The CNY (Syracuse) housing market exploded during the COVID-19 pandemic and shows no slowing down. You might think it’s too late to get into this field, but you’re mistaken. Here’s what you need to know about this situation.
COVID-19 Has Increased Home Selling Prices
The housing market is very seller-oriented in the wake of COVID-19. Prices are skyrocketing, and demand has easily surpassed supply. As a result, it’s not unusual for people in Syracuse to sell their home the very same day they put it on the market: sometimes as quickly as a few hours. So, just how big are these numbers? Well, the available houses dropped by 34.9% between February 2020 to February 2021.
In contrast, prices rose by 12.4% on average. So people who put in traditionally aggressive bids (20% over the asking price) on homes find they’re getting outbid by as much as $100,000 over the asking price. This type of market is very unusual and is something that you need to take advantage of if you’re into the real estate market or if you’re into investing in any way.
Tap Into the Millennial Market
Even 20 years ago, the boomer market would have been the most important for the sector. That’s changing significantly. As more boomers age out (and even pass away), they stay close to home and do not make many significant investments. Instead, the millennial market is taking over and is becoming more critical and higher investing than the current boomer market.
Don’t believe us? Well according to our sources, 96% of all millennial investors want to invest in real estate, while just 83% of boomers do. That extra 13% is enormous. So try to focus on Syracuse homes that will appeal to millennial buyers. For example, they are huge into efficiency and other types of high-quality savings. In this way, you can tap into a big market.
Get Technology on Your Side
Did you know that about 80% of people looking for a big purchase (like a home) do a lot of online research before putting in any bids? Honestly, we think our sources are a little lower with that number. In our opinion (based on gut feeling), something like 99% of the millennial market (which is what you want to hit in the CNY real estate field) is using online searches. As a result, you need to tap into their love of technology and use various home listing sites to stand out.
We strongly suggest putting each of your homes up on sites like Zillow or Realtor.com to get the best results. These sites let you upload photos, real estate histories, and much more. This information is critical because it highlights the unique elements and gives you the best chance of selling to that always lucrative millennial market.
Dress Up the House
Even though it’s a seller’s market in CNY and around the nation, you still need to dress up the home a little to make it more appealing. For example, you should make sure it smells nice by cleaning it out and adding comfortable smells. The olfactory (smell) sense is most often connected with relaxation and memory so that you can produce a surprisingly powerful reaction in your buyers this way.
For instance, did you know that 50% of all consumers in the US like home fragrances as a relaxation method? We have a feeling that a vast majority of that number are millennial buyers. So here’s a classic tip that almost always works: bake fresh cookies in the house and put them up at the door. The smell of cookies taps into many great memories.
If you have the extra capital to buy into the CNY housing market, you should do so now before it is too late. Is this taking advantage of other people? No, because you’re still providing them with a great home. So start your research today.