Rochester Real Estate Update

While home sales have slowed down in virtually every market in the country, six states are still showing appreciating values, Louisiana, Mississippi, Alabama, Arkansas, Tennessee and Kentucky. Alaska is also doing well.

And our area is holding it's own very well, Rochester, New York! Home sales for 2008 were down only 1.2% from 2007. There seems to be every indication that 2009 will be similiar!

A big part of this positive forecast for Rochester, New York is because of the inventory.The national inventory of re-sale homes, condos and townhouses has hit historic levels. The foreclosures in some areas of the country are already becoming common place, like in Denver, Colorado and Indianapolis, Indiana. Surprisingly, Rochester experienced a reduction in inventory last year of 6%, effecting the homes on the market to sell for a higher amount. the result of "Supply&Demand."

Coupled with some of the lowest home mortgage interest rates in fifty years, buyers are well positioned to take advantage of the opportunity to get into the housing market and utilize the "tax Stimulus" program for first-time homebuyers.

Plus at the same time, it is a good time to sell and move up or down in your housing needs.

For a more detailed evaluation of your home's situation, please call for an appointment.