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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.
Yeah, I was coming from Florida and it is also a mess of a market to sell a home in right now...but it's a place that fluctuates like this every decade or so. Overzealous investors run in and swoop up property before the next wave of retirees decide to buy...retirees come down after selling from around the country, buy up properties which increase in value rapidly over a few years (even aside from the recent "mega-boom")...and then the bubble pops and prices deflate for a year or 2 (of course...this last "pop" may take longer). Everybody who gets caught at the wrong time buying ends up waiting for a few years and then they can sell when the next wave comes. Rinse and repeat in 5-7 years.
From all accounts and research I've been able to do...the Syracuse area is a very stable housing market that doesn't tend to have the big ups, but also doesn't have the big downs.
My parents recently sold their home in the city in less than 30 days of it going on the market. Their home was one of the older homes (well taken care of) and they did not stage it for sale. Their realtor told them that homes on average in their neighborhood on the east side were selling within 2 to 3 weeks.
Concerning the whole staging thing there are 2 things to keep in mind:
1. People in Syracuse are usually not into the whole "keeping up with the Jones" thing. There are certain areas that are more like that but for the most part people in Syracuse are down to earth and stable.
2. People in the Syracuse area usually have a lot more stuff than most in the US. I had a friend who worked in the moving business for a national moving company and she said that people in the North East always had WAY MORE to move than other people in the rest of the country. She said a lot of this was due to all homes having Basements and most having attics. It's kind of hard to declutter a house and stage it like they do on TV when you have so much stuff.
All these things are very true - the low commissions (splitting 6%) on the avg house price of $70 to $100, the many older homes, high taxes and utility costs, greater need to remodel older homes, a low turnover rate, and fewer jobs than elsewhere in many communities.
Sounds bad, but, but the truth is we are a traditional stable area where tv or the latest fad doesn't dictate who we are or what we do. We're not jump on the bandwagon type of people but the old fashioned look out for your neighbor friendly sorts. We don't get the ups and downs generated by places like that. It makes for a great place to live. Plus it is green and beautiful, lots of water venues, and mountains too.
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.
Houses on the East side that are easily adjacent to the University and the hospitals complex tend to turn over faster than those in the suburbs but there's also a seasonal difference due to weather and the number of families with children who plan moves based on the school year.
This is anecdotal and based on personal observations but it *appears* that the best time to put a house on the market is beginning late February through early May. Many buyers are looking to close and move in during July and August when school is not in session.
As a buyer you will likely fund slightly fewer homes available in the fall months leading into winter but often have a higher percentage of motivated sellers. If a house is empty and will have to be winterized or else heated but with no occupants and a need to clear the snow regularly from sidewalk and driveway for prospective buyers.... the prices often come down or the sellers are far more willing to take offers much lower than they would have in the summers.
Also... although there are exceptions the houses that have been listed for a long time (in excess of 120 days) tend to get less attention from realtors as a viable prospect and those that are initially listed late summer through early fall tend to turn over more slowly.
My house was listed in August and I never saw the initial listing because it was $30K over my maximum price range. By the time late October had arrived the sellers, who had already purchased another home and moved (no contingency) were getting closer to heating seasons and lowered the price twice. When it appeared on my radar it was still a bit high so I threw out an offer that was 15% below the new price. They countered at 12% below the new price but when my home inspector discovered a couple things that they described less than accurately in the disclosure.... they accepted my offer with no changes.
Again Phaelon56 thank you very much for the much needed details I didn't even think about the home sales changing due to seasons and the need to heat them in the winter. Stupid Arizona people always forget to factor in the snow and cold weather haha.
So how much did you pay for your home inspector? I've never hired one or even looked into how much they charge. Do you mind passing on the contact info too? Well only if you where happy with the service haha.
So how much did you pay for your home inspector? I've never hired one or even looked into how much they charge. Do you mind passing on the contact info too? Well only if you where happy with the service haha.
It was inexpensive but I don't recall the price - there's a standard market rate in Syracuse and he charged the going rate. I think it was somewhere between $75 and $200 but I don't recall exactly. It's a guy I've known since childhood and he was in charge of all the tradespeople at Drumlins for many years (it's a public and private golf course with swim club, dining and catering facilities on the eastern edge of the city and is actually owned by Syracuse University if I recall correctly).
It included a radon test and a fairly through printed report with his findings. As I mentioned before - my realtor said there are perhaps a half dozen inspectors in the area that he thinks are truly thorough and a good choice. If you want more names I can email and ask him.
Magician's Eye-
What type of neighborhood are you looking for?
Right now I'm not too picky. After looking around with google maps and using the street view I have to admit not even these listed bad area's in Syracuse are that bad looking (not that I want to live in them). The bad area's in Phoenix looks like old run down sheds with trash everywhere. I kid you not it looks like some crap you would see in the 3rd world country.
As far as what I want. Well to start with anything really will work. I'm looking for something with 3 bedrooms, off street parking, good/safe grade school for my 2 little girls, and most of all cheap. My goal is to buy something pretty quick but if I have to stay the first year in a rental to get a feel for the city then I'll do that. I'd like the place to be within a 45 min drive of down town syracuse. I'm use to driving that for for work out here in Arizona and I don't mind doing it there so long as it fits me needs. I've even thought about buying a mobile home at first just to bring my cost of living WAY down so I can buy land and build a house. Like I said right now I'm not too picky. I'm more than sure once I'm there I'll figure out where I really want to be. It's all about safe, good school, and saving money right out the gate.
Any advice?
Here is a home that caught my eye as a possible buy right off the bat.
2 FAMILY - 2000+ SQFT - GREAT INCOME POTENTIAL (http://syracuse.craigslist.org/reb/1273224796.html - broken link)
Yes yes yes I know I need to have it inspected and really check out the neighborhood and all that good stuff that you do before you buy a home. I also know this is right on the border of what someone on here mapped out as being a bad part of town. What do you guys think? How bad is this area? There is another home that I saw about 5 blocks southwest of this home. This one just has the option to rent out the 1 bedroom apartment and help bring my over all cost of living down even more. I wouldn't plan on staying in this home long but the idea that I could rent it out after I find what I really want is very appealing to me.
P.S. When I say cheap I mean anything with a monthly payment or rent lower than $800. The lower the better haha. As long as it fits our needs. If it's for sale a $5000 would have to cover the down payment and the closing costs. I know that isn't much at all but the cost of this move is going to cost quite a bit and I don't want to bury myself right off the bat. I need to have a cushion to work with.
Thanks Phaelon56, I'll be adding that to my list of contacts. I won't be contacting anyone until about 2 months before crunch time. I'm playing on leaving here July 1st of next year.
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