May 2019 CNY Housing Market Trends

CNY Housing Inventories Remain Low

The sellers market continues on in Central New York.  The inventory of previously owned homes (all price ranges) remain at historic lows. Year over year numbers for May 2017-2019 clearly demonstrate that relief for buyers is not happening anytime soon.  Homes for sale in Onondaga County have consistenly stayed under the 1,000 mark since March of 2018.  In Oswego County has seen a 35.8% drop in Homes for sale from May 2017 to May 2019.

First time home buyers will find the market especially difficult with only 406 homes available in the $92,000 to $148,999 price range in all of Onondaga County.  Days on Market (DOM) for the same range dropped to 12 days in May 2019 with only a 1.5 month supply of homes.  The average Sale Price for this price range in May 2019: $123,475.   

 

May 2017 May 2018 May 2019
CNYIS (MLS Wide) 2,650 2,140 1,915
Onondaga County 1,286 983 905
Oswego County 561 439 360
What Comes With the House?

What Comes With the House?

What Comes With the House? Negotiating ‘Fixtures’

By John Voket

After receiving a piece of furniture as a last-minute gift from a friend who was selling and moving, the buyer became upset assuming they would inherit the item even though it had not been agreed upon.

Something that should be assumed to come with the house is known as a ‘fixture.’ But what counts as a fixture is the basis for many real estate disputes, according to Elizabeth Weintraub at thealance.com – even when that feature or fixture is outside the building.

Generally speaking, she says, a fixture is not required to exist inside the house. Landscaping, or any type of plant with roots firmly ensconced in the ground, is considered a fixture, Weintraub says.

Connecticut REALTOR® Kathy Hamilton says determining what will stay with the home and what will go with the previous owner will vary by seller and contract. She first suggests checking the listing, however, because a seller may have already specified any such items included in their asking price.

When it comes to any questions about which items will stay, Hamilton advises both sellers and buyers to know the “screwdriver rule.”

For the most part, she says, if it takes a screwdriver to remove, it’s considered part of the home – this includes shelves, light fixtures and even curtain rods. But, if it’s hung on a nail, or is a piece of movable furniture – even a grand piano – it’s likely not included in the sale.

Devon Thorsby at U.S. News & World Report says states have different standards regarding what things are included in a home sale, but light fixtures and major appliances are typically included unless otherwise noted in the contract.

One luxury property specialist she spoke with in Fort Lauderdale on the subject said, as a rule, a fixture is something that’s bolted down – if it’s not, you can take it.

Thorsby reminds buyers that the negotiation also works the opposite way. If you don’t want the seller’s old washer and dryer, you may be able to stipulate they remove the appliances in your contract.

Approved Building Lots Available:  Riverwalk Town of Clay

Approved Building Lots Available: Riverwalk Town of Clay

Have two building lots available in the Riverwalk Community in the Town of Clay.  All utilities (water, sewer, gas, electric) available at curb.  Located in the Central Square School District the neighborhood is adjacent to the 90 acre Central New York Land Trust walking trail.  The plan is to connect the Central New York Land Trust to a boardwalk on the Oneida River.  Bring your plans, your dreams, your builder (or ours), or DIY and start enjoying this convenient neighborhood located within 20 minute drive (via Rt 81) of Downtown Syracuse, Medical Centers, Destiny USA, 10 minute drive to Oneida Shores Park/Oneida Lake.

Housing affordability falls to 10-year low

Housing affordability falls to 10-year low

Affordability index for housing falls to ten year low.  At the same time home price appreciation continues to outpace wage growth leaving home-ownership out of reach for more and more Americans. Factor in escalating new construction and development costs, shrinking resale inventories, and high property taxes and affordability becomes an even larger issue for home-buyers and sellers alike.  If the affordability index continues to fall home-buyers will be forced out of the market or forced out of certain price ranges.

Click Here for the HousingWire article

Tips for Buying New Construction

Tips for Buying New Construction

Can’t find exactly what you want in the resale home market? Inventories of homes for sale are very low and it maybe difficult to find exactly what you are looking for. Building offers you the opportunity to customize your home to meet your specific needs and new construction homes are built to today’s building codes and standards using more energy efficient materials and can include the latest technology, built in.  It is important to find the right location and choose the right builder for your needs.

This is where having your own real estate agent comes in handy.   An agent experienced in new construction knows what makes the different builders in your market tick and brings a creative mind to the negotiation table.   If your builder won’t bend on price, your agent may be able to work other incentives into the contract price.  The cost of the Buyer’s Agent is generally built into the contract price whether or not the buyer has an agent working on their behalf.  Make sure you work with an agent that has experience and knows the difference between a 2×4 and a 2×6, poured wall vs block wall, sill plate and a window sill, or a footer or a header…an agent without experience in the new construction field can cost you dearly at the negotiation table.

 

Your Home Value ePropertyWatch

Your Home Value ePropertyWatch

Great and very useful program we are able to provide through Central New York Information Service, MLS of the Greater Syracuse Association of                        REALTORS®.  Once a month you will get an email with up to the minute information on your home’s including it’s value, activity in your neighborhood and the surrounding area, assessment information, and market trends.  All of the information is compiled from a variety of public resources and the Multiple Listing Service.  Don’t worry your email is never shared and you will only receive one email a month unless you choose to get one bi-weekly.  Now you can track the value of your home (probably your largest personal investment) just as you do your 401K, retirement account, or investment account.  Below please find a video with more detailed information or if you have additional questions contact us directly.
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