ROCHESTER, N.Y. — Rochester’s housing market is showing signs of improvement for homebuyers after being ranked the worst market in the country just two months ago.
In June, Rochester had more buyers than available homes, creating intense competition. Now, as summer winds down, market conditions are shifting in favor of buyers.
Would-be homebuyer Shannon Skally experienced the competitive market firsthand when she toured a stately colonial in Brighton two months ago. “Here we are. Oh how pretty!” Skally said.
“Nice original staircase,” Skally said.
She loved the home but faced lots of competition. Homes were selling so quickly that the median days on market were seven in early June, according to Howard Hanna Realtor Jessica DeCotis.
“So right now the median days on market is seven it’s very very tight,” DeCotis said.
Now it’s early August, and real estate experts say market conditions are changing. Joel Berner, senior economist with Realtor.com, says the shift is creating better opportunities for buyers.
“It’s typical of this time of year but it’s also typical of a larger trend in the market of buyers slowly getting a bit more power,” Berner said.
The Realtor.com market clock indicates that Rochester is still a seller’s market, but the shifting dynamics are creating a better market for buyers. Berner says the timing is working in buyers’ favor.
“Things are slowing down. We’re on the back side of the peak of buying season, and we’re approaching the part of the year that is the best time to buy a home. Whereas the best time to sell a home is in the spring,” Berner said.
New listings in Monroe, Ontario, Orleans and Wayne counties have increased by 3.6 percent. That’s not much, but far better than when Skally was looking for a home in June.
“This is a gorgeous house. I would love to put in offer in on this house,” Skally said.
In the end, she didn’t get the house. Another buyer snagged it for its asking price of $575,000, and Skally decided to take a break from the house hunt. But experts say now may be the time to jump back in.
“Arm yourself to the teeth with as much information as you possibly can and have a really disciplined understanding of your budget,” Berner said.
However, mortgage rates remain high. The average rate for a 30-year mortgage is 6.78 percent. Experts don’t expect that to come down significantly until the conflict in Iran ends.
Rochester housing market improving for homebuyers after being ranked worst in the country WHEC.com.
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