Real estate in Rochester New York is an upward swing, making 2017 look like a great time ahead for a market that suffered many blows within the last 2 decades (housing market crash, great recession, etc.). There are 4 major things contributing to this real estate market surge in Rochester, NY according to recent real estate studies from various sources.
Interest rates are rising and doesn’t look like they are slowing down in 2017. The Federal Reserve raised its benchmark interest rate in mid-December for only the second time since the 2008 financial crisis impacting the cost of housing. Because of this, the need to buy and sell has increased for better profits. Buyers seeing interest rates rising will want to purchase and lock in their mortgage rate sooner in the year, he said.
Sellers have will have large gains in profits the buyer demand slowly continues to increase.
Buyers expect to compete aggressively with other buyers over a limited supply of homes. . The past few years have been marked by low inventory and it’s not certain whether the market will remain the same.
While the market has been favoring sellers, the Rochester market is price-sensitive. Pricing can jump from $50K to $100K quite easily in a matter of a few miles. In the east side suburbs, homes ranging from $150,000 to $250,000 is the norm for sales. On the west side in towns such as Gates, the $100,000 to $150,000 range is the norm.
One-story homes are popular with first-time buyers as well as those with no children, according to multiple local real estate professionals. The demand for one-level homes will continue to be very strong due to the aging population. Split levels are also expected to be very popular.
The popularity of urban living will continue well into 2017. Millennials tend to like urban areas and inner-ring suburban areas such as Brighton and Irondequoit according to recent demographic surveys. Active cities are atractive to the younger generation of home buyers.
On top of everything else, President Trump’s inauguration has given a bit of a boost to the overall economy which has had residual effects on all markets including, of course, the real estate market.