The following article
was written by Jim Trevitt, owner and principal broker of Trevitt Realtors.
Has the Southern Tier Real Estate Market Stabilized? Its too early to tell in the Greater Binghamton NY market.
Real estate is a local market, so just because values are going up or down in other places around the country, that doesn't mean the same thing is happening here. We've actually fared pretty well versus real estate values in the rest of the country.
While the real estate "bubble" burst in some overheated markets around the country, the Greater Binghamton average home value declined by less than 4%, from $130,108 in 2008 to $126,883 in 2009. Meanwhile, # units sold declined from 1893 to 1735 in 2009, quite a change from the heydays of 2005 when 2,622 units closed.
A quick survey of local Realtors & business people indicates a wait & see attitude, while limiting business & personal expenses to weather another potentially difficult economic year.
Government tax incentives for 1st time & repeat buyers are creating activity in a market with good selection and affordable mortgage rates. Its a GREAT time to be a buyer! There is some concern that once the incentives expire and interest rate rise, we may have a flat summer market because we coerced buyers into purchasing ahead of schedule to get the tax incentive. This creates a potential void later in the year possibly making it harder to sell due to fewer buyers and more competition.
My crystal ball says: the first half of 2010 may have to carry the rest of the year. We're likely to have the most buyers looking for homes while incentives & interest rates last. Potential sellers should also get their homes on the market asap while all the best buyers are looking. Sellers who put their homes on the market once summer comes, may find the 2010 buyer pool dried up!
Feel free to respond with your comments. As always, if you or someone you know is thinking about buying or selling real estate, please give me a call. I 'd love to help you out. And remember... The referral of your friends and family is the Greatest Compliment you can give me.
You'll be glad you put your "Trust in Trevitt!" and me.
I look forward to hearing from you. ---Bob
Click for Bob's Contact Information
