The slow part of the fall market—from the end of August to the beginning of September—is behind us now. We’re back into the hot fall market when home buyers are back out looking for homes and sellers are happy to see them.
As far as current home values go, in Central New York, in the $250,000 and below component to the Syracuse market, we’re looking at a tight inventory, meaning that there aren’t a whole lot of listings for buyers on the market. This means that it’s a great time to be a seller because buyers have fewer homes to choose from. Homes are pretty much holding their own in this price range.
Home buyers may have to be a little bit more creative, however. They need an agent who has contractors in line that can show them what can be done to renovate any home to make it their own.
In the Syracuse market, a balanced market is about three months’ worth of inventory. Right now we’re seeing between three and four months of inventory, and because of this balanced market, our pricing is pretty stable. We haven’t seen a real uptick or downtick in the market, which is typical for Central New York. This stability is why people like the Syracuse market!
The Syracuse market is balanced right now.
The average days on market for the greater Syracuse area is about 63 days. This can be a tricky figure because some of the houses that have sold quickly were listed on the market as For Sale By Owner first and then taken on by a Realtor. Our team’s average days on market is fewer than 43 days for first-time listings.
There are times when we see multiple offer situations in the Syracuse area and times when we don’t. The fall market is a great time for multiple offer situations because there aren’t as many houses on the market, and home buyers are still looking for homes. What ends up happening is that multiple buyers will make offers on a house that is updated and new to the market.
Because interest rates remain extremely low right now, buyers now have more purchasing power than ever before in Central New York. For anybody looking to purchase a home in the near future, finding a mortgage broker is the first step in the process.
If you have any other questions about the Syracuse market or anything related to real estate, please give me a call or send me an email. I’d love to hear from you!
