With the weather starting to turn colder and the days growing shorter, the Rochester real estate market begins to slow down. However, this year with the first-time homebuyer tax stimulus in effect, it should keep it humming for another month.
The stats are out for 2008 for the individual towns and suburbas around Rochester that make up the metropolitan Rochester area. What's interesting about these numbers is that last year there were six towns that had home sale prices higher than the prior year!
Take a look at these stats and you'll see why home sales in Rochester are stable, especially in this economy!
Here is the pdf: http://www.homesteadnet.com/pdf/2008tenyearmedsalepricemocty.pdf
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.
As we start the new year, everyone is hopeful for the economy to kick back in and things to be like they were! However, the systems are not all in place for that to happen, but it will.
The first to jump in is the mortgage companies and they currently are offering home mortgage rates unheard of in the past! You can get an interest rate in the low 4% area depending on credit scores and number of years for the term of the loan.
The Greater Rochester real estate values are as good as they have ever been for buying. the prices are equivalent to prices in 2007 and in some places may be lower. Overall, our home values have held throught this recession so far. They just aren't going up.
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Top Producer at RE/MAX with 31 years of experience and over 1600 homes sold! Visit www.SteveBabbitt.com for all your real estate questions and search for homes in the Greater Rochester Area.
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