Why is home sweet home is getting more bitter to buy?

SYRACUSE, N.Y. (WSYR-TV) — A housing shortage in Central New York has been building ever since COVID and continues to leave people in a desperate search.

“Even though we’re seeing more homes in the market right now, it’s not keeping up with the numbers of buyers. We have to catch up. We’ll get there, but we’re not there yet,” Mark Re, with Howard Hanna Real Estate Services, said.

Not enough houses, means more demand, which leads to higher prices. A report by the Greater Syracuse Association of Realtors shows the median home sales price in May went up close to 20%, compared to May of last year. In addition to high prices, buyers often have to deal with stiff competition.

“The average first home buyer is $200,000 today, houses below $300,000, multiple offers, expect 8, 9, 10, 12 offers competing with yours,” Re said.

Plus, the City of Syracuse and suburbs of Central New York will soon have a new neighbor -Micron. People who will work for Micron are already buying houses here.

“I’ve put together six transactions that I’ve given out through referrals in the last eight weeks to positions waiting here between $600,000 and $1.5 million and they have young families and they’re excited about moving from Florida, Myrtle Beach from the Carolinas. They’re coming here, these positions, because of Micron,” Re said.

Re’s advice: Buy now.

“In two, months, three months, the price is going to go up. In six months, 12 months, the price is going to go up, so get in the market now.”

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