Tuesday, September 02, 2014

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Jumping back into the housing market?

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CNY/NNY/S. Tier: Jumping back into the housing market?
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Buying or selling a home continues to be a stressful process especially with the 2008 recession's impact on the housing industry. But now, some experts believe the industry is ready for a comeback. Our Cara Thomas has more.

ONEIDA COUNTY--Back in 2008, the housing market took a nose dive.

"It was horrible, it was horrible," said Nick Polce, owner of Gateway Properties.

Leslie Watkins Shoen, a real estate agent for RE/MAX Masters, said, "I think the market affected was over 250,000. I think those people really slowed down."

But realtors say things are definitely looking up and the market is on the rise once again.

"It's a great time to buy real estate mainly because the interest rates are low," said Polce.

A few years ago, realtors say interest rates were between five and six percent. Now for a 30 year mortgage and under, they've seen home owners with interest rates as low as 3.25 percent.

"It's an incredible time to get in whether you're going to be refinancing to take some money out to do the improvements or whether or not you're going to be purchasing a new home," said Shoen.

And thousands of people were looking into those possibilities this weekend at the Home Show at Turning Stone Casino and Resort. With more than 150 vendors, contractors, landscapers, and home improvement experts, current and future homeowners were learning how to make their house a home while also increasing its value.

Robert Kessler, owner of R. Kessler and Associates, said, "The important things to do on a home would be windows, taking windows into consideration, doors, because that's a huge area where you lose a lot of efficiency in a home."

But realtors say to be careful. They've seen it time and time again when sellers over-improve their home. And don't get back the money they put into it.

Shoen said, "I would tell anyone before they got into a major improvement, talk to an agent, talk to an appraiser, make sure that they aren't spending too much."

Real Estate Agents predict that the market will continue to get better during the next few years. They said if you're looking to sell your home and can wait a bit longer, it might be worth it.

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