Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sounds like this could be a major part of the low cost of homes in this area? Taxes might be the other reason. No one wants to buy a high dollar home if they will have to pay over $1000 a month on taxes. I wonder what a home would sell for up there with major updates and a realtor willing to go above and beyond to make the sale? Does Syracuse have the new home developments like other cities across the country do? I know in Arizona selling a home especially right now can be pretty competitive and Realtors will do just about anything to sell the home. It's all about making fast money out here with homes and the only time you would see something not presented well out here would be if it was for sale by owner and that is still rare. I have to ask myself why are things the way they are in Syracuse?
Sounds like this could be a major part of the low cost of homes in this area? Taxes might be the other reason. No one wants to buy a high dollar home if they will have to pay over $1000 a month on taxes. I wonder what a home would sell for up there with major updates and a realtor willing to go above and beyond to make the sale? Does Syracuse have the new home developments like other cities across the country do? I know in Arizona selling a home especially right now can be pretty competitive and Realtors will do just about anything to sell the home. It's all about making fast money out here with homes and the only time you would see something not presented well out here would be if it was for sale by owner and that is still rare. I have to ask myself why are things the way they are in Syracuse?
We didn't overbuild here and the economy has an influence on that too. It's not so much the unemployment rate, but the wages. With that said, it is an affordable where you just have to have a "decent" job to live fine here.
There are some developments in Onondaga Hill, Dewitt, Cicero and elsewhere in which large and "upscale" homes have been and are being built - all in a style familiar to those who've seen such developments in major metro area suburbs. But the houses here are less money $(250K to $500 K is typical in the Syracuse area developments).
Here's the thing... in this market you get more for your money in terms of build quality for the dollars spent if you buy an older home in an established area. The county does not pay to remediate things in residential properties - that's between the buyers and the sellers in most cases.
Some older homes may have outdated or less efficient furnaces or no central AC.... others may have original doublehung windows... galvanized plumbing etc. - but many of them have had all or some of these things updated. As a buyer you need to do your research and then rely on a good home inspector. The realtor I worked with asked who my home inspector was. When I told him he breathed a sigh of relief and said "Of the 40 or 50 people in this area who sell their services as home inspectors and there are only 5 or 6 of them that are really competent - he's one of the good ones".
As for staging.... there is a firm or individual in Fayetteville that is offering staging services. But the typical sales price in this area and the possible increase in selling price that could be achieved by staging yields a limited market for it.
That said - there are plenty of good realtors in this area who do work very hard for clients despite the fairly small commission they'll earn (do the math for a $100K house with a 7% split between the listing agent brokerage and the selling agent brokerage and then split that number to get the individual agent's commission and then subtract the expenses from that - takes lots and lots of $100K houses to make a real living). Many listing realtors will go through the home with ther seller and point out what absolutely must be updated to make it saleable and also what improvements *should* be made to increase the selling price. But many sellers in this are would rather take a hit on the price than pour money in on the front end.
There are newer developments, just a lot fewer than similiar sized cities. Most of the new home construction is in the northern suburbs (Cicero, Clay, Baldwinsville). Onondaga Hill, DeWitt, Manlius, and Pompey have newer houses but are more on the upscale side (ie. 3000+ square feet). At this level many houses are staged.
CNY isn't like other markets... I don't know how else to say it. There's no need to stage your home... or make special offers to buyers and agents. There isn't a housing slump- it's a steady market, here. Unless you're making major changes (ie extensive renovations), it's likely that whatever money you spend to make it "marketable", as in the manner shown on HGTV, will be for naught. Give it a good scrub, declutter, and list it.
Just wondering...do you know what the average days on the market is currently in Syracuse?
Just wondering...do you know what the average days on the market is currently in Syracuse?
Good question. How long do houses out here typically sit around before they are sold? That will give me an idea of when I should REALLY start shopping. right now I'm just window shopping assuming that these homes will all be sold by next summer.
Good question. How long do houses out here typically sit around before they are sold? That will give me an idea of when I should REALLY start shopping. right now I'm just window shopping assuming that these homes will all be sold by next summer.
I just have a hard time believing in this recession and buyers market that homes in Syracuse are selling any faster than other areas of the country, so why WOULDN'T people be marketing them better?? I go back to my theory of regional differences in realtors.
I'm not sure... and it would depend on where it is, completely. In June of 2008, the average was 50.8 days. I think, in general, we have a mellow, steady market. In times of plenty, it's nothing spectacular. In these times, the stability is encouraging.
I'm not sure... and it would depend on where it is, completely. In June of 2008, the average was 50.8 days. I think, in general, we have a mellow, steady market. In times of plenty, it's nothing spectacular. In these times, the stability is encouraging.
I'm sure it is! It's really great to see that there are some places where real estate is not completely in the toilet like it is in California, Las Vegas or Florida.
Don't forget Arizona is on that list. I'm in the process of moving out of the 2nd home within a year that the owner has let go into foreclosure. What sucks is that it has nothing to do with the job market. It is all due to the crap loans that people jumped on thinking that they could refinance at the end of the year. Now the houses are upside down in their mortgage and they can't get a new loan because of it. Now they can't afford the payments because in many cases the payments shoot through the roof after the 1st or 2nd year. So these home owners of chalking it up as a loss and letting the homes go into foreclosure.
I'm glad you guys aren't having that problem out there. It's a mess over here and the only people buying homes right now are investors. They want the cheap foreclosed homes so they can turn them into rentals and then sell them once things pick back up.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
