Happy Sunday! Grab your favorite cup of joe and let’s go take a look at Syracuse Housing Stats. We’re going to key in on what happened in January. If you need to know what’s happening in your neighborhood right now, contact one of us today.
There were 740 listings. This number represents a 7.2 increase over this time last year.
In January, there were 594 properties under contract. This is an increase of 18% of last year.
Our market has remained steady with just a slight increase (2.9%) in properties that have sold.
You may have heard that inventory is low and it’s true. It’s also true that recent stats show an increase in sales over last year. It’s time to panic, just time to be prepared. Let’s see what that looks like:
Be Pre-approved instead of pre-qualified.
Being pre-approved, unlike being pre-qualified, will require you to meet with a loan officer and submit financial documents. This extra time will be well worth it. Not only will you have a better picture of your purchase power, your offer will have a competitive edge.
Price Your Home at Fair Market Value
In a market with low inventory, you may be tempted to “test the market.” In actuality, pricing your home at fair market value will drive even more competition. Those in higher price ranges will compete for a great price and those in lower price ranges will be willing to pay a little more to get the extras.
Do Your Homework
While you are waiting for the right house to hit the market, identify your wants and needs. Where do you want to live? Go visit! What features are must haves and what features could you add later, if you got the right price now? It only takes one house to the perfect match and new homes are listed every day!
It may be February, but the spring market is here and it’s hot! Contact us today to make your move!