If you watch the national news, you're probably bombarded with information about the real estate market. One anchor says the market is still lagging, while another says we're on the rebound. One says the tax credit has been a huge success, while another says it's just a drain on our national resources. Who do you believe??
Personally, I don't put much stock in the national headlines. If you remember one thing after reading this blog entry, remember this: real estate is local! The market in Rochester is different from the markets in Syracuse and Buffalo, and it's certainlydifferent from the market in San Francisco or Miami! The national news people may talk about how the market is doing in "the Northeast", but do they honestly expect us to think that Rochester is experiencing the same trends as Boston, where homes are at least 3 times as expensive and the cost of living is massively higher?
Here in Rochester, we have a lot going for us. Our homes are incredibly affordable. We didn't experience the huge dip in home values that affected much of the nation over the past few years. We still have a strong economic base supported by companies such as Xerox, Paetec, and Paychex. Sure, there will always be people who are concerned about our high New York State taxes, but overall the Greater Rochester area is faring better than most of the nation. We are a region that knows how to hold our own.
I want to share two positive articles about the local real estate market that were published in the Democrat and Chronicle over the past couple of days.
The first, published yesterday, is entitled "Real estate sales up for the quarter." The statistics that stuck out in my mind are that our sales in the Rochester area are up 2.9% from this time last year, and an amazing 48.1% since the last quarter. The article states that this is most likely due to the first-time home buyer tax credit, and I agree. It has brought a ton of buyers into our local market.
The second article was published today and is about the tax credit specifically. It's entitled "First-time buyers drive home sales." This lengthier article quoted the CEO of the Greater Rochester Association of Realtors, several local agents, and some first-time buyers themselves, all of whom agreed that the tax credit has had a positive impact on the local market. The most notable statistic in the article is that the number of accepted purchase offers rose 7% recently. Pending homes are an important factor to consider, since they are an indicator of future sales.
Because of our affordable home prices, tons of first-time buyers were able to use the tax credit to achieve their dreams of home ownership. Now, with the tax credit coming to an end on November 30th, the time for them to purchase has all but run out. Already our pending home sales are starting to flat-line.
Personally, I hope the legislation to extend and possibly expand the tax credit passes. Sure, there has been some fraud, but that happens with every government program. Sadly, there are people out there who will try to use anything for personal gain. Still, I think the positives far outweigh the negatives in this situation. Let's keep the market strong!!
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