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Buying property in today's market

As news of an economic crisis in the housing market continues to pour in from national sources, buyers and sellers alike are left to wonder how small towns like Manlius will be affected. According to a number of active real estate agents who sell houses in Manlius, the answer is not much.

Cheryl Schotz, who has sold houses that range from less than $100,000 to well over half a million during her 15-year career, said that Central New York has remained relatively unharmed by the housing crisis.

"People get freaked out by the national news of a housing and mortgage crisis in places like California and Florida and they think it's happening all over," she said.

This is not to say, however, that there have not been shifts and changes in the housing market around the town of Manlius.

Anne Modlick, a real estate with Prudential, said the main change she has noticed is that higher end houses are not selling as quickly.

David Manzano, the president of the Greater Syracuse Association of Realtors and an active real estate agent said more expensive houses tend to spend more time on the market in general. Manzano could not give any data to say for sure whether there has been a recent increase in the length of time. However, he said that in his 20 years of real estate experience, he has seen a noticeable shift towards smaller, single floor houses and patio homes, which he said have been selling quickly and in high numbers.

"Many young people don't want the huge, lavish units," he said.

From a real estate agents perspective, the amount of time that a house spends on the market is an important financial factor for the real estate company that is selling the house, and a key indicator of how the housing market is doing. The amount of importance that the buyer places on this factor can vary, however. Christine Byrne, for example, recently purchased a home in a development off Duguid Road in Fayetteville. She did not ask how long her house had been on the market when she first saw it, she said.

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