In Rochester, New York, the real estate market has been booming in surprising and unexpected ways. The Rochester Homebuilder’s Association has stated that the demand for new homes is ‘very, very active,’ despite supply chain issues and other troubles. That said, if you’re looking to buy a house in the next few years, there are a few things you need to know.
What Buyers Need to Know
Unfortunately, buyers are having a tough time in Rochester as it’s been a seller’s market in this area for five years. This fact is even more true with the advent of COVID-19. Average prices are up to over $170,000, which is 25% more than this same time last year. Experts say that people waiting for prices to drop dramatically into a buyer’s market will be waiting a very long time.
However, they do state that a significant down payment can be a beneficial step for many. Experts believe that married couples, 60% of whom will remain married, may be able to afford these down payments with their combined salaries. Single homebuyers, on the other hand, may be more likely to struggle.
It is also essential to know that the $10-20K rule is not applicable in current real estate situations. This idea states that bidders who go $10-20K over an asking price are likely to win the bid. To succeed with such high demand and low quantity in Rochester, bidding prices must go far above that rate. Some state that even as high as $50K over may not just be likely but expected.
Just as importantly, shopping and buying online is more critical now than ever. With a buyers market unlikely any time soon, online home buying has become huge. Since around 1.8 billion websites are operating at the same time around the world at any given moment, it should be easy for you to find a real estate website that will highlight the property you want to buy.
What Sellers Need to Know
For sellers, the market in Rochester has never been better – literally. Historical records show that there have never been higher sale costs or faster selling rates in the area. Experts state that homes are coming off the market as quickly as five days after listing. Some are selling even faster, depending on their value and the needs of the buyer.
The biggest issue is a strange one: asking for too much money. In such a thriving market, the impulse can be to increase your price to the highest possible margin. However, many buyers are likely to pass on your home unless the price you ask is reasonable for the home.
Try to do things that add real value to the home before listing it. For example, around three-quarters of all homeowners who put in a new garage door found that it increased their home’s overall value. Buyers appreciate this extra step and are willing to pay a little more for a house that had such a wise and practical step to improve its overall appearance and look.
You also need to focus on enhancing the overall structural quality of the home, such as installing a new foundation or other factors. Remember: just because it’s a seller’s market, that doesn’t mean your home will sell if it looks awful. The buyer deserves the kind of home that they want when purchasing a home from you.
Make sure that you pay attention to these factors whenever buying or selling real estate in this area. Of course, if you’re a seller, you have much less to worry about here. However, as a buyer, you’ll need all the help that you can get. Thankfully, these simple ideas should be more than enough to get you the high-quality home that you and your family want and deserve in this beautiful area.
