It may seem like the economy is at a halt, thanks to COVID-19. While the pandemic is having an incredible impact on nearly all businesses across the nation — and all over the globe — real estate is one of the few sectors that remains surprisingly unaffected by recent events.

The Rochester real estate market, in particular, is thriving, even in the midst of the coronavirus.

Why is Rochester a popular option for new and returning homebuyers? Why is the real estate market, in general, continuing to thrive in the midst of a global pandemic? Learn more below.

Why Rochester, NY?

Realtor.com recently released a list of the top real estate markets in 2020. Rochester ranked number six. Why did Rochester make the top 10? Rochester, NY is an especially promising destination for new and returning home buyers for the following reasons:

  • The average home is reasonably priced. “In the Rochester housing market, the median home price is listed as $149,000,” 13 WHAM writes. By contrast, the average house in the U.S. goes for nearly $250,000, according to Business Insider.
  • Rochester offers opportunities. The Rochester Institute of Technology (RIT) and the University of Rochester are top-rated schools. In addition to proffering some of the best educational programs in the nation, these universities also serve as “some of the region’s biggest employers and sources of job talent,” 13 WHAM continues.
  • The city boasts a surprisingly vivid culture. Nightlife in Rochester is alive and well — and new bars, restaurants, and pubs continue to crop up. There are new luxury housing options and some of the most popular existing neighborhoods, like the Neighborhood of the Arts and Park Avenue, continue to grow.
  • Rochester promises comprehensive healthcare. Rochester, NY is home to The Mayo Clinic, University of Rochester Medical Center, and Rochester Regional Health. Each facility offers state-of-the-art healthcare. These top-rated institutions make the region one of the best places to seek healthcare.

Surprising Opportunities For First-Time Home Buyers

In the midst of the coronavirus, people across the U.S. may assume that it is not the best time to buy a house. While the economy is hurting on many different fronts, the real estate market — and particularly the real estate market in Rochester, NY — is not one of them.

Find out why 2020 is one of the best times to purchase your first home and the specific ways you should go about it.

  • Why is 2020 an opportune time to buy your first house?

Why 2020? “A good way to think about the housing market at this moment is that it’s on pause — buyers and sellers have left the market, transactions have dropped in response, and prices aren’t moving,” Curbed writes. While that may initially seem like bad news, the opportunist will read between the lines: housing prices leveling off. For those who can afford current prices but who may not be able to swing skyrocketing prices in the next two to three years, now is the perfect time to buy.

Moreover, mortgage rates are historically low, more Americans are working from home than ever before (warranting the additional expense of an office in your home), and people all across the nation are spending more time in their homes in response to the pandemic as well.

  • Should you work with a realtor?

If you choose to work with a realtor, expect to pay for it. The average realtor will ask for roughly 6% commission during the home buying process. They will claim up to 2% of the closing costs as well. Why does working with a realtor justify these added expenses?

A real estate agent can help you find properties and features you may not otherwise know to look for. They can help you negotiate a significantly lower price tag and mortgage rate, and a realtor often helps you avoid many of the pitfalls of first-time home buyers. “A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language,” Realtor Magazine writes.

  • What features or amenities should you prioritize?

Finally, what features should you look for in a new house? Create a list of must-haves and wants to sort out what is and isn’t important. Make sure to add a garage or parking to your list of non-negotiable features. Without parking, the average U.S. driver will spend 17 hours per year searching for a suitable parking spot. That search is not only inconvenient. It also adds up to $345 in unnecessary time, emissions, and fuel costs.

Whether you are purchasing a home in Rochester, NY or elsewhere, be sure to ask your real estate agent why now may be one of the best times to do it!

The Promise Modular Homes

What is a modular home, and why should you consider buying one? The term “modular home” is actually a relatively open-ended one. For the most part, it indicates any home built inside, in a factory setting.

There are several perks when purchasing modular housing. If you are interested in modular homes, consider the following:

  • They’re economical. Prices of modular homes vary, but the average double-wide modular home runs for just $70,000 — significantly less than the going rate for the average house in the U.S.
  • They are built to code. Modular homes are built perfectly to code. While you may be able to pick and choose where you would like to locate your modular home, some buyers may have legal concerns. These concerns are often unfounded. All modular homes are built to meet state regulations and specifications, meaning that you are typically in the clear.
  • You can customize your modular home. Modular homes are famously factory-built. That does not mean that you cannot customize or personalize them. Talk to the seller about customizing your modular home and making it truly your own.

The real estate market in Rochester is — against all odds — thriving. Take advantage of the reasonably priced housing in the area. Talk to a real estate agent about your options today.