Checking in with the Syracuse Market

[Cerwin Haynes]

Hello all.

Haven't really seen anything written lately about Syracuse, so I wanted to start a check-in discussion. Are sellers still holding onto their criteria as things were 6 months ago (i.e. insisting on as-is sales), or has most begun to adjust?

I'm set to close on the sale of my duplex a the end of this month. Would've loved to have sold it back in the fall, but I had a bad bout with a tenant who just flat out refused to leave: she stopped paying rent, tried to use city code complaints to justify non-payment, refused a cash-for-keys offer back in June when the writing was on the wall, and wouldn't leave after her lease was terminated at the end of Sept. It took me until Feb 1 to finally be rid of her.

My goal is find another investment property within three months after I close. 

[Jin Lee]

If you are doing a cash purchase I think you'd have no problem now. The velocity of sales has dropped but quality properties seem scarcer than before. 

I think "price memory" might be the new challenge with some sellers who saw the premiums their neighbors sold for in the past few years and expect to get the same now but that's just a guess.