Central New Yorkers thinking about selling or buying a home might be stuck in a wait and see pattern. The president of the Greater Syracuse Association of Realtors says homes are staying on the market longer, in some cases, up to at least 25 days before they sell. David Manzano has noticed sellers are either lowering their asking prices… or getting multiple offers quickly if the home is already in move-in condition.
“… But, we’re not seeing them on the level of what we saw a year ago," he said. "We’re seeing a little bit more of a fussier buyer and we are seeing price adjustments.”
Manzano says another reason people aren’t buying is that mortgage rates are too high. This summer, there are more homes on the market, but he says there’s still not enough. To sell a home in the current market, Manzano suggests getting it appraised and sprucing up landscaping, painting, or even remodeling.
“Have it looking good from the road. And I will tell you this, it doesn’t mean go out and remodel your kitchen… but, kitchens and bathrooms definitely give serious weight to value in real estate,” he said.
He says a newer roof also adds value and typically deters a buyer’s insurance company from asking for a second inspection. which can significantly delay or prevent a home sale. He predicts the real estate market will get busier, especially if mortgage rates are lower by September. Click here for home searching tools.
