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Old 08-09-2009, 06:35 PM
 
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Quote:
Originally Posted by MilesBloodAxe View Post
Supply and demand, the prices are low because no one is beating down the door to relocate to western NY
Or the market hasn't changed much either way. So, no big booms or busts like other parts of the country.
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Old 08-10-2009, 06:36 AM
 
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Originally Posted by ckhthankgod View Post
Or the market hasn't changed much either way. So, no big booms or busts like other parts of the country.
Other stagnant parts of the country.
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Old 08-10-2009, 06:47 AM
 
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Population shifts don't have much to do with it. in the past couple years there have been booming parts of the country with cheap real estate. There also have been stagnant or areas with population losses that have had declines in prices. In the Rochester region, the population has pretty much remained the same and prices have risen in past years.
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Old 08-10-2009, 07:24 AM
 
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Originally Posted by garmin239 View Post
Population shifts don't have much to do with it. in the past couple years there have been booming parts of the country with cheap real estate. There also have been stagnant or areas with population losses that have had declines in prices. In the Rochester region, the population has pretty much remained the same and prices have risen in past years.

Housing prices are subject to supply and demand. If the area booms and people flock to that area they prices generally rise.

Western NY has been in decline for decades, no boom is in sight, cheap housing is abundant mainly because no one is flocking to the area.
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Old 08-10-2009, 07:37 AM
 
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But in Rochester prices rise, even with a stagnant population. In the boom areas, you had housing prices all over the place, depending on the metro. Supply and demand is only part of what factors the price.
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Old 08-10-2009, 07:54 AM
 
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Quote:
Originally Posted by garmin239 View Post
But in Rochester prices rise, even with a stagnant population. In the boom areas, you had housing prices all over the place, depending on the metro. Supply and demand is only part of what factors the price.

In Rochester you say the prices rise you say but you can buy a house for $20K and $50K - $60K is not uncommon.

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Old 08-10-2009, 07:59 AM
 
Location: Rochester, NY
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Quote:
Originally Posted by garmin239 View Post
But in Rochester prices rise, even with a stagnant population. In the boom areas, you had housing prices all over the place, depending on the metro. Supply and demand is only part of what factors the price.
Well your both right to some extent. The housing prices will rise, depending on the city/neighborhood, but usually not nearly what you would see elsewhere. I plan to make some money on my house, but to see a 20% return might be asking alot. If this were Atlanta, after the recession ends, that might not be far fetched.

A guy I worked with who just retired got a great return on his house, he asked for a rediculous amount and actually sold it during one of the worst parts of the recession. So it does happen and depends on where you live. I guess you could compare the south like a stock with sharp increases/decreases and most of upstate to be like a money market fund that takes a looong time to see a big gain, but is overall more stable.
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Old 08-10-2009, 08:02 AM
 
Location: Rochester, NY
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Originally Posted by MilesBloodAxe View Post
In Rochester you say the prices rise you say but you can buy a house for $20K and $50K - $60K is not uncommon.
Thats only over a year and during the recession, most people own a home for at least five. I wouldn't buy a house in the city for less than 70k either, usully when you start going that low, you find extra freindly neighbors who want to borrow your stuff all the time.

Post the trends for 5, 10 and 20 years that would be better to look at.
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Old 08-10-2009, 08:12 AM
 
Location: Rochester, NY
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Originally Posted by cheese9988 View Post
Thats only over a year and during the recession, most people own a home for at least five. I wouldn't buy a house in the city for less than 70k either, usully when you start going that low, you find extra freindly neighbors who want to borrow your stuff all the time.

Post the trends for 5, 10 and 20 years that would be better to look at.
I'm not sure how you posted that picture:
Rochester, NY Real Estate on Yahoo! Real Estate - Houses for Sale & more

Heres the link, over a five year period, at least *before* the recession. The prices went up ~11%. Over 10 years ~23%. Housing is really something I don't look for short term. Maybe someone who just wants to flip a house for as cheap as possible (another argument altogether) would be interested in one year.
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Old 08-10-2009, 08:34 AM
 
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Originally Posted by MilesBloodAxe View Post
In Rochester you say the prices rise you say but you can buy a house for $20K and $50K - $60K is not uncommon.
you are only using a small sample size representing a limited amount of the housing market in the area. Those 20k-50k houses are in bad neighborhoods that don't represent the entire area.
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