The Greater Binghamton, NY Real Estate Market continues to buck the national trend of falling prices brought on by the sub-prime lending crisis. In fact, according to The National Association of Realtors (NAR), our local market experienced an average selling price increase of 11% over the last year, one of the highest percentages in the country! One reason for that is that inventory is moderately low. Houses that are appropriately priced are selling. Of course, Greater Binghamton continues to be one of the most reasonable markets in the country for housing prices.
What does this mean for you?
If you want to sell, buyers are available. You can still get a reasonable return on your investment for most residential properties in the area. You need not worry aboutyour property just sitting on the market. However, it must be priced appropriately. Overpriced properties will sit on the market.
If you want to buy, bargains are going to be harder to come by. Remember what you learned in school about the law of supply and demand? When the supply of available houses is lower, the price goes up. Buyers should work with reputable real estate agents and lenders in order to find a house they like and can afford.
Multi family properties continue to draw the interest of out of town investors. Among real estate investors, our area is well known for reasonable prices, good value and excellent return-on-investment (ROI). If you are trying to sell a multi-family property, internet marketing is a must! If you are trying to buy a multi-family property, be prepared to move quickly!
Of course, this is just a brief overview of the Greater Binghamton Market and discusses trends. Your particular situation may vary.
We welcome your questions and comments.
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