Syracuse is Selling!

Time to make a note about our market here.

Today in the Post Standard there was an article on the real estate page about how Syracuse is still doing well despite the national housing crisis. To quote Jeff Roney, President of our local board, by way of Tim Knauss, the average length of time a home is on the market in the Syracuse area is 54 days. Our percentage of decrease of sales is just 1%! That's across the board, from the city multi-families to the high end homes.

My own perspective bears that out. My homes sell within that period, well within, except for commercial properties. They sit longer, much longer, as do the waterfront properties. And mine are fairly representative of the market as a whole.

The investors come looking for bargains, especially in the city. My multi-family in Strathmore had seven - count them! - seven showings in a two day period and yes, we have an offer now. Contrast that to the outside of the city multi-families and they get only looks, not active pursuit. I spoke with an agent this week who had priced a suburban three-family home well under its worth and still it took two months and low offers to get it sold.

And why wouldn't the investors come? I sent out 110 listings of multi-families to an investor and that was only a third of the city's listings. Destiny, a reconfigured Carousel Mall, is actually being built and the workers will need at least temporary housing until our big boom comes. Prices are right - all the listings were under 200K.

But we are doing well, here, overall. The rates are still down - 6.25% and with at least one builder a 5.95% incentive - and this is the time to buy in Syracuse.