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WDKX.com » Blog » Rochester Real Estate Market Improving, Homes Selling Fast
May 30th 2013 6:15 am
Rochester Real Estate Market Improving, Homes Selling Fast

Rochester, N.Y. - Rochester has always been known as a relatively safe market when it comes to real estate. This region doesn't seem to experience the housing booms and busts like other cities.

But there is always room for improvement and local realtors say the housing market in Rochester is getting better.

According to the Standard & Poor's Case-Shiller Index released Tuesday, U.S. prices rose to their largest annual gains in seven years.

"Nationally, we're still considerably below [the prices] we saw eight or ten years ago," explained Mark Siwiec of Nothnagle Realtors.

Despite that, the signs of improvements are encouraging.

Siwiec said there are currently more people looking to purchase a home than there are sellers putting their homes on the market.

"This is the year where you're starting to see the sellers take control from the buyers who've had control in years past," Siwiec said. "There are a lot of buyers out there for a very few properties."

And those few properties are going fast.

"For example, in the Park Avenue area, there was a multi-family house that went on sale last week," Siwiec said. "It had seven offers and we ended up selling that property for $15,000 beyond the asking price.

Matt Meddaugh and his wife are trying to sell their Greece home, but are also looking for homes they want to buy.

"If we love a house, we'll talk about it for two or three days and then when we go on the Internet again, it's gone-'Sale Pending',' Meddaugh said.

Meanwhile Meddaugh's home has been on the market for a little under two months. He says recently, his neighbors have had phenomenal luck in selling their homes and he hopes his home sells soon.

"We had a house down the way here that only was on the market for about a week and sold," he said pointing down the street. "There was another house on Sheraton that was really on sale for about a day and sold immediately."

James Yockel, the CEO of the Greater Rochester Association of Realtors, said that growing consumer confidence, increase in stock market and low mortgage rates.

He says only time will tell of this trend continues.

Meanwhile some have asked whether this trend could be leading to a new "housing bubble". Yockel doesn�t think so.

"The multiple offers and the very short time on the market seems to be related to pent up demand rather than another housing bubble," he explained. "Many prospective buyers have been frustrated by the lack of inventory over the last couple of years, so when they see a home they like, they are ready to move."