By Michael Williams
3/17/23
Buying a house is the biggest financial step most of us will take in our lives. We often commit to pay over a period of 30 years, or sell and buy again with a similar agreement, for homes we believe will hold their values or even increase in value.
No guarantees, however, exist for how or whether any buyer will make money on a home purchase further down the road. Certainly, in Central NY, home prices continue to rise even though we expect economic uncertainty to send prices the other way. The past few years’ flurry of buying activity has slowed. Those who have purchased recently seem in no mood to sell, and those looking to buy are finding little on the market.
For most of us, buying a home is a way of establishing our presence in the community for the long term. For others, buying a home is a short-term investment which involves changes to the home or the land in the interest of earning a return on said investment. For those of us in the former camp, this stagnant, uncertain market is very frustrating.
We can learn from past changes in the housing market that supply and demand can find a new equilibrium, though that may not come for months or more than a year. In the meantime, I advise buyers to stick with their goals. Buy in a place that makes you feel at home. Think of opportunities to make the home your own. Look past the old carpet and kitchen, and imagine how you want it to be. Rent a home while you look, if needed. If you plan to make a home yours for the long term, don’t worry that you’re paying too much.
If you’d like help finding a new home or selling an old home, we at Lake and Village Realty are happy to work with you. You can contact us at lakeandvillagerealty@gmail.com or at (315) 237-4544. We look forward to helping you find your dream home.
