Here in Rochester, NY I get asked all of the time by curious home owners about the state of the local real estate market. they all want to know, if its depressed, is it going to get worse, and when is a good time to buy or sell. Well, here's where living in Western NY pays off. The governement is old, the taxes are high and the snow falls 5 months out of the year. I think its the Gem of Upstate New York but the rest of the nation disagrees. this has kept our Real Estate values very low. Now this hasn't helped any of those who were hoping their homes would appreciate, so they could refinance and buy a 52 inch flat screen and a hummer, but for the rest of us, we are safe from any crash. It hasn't gone very high, so it doesn't have very low to go. So go ahead buy that big home in the burbs. Its price isn't going to drop in 6 months. We are in what I call an insulated market. What we are challenged with is the availability of credit to many homebuyers. This has decreased the number of possible people that are capable of buying, and hurts those that are trying to sell. This shall pass, and the banks should ease up after awhile but in the short term, price your home right. People always need homes and someone will come along. I am looking forward to a busy Spring here in Rochester, NY no matter what the papers say.
People may complain about Rochester's Economy, but there are a million people here conducting business. Its not as exciting for some, but for those of us who need some stability while we take the wild ride of raising a family it fits perfectly for me.
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