Tuesday, February 10, 2009

Skaneateles Real Estate - The Weekly Update

I must admit I looked forward to writing this blog all day. After a class yesterday at the Greater Syracuse Association of Realtors on Fair Housing, an agent who doesn't usually sell in our market told me she had sold a home in Skaneateles. While it wasn't marked contingent yet, she urged me to tell others that things are selling again. While the statistics so far don't show it, we are getting somewhere.

There are currently 122 active single family listings in the Skaneateles area of the multiple listing service. Five of these are new this week, although four of those are actually re-lists with adjusted prices and a change of agent in some cases. There are no new contingent homes however I know of at least three that are waiting for sign-offs before being marked as such. Fourteen homes are pended, just waiting to close.

We still have only 3 closed properties, year-to date. Last year by this time there were 8; the year before there were 9. Am I worried? Not in the least! With what is still unpublished as sold, and the pending ones soon to close, we will be fine and on our way to the 80 - 85 homes I predicted would be closed at the beginning of the year.

One of my valued readers contributed the link to the article praising Syracuse as one of the 25 strongest markets in the United States. The easy way to find it is to go to http://www.forbes.com/ and type in "strong real estate cities." A list of articles will pop up and you can have your choice. Thank you, valued reader, for finding it for me!

I noticed today coming back from lunch in Syracuse that on Genesee Street there are at least three rental signs. Over the weekend I looked into rentals and was surprised to find there are currently 18 listed. Last year 36 were leased, which I find an amazing number. I never would have guessed. I know I did a booming business in rentals, both in Skaneateles and elsewhere, but I thought I might be the exception. Apparently not. People are renting instead of buying.

Once the stimulus plan is known, and if it contains a magical 4% guaranteed rate for mortgage loans, I see it all changing. I told someone today that might be in the offing, and she said she'd go buy something in Florida at that price. Will it apply to second homes - I have no idea. But simply knowing what it will be will make everyone feel more confident in their purchases.