Cortland Standard .net -
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Published on: 10/3/2006
Last Visited: 2/19/2009
CORTLAND - Brian Cummins, co-owner of Cummins Real Estate and president of the Cortland County Board of Realtors, said unlike many cities across the nation, Cortland's housing market is relatively strong.
"There's a perception in the nation, and it's a national fact, the market has a bubble, and it burst, whereas Cortland is still a seller's market," he said.
That means that Cortland's house prices continue to rise.
A seller's market is a market that has more buyers than sellers.
High prices results from an excess of demand over supply.
Cummins foresees that Cortland will eventually become a buyer's market - which has more sellers than buyers - like many of the cities across the nation.
Low prices result from this excess of supply over demand.
"I do foresee that it'll change to a buyer's market but it won't be as drastic as it is for the rest of the country," he said.
But for now, Cortland's a hot place to buy property, he said.