Local Housing Update
Written by Eric Strong
Springtime Real Estate Market is Hot!
This year's housing market is off to a quick start despite the national recession. Home prices in Broome County have been stable due to low housing inventory and a relatively stable employment market. Since the beginning of 2009, single family inventory has fluctuated between 1025 homes and 1175 homes in Greater Binghamton's Multiple Listing Service.
According to past records, housing inventory usually increases in the spring and this year is no exception. Typically, most home sellers prefer to place their homes on the market when climate conditions are favorable and the flowers and tree buds begin to blossom.
Reduced interest rates have also fueled the housing market with rates running as low at 4.5 percent at some local lending institutions. However, not all parts of our local market have been active. In particular, the upper end of our market has been sluggish. Homes over $250,000 have been slow to sell, but hopefully the spring selling season may change all that. The $150,000 and under market is still going strong.
What else is new? Vestal properties are undergoing a full value reassessment. From what we have heard, the process has angered a lot of residents, but the process should be self correcting as residents file their complaints. The preliminary reassessment values are now out in the mail and you will have until May 26th to file a grievance. When all is said and done, the process will hopefully serve the community well by equalizing property values and making values more accurate with today's market. We will bring you more about the Vestal reassessment outcome later this year.
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