cashforhousesrochesterny

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Learn More About Sell My House for Cash Rochester NY

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The new obstacles making Rochester’s housing market more expensive

If purchasing a home is part of your 2021 plans, you should know that the Greater Rochester Area housing market remains highly competitive. Despite this challenge, however, there are still great opportunities for those who seek them out! Interest rates when purchasing a home have been consistent for the past 25 years; however, in the post-COVID world, real estate experts believe there are numerous causes of reduced inventory which not only drives prices higher but makes it increasingly difficult for those in the middle class to afford. For three long years, Kelsey Clark of Rochester has been searching for her dream home. No matter how hard she tried though, Kelsey was continually outbid and consequently obliged to stick with renting far longer than anticipated. “I was bidding up to $30,000 over the asking price,” Clark explained. “What I found out was that was the bottom of a pile of 18 offers and the final sale price went for $70,000 over and it was an increase of $100,000 home value in four years.” Redfin's data illustrates that in the past twelve months, home sales within Monroe County have decreased by an astonishing 20%. These homes only last a mere eight days on the market. Real Estate Agent Angie Flack Brown illuminated that this is because nursing homes are unable to accept more residents; therefore, fewer elderly homeowners choose to put their homes up for sale. “People are bringing staff into their homes now to take care of them as an older person,” Flack Brown said. “Versus moving into a nursing home right away or senior living right away, so we’re seeing a lot of that.” An emerging strategy that is driving up rental costs and reducing available inventory for homebuyers is investors purchasing homes solely to rent out or use as Airbnb accommodations. “They are buying those properties and holding onto them and renting them,” Flack Brown continued. “But there’s also been an influx of Airbnb properties that have been purchased. I think that has a lot of to do with people moving into town and wanting to buy a house and can’t find that right away.” Over the past few years, since Kelsey's opted to remain a tenant for an extended period of time, she has noticed that younger generations are increasingly interested in renting apartments. “The vast majority are just kind of giving up like I am and renting for now,” Clark told us. “With that goes apartment prices going up as well.” Despite the extra steps required, Angie Flack Brown still has some advice on how to navigate around these challenges and find a home that you can make an offer for. “Try to be flexible about different things in the home,” Flack Brown said. “Sometimes people say I don’t like the flooring, or I don’t like the wallpaper, and you might be able to get into something a little less expensive and with a little less competition if you’re willing to put in the elbow grease and make it your own.” As we entered the new year, Redfin's data indicated that Monroe County had a median single-family home price of $197,500. Among all towns in this county, Pittsford proved to be the most expensive for housing options. The suburbs are the most competitive and sought-after areas for homebuyers across the globe. Last year alone, a remarkable 550 single family homes were sold in total!

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Cash For Houses Rochester NY