Highest CNY Home Value Ever, According to Realtors

By Steve Yablonski

Whether it’s the right time to buy a home depends on many factors, such as your financial situation, your life goals, and your willingness to own a home. Mortgage rates are currently low, which makes buying a home more affordable.

A seller’s market occurs when there are more potential buyers than there are homes for sale. Currently, the demand for housing is high. The inventory is low. This makes it a sellers’ market in central New York City.

“Ah yes, absolutely. It’s always a sellers’ market, ”said Janice Egan, a licensed real estate salesperson at Better Homes and Gardens SELECT in Fayetteville.

“Today it’s definitely a sellers market. Home values ​​are gradually increasing day by day, ”said Sarah Tarson, a licensed real estate salesperson at Century 21 Tucci Realty in Cicero. “It has to do with competitive interest rates, the cost of materials such as lumber, and finding labor. These are subject to why properties are skyrocketing right now. We expect this to last about another 18 months. It could go more or less.

Ryan Yamini, associate broker at Procopio Real Estate in Clay, said the real estate market continues to offer sellers the opportunity to sell their homes for some of the highest values ​​ever. “It seems cliché to say, ‘Now is the best time to sell your house.’ But, with what sellers are getting for their homes, that claim is truer than ever. I even discussed the sale of my house which I just bought two years ago because of the increase in value in such a short time ”,

On the buyer side, when presenting and preparing offers on homes, the conversation with buyer clients has changed dramatically.

“We have seen customers start to rethink their needs and sacrifice some of their wants and needs because of the possibility of competing with other buyers. Forgoing home inspections, bidding for prices equal to or greater than requested, and other extraordinary bid conditions have become the uncomfortable norm, ”Yamini said. “Creativity has become a necessity in the development of the housing supply strategy. Multiple offer scenarios on most homes stimulate competition while increasing property values ​​at the same time. With the easing of restrictions due to COVID, I think the remote working scenario might start to fade as well, but it may still be on the minds of buyers. “

According to the Greater Syracuse Association of Realtors, house prices are rising across the region; and, homes sell faster.

“Not a lot of homes on the market right now. Interest rates are low. So there are a lot of buyers, Egan said. “Almost all listings sell with multiple offers and are above the list price. Now is the perfect time to sell your home. For buyers, they get a low interest rate, but not a lot on a home. If buyers wait until next year to buy a home and rates go up… I think it could be a big blow to the kind of deal they get. But yes, it’s a seller’s market now.

In March, 83% of existing homes sold had been on the market for less than a month, according to the National Association of Realtors. Typical weather in the market hit a record low of 18 days, down from 29 days in March 2020, the association said.

Pending home sales rose in March, breaking two consecutive months of decline, the association reported. All but one of the four major U.S. regions posted month-over-month gains in March, while each region saw year-over-year growth.

“The increase in pending sale transactions for the month of March is indicative of strong housing demand,” said Lawrence Yun, chief economist of NAR.

Also, most people wave the unexpected, which means they don’t do home inspections or radon tests to make their offering more attractive, Tarson said.

“This is why making sure you have a place to stay before you sell your house is crucial because it is very easy to sell right now because the market is hungry,” she said. “People today, with the pandemic and remote working, are looking for convenient spaces such as an office. Some even buy houses with an extra bedroom to convert them into offices. I see this more and more because companies are always on the trend of their employees working from home. “

Some agents warn that sellers, who then become buyers, find it difficult to compete with first-time homebuyers or other buyers who don’t face the prospect of having to close their home to buy a new one, according to them. the NAR. .

“We have been in a seller’s market for a few years because of the low inventory. But with the economic changes due to the pandemic, including record interest rates and demographic fluctuations, the strength of the sellers market is at an all time high, ”Yamini said. “Inventory hit an extremely low point with less than 300 active listings across Onondaga County last month. With low interest rates remaining stable, the influx of new buyers into the market continues to show limited signs of correction. “

The sellers are taking the lead and the proof is in the prices. The median home price rose to $ 303,900 in January 2021, a 14.1% increase from 12 months earlier, according to a report by the National Association of Realtors.