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Can anyone tell me the average sales to list price ratio for Rochester? I'm coming from out of town and didn't know how much wiggle room there is in the real estate market. For example, if a home is listed for $400,000, would a reasonable offer and ultimately sales price be 95% or $380,000?
How about some of the suburbs like Pittsford, Penfield and Fairport?
I have examined this question myself, as I am in the process of relocating from Miami to Rochester.
I cannot speak with absolute conviction, but what I have found is that the occupancy sales rate in Rochester is 97%, whereas in Miami is has fallen to 91% over the past three years.
In other words, in Miami people tend to close on homes for 91% of asking price with a standard deviation of 1.5%. From the people I have spoken to in Rochester, and in suburbs, it appears to be about 97% with a standard deviation of .5%.
So, while I have yet to find the right home, in my desired area, in Rochester........from what I have found and been told, it appears that offers between 96.5% and 97.5% of asking price do well in the market.
I would be very, very surprised if the ration wasn't 95% or more for 95% of home sales. I think most homes in Rochester are reasonably priced, there are a few older homes on the West side (Gates, Greece, Spencerport, etc) that could stand to lose 10-15k off asking, but that might just be sellers starting high and working low. As far as the East side like you mentioned, prices are probably pretty spot on given the fact there is quite the inventory of existing homes, and land to build new homes on.
Rochester kind of "sat out" the housing boom and subsequent bust of the 2000s. So the market never really took a spike or dive like much of the rest of the country. Because of this, that stability has allowed for a pretty even buyers vs sellers market. You won't see bidding wars where houses go for above asking price, but you also won't see houses selling more than a few thousand lower than asking price (obviously depending on your pricerange). A $400k listing in Pittsford (affluent suburb with a highly sought after school district) probably won't sell for less than $380k and even that would be with some strong negotiating from the buyer. A $400k listing for a trendy single-family house in the Park Ave area of the city (very safe and vibrant area, but pretty terrible public schools) will probably sell at a more significant discount. So yes I agree that it really depends on the school district.
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