Who says mutliple offer situations are extinct? -but wait, there's more!

It's official - real estate season is in full swing in Upstate NY. I know I may have said it before, but it's evident now. This is the second day, in a row, that I have been in a multiple offer situation! As I'm prone to repeating myself, I'll say it again - if the property is priced right and the demand is there, it will sell. Of course it's all about location, location, location as well. The first deal fell through to a cash buyer. ("Yes, Virginia, cash buyers do still exist.")

What's that you say? All you are hearing is the doom and gloom of the national housing market? Well, I have just one question for you then -- do you listen to the national weather report to get your local weather?? Right... so talk to a local REALTOR... I digress...

A piece of advice to all the buyers out there: it IS a great time to buy in Tompkins Co NY and the surrounding counties. Everyone likes to dub it a "bubble" area. The word is so cliche; i try to avoid it. I will say, though, (without using the word bubble) that this area is in good shape when it comes to real estate. We did not see the over inflation of home prices, thus no huge dropoff in prices. PLUS, new construction in this area, only accounts for approximately 0.5% of inventory - we have two high end developements for this area - that's it! But wait there's more! Ithaca NY is #1 in the nation for lowest to no subprime lending. (We don't really like to brag, but ...) On the contrary, we did see a drop in houses for sale (inventory) in '08 compared to prior years thus less properties sold because of it.

In the past two months we have seen inventory increase and continuing to do so and prices are very competative. So, whether you are a first timer or a seasoned buyer, if you find your 'perfect' place, don't hesitate (I saw a house go under contract in 4 days -thus my buyers lost out)and please heed the advice of your knowledgable agent, don't low-ball the offer! More often than not, the house is already priced correctly. You've hired your buyer's agent for a reason, now listen to them, they are working in your best interest.

I'm in the midst of negotations on the other one. I'm sure the suspense is killing you, so I'll leave you with this...so far, so good. But, as it is well known, it's not a 'sure thing' until it's closed.

Stay tuned...