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Thread summary:

Rochester ''hot'' real estate: market report, find realtor, gas electricity prices, tax relief, home worth.

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Old 05-07-2008, 04:54 PM
 
Location: Rochester, NY
75 posts, read 219,462 times
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While the bubble has burst in other housing markets, the housing market in Rochester is what it has always been--stable.

Rochester named 2nd 'hottest' real estate market | democratandchronicle.com | Democrat and Chronicle

Just another reason why Rochester is a great place to live. I expect housing here to become even more desirable as gas/food prices continue to rise, and people begin to want out of the overpriced rat race of other cities.
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Old 05-18-2008, 10:59 AM
 
Location: Baltimore, MD
897 posts, read 1,659,674 times
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Quote:
Originally Posted by jbertol2 View Post
While the bubble has burst in other housing markets, the housing market in Rochester is what it has always been--stable.

Rochester named 2nd 'hottest' real estate market | democratandchronicle.com | Democrat and Chronicle

Just another reason why Rochester is a great place to live. I expect housing here to become even more desirable as gas/food prices continue to rise, and people begin to want out of the overpriced rat race of other cities.
If "Rochester-area prices are expected to appreciate by 2.7 percent between now and May 2009" as the article says that is below inflation. Inflation by the US government is 4% and if you calculate compared with the 1983 model inflation is currently at 10 to 12%. So if your home appreciate by 2.7 it is below inflation, that would mean your house is worth less than last year even though the value of the house went up this year.
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Old 05-19-2008, 06:21 AM
 
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But if you calculate 2.7 percent appreciation, plus the tax breaks with homeownership and comparing it with the alternative of renting, then you are probably ending up ahead of the game. Of course, you could live on the streets timing the stock market and have more money, but I guess statistics do not always really show quality of life. Or you could live in California with home that you cannot afford and cannot sell, but did appreciate better than inflation a few years back.
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Old 05-19-2008, 07:21 AM
 
Location: Baltimore, MD
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Originally Posted by rochacha View Post
But if you calculate 2.7 percent appreciation, plus the tax breaks with homeownership and comparing it with the alternative of renting, then you are probably ending up ahead of the game. Of course, you could live on the streets timing the stock market and have more money, but I guess statistics do not always really show quality of life. Or you could live in California with home that you cannot afford and cannot sell, but did appreciate better than inflation a few years back.
Did you forget rochester is also experience forclosure problems. Take a look at this: the Median home for a house in Monroe county was 98k in 2000 now adjust that for todays dollar it equals $122,256. The article that is cited op reference cnn money as the source. If you take their current price of 120k for rochester that would mean your home never appreciated above inflation. So if you sell your home in rochester you will be selling at a lost.That is no better than losing your home value.I believe that you can search the D and C for an article about in the beginning of the year Home sales are way down in rochester. You may claim that people can not afford their homes but that is only the people that bought homes after 2003.
Home price declines steepen in fourth quarter - Realtors - Feb. 14, 2008
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Old 05-19-2008, 07:38 AM
 
3,235 posts, read 5,168,832 times
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We are not losing money on our homes. If I went and sold my home today that I bought in 05, I'd be making roughly 8-10k on it. How am I losing money here? Its not like the other homes I'd buy are increasing past the rate of inflation either. I have been told that the real estate market and inflation do not go hand in hand.
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Old 05-19-2008, 10:33 AM
 
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Even still....that 2.7% is more than almost everywhere else in the country...where they are losing huge value in their homes. Most people in Rochester don't buy their homes so they can sell it and make a bunch of money a few years later...they buy a home that they intend live in for a while. Most neighborhoods around here are fillied with families who have been around for a while and made their house truly their home with no intention to sell and "move up", until maybe their kids are all grown up and out of the house. You may choose to look at that as an inactive real estate market, but I think it give this area a strong community feel that you won't find in many areas where peolple feel the need to get a bigger and better house every few years to keep up with the Joneses. (i.e. Raleigh-Durham where I lived for 13 years and maybe got to know 2 or 3 neighbors in each house we lived in...we unforunately followed the "newer and better house" trend as well down there).
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Old 05-19-2008, 03:20 PM
 
525 posts, read 1,222,301 times
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I recently sold my home bought in 2000 for enough of a profit (maybe not inflation) and got a great deal on a foreclosure, so the numbers do not tell the story. Granted, I may have a unique case because of the perfect storm in Rochester of where under $120kish is a sellers market but over $120kish is a buyers market.

Besides, my point was that although if I took that money and invested it, I may have more, but I would be homeless (EDIT: Not to mention I would have to pay more profit in taxes because even though the capital gains is low, your house is tax-free). Furthermore, if I rented equivalent to my mortgage, I would not have that equity to cash out at sale, plus I would have paid more in income taxes all along because I couldn't write off interest and taxes. Another factor is that some neighborhoods go up and down, so a house in Penfield might be worth more, but a house in the 19th Ward is probably worth less over the last 10 years (no statistics, just a guess) and that also factors into median sale price.

The best analogy of this debate is that this is a case of experience vs. book learning, much like why experienced people are preferred over a college grad in the job market. Again, statistics do not tell the whole story...just like the govt. saying inflation is under control and getting a different story from the average family.
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Old 05-19-2008, 05:23 PM
 
Location: Baltimore, MD
897 posts, read 1,659,674 times
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Close to Home: Rochester, N.Y., market is soft (http://m.usatoday.com/detail.jsp?key=838420&rc=ne&p=1 - broken link)
Rochester-Area Home Sales Still Dropping - 13WHAM.com

oh look into todays news...R News: As It Happens, Where It Happens (http://www.rnews.com/Story_2004.cfm?ID=61390&rnews_story_type=51 - broken link)
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Old 05-19-2008, 07:39 PM
 
3,235 posts, read 5,168,832 times
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yea thats happening all over the country. The important thing to look at is sale price. That has risen.
And sales have increased in April after a a decrease in sales for a couple of months
Rochester-area home sales up in April | democratandchronicle.com | Democrat and Chronicle
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Old 05-20-2008, 05:03 AM
 
525 posts, read 1,222,301 times
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Originally Posted by shibainu View Post
Did I read this wrong or is this article mostly positive? I read it as it blames the media for the local problems, stating the fundimentals are strong. I can tell you from recent experience that all the decent homes are selling...most that are not have a reason.
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