Real Estate in the Finger Lakes of NY

Something spectacular happened today... I opend up our local daily newspaper and found a positive real estate news story!   This isn't really shocking news since I am immersed in real estate everyday and I am aware of what the market is doing, but it's shocking that they actually reported on it!  There was no doom and gloom regurgitated into the story from the national media---- a reporter actually went out and interviewed four local real estate agencies.... RE/MAX In Motion, Coldwell Banker Shaw Real Estate, Warren Real Estate and Audrey Edelman/Realty USA... the top four real estate agencies I might add,  to find out what is happening in the local marketplace.   What an ingenious idea!   I guess you can say I'm a little tired of hearing the national media doom and gloom so this article was refreshing.  The article points out that Ithaca is sheltered from "the real estate bubble".    Click here to read the article.

Comparing home sales statistics from the first 11 months of 2007 with those from the same period in 2006:
2007 / 2006 / % change
Median selling price: $189.5K / $188.9K / 0%
Sale vs. list price:* 95.31% / 96.03% / -1%
Closed sales: 892 / 959 / -7%
Total dollar volume: $176.0M / $186.7M / -6%

*number reflects percentage of asking price for which the home sold.
Sources: Ithaca Board of Realtors, New York State Board of Realtors.

Lindsay Hart, Dir. of Marketing/Communications RE/MAX In Motion

Winter has arrived in the beautiful finger lakes region of New York.  This usually signals the real estate market to slow down....but not this year.  Something strange is happening.  Buyers and sellers are changing their minds about real estate and the winter months.  It seems that old man winter may have shed his stigma in the eyes of upstate buyers and sellers!   I am witnessing a little flurry of listing and selling activity (excuse the pun).  There are more closings this December, in our office, than there were last year at this time AND I have seen more listings come in this month than in October!   And the really awesome thing---- these listings are going under contract in mere weeks; why? because 1. they are priced correctly 2. more qualified buyers are coming into the market 3. the market in Ithaca NY has the lowest percentage of subprime loans (NY times 2007)

So I welcome the winter months and the... ahem... flurry of activity it is brining with it.

-Lindsay Hart, Director of Marketing and Communications, RE/MAX In Motion Real Estate Ithaca NY

Categorized by School District

Categorized by School District

...surrounded by reality.  I'm not making that up - it's a bumper sticker I saw.  Just like the "Ithaca is Gorges" one and the "Ithaca is Cold". 

I bring this up because Ithaca is almost really in it's own little bubble, especially when it comes to Real Estate.  It is impermeable to the 'national trends'. The market in this area is not down. It's simply shifting.  Shifting to a buyers market. And prices have not bottomed out. Total sales volume compared to '06 is up.  We speculate that  Cornell University, Ithaca College and Borg Warner have something to do with the successful real estate market .  They continue to draw people to this area.  We see a lot of professors, grad students, and other professionals relocating into and out of this area. 

This is not to say that Ithaca is cut off from the rest of the world. It just has a uniqueness about it and for a small city there's quite a lot to do here. It actually was declared America's most "enlightened" city by the  Utne Reader in 1998.  It's also been ranked #2 green city by Country Home magazine.    Ithaca even started printing it's own currency call Ithaca HOURs.  It started in 1991 by a local gentleman and was "created by our community's need and pioneer spirit".   Ithaca also has a Paleontological Research Institute, A nature center, the Cornell Lab of Ornithology, The Sciencenter, The Johnson Museum of Art, and more!    And let's not forget downtown Ithaca,  the wineries, or the beautiful lakes!

I guess that's what draws people back here and one reason why people (like me) stay here after college.  It's got a small town feel but with so much more...   The Ithaca Experience.

Written by: Lindsay Hart, Communications Director/Trans. Coordinator on the Melissa Miller Team, RE/MAX In Motion, Ithaca NY 

Something I overheard today..."what is RE/MAX anyway?"  Interesting I thought because I thought everyone knew what RE/MAX was!  Just like I thought everyone knew what Century21 or Coldwell Banker was. So for those of you who aren't familiar with RE/MAX and what they are all about I encourage you to read on....

RE/MAX is a real estate brokerage company - the biggest actually according to the numbers - they are international.  Each RE/MAX is a franchise and each is independantly owned and operated.  There is an international headquarters in Colorado but each state also has it's own 'head' such as NY is RE/MAX of New York, Inc.

The word RE/MAX actually stands for  Real Estate Maximums because.... 

The RE/MAX Concept combines maximum commissions, advanced support services and freedom to succeed.    Agents share office overhead and pay management fees, and in return receive a wide variety of traditional real estate franchise services and high commissions.

Sound interesting? Click here to learn more. 

Real Estate is a interesting business.   Of course this business definately varies from state to state due to individual state laws.   Managing expectations of buyers and sellers is a tricky thing.   I've found that sellers in upstate new york (Cornell University area) are still under the impression that the market is the same as it was 2 years ago.  You know the one - a house went on the market and 2 hours later had multiple/competing offers and then sold above asking price. 

Managing the expecations of sellers today is a delicate task - some just don't want to believe that their house might not sell in the first 30 days or it really isn't going to sell for the price they want.  I'm not saying that the market in our area is in a slump, it's just changing as all things do.  The average buyer is takingn their time, weighing their options, and waiting when it comes to home buying.  Sellers: Don't be discouraged, be flexible and patient.  There is a buyer our there that wants your house.

Managing buyer's expectations is a dlicate task as well.  Buyer's want more for their money and they'll wait until the right thing comes along.  It's our job as agents to manage their expectations, such as, they might not get that 4 bed, 3 bath, brand new home in a highly desirably area for under 200k.  And they may need to think oustide the box and their desired area to get a house in their price range.  Buyers: don't be discourage, be flexible, and patient - your new house is out there. 

Of course choosing the right agent makes both process that much easier but that's another blog for another day.

Real Estate is about more than buying and selling properties.  Real Estate is about education.

My goal is to educate buyers and sellers; to guide and educate them on their investments.  I think being educated or informed makes you a better consumer.  I think today's real estate agents are sometimes unfairly stereotyped.   As an agent I am not here to 'cheat' you or lead you astray when helping you with your biggest investment.  I am here to make that experience as pleasant and painless as possible.  I am here to guide you through the process while keeping your best interests at heart. 

Don't think of me as just a real estate agent.  Think of me as a trusted advisor.  Have a question about remodeling and what project would add more value to your home?  Ask me.  Want to know more about  local real estate statistics? Ask me. 

I encourage you to RE/Think Real Estate.