There is always so much discussion about the housing market. America seems to have an obsession with homes and real estate as evidenced by the rise in television shows pertaining to it. Since the recession and the housing market crash of 2007/08 a regular debate can be heard about its future stability. Skaneateles, and Central New York for that matter, have faired relatively well through this. After 5 or 6 years of a market that favored “buyers”, the last 10-12 months have evolved into a “sellers” market. What is a sellers market anyway? Merriam Webster defines it as “a situation in which a few things of the same kind are for sale, prices are high, and sellers have an advantage over buyers”. The Washington Post states the trend for 2016 is “homeowners should enjoy another year of solid gains in housing prices.” Some things to consider:
1. Houses are selling fast; as seen in the top graph. Homes selling quickly is trending significantly higher; nearly 50% of homes that come on the market are sold in the first 0-30 days.
2. If you are ready to sell, be ready to move. There is a demand for your home. Talk to your real estate professional to consider the options available to you; whether it be to rent, down size or upgrade, you need to secure your next home quickly.
3. If you are ready to purchase have your “ducks in a row”. Low inventory, coupled with an abundance of buyers, have led to an increase in prices in most areas. Often we find homes being sold before they are officially listed for sale. Another reason to make sure you are partnered with a professional who has the inside information. Its time to move. The bottom chart depicts how many more homes have sold in the past 5 months alone, as compared to last year. For more information on buying or selling in our market, contact Finger Lakes Realty Partners. They can assist you in obtaining the best price, unmatched service, and the most unique approach to marketing the sale of your home in this area.