SYRACUSE, N.Y. (NCC News) – The Central New York real estate market is hot right now for both buyers and sellers because the price of homes has increased and interest rates are currently low.
While deciding if it is a good time to buy or sell a home right now, Brenda Wilson, branch manager at Coldwell Banker Private Properties, explained that inventory of homes right now is at an all-time low.
“Twenty-eight percent below where they were a year ago yet the prices have increased by 12%,” Wilson said.
Something else realtors are seeing in this real estate market is the increase of all cash offers being made. Wilson said there are benefits such as a quicker closing time and no closing cost that having a mortgage would create. She also said people make an all-cash offer because they are forced to buy a home quickly.
“They really have no option but to possibly transfer some of their funds to cash and pay way more than a home would typically be worth because the inventory is so low and they have to buy,” Wilson said.
The pandemic is affecting the real estate market because more people are wanting to buy homes and people are spending money to get work done on their homes.
“People are spending a lot more time at home,” said Karen Whalen, a realtor at Keller Williams Realty. “They want to make their home their new vacation spot, their haven. They’re wanting to make it more comfortable.”
And when looking at the future of the real estate market, Wilson said one thing that will affect the market is the implementation of the new Amazon plant in the area.
“We are going to have so many new buyers because of Amazon,” Wilson said. “I don’t even know what is going to happen then because our inventory is so low.”
Cash will continue to reign king in the real estate market, but hopefully the inventory of homes will increase so more people will be able to buy homes in the area.
