Thursday, June 3, 2010

Skaneateles Real Estate - The Weekly Update

Before I forget - refinance now if you are going to do it! The rates are now around 4.875% for 30 year conventional loans with good credit, and I got a 4.25% for 15 years rate. It will save us about $45,000 over the life of the loan, or more importantly almost $300 per month. I am not an expert on mortgages - talk to your bank or mortgage person - but I know the value of a lower rate. The cost of refinancing will be paid off before the end of the year, and then we can put more towards the principle. And we went from 5.675% - which I thought was pretty good at the time!

Currently you can get that rate (hah!) by buying one of these active properties in the Skaneateles area of the multiple listing system - there are now 127, of which 25 are in the village. Only one new one - I went back and checked, because that seemed quite low! - this past week and it was my re-list. Think about it - 50 acres, a 3,000 sf ranch, 78 feet of waterfront - for $750,000. There's no sign - it's down West Lake Road, actually in Cayuga County, but I would love to show it to you. We reconfigured the listing, removing another 75 feet of waterfront and separating the listings. The lot is now $275,000 - and you could build a camp on there and get the whole thing for under $500,000. Bargains to be had!

This week a house was newly listed as "contingent, continue to show". Under $150,000 - the house has been there a bit and I'm glad to see it sold. "Under contract, do not show" is a waterfront listed around $800,000 that's been waiting a year for a new owner. Pended is a small, sweet little house under $100,000.

There were three new closings bring the year-to-date number to 22. In the next few days I will write out the 20 houses and their addresses and prices that have closed this year. The three new ones are a small house with plenty of land surrounding it priced to sell - and sell it did for an 18% discount. A lake rights house that needed some work came in around $300,000, down from its original price of around$400,000. One of my favorite houses out there also was reported closed. It started in 2007 above $300,000 and closed in the lower $200,000 after masterful staging and a change of agency.

There is so much to be said for aggressive pricing these days! You can't "try it" any more and hope to sell - it must be priced to sell if you really do want it sold. Often I speak with people and I can tell they are not 100% ready to let go of a home. Buying and selling are such emotional issues, so stressful, that it is worth the price to "git 'er done" as quickly as possible.

Enough preaching!

The closed figures are much better than they were. At the beginning of May we were only at 35% of the year-to-date in 2009. Now we are at 65% - a much better place to be!

While I was looking at the closed properties, I looked at agencies who listed them. Eleven agencies had listed properties that sold in Skaneateles. The bigger ones - RE/MAX, Williams, and Realty USA - each had 4 sold listings so far this year. As far as sales go - Williams and "other agencies" tie for the most. It will be interesting to see what the summer brings!