Ithaca NY Market Report on Inventory for August 2009

By
Real Estate Broker/Owner with RE/MAX In Motion

Looking thru a photograph I found inside a drawer I was taken by a photograph of you.... Wait that was the Jackson Browne concert at CMAC last Saturday. Sorry

Looking through the Ithaca Board Statistics I was taken by the amount of homes available under $200,000. The total number of homes for sale in the IBR today 8/6/09 is 742. Of those homes 315 are listed under $200,000. That's a lot of possibilities, granted some of those homes might need a total rehab but in a market like this, that's a sign to go shopping.

If you are a serious buyer who has their financing in check and home ownership is in your short site then you are in a terrific place. A bonus if you qualify for the $8000.00 tax credit if you close by December 1, 2009. Today's buyer is in a strong position to negotiate, and upon finding the right home and getting it at the right price you could even build equity in your home at a rapid rate.

SUPPLY -vs.-DEMAND The timeless principle. With such an increase in inventory most seller's are competing with soo many other homes. Well informed and capable home seller's know they should get their homes in the best condition they can to get the best price. Seller's are looking for buyer's to make them a reasonable offer and they are ready to sell or they wouldn‘t be on the market. Not all seller's are desperate, be careful to get the full facts on the property, it's pricing history, the time it's been on the market and who it's competition is. NOTE: Low balling works so infrequently, but when it does it gets shouted from the mountain top and everybody wants in. An irrational low ball with no justification will basically just peeve the seller, and ruin your credibility so be careful.

In the last 14 days 89 new properties came on the market with an average list price of $235,845 and a price per square foot reported at $105.46. Currently there are 216 homes under contract or sale pending at an average price of $186,636 at $105.67 per square foot. There are 742 sellers that want you to see their house today.

Call your agent and HURRY for the $8000.00 tax credit. It takes on average 60 days to close on a home. That is with everyone doing what they should do on a set timeline. Most closings are delayed by an extra two weeks to that is 74 days. The DAM is going to break here shortly so if you are a first time home buyer and this credit works for you than get out there with your agent be in contract by September 15th to be safe. HAPPY HOUSE HUNTING.

Melissa Miller

A fan of Jackson Browne

RE/MAX In Motion

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Home Buying
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New York Tompkins County Ithaca
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Real Estate in The Finger Lakes
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housing inventory august 2009

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Melissa Miller

RE/MAX In Motion
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