If you’re aiming to buy an affordable home or maybe use the property as an investment for future profit, then Rochester homes have plenty of offers to first-time buyers. This market guide serves not as instructions, but as a reference if you are looking into the potential investment of properties in Rochester real estate to help you succeed in this project.
Market Prices Go Down
Online real estate figures on Rochester homes report that there are roughly 2,500 homes for sale in the city -- 1,300 on previously-owned properties and 1,200 on foreclosures. There are now new construction projects in the city as real estate firms are holding close to their investment and wait for the market to stabilize before dishing out money on new properties.
In most cases, the average budget for a successful purchase in Rochester homes is below $100,000. Median prices of previously-owned properties vary between $65,000 and $75,000 though real estate experts predict the prices to go up in a few months as the market recovers. Foreclosed properties are still cheap in Rochester homes, having a median price of $61,000 despite its increase for 0.5% compared to last month's figures.
Lenders Beef Up With High Demands
Due to the low prices of homes in Rochester real estate, quite a lot of lenders in the city are beefing up their loan offers since demand is practically the market's strong points. Cheap prices of homes have pushed lenders to push up their rates as well for this month.
As of today, 1 to 5 year loans saw an average increase of 0.010% that closed the rates at 3.35% -- compared to last month's 3.25%. The same increase can also be seen in long-term 15 and 30 year loans -- median value of 4.8% which sprung out of the 0.020% increase from last month's figures.
Investment Precaution
Whether you are planning to use cash or loan in the investment in Rochester homes, it is a good idea to incorporate a good planning phase in order to get the detail right before proceeding with the purchase. Take time to sort through the selections of properties for sale in the city by checking out listings on the Internet or hooking up with a realtor to find you the right home. Compare properties according to specifications, location, and price.
William W. Teho, Jr.
Rochester Homes
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