WNY Handyman

I have often wondered why Ebay hasn’t become the place to be to list real estate. It seems natural to me that their huge audience would be drawn to a real estate section the way that they are with the Ebay Motors product. I never think to look to Ebay when it comes to real estate because the listings are just not there. Sure, there are some, but for the most part, listings are scarce.

Here is a sad example. In New York state, there should be thousands of real estate listings.  In fact, a quick search of a rival “classified” type site named Oodle.com turns up 2,262 listings in Buffalo, NY alone. Not the whole state of NY as I pulled on Ebay, just Buffalo New York.  On Ebay, the entire state of NY returned 14 listings!  That’s right, 14 listings.  Who would even bother to go there.  Visitors will move toward the listings when searching for real estate.

Ebay Listings in New York:

Ebay real estate

Oodle.com Listings in Buffalo NY:

Buffalo Real Estate on Oodle

Why isn’t Ebay able to generate real estate listings at their site?  There are a number of reasons, but here are the two primary ones:

1. Price
   To list a property on Ebay, it is expensive (Fee table below).  Expensive is relative, but based upon the options out there for someone looking to sell a property, the cost outweigh the potential reach. I can only assume that the reach is poor based solely on the listing results.
2. Audience
   If they are heading to Ebay as one of the top few listing sites, I don’t care to be there at their price.  When you search for real estate, you probably find yourself hitting a few sites and quickly realize that you are seeing the same listings across multiple sites.  Because listings are scarce in Ebay Real Estate, they don’t have an opportunity to capture audience during the short window when someone is searching.

Ebay Real Estate Listing Fees:

Ebay Real Estate Listing Fees

I hope Ebay’s leadership takes a long look at their real estate category. As with EbayMotors.com, they could be a dominant force in this space.

If your number one desire is to be on a beautiful street in a nice quiet village. Take a look at this house on Park Boulevard in Lancaster.

I can’t call it a bargain, but I would have to say that I would have expected a price about $5,000 – $10,000 above this number ($119,900). I lived on Park Boulevard for about 6 years and can attest to how nice the street is. The street dead ends at the creek and is a great mix of families of all ages.

http://realtyusa.com/357828

58 Park Boulevard, Lancaster, NY

If you are into horses, or cars, this could be the perfect buy for you. This is a beautiful 10,000 square foot barn and riding facility that was built in 2007. There are 4 stalls and room for 12 more. The property includes 7.5 Acres on Ransom road near Walden Avenue.

At $159,900 This should go very fast

Lancaster NY horse barn and riding facility for sale

A lot of people ask me about the real estate market, home prices, how to find bargains, etc. I tell them that I am a real estate window shopper and by doing so, I am able to keep a handle on my local market. You can do the same. When I start my day, I generally do a search at my local MLS site for homes in my area that have been added to the real estate listing service in the past 7 days. This can be automated, but I usually head over to a site provided by one of the local real estate companies or the BNAR (Buffalo Niagara Association of Realtors). Most people aren’t aware, but nearly every local real estate site is displaying their listings from the same database.

On to Lancaster. I have been saying this for a solid 6 months. If you have a decent home under $150k in Lancaster, it won’t last long. There are still qualified buyers and the $8k tax incentive is a nice bonus (discount).

Recently, prices in Lancaster have appeared a bit inflated to me. I am not saying that these properties are not going to sell, I am just taking notice of pricing trends in our town and village.

Here are a couple of examples of houses for sale in Lancaster that appear to be a bit inflated:

House 1:

Lancaster House for Sale

The number 1 thing that this house has going for it is location (Village of Lancaster). This illustrates that location trumps most other factors in real estate.

This is a ranch house that is built on a slab. A home in WNY built on a slab is a huge negative in my book. The loss of basement space is a big issue in this area where items need to be stored in the off months. The home itself is decent size, but looks like it is a double wide and could be located in a trailer park.  There aren’t too many updates to the interior of this house..

If you had asked me to price this home, I would have pegged it at about $119k. They have it listed at $142,900.

Look for yourself: Lancaster house for sale

House 2:

Lancaster NY House for Sale

The second home is something that I often see when someone has a home that is on the edge of rural and developed areas.  The people who own these homes often feel that having 2 acres on the edge of town should have the same value as having 2 acres in the middle of town. Not so.  Head 1 mile further outside of the heart of the town and you will find 5 acres with a property, in many cases.

This home is a good size, but seems like it is price above the market for homes in that area of that style.  It is a split level home which isn’t for everyone.  The asking price is $259,900

As with the first example, this home does not have many interior updates or upgrades.  A house in this price range is expected to have newer appliances, perhaps new countertops, fresh walls (not wallpaper everywhere). This home screams early 80′s update.  You would have to put $40k – $60k into this to do a decent update to flooring, walls and kitchen.  But, at that price, you will start saying to yourself “we might as well build”.

Take a look at the property for yourself: Lancaster NY home for sale

I guess I should hope that the real estate market in Lancaster continues moving up.  I live and work here and will benefit if that is the case.  However, these 2 examples seem a bit out of line to me.