Buyers' Market in Owego

By WBNG News

July 22, 2010 Updated Jul 16, 2009 at 11:33 PM EDT

Although some of those 600 lost jobs could return to Lockheed Martin's Owego facility, real estate agents in the village are anxious about how the layoffs will affect home prices.

As Action News reporter Reed Buterbaugh tells us realtors are taking a wait and see approach.

"I don't think anybody is entirely sure how that's going to affect us yet because we don't know, we know the numbers but many of these people I believe either rent homes or apartments," said John Lisak of Red Carpet Realty.

Realtors say they didn't see a spike in home sales when Lockheed won the contract.

So they don't expect to see a dip now.

"It's very spread out between here and Broome County and I think a lot of sub contractors didn't own houses here. So I don't think the real estate market value will be affected really," said Douglas Every of Douglas Every Realty.

So far that seems to be the case.

"They're certainly been some calls but there hasn't been a tremendous influx yet I don't think people have had a chance to know exactly what they want to do," Lisak said.

Some sellers are using multiple-listing websites like Realtor.com to show off their homes.

"Through the multiple listing service there's been a significant increase for the last few weeks which has slowed recently," said Elwyn Berg of EMB Realty.

Realtors don't expect to feel the full impact of the Lockheed layoffs until the fall.

But for those selling property, more sellers and fewer buyers pose a grime outlook.

"It's definitely not a plus but like I say I'm optimistic and I only need one buyer," said Steve Spicer of Owego.

Spicer just put his home up for sale.

And even in a buyer's market, he knows a lot of it comes down to timing and luck.

While home prices have risen in Owego since 2007, the number of home sales has gone down.

Realtors say that's in part because of uncertainty with the future of natural gas drilling in Tioga County.

And property owners are hesitant to give up their mineral rights.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.