Why Buying Syracuse Real Estate Now Makes $ense

9.23.08 - Affordable Housing The average price of a three bedroom home in Onondaga County is $132,600 and $119,000 in Central New York. Compare this to the average price of New York State at $215,000 and the National Average of $202,300. Prices won’t go any lower and there is an abundance of inventory.

There are over 6,000 active listings right now here on cnyrealtor.com  

The Central New York Real Estate Market is One of the Strongest in 2008   Remember that all real estate is local and that all markets are different. The opportunities in Central New York are abundant compared to the national average.   In Syracuse, 2005 was the best year on record for existing homes sales.  The Syracuse area has had slow and steady housing sales and home value growth since 1999 so it never experienced a “boom” or “bust” like some cities. In fact, Syracuse was named the 4th fastest growing real estate markets in the country by Money Magazine in 2008.  

Local Grants & Financing  There are many choices for buyers looking in the Syracuse market - low interest loans, tax credits and grants.  There are many programs for fist time home buyers, home improvement and closing cost assistance. They are typically designated for geographic areas throughout Central New York and the City of Syracuse. There are also fist time home buyer workshops and certified courses. For more information visit Syracuse Home Financing and Grants  

Benefits of Home Ownership Owning a home in the American dream.  It not only provides amazing tax benefits but it also provides shelter and security to families. Did you know that:  

$  Dollar for dollar, the rate of return on an individual’s cash down payment on a house is substantial?  And that repeat buyers are able to put 19% more down on a new home due to appreciation ?  

$  Home owners move less often and are more likely to vote and volunteer for political and charitable causes than renters?  

$  When you own a home you can deduct the property taxes and mortgage interest from your income taxes?  

$  The gains that you make on a primary residence that you’ve occupied for two years out of 5 can be tax free?   

Mortgages are at Historically Low Rates  For buyers who qualify, mortgage rates are near historical lows.  They are hovering right around 6%, the same as they were 45 years ago. According to data provided by Freddie Mac, rates so far in 2008 are averaging 5.88% vs. a 2007 average of 6.41%.  

The Value of Your Investment  Home values long-term have and will continue to rise. Onondaga County continues to see a 3-5% appreciation this year. Thanks to the power of leverage, a homeowner’s return on investment is even more impressive over time. Real estate is a long-term investment.  

Home Ownership is an Investment in Your Future  A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter. The average homeowner’s net worth is $184,000 compared to $4,000 for renters.  

This document is available for download - click link below.