The pandemic has had a major effect on the way that people buy and sell homes, but it’s done nothing to cool the red-hot market for homes in the Rochester region. Rising demand and low inventory have upended the local real estate market, with homes sometimes selling for well above list price, and often within days of going on the market.
Our coverage can help you understand the volatility of the local market, and help you navigate the process of buying or selling a home.
Rochester homes for sale: Still a seller’s market
What you should know about Rochester”s crazy housing market: It’s a hot seller’s market fueled by a pandemic, low interest rates and other factors. Here’s what homebuyers need to know about making a competitive offer.
Real estate transaction database: To help navigate this tricky market, we created a searchable database of real estate transactions to help arm consumers with the information they need.
Sales prices for homes in Rochester area are surging: While home inventory in Monroe County is about half of what was available on the market one year ago, those homes are selling for a higher price.
Luxury homes in the Finger Lakes in high demand: It’s not just the market for homes that has been upended. What you need to know if you’re in the market for a lake house or weekend cottage.
NY housing market strong — but inventory is low: The robust demand has upended the typical pattern of people waiting until the warmer months to put their homes up for sale.
Strength, uncertainty seen in local commercial real estate market: Interest rates for mortgages have been moving up in recent months, which can be a welcome sign for investors looking for a good return. But, the question of how it will affect actual lending rates to allow for future development and sales in the commercial real estate market is far from clear.
Tips for buyers and sellers in the Rochester area
What first time home buyers need to know: In a competitive market, it pays to be thoroughly prepared so you can put your best foot forward when it comes time to submit an offer. Even before you start looking at houses, there are some key steps you can take to prepare for homeownership:
Do energy-efficient homes increase your resale value? Increasingly, homebuyers are looking for houses that are affordable, energy-efficient and comfortable. But will investing in some or all of these features actually bring a premium at resale?
Guide to grants and loans for first time home buyers: Rochester is a pretty good place for first-time homebuyers, and there are several grants and loans available to help those looking to purchase homes.
Thinking of flipping a house? There’s a lot to consider: It’s not just a matter of buying a house and throwing money at renovations. There are other costs to consider when flipping a house.
Why ‘built-to-rent’ homes are the new hot trend in housing market: There are a growing number of these build-to-rent single-family communities in the United States (about 6% of new single-family homes, according to real estate adviser RCLCO), including some in the Rochester area.
Even if you don’t live in a modern farmhouse, you can still achieve the look: The modern farmhouse is the most popular home style in 42 states. And according to a March 2020 Zillow study, modern farmhouses sell faster and for more money than other home styles.
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