looking to downsize and simplify by living on one level, owning a small condo unit where someone else takes care of the lawn, snow removal and maintenance.” Farley said this allows them to travel south for a few months in the winter or perhaps buy a small, simple vacation home. Many boomers are opting not to move to traditional retirement hot spots like Arizona or Florida, instead choosing to move closer to their families, she added. “Since single females live longer, they are even looking at cooperative living arrangements to share expenses,” Farley said.
All eyes on Washington Florence Farley, real estate agent with Berkshire Hathaway CNY, says she sees “some very strong optimism in the real estate market due to recently received grants, grassroots neighborhood investments and improving employment numbers.” wealth in most people’s lives.” Most recent employment data shows that Millennials are employed at the highest rate since 1999. Recent Census data shows that their income jumped 7 percent and they are beginning to be much more optimistic in their investments, Farley said. “It is further complicated by the fact that now Millennials — who have some improved purchase power — are also running into inventories that are very low,” she said. “Add to that the fact that when a good home does come on the market, they are scooped up quickly by buyers with cash or larger down payments,” she said. “Overall though, Millennial surveys still indicate that they are desirable of home ownership. In our area, that is made even more likely by the rising cost of renting.” Meanwhile, baby boomers are expected to make up nearly one-third of the entire market for 2017. Boomers are the most stable and have the most discretionary income, Farley said. “Many retired with decent health care and some kind of a small pension, which is harder to find in newly hired positions,” she said. “Most boomers went from their starter home, to their expanded family home and are now JUNE/JULY 2017
Farley said whenever there is a new administration in Washington, there is some caution. “This year, that level of apprehension is even more pronounced. There seems to be a split between those business investors who expect more deregulation and fewer governmental restrictions — recent executive order on Dodd-Frank and the Volker Rule — and the average consumer who may want the protections of portions of the Environmental Protection Agency, or the assistance of an Federal Housing Authority, Veterans Administration or Housing and Urban Development-backed mortgage, in the style of U.S. Senator Elizabeth Warren (D-Mass.) Farley said the city of Oswego is in the midst of “some very strong optimism in the real estate market due to recently received grants, grassroots neighborhood investments and improving employment numbers.” She added the county will also be helped with dollars being put into the Oswego County Land Bank to try and get abandoned or foreclosed properties back on the tax rolls. Farley said the recent announcement by Gov. Andrew Cuomo of the purchase of 2,825 acres of land along the Salmon River and 3,236 acres of forestland near Redfield and Orwell have the potential to increase tourism and bring attention to the fishing and forestry industry. “Some of these fishermen and tourists often inquire about the purchase of waterfront properties or vacation homes nearby,” she said. “The cost of living in this area is much more affordable than in some of the large cities where they might currently live.” OSWEGO COUNTY BUSINESS
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