Three Signs of Rochester Real Estate Recovery Continuing in 2013
1) Smaller number of homes for sale. As of today, 1/4/2013, there are 478* homes for sale in Rochester. At this time in 2012, there were 617 homes for sale. At the first of January 2011, the number was 810!
2) More homes currently have offers on them. As of today, 1/4/2013, there are 165 homes in Rochester with accepted offers, waiting to close. The same time of year in 2012 it was 135, and in 2011 it was just 82.
3) Homes are 25% selling faster than they did in 2011. In 2012, the average home was on the market for 103 days before getting an offer. In 2011, it was an average of 139 days.
What’s the Rochester market going to do in 2013?
Buyer Activity: Home buyers were very actively buying homes in December and we expect there to be lots of buying activity during January and February and into spring. With the number of homes getting two or even three offers, we expect homes that are priced and prepared correctly, will sell very well.
Home Values for 2013: Even though buyers are enthusiastic about buying, they don’t seem willing to allow prices to increase. Beth and I expect local home values to rise minimally for 2013, perhaps 2-3%. This is historically good appreciation.
How should you react to the Rochester real estate market in 2013?
Buyers are shopping for homes right now, they’re not waiting for spring. The combination of buyers wanting to buy, along with the smaller number of homes on the market makes now an excellent time to put a home on the market. If you have a friend or co-worker who is considering a move in 2013, now is a great time. If I was considering selling, I would put a For Sale sign in my yard today!