It has been a long time since I have seen such a strong seller's market in CNY. As Realtors, we measure the marketplace by months supply of inventory, or the Absorption Rate. That is how many months
Two Family Homes Are In Demand
for Multi-Family homes In Syracuse NY
It seems like it has been a while since I have seen a market like the one we are in right now. Many younger and first time home buyers are opting for the income-producing home of a two or three family home. The targeted neighborhoods for these buyers are predominately Eastwood, Tipperary Hill and South Valley in the city of Syracuse.
The problem, however, is finding the right property. Much of what is on the market has been neglected with regards to updating and improvements. Years back many or these two family homes were owner-occupied and well kept. We Realtors even promote the fact that they are so. Usually, that means they have been well taken care of. Today's home buyer, generally speaking, of course, do not wish to buy a "fixer-upper". Buyers want move-in ready property. That is the problem today with finding a Multi-family home. Many are in needs of some repair.
Inventory of multi-family homes is very low and demand is very high, leaving little to choose from. Recently we have seen multiple competing offers for the same two-family home, resulting in over the asking price. This is not an uncommon occurrence when the conditions are right. Those conditions being -in the right area, in good condition, and in this current market.
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