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Homebuyers Struggle Amidst Housing Crunch in Mohawk Valley: Shortage and Bidding Wars Plague Market

Home buyers in the Mohawk Valley are facing significant challenges in purchasing homes this year, grappling with a shortage of desirable properties and soaring interest rates. Local real estate professionals are witnessing bidding wars, with some homes receiving over 15 offers after open houses. John Brown, a broker at Coldwell Banker Faith Properties, attributes the current housing crunch to events dating back over two decades, including population disruptions caused by closures of local businesses like Griffiss and Chicago Pneumatic in the late 1990s. Despite a gradual rebound in recent years, spurred by developments like the resurgence of the Rome area and remote work opportunities, the region finds itself housing-deprived, with tech jobs attracting workers from other parts of the country.

Amidst this backdrop, the housing market remains heavily tilted in favor of sellers, with low inventory driving up competition and prices. Data from the Mohawk Valley Association of Realtors illustrates the severity of the shortage, with active listings significantly lower than in previous years. Despite these challenges, the Mohawk Valley’s appeal, characterized by its arts, food, outdoor recreation, and broad-based lifestyle options, continues to draw newcomers to the region, highlighting its resilience amidst housing market pressures.

For more information and original article: https://www.romesentinel.com/news/business/real-estate/2024-real-estate-mohawk-valley-john-brown-coldwell-banker/article_09de5340-c6a0-11ee-8e74-3b0b5468b2e3.html

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