Happy Sunday! It’s time to look at the Syracuse Housing Market. We’re going to key in on what happened in February. If you need to know what’s happening in your neighborhood right now, contact one of us today.
There were 779 listings. This number represents a 3.5 decrease over this time last year.
In February, there were 626 properties under contract. This is an increase of 6.8% over last year.
Our market has remained steady with just a slight increase (2.7%) in properties that have sold.
The Bigger Picture
If we look at the year to date figures, new listings are up 1.5%, pending sales are up 11.3% and closed sales are up 4.7%. All positive.
We’ve had quite our share of storms this winter, some of which caused a bit of havoc and damage to homes that will need to be repaired. Spring will bring, as it always does, a fresh new look and fresh new opportunities to make a move.
The Best Offer
In a market of low inventory, consider putting your best foot forward especially in a multiple offer situation. Consider what might make your offer stronger than others:
- Being Pre-approved rather than pre-qualified. (We’ve talked about this before and it’s worth repeating.)
- A stronger good faith deposit. If the list price is $120,000, is it possible to put a down payment of $5000 instead of $2000.00 to show your purchase power?
- Be flexible with possession. Accommodate the seller if you can, with the advice of your attorney of course, and create a possession agreement that will work for both of you, even if you have to rent back or move twice. Moving pods have come a long way and you can consider it part of your adventure to your dream home.
- An escalation clause With the advice of your agent, consider a clause that would allow you to try and outbid whatever the highest price is. It will only go in effect if there is another offer. Be sure to do your homework and read this article.
- The right attitude. With the help of an experienced agent, you will put in the offer that makes the most sense and it will be one that you are comfortable with. Whether your offer is accepted or not, you will have the confidence that your offer was the best it could be. It’s often said that what is for you, will not pass you and it’s true for real estate too. We’ve seen it many times that the house you end up in is often so much better than the one you missed out on.
If you have any questions about the current market or how to put in a great offer, please feel free to contact us today to make your move!