Camillus (WSYR-TV) -- It seems New Yorkers are feeling good about the real estate market, according to a recent study by Sienna College.
The study found that for the first time in three years, more New Yorkers believe the market has actually improved, rather than worsened.
As far as the real estate market is concerned, the economic collapse of 2008 didn’t have a drastic impact on the greater Syracuse area according to Realty USA.
“Central New York was the one pocket of the U.S. that was isolated from the bubble. We didn’t have a bubble to burst, so while we don’t go way, way high, we don’t go way, way low either. We’re kind of steady Eddie,” said Mark Re, VP/GM of Realty USA.
Still, we’re seeing gains. Home sales have increased by 10.6 percent from last year, while prices have spiked 2.3 percent in Central New York.
However, if you’re looking to sell, don’t get greedy. Before 2008, asking more than market value for your home was standard practice. Re says not anymore.
“It’s deadly if you overprice your house, but if you price it correctly and under price it by a little bit, they’re going to sell quickly and nicely,” Re continued.
Re says this is still the best time to buy. In his 33 years in business, he’s never seen the stars align like they have: low interest rates, low prices and plenty of supply, but it won’t last long.
“My prediction is that in January, they’re going to fix it, if you will. Are the rates going to skyrocket? No. But rates are going to go up,” Re said.
Overall, New York City and Long Island showed the greatest gains in confidence, while Upstate was a bit less optimistic.