Bob Smith, Broker

Here in Central New York we are seeing indications of a thaw in home sales. Traffic at open houses and at websites has increased dramatically. I monitor Trulia and Realtor.com and have seen a nearly 50% increase in visits. My own website, www.cnyhousingwatch.com has experienced a 60%+ increase in unique visitors this month over January 09. While it is true that converting this traffic into buyers has been more difficult than in the past at least we have people looking!

If you are looking to sell your home, especially in the higher price ranges, now is the time to list. With people starting to look you do not want to miss a single opportunity for exposure. While prices in our area have been stable it would be a mistake to over price your home because of the increased traffic. We are still definitely in a buyers market. The number of homes for sale in Cicero, Clay, Manlius, and Lysander has remained fairly stable but the number of closed sales has declined in the past few months.

Some advice if you are serious about selling your home: Hire an experienced Realtor who has seen these markets before, hire a Realtor who can demonstrate experience in managing web marketing. Between 85 and 90 percent of homebuyers report they used the web in finding their new home. Hire a Realtor that will provide you with a detailed market analysis that accurately portrays the market place. There are too many Realtors who's expertise is determining what you would like for your property, without consideration of the market, and then spend the next six months beating you up to lower the price of your home. Often you realize less net than if you had priced it appropriately. Remember you are not putting your home "on" the market you are putting it "in" the market. Buyers are smart and many are represented by their own Realtors who will advise them on price. Buyers are not willing to over pay in this market and most need mortgages, which require an appraisal that has to support the price offered.

Now is the time if you are going to list--let's hope the increased traffic translates into a decent spring market.

Recently, at a new construction open house, I was showing the model to a visitor, who had a Buyer's Agent. I pointed out that the model was an Energy Star home. I asked the buyer if they were familiar with the Energy Star designation. They acknowledged that their agent had told them that it meant there was a little more insulation and some of those "funny" looking light bulbs in the house.

Actually New York Energy Star Homes receive the designation by completing a certification test, conducted by an independent rater, that establishes the energy efficiency of that particular home. New York State Energy Star homes are required to save a minimum of 30-40% over a similar home built to the current NYS building code requirements. The certification process includes a number of tests and inspections of the homes energy components. A blower test measuring the amount of air infiltration is done, carbon monoxide test are done, all natural gas lines are tested for leaks, insulation, HVAC equipment, windows and appliances are inspected for Energy Star compliance. The cost of testing/certification costs averages between $500-$1,000 depending on the size of the home. Some homes don't pass. For more information on New York Energy Star Homes visit my website http://cnyhousingwatch.com/ny-energy-star-homes.aspalong with some additional information there is a link to the NYS Energy Star website.

Realtor's, especially buyers agents, should educate themselves about the product before offering incomplete or inaccurate advice to buyers. A 30% energy savings can signficantly impact a household budget. In our climate it is not unusual that the January utilility bill for a 2,400sf home, heated with natural gas, can come in at $500. Certainly 30% energy savings is significant when you consider the number of years of ownership and the almost certain increase in energy costs. The most recent home completed by the builder I represent, Miller Homes, achieved was rated to save 53% of annual energy useage. The Energy Star designation will also help when the time comes to resell.

The easiest way to become familiar with the Energy Star program in your area would be to contact a fellow Realtor that represents an Energy Star Builder, there are many, and ask your peer to walk you through the program features and benefits.

A comparison of the fourth and final quarters of 2006, 2007, and 2008 shows a remarkably low 1% reduction in the price of a closed home in these three CNY towns. On the flip side the same comparision (2006 v 2008) shows a 33% reduction in the number of homes sold. You can find detailed data and town by town numbers at the blog page of www.cnyhousingwatch.com. More good news on the CNY housing market can be found in this mornings (Fri, January 14, 2009) Syracuse Post Standard (www.syracuse.com) showing that the metro Syracuse area ranks 99th among the top 100 cities in foreclosure rate. In addition agents are reporting higher traffic at open houses a potential indicator of an improving spring.