Quality foreclosed homes are in demand in Syracuse, NY. Buyers and investors are purchasing foreclosed homes quickly when they find them. Syracuse has made CNN Money’s list of the third most affordable housing market in the nation, right behind Indianapolis and Youngstown. According to CNN, the median home price in Syracuse is $95,000. The median household income is $64,300. This means that 94.5 % of the Syracuse households can afford a home in the area. Central New York home prices did not appreciate as rapidly as New City or some of the other areas. So there was not a massive housing crash in Syracuse. It has experienced slow population and employment growth. Central New Yorkers don’t move around as much as Manhattan and other New York city residents. So housing prices are on the lower side.
Syracuse is a major transportation hub because two major interstates cross here. The economy is based upon manufacturing. Unfortunately, many of those industries have declined in production or closed down. The popular has shrunk to fewer than 140,000 from post-war population of 220,000. They have abundant inventory which is keeping quality homes affordable, including quality foreclosed homes. The unemployment rate is 8.5%, but that is much lower than the national average. So when you do find a foreclosure property, you are really getting a very good deal because of the affordability factor in the Syracuse area.
Finding Syracuse REO’s
The best way to find Syracuse foreclosed homes is to work with a Syracuse local Realtor. The REO’s (bank owned real estate ) are listed with local Realtors. The Realtor can help you find a foreclosed house in a Syracuse neighborhood that meets your criteria saving you time from driving around the area. Although you may want to do a preliminary search on the Internet first to see what types of properties are available and the price ranges. Bank owned foreclosed homes are always good investments because they are sold at substantial discounted prices. The banks are sometimes difficult to deal with so it is smart to have a Realtor present your offer on your behalf. It may take a few days or as long as a week for the bank to get back to you on the offer. Sometimes, you end up getting into a bidding war with other buyer/investors who are also looking for bank foreclosures. So if you see a property that you like, don’t hesitate to make an offer. If the listing price is within the range, then offer close to or full price. If you have cash, all the better. If not, make sure you have your financing lined up so you are qualified and ready to close. Banks want to get their REO inventory off their books quickly. Many REO properties are in poor condition and need work so keep that in mind when making your offer. Also, you should always get a home inspection to find out if there is anything wrong with the property. Banks sell REO’s in an as is condition so they don’t generally make repairs.
You can always rent your Syracuse foreclosed home out if you are buying it for an investment and don’t want to live in it. Many buyers are purchasing and holding onto the properties until the real estate market rebounds and prices start appreciating again. Right now is a very good time to take advantage of Syracuse affordable housing prices whether you purchase a quality bank foreclosed home or a resale home. Since no one has a crystal ball to tell you hold long prices will remain so affordable, you might as well take advantage now.
