Is There A Real Estate Shortage In Utica?
Is there a lack of homes for sale in the Utica, if so why?
I asked the question to Robin Mongeau from River Hills Properties. Robin feels "it's a case of buyers and sellers waiting for the market to jump start itself with news of a major business to come into the area."
Robin says "emotion and perceptions tend to drive the market. Sellers are waiting for their properties to increase in value so they can make a good profit and buyers are looking for a bargain." Robin thinks we may be in one of those cycles right now.
Something to think about, the last three properties sold by River Hills Properties sold for full price and sold quickly.
Robin thinks the market will improve and perceptions will begin to change. "There are many things in the works for Utica and the base in Rome as well."
That brings us back to where we started. Iis there a housing shortage in the market? No, but the perceptions of the economy and business in Central New York needs to change and it will in time.