Central New York housing market struggles

CICERO, N.Y. (WSYR-TV) — Mark Bell, the co-owner for Bell Home Team in Manlius and Cicero, said the housing inventory has decreased, and some neighbors are spending years looking for homes.

One of Bell’s clients is a couple who lives in Syracuse.

They currently live in a one bedroom apartment and have been looking for a home for two years. Bell said they are not the only ones who are having issues finding the perfect home. “If we’re comparing January 2022 to January of this year, the number of listings hitting the market in that price range say around $82,000 to $145,000 is down 30% but with the stats, what we’re seeing is the buyer pool hasn’t changed,” said Bell.

Bell said houses on the market for around $120,000 are on the market for just a few days. He had one house on the market that had 40 showings in three days, and seven offers. Shortly after, it was under contract. He said this seems to be the trend. “If it’s a wonderful property then it’s a feeding frenzy, or people are putting up questionable properties thinking I could get a lot more money than I ever could before for this clunker.”

He said he believes inventory is low for a reason. “People aren’t moving quite as much, people aren’t looking to sell quite as much,” said Bell. “For the same reasons that we’re dealing with this issue, what would happen is someone would buy a home in this price range at $100,000-$150,000 they would live there for about six to eight years, statistically, and then they would be looking to move on.”

For those looking to eventually buy a home, Bell recommends to start preparing as soon as possible. Reach out to real estate agents and get a lender.

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