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    (607) 757 2100
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    (315) 536 7456

real estate prices

What is a Seller's Market?

Spring has sprung and the real estate market is heating up! Houses are selling fast, leaving fewer homes for buyers to fight over. This is called a seller's market. Read on for a definition of this real estate term:

The seller's market is the term given to a market where the seller has the upper hand. This might happen when there are few good homes available in a certain area. It might also mean that the area is a hot one right now for potential buyers. The seller's market is one where a seller might receive a lot of interest from multiple buyers on any given listing. The seller might be able to get multiple bids and offers on a given property. These markets usually lead to higher sale prices on homes and can be difficult for interested buyers. Seller's markets are contrasted with a buyer's market, which occurs when there are very few buyers and a host of acceptable properties in an area. As a buyer, you would much rather do your bidding in a buyer's market than a seller's market, where the seller has all of the control.

If you are thinking of listing your home the time couldn't be better! Give our office a call today to speak with a dedicated agent and get your home listed during this HOT market! And if you're thinking of buying, don't wait! Our agents can start showing you properties and guide you through making an offer.

Life on the Lake-Keuka Lake is a Great Place to Vacation and Live

3101 Lower West Lake Road, Jerusalem NYThe Finger Lakes Region of New York is currently enjoying a robust real estate market. Small, historic villages and everything from farmer’s markets, boating and fishing to lakefront properties and wineries is attracting buyers to the area.

The majority of the region is still considered a buyer’s market (more sellers than buyers which results in low home prices from this excess of supply over demand) but as lakefront homes increase in popularity, the Finger Lakes area is seeing an increase in home sales and upward trending sale prices. Home sale prices are increasing at an average rate of 9% per year and it is not uncommon to see property values near $1 million. However, sale prices can range anywhere from $20,000 to $2.8 million depending on location, acreage and type of home.