*Note: all conditions and insights are as of December 2020
After receiving many questions about the current state of the Rochester real estate market during the ESL Homebuying Webinar, we wanted to answer the most common questions participants asked about current market conditions.
I've been hearing Rochester real estate is a buyers’ market from some and a sellers’ market from others. Can you explain those terms and clarify which market we are in?
The real estate market often reflects economic law of supply and demand. Low mortgage interest rates mean now is historically an affordable time to purchase a home (i.e. good time to buy), and helped pushed purchase demand higher. The supply of available homes has dropped nearly 40% according to Q3 Greater Rochester Association of Realtor data. The current state of the market (late 2020) can be described as competitive as supply for homes goes down and demand remains steady.
Are first-time buyers already at a disadvantage against people who have bought a house before and have that history of home ownership?
Not necessarily. As a qualified first-time homebuyer, you have potential eligibility to take advantage of grant funding or other assistance programs that are not available to previous homeowners.
Where is the best website to look for houses?
Most realtors can connect you with the Nationwide Multistate Licensing System (NMLS) listings to automatically be notified if a new home becomes available based on your search criteria.
I feel as though this market is not in a good position to help people who are not at an advantage to save a lot of money. How do those of us with good credit, low down payment (who still pay more for rent) navigate this market?
Patience is key for all homebuyers in this current market. Working with trusted real estate professionals can ensure you are well positioned to make the best possible offer on a home.
What advice do you have for someone who wants to buy a home but not their forever home?
Start by discussing your current needs and goals with your homebuying team. They can help you with important steps to consider now so you can achieve your homeownership goals down the road.
Can we expect the market 'cool down' within the next few years?
The Rochester real estate market has been tight on housing inventory for several years, especially during 2020 due to the pandemic. There is no current crystal ball indicating when the market may change. Buyers can start taking steps now to prepare themselves for homeownership by working with a homeownership counselor (like The Housing Council), saving for down payment costs, or take actions to improve their credit.
Ready to start your homebuying journey?
Contact a Mortgage Originator today to get started.
