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:
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
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.