Surveying the seller's market in Syracuse

Syracuse, NY · Member since 2014 · 73 posts · 22 votes

Hey folks. I have a 2-unit property in Syracuse I've held for 6 and a half years. I've been monitoring the market for the past 9 months, and I wanted to see if anyone on here has recently sold any 'Cuse properties in the last 3-6 months and what folks have been seeing with this current seller's market. I'm seeing properties in so-so neighborhoods go for way over what they normally would be (40-60K). Also, I'm hearing some pretty incredible things - multiple offers over asking price, buyers agreeing to waive inspections. I'm looking to explore my options.

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Ronald RohdePro Member

Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes

Quote from @Cerwin Haynes:

My understanding is lack of supply, and the deep desire for single-family homes. There's been some seeping gentrification in a few pockets of the city, and I believe some COVID telecommuters have come up from the NYC area.

Just got off the phone w/my contractor. He says even rehab/Syracuse Land Bank-level properties are being snatched up unless it's a complete disaster.

Makes sense. I went to school in Ithaca, so pretty familiar with Syracuse since then as well. Good buys if they cashflow!

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Don McQueen
Real Estate Agent · West Olive, MI · Member since 2016 · 9 posts · 3 votes
4y
Not sure the specific details on your area. Given the conditions you describe it may be worth running the numbers and exploring the comps if you are looking to cash out. Have seen low inventory in our area for at least the past 6 - 12 months and it's been a challenge for buyers for sure. The other thing to consider is your long-term goals and how the numbers stack up for you on the property. Best of luck.
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Cerwin Haynes
OP
Syracuse, NY · Member since 2014 · 73 posts · 22 votes
4y

@Don McQueen thanks for the response!
Our long term goal is to have some cash on hand for when the market bursts. I'm sure you've heard that many people think that, at some point this year, inventory will eventually pick up (i.e. distressed properties of owners who had non-paying tenants during COVID). The current cash flow of my property is pretty decent, but holding onto the proceeds from a good sale for 6-12 months until the market pops might be worth it.
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Stephen SchmittBusiness Member
Real Estate Agent · Liverpool, NY · Member since 2019 · 111 posts · 72 votes
4y
Hello Cerwin, let me know if you'd like help with selling the property. I am an investor and investor's agent in Syracuse, 2 family homes are selling fast, but not quite getting much over asking; not like single family homes. They are getting sold for close to, at, or just over asking, at a much higher value than last year, if it's got paying tenants and has been relatively well maintained.
[email protected]315-457-7170
Stephen Schmitt51 Review
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Cerwin Haynes
OP
Syracuse, NY · Member since 2014 · 73 posts · 22 votes
4y

@Stephen Schmitt just sent you a PM.
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Will Chamberlin
Rental Property Investor · San Rafael, CA · Member since 2015 · 190 posts · 90 votes
4y
@Cerwin Haynes, I am seeing the same thing. Prices all over the city seem super high and it is hard to find good deals.
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Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
4y
What's causing this? lack of supply? I don't think Syracuse is seeing much population growth lately...
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Cerwin Haynes
OP
Syracuse, NY · Member since 2014 · 73 posts · 22 votes
4y
My understanding is lack of supply, and the deep desire for single-family homes. There's been some seeping gentrification in a few pockets of the city, and I believe some COVID telecommuters have come up from the NYC area.

Just got off the phone w/my contractor. He says even rehab/Syracuse Land Bank-level properties are being snatched up unless it's a complete disaster.
2 Reply
Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
4y
Quote from @Cerwin Haynes:
My understanding is lack of supply, and the deep desire for single-family homes. There's been some seeping gentrification in a few pockets of the city, and I believe some COVID telecommuters have come up from the NYC area.

Just got off the phone w/my contractor. He says even rehab/Syracuse Land Bank-level properties are being snatched up unless it's a complete disaster.
Makes sense. I went to school in Ithaca, so pretty familiar with Syracuse since then as well. Good buys if they cashflow!
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Josh McWilliam
Rental Property Investor · Delmar, NY · Member since 2021 · 5 posts · 5 votes
4y
@Cerwin Haynes I only have a single point of reference, so take it with a grain of salt, but sharing in case it is of any use...
I grew up near Syracuse and my dad currently lives there. My brother works in Syracuse and has been looking for a place there to reduce his commute. He has been having a tough time finding a reasonably priced place. He has walked away from multiple properties he was interested as they have been bid up to way more than they are reasonably worth.
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Cerwin Haynes
OP
Syracuse, NY · Member since 2014 · 73 posts · 22 votes
4y
@Josh McWilliam out of curiosity, what kind of place is he looking for and in which neighborhoods? Is he looking for a single or would he be open to a duplex or multi-family?
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Josh McWilliam
Rental Property Investor · Delmar, NY · Member since 2021 · 5 posts · 5 votes
4y
@Cerwin Haynes I think he prefers a single family and believe that's what it was. My Dad and I are trying to convince him to go with a multi-family house-hack to get him into the real estate game but he is a hesitant due to a bad experience renting out a former house in the past.
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Stephen SchmittBusiness Member
Real Estate Agent · Liverpool, NY · Member since 2019 · 111 posts · 72 votes
4y
Right now the single family homes are bidding well over asking. I have advised some of my first time homebuyers to look at 2 family homes for now, most of them are not in a bidding war (although will be sold within days), so it's easier to get into. Turn key properties will sell right around asking.
[email protected]315-457-7170
Stephen Schmitt51 Review
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