above data!

Market Your Investment Property Like It Was Owner Occupied

If you look at owner occupied real estate listings online, you’ll notice that most of them have multiple photos, a full description and sometimes even a video.

Contrast that with investment properties - many only have one photo of the front of the property, which is the minimum required to put it on the multiple listing service.

This just doesn’t make sense.  Most buyers of Syracuse investment properties are out of town, and have a limited time to actually view them.  They do a lot of their searching online and must rely on short descriptions and limited pictures.

The good news is that if you have an investment property to sell, simply by having photos, video and a full description your property will be a stand out in a crowded market.

On online housing sites, a very popular way to sort property searches is to put the ones with the most photos first.  Sometimes that is even the default sort method.  Proper marketing puts you at the top of the list.

Call Melissa Woycechowsky today at 315-395-7523 to get a free estimate of your property’s value and learn how we can help you net the most money for your property in the shortest amount of time.