When you think of burgeoning real estate markets, you might not necessarily count Rochester as being in the running. But the data shows that, substantial snowfall or not, the Flower City is becoming an immensely popular place to settle down. So much so that you might have trouble just finding a place to live.
Overall, real estate is currently a seller’s market. Despite the fact that 85% of the nation’s homes were built prior to 1980 and are in need of improvements, many of the homes for sale in Rochester are being snapped up in record time. And back in December, Rochester was ranked number six on Realtor.com’s top affordable real estate markets.
That doesn’t mean it’s easy to find homes for sale, however. According to local news outlet WHAM, Rochester homes that are priced within the $300,000 range are regularly receiving multiple offers just hours after becoming available. Real estate agents are advising their clients to check online listings on a daily basis and to be ready to make an offer right away. In many cases, it’s become necessary to pay over asking price; one agent told WHAM that he advises his clients to forgo inspections and that they can’t worry about selling their own homes before making things official.
As a result, would-be buyers are striking out. One couple reported they’ve been on the hunt for a home since October. Although the winter is historically a slower season for selling real estate — and the season isn’t a particularly fun one for open houses in a city prone to slush, snow, and ice — homeowners seem to be faring well when they list. The combination of increased buyers (both local and relocating from out of state), a smaller inventory of available homes, and an increased median home price has made it far easier for sellers to quickly make more money than they might have initially anticipated.
That said, you can’t necessarily expect to make a killing on your home sale if you don’t put the work in. For example, you’ll probably want to invest in some deep cleaning prior to listing. The U.S. carpet cleaning industry might generate $5 billion in yearly revenue, but having your flooring professionally washed is well worth it for the listing photos alone. And if you have any aesthetic repairs or large renovations that need to be done, your real estate agent might advise that you complete those before you sell. Putting just some of the 200 billion fasteners in U.S. circulation to good use on the inside or outside of your home can make your listing that much stronger, even if your sale won’t be contingent on a home inspection.
Still, with spring on the way, the real estate market in Rochester will likely continue to heat up along with the temperatures. So if you plan on buying a new home, you might want to give yourself more time than you need to find one — and prepare to have a bidding war on your hands.
