I'm not an economist but I can tell you with confidence that the real estate news reported nationally and locally, coming from the Associated Press, Washington Post or New York Times, etc., does NOT portray the real estate market here in Syracuse and Central New York.
Sure, if your selling your home, the market value is less than you had hoped. However, if you compare our market to the markets we keep hearing about... Arizona, Nevada, Florida, etc., ...things here look really good. There aren't alot of foreclosures like we here about nationally, and...Values haven't dropped as drastically as we keep hearing about. The "Bubble" never became over inflated here.
If anything, Syracuse is in a position to benefit from the downturn in the rest of the country. Our cost of living is low... our unemployment is lower than the National and State rate ( 7.5% Syracuse compared to 9.2% National and 8.3% New York State). People who left the area for jobs and opportunity are strongly considering a move back, and students graduating college are strongly considering building a future here.
This is an amazing time to be a buyer in the Central New York real estate market. Housing is selling at discounted prices and money is cheap. Lenders are approving loans at and around 4% for a 30 year mortgage.
I cannot believe some of the deals that are out there.
If you don't believe me...take a look for yourself...I dare you...
http://www.cnyrealtor.com/findahome
http://www.syracuse.com/news/index.ssf/2010/10/fed_official_upstate_economy_d.html
http://www.syracuse.com/news/index.ssf/2010/11/syracuse_areas_unemployment_ra_1.html
If your on the fence about buying a home in the Central New York, Syracuse area...jump over the fence. You won't regret it.
Syracuse is a great investment!
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