Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
From the D&C article: "Rochester remains one of the hottest real estate markets in the country, according to a report released this month by Realtor.com. Rochester ranked 4th among 300 US metropolitan areas in January for the website's "market hotness" metric.
The rankings take into account two aspects of the housing market. First is market demand, as measured by unique viewers per property, and second is the pace of the market as measured by the number of days a listing remains active.
"Our 'Hottest Housing Markets', by design, are the areas where homes sell fastest and have lots of potential buyers checking out each listing," said Hannah Jones, a research analyst for the online site.
According to Realtor.com data, houses in the Rochester-area property stay on the market for an average of just 26 days, compared to the US average of 46.5 days. The listings also generate 70 percent more visitors compared to the national average."
Also...
Local market sets record highs
The greater Rochester housing market set a record high in median selling price and broke the 15,000-closed-sale mark for only the third time since data has been tracked, according to the housing market report released by the Greater Rochester Association of Realtors.
The median selling price in 2021 was $180,000, up nearly 12 percent from last year. This marks five consecutive years of price gains. The 15,031 home sales in 2021 represent the third-highest total in the history of the market, falling short of the 2016 record-setting total of 15,247.
"The benefits of homeownership and having the space you need to accommodate pandemic-influenced life changes came dramatically into focus for many this year," said Lanie Bittner, GRAR president. "The 2021 housing market moved at a frenetic pace as buyers competed for the limited number of homes for sale, which drove selling prices up."
The down side to the 4th hottest market is if you sell, chances are you can't afford to buy your next house. Even if you make a killing on the sale of your home, chances are you not going to have the all cash offer needed to get your next house, after paying off the mortgage note on the house you just sold. I think this is another factor limiting new supply, after all, unless you selling off a rental property, building your next house, or moving out of the area you will be in pretty much the same boat as a lot of other home seekers in the market. Rental market is pretty tough right now too. My Wife's Daughter was suppose to move to her next station from Alaska to New jersey and there's almost no place to rent, she ended up extending her tour another year to avoid the stress of finding a new place.
The down side to the 4th hottest market is if you sell, chances are you can't afford to buy your next house. Even if you make a killing on the sale of your home, chances are you not going to have the all cash offer needed to get your next house, after paying off the mortgage note on the house you just sold. I think this is another factor limiting new supply, after all, unless you selling off a rental property, building your next house, or moving out of the area you will be in pretty much the same boat as a lot of other home seekers in the market. Rental market is pretty tough right now too. My Wife's Daughter was suppose to move to her next station from Alaska to New Jersey and there's almost no place to rent, she ended up extending her tour another year to avoid the stress of finding a new place.
Good point!
I moved into a brand new cul-de-sac, 32 years ago. One of my original neighbors recently decided to "down size", as their children had grown and moved on. I know what he originally paid for his home, as it's noted on public record, so it's no secret. I also know that he made some upgrades to the house, over the years.
I would approximate that he sold the house for around $80-90,000 more than he had invested in it. However, his new, smaller home, cost him another $20,000 on top of that (again, according to public record).
Real winners would be folks from the area that moved away 20+ years ago and bought in one of the super pricy markets, (Bay Area, Seattle, NYC, Boston, DC) and now want to move back. They would be flush with cash to buy a place here.
Real winners would be folks from the area that moved away 20+ years ago and bought in one of the super pricy markets, (Bay Area, Seattle, NYC, Boston, DC) and now want to move back. They would be flush with cash to buy a place here.
That is true, if they can get in, as some people from bigger markets without ties to the area have/may have tried to buy in the market as well. So, it may come down to bidding and how much buyers want to live in the area.
So glad we bought when we did about 4 years ago. The value of our house is up over 40%. Would be nice to sell and pocket that extra but then we would just end up paying over for something else. We aren't moving anytime soon that's for sure.
Well, I'm not too hopeful about our prospects for actually buying a home this coming summer. I check the MLS almost every day and inventory is scary low. My husband keeps telling me to stop looking, it's winter and no one here sells in the winter, and the market will pick up in the spring.
I saw this article saying the number of homes sold in Monroe county dropped 20% in the last year. It also goes into some reasons why this is such a challenging time to be a buyer in our area: https://www.rochesterfirst.com/econo...ore-expensive/
Well, I'm not too hopeful about our prospects for actually buying a home this coming summer. I check the MLS almost every day and inventory is scary low. My husband keeps telling me to stop looking, it's winter and no one here sells in the winter, and the market will pick up in the spring.
I saw this article saying the number of homes sold in Monroe county dropped 20% in the last year. It also goes into some reasons why this is such a challenging time to be a buyer in our area: https://www.rochesterfirst.com/econo...ore-expensive/
I'm mentally preparing to rent for longer than we planned.
It looks like it means that people have caught on to the fact that housing is relatively affordable and the supply is low as a result. Guess what that may indicate?
It looks like it means that people have caught on to the fact that housing is relatively affordable and the supply is low as a result. Guess what that may indicate?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
