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Housing Market: Plenty Available, But Market Slow The
Plattsburgh area is ripe with available housing for sale, but the buying
market is slow on the home front
Just a short drive around Plattsburgh makes it abundantly clear that the
number of residents looking to sell their homes has gone up in recent years. "For Sale" signs litter the streets and lawns of residential areas, but the buying market seems to be lagging far behind the selling. Jessica Peryea, an associate broker at Century 21 on Route 3 in Plattsburgh, attributes the slow buying market to several factors, but also spells hope for those looking to sell in the coming months and years. She points out that though the market is flat, homes are “sitting on market a little longer but still moving.” Citing the typically harsh winters of the North Country, Peryea claims that this time of year is always slow, as “people don't want to move in winter unless they have to.” Sherrill Payant, owner and broker for All State Realty in Plattsburgh, confirms Peryea's assertion that there “appears supply is greater than demand” in the current housing market. Both Peryea and Payant believe that anybody looking to sell their home should not be discouraged from trying to do so, because of the expected boom of business in the city of Plattsburgh. Peryea says that new businesses are moving in all the time and, within the next year or two, the city is expected to see huge income growth. That will be an optimum time for the real estate business, both for buying and selling. “This market changes every day…be patient.” There has been a lot of “interest from investment buyers from outside area,” states Payant. She defines “investment buyers” as anybody looking to buy a second or vacation home, those looking for raw, vacant land or development opportunities, and large businesses. Though the selling of a piece of property may be slow, Payant feels that given a standard three to six month marketing timeframe, a fairly priced property will sell. “This market changes every day,” she says. “There is good traffic flow of real estate for people looking to downsize.” Citizens of Plattsburgh, particularly but not limited to the elderly, “who have been severely impacted by tax burden of home ownership” and are looking to either downsize or relocate take up a good portion of the selling market. She predicts there will be a decrease in interest rate fees some time in the future, probably around June 2007. This coupled with the growth potential in the Plattsburgh area, particularly with the number of new companies coming in and the international airport, could give market a boost, both buying and selling. Additionally, though it may seem that the home market is currently at a dead standstill, Peryea assures this is not the case. Homes under $125,000 are still moving quickly, she indicates, and the market is full of people looking to buy rather than rent. This has been a trend all over the country, though she points out that she is not exactly sure why the sudden interest in owning a home in lieu of renting. Peryea says that it is likely because investing in a home is one of the securest assets one can put money into, particularly with the shaky state of the stock market today, it is simply a safer way to invest one's money. “The values of houses in last five years have gone up so dramatically,” she said. Venturing into the housing market is like gaining an instant equity.
The main concern right now, according to Payant, “Is the anticipation of what the (homeowner's) tax increase is going to be,” possibly upwards of 40%. This will have a severe impact on the market, she says, and could go into effect “any day now.” “Have an expert do the job.” Asked if she had any tips for those looking to buy or sell a home, Peryea could only stress the importance of using a broker. “Statistically, people who try to sell their home on their own get (as much as) 12% less” than if they had hired somebody. Do not try to do it on your own, she says, “Use an expert who does it every day.” Since most brokers take less than the 12% one is likely to save, people who hire a professional simply “make more money on their home.” Payant supports this statement by saying “(realtors) have the expertise to buy and sell a home accordingly (to price). Always look at and consider various mortgage sources” such as lending institutions (banks) and mortgage brokers. They have the best resources, she says, to get you the most “bang for your buck.” “My philosophy,” concludes Payant, “is that – whether you are buying or selling – this is one of the largest investments you will ever make. It must be taken seriously and handled professionally” Have you had any experience lately trying to buy or sell a home? |
Town of Plattsburgh Real Estate Against Clinton County, New York State, and U.S. Real Estate Town of Plattsburgh Real Estate Statistics Population: 32,770 Clinton County Real Estate Statistics Population: 82,998 New York State Real Estate Statistics Population: 18,878,504 U.S. Real Estate Statistics Population: 281,422,131 Source: Home Gain
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