SYRACUSE, N.Y. (NCC News) — With what has been a competitive seller’s market for close to two years has come record-high housing values here in Syracuse. As the market continues to be in a competitive state, agents are slowly beginning to see the market become more balanced. William Beacham of MyTown Realty says however that the recent market trends have practically never been seen before.
“The market has been, to put it frank, crazy…I work with agents who have 30 plus years of experience, and they have never seen a market like this.”
Buyers bidding over asking price; one or more contingencies being removed; it’s not the practical offer on a new home, but in this current market, it has become the norm. According to the Greater Syracuse Association of Realtors (GSAR), the average home sales price in the month of August in Central New York rounded off to about $228,000— the highest the area has ever been valued.
There are a couple of factors that drove the market to this point. The record-low interest rates allowed for people to start off in their new homes with a generous monthly mortgage. While the interest rates generated a major influence to buy, it wasn’t what necessarily drove the market to its current state. The most likely reason to blame for this cutthroat market? Low inventory of listed homes. The GSAR reported its first increase in the monthly supply of inventory in over a year last month.
As the interest rates dropped, the interest in buying a home skyrocketed. As everyone had the same idea to buy, not everyone had the same idea to list— even now as the values continue to soar. The market slowly shifting back to a more balanced market is a positive sign for prospective buyers, yet many are still skeptical about attempting to buy right now.
While agents begin to see the first shifting trend in favor of buyers in months, there’s no crystal ball on when the buyer/seller market balance will happen once again.
