Trying desperately I am to find something new to say - but there really isn't a lot of help out there, market-wise.
There are currently 163 active listings in the Skaneateles area of the multiple listing service. We have only 26 closings so far this year - the latest was, again, a high end waterfront property and I know of another that just hasn't reached the system yet. Even the one property marked newly contingent this week is a lake rights property. The village properties continue to sit waiting for the moment to arrive.
Six new listings came on - 3 were brand-new and 3 were re-lists. Notable was the fact that they are all in the $200,000 to $300,000 range. There are now 61 non-waterfront homes in that range.
There are people out there looking. There are deals to be had - but the owners need to recognize the value of a "bird in the hand." If a home is on the market for $300,000, for example, the taxes will be around $9,000 this year. If they rent, they may get $1,500 per month to offset their costs: insurance ($1,000?), carrying costs of a mortgage, even a small mortgage might be another $12,000 in interest that will be gone. That's $22,000 to hold on to a $300,000 home for another year, or until the economy turns. Hmmmm.......
But if they sell the home for 10% less than they are listing - $270,000 - they might take an immediate loss of $8,000. However! Pay off that small mortgage, invest the $170,000 immediately in a 5% account and make back the $8,000 with $500 as a tip. And have the peace of mind to move on. And hey! It's a buyer's market out there - if the market turns to a seller's market to give you the advantage selling your home - it won't be as pretty a purchase as now.
Life is short enough - have fun! Travel! Homes have appreciated a great deal in the past few years - cash in your chips!
And please - start the ball rolling!
