SYRACUSE, N.Y. (NCC News) — David Manzano Jr., who is currently the president and principle broker of My Town Realty, said that it is definitely a seller’s market.
Manzano said that there’s a lack on inventory and some buyers who are attempting to get into the market are afraid of what may happen. He said that no matter what, people need homes and that is what is driving up prices.
He said that buyers will pay any price, even pay thousands of dollars over the starting price, simply because people need a roof over their head.
“Eventually it’ll go down so all these buyers that purchase $100,000 over asking, they’re going to be in trouble because they’re going to pay more than the house is worth,” Manzano said.
This lack of supply is also effecting apartment prices as well.
Alex Czerniak, a renter, said that since his rent has increased he has been more diligent on how he spends his money.
“I mean it’s unfortunate but it happened a few times before, so it’s nothing that the United States hasn’t seen, so it’ll be fine in the end,” Czerniak said.
While housing is becoming more favorable for sellers, the Federal Reserve is still raising interest rates, which impacts house purchases and rent.