Buying property in today's market

For months, reports of a housing crisis have accompanied other national economic woes, and have prompted banks and other private mortgage lenders to lobby the federal government for interest rate cuts from the Federal Reserve and stimulus packages from Congress.

Modlick echoed the same sentiment as Schotz about unfounded local anxiety that's prompted by national economic news reports of market troubles. Modlick said that market fallouts in areas such as California and Florida are the result of risky investment practices undertaken by realtors in those areas. She likened the tactic to stock market investments, where opportunistic investors buy new houses after having observed a rise in the price of housing, hoping to quickly sell the house and make a profit.

Like many other local real estate professionals, Modlick said the market in Central New York is doing well. She attributed this to the inherent steadiness of Syracuse's economy, which she believes is inherently sheltered from the drastic booms and drops of other, bigger cities.

Modlick, like Manzano, recounted periods when the interest rates for mortgages exceeded 15 percent, compared to the current six percent.

"The market always tends to fluctuate, but it goes up over time," she said. "I think this is an excellent time to buy a house in Manlius."

Vote on this Story by clicking on the Icon


Use the comment form below to begin a discussion about this content.

Sign in to comment