ROCHESTER, N.Y. – While Realtor.com says the best time to buy a house is mid-October, that may not hold true in the Rochester area.
Realtor.com says timing is key to getting the most bang for your home-buying buck, with three factors sweetening the homebuying market in October: almost 33% more active listings, fewer would-be buyers and falling home prices.
“Prices actually do take a dive this time of year,” said Jake Krimmel, senior economist at Realtor.com. “So, you put these three things together and you have three things that are really favorable for buyers this time of year as opposed to other times of the year.”
But Don Simonetti, president of the Greater Rochester Association of Realtors, says it’s a different story here.
“No. Succinctly. No,” Simonetti said.
In the counties of Monroe, Wayne and Ontario, there are currently 983 active listings. “That may seem depending on your perspective to be a decent amount however 10 years ago we had at least four times that,” Simonetti said.
This means it’s still very much a seller’s market, especially when you look at price point. “Right now, there are 37 that are active in the town of Brighton. But there are only five that are active between $180,000 and $250,000 which is kind of like that first time homebuyer sweet spot,” Simonetti said.
While there has been a steady increase in listings since the summer, it’s not enough. In July, homes were selling for an average of 20% over the listing price. Now they’re selling for 14% over listing, still very much a seller’s market.
Simonetti’s advice? “If you’re still out there actively looking for inventory, stay the course.”
Some good news if you’re in the market to buy – the Fed is expected to lower interest rates again before the end of the year. But Rochester is admittedly a tough market for buyers. Simonetti says if others are competing for the home you want, be willing to be flexible, like perhaps waiving that pre-buying home inspection.
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