Hey, everyone. Welcome back to my video blog! We have all heard about how the national market is rising. A lot of people have asked me whether the Syracuse market is increasing the same.
The Syracuse market is increasing, but not at the same rate as many of the national markets are. That's not all bad, though. Let me explain.
There are 40 markets right now that are dramatically increasing causing the national average to go up 12-18 percent.
Let's take a look at one of those markets, Phoenix, Arizona for example. Their market dropped by 60 percent. That means at the beginning of 2007 a home priced at $1 million dropped down to $400,000.
Since then their market has increased by 38 percent. So that $1 million home is now $520,000. That still is only half of what it's actually worth.
In Syracuse we only dropped 10-25 percent depending on what price range you look at. We have increased about four percent since that drop. So while we are increasing slower, we also did not have the dramatic losses the other markets had.
When you are getting ready to sell your home, it's important to know the market, the neighborhood, etc. The best way to do that is to get a comparative market analysis and a trend market analysis from an experienced realtor.
If you have any questions, or would like a market analysis, please give me a call!
