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Market Conditions in Binghamton : Real Estate Advice

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Activity 6
Tue Mar 18, 2014
orail white answered:
This questions depends on where you are.
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Mon Nov 18, 2013
Jcfcapozzoli asked:
This question was asked from http://www.trulia.com/property/3124841627-101-Leroy-St-Binghamton-NY-13905
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Mon Nov 18, 2013
James Trevitt answered:
There are 16 single-family homes for sale within 1/2 mile of of Livingston St, Binghamton ranging from $59,900 to $209,900.
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Sun Dec 2, 2012
James Trevitt answered:
Hi Howard,

Here's the stats for the Greater Binghamton Market as of October 2012:

2011 2012

Ave price $128,266 $125,744

Ave Days Mkt 114 110

Ave Sales/Mo 144 133

Ave listings/Mo 1407 1378

The answer to your questions is - The market is a bit better than last year. Personally, I'm having a record year, but I've been at it longer than most (30+ years). Our market has been, and will continue to be, tied to employment. Binghamton University is still expanding and remains the primary economic engine in the area. Washington is likely to continue cuts to national defense which will affect major local industries like Lockheed, BAE and EIT. Most business contacts are not expecting a major improvement in 2013, hoping for modest gains, cutting expenses until upstate catches up to the "recovery" that, according to popular media, is happening, apparently, somewhere else.

I can provide statistics specific to your neighborhood and type of property upon request.
... more
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Mon Apr 4, 2011
Richard Coffelt answered:
If you simply want to compare available properties and price ranges for each of the areas of interest, you can search for both non-foreclosed and foreclosed properties from my website, anywhere USA. For the non-foreclosed properties, under "my external links", click on Home and Market Trend Search link: enter search criteriia (ie cit/state or zip code, number of bedrooms, bathrooms, price range, etc.); view results; then click on the Stats & Trends link at the top of the page to view typical list and sale prices for homes in areas of interest. For the foreclosed properties, click on the property manager of interest (ie Fannie Mae) for view those homes. Great time to buy - hugh inventory and low interrest rates. Happy trails to you in your search for just the right properties. ... more
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Sat Jan 12, 2008
Michael answered:
First of all, our area ( Greater Binghamton) has one of the most affordable housing prices in the nation. If you compare what your getting for your dollar compared to other areas, it can't be beat! Our area's housing prices did not keep pace with the rest of the country's rapid appreciation in prices. Creative financing helped the housing boom, people getting into interest only or adjustable rate mortgages which provided fuel for the market and also drove prices higher. Lenders in the binghamton and surrounding areas are not known for doing subprime lending or doing creative financing. Housing stayed steady, there was no boom in our area like the rest of the nation and as a result we didn't experience a bust either.

Bascially Binghamton prices did not keep up with the rest of nation's rapidly appreciating homes. We didn't have a large subprime market in our area, and most factors remained steady. Prices in this area have started to come up to where they should have been during the last couple of years. IN the last 3 years, homes have appreciated on average 25%. I don't think you'll continue to see such rapid appreciations in price, rather I think you'll start to see much smaller gains in prices. I think what we were seeing was a market adjustment/correction.

One small contributing factor could be that Lockheed Martin Intregration Systems in Owego, NY recently secured a government contract which created many high paying engineering jobs bringing people to the area from out of town and also bringing jobs to the area for locals.

Binghamton is unique in it's housing because you have a extremely diverse housing market. You have your upscale housing subdivisions , your nice neighborhoods, your not soo great ones, your trailer parks, small homes, large ones, etc. Everyone can basically find a home to suit their needs.
... more
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