Rochester’s Future So Bright It Needs Shades
The market for Rochester Real Estate has undergone a transformation of epic proportions. I’ve been involved in the Rochester homes market since the weight of the “Great Recession” ascended upon us. My mantra has been “Rochester has a very bright future” since 2009. I was involved in several transactions with run down properties. Home financing in today’s market dictates: “Not only does the buyer have to qualify for the mortgage, so does the property.” Many buyer’s were able to secure rehab loans up to $35,000 equal to repairs needed and add it to their mortgage with only 3.5% down payment on the purchase price plus repairs. To learn more about rehab loans, visit => 203k Saves The Day. If the maximum $35,000 is used for repairs, the down payment increases at the most $1,225. Yes that’s right. $35,000 in repairs is only $1,225 out of pocket…no brainer. I saw many run down properties rehabbed and neighborhoods revitalized. Rochester has seen the business community embrace Rochester with zeal. Lowes, Albany International, Lydall, Rite Aid, Hannaford, Rokon, Safran Aerospace, Eastern Propane, Laars Heating Systems, Home Depot, RP Abrasives,Holiday Inn; These retailers and manufacturers will need skilled workers. Skilled workers will benefit from long term growth. It is inevitable based on the investment in Rochester by the business community. The net effect is that Rochester is a great town to invest in. This may add some insight and incite. Rochester real estate rated “buy now”.
From My View
We are looking at Rochester homes sold data to determine the state of the market and where it may be headed. At the bottom in this study in our time period Jan 1 to Oct 21, 2011 saw 165 homes sold. Through 2014 sales are up 42%. New listings shot up 30% in 2013 from 2012. This year we have seen new listings dip but still, over 400 new listings came to the market. Average Days on Market are lessening proving demand is high. If you are on the hunt for a home in Rochester, search here => Rochester Homes and Condos For Sale
Median Sales Price vs Average Sales Price
Median Sales Price is a better indicator of price trends because Average Sales Price can be artificially skewed by a transaction with an extremely high or an extremely low sales price. Median Sales Price runs with the curve in the middle of all the data with half of the transactions having a sales price above the Median and half below. With supply increasing, the laws of supply and demand say prices should stay put. The demand appears to trump supply when we look at Median Sales Price for Rochester homes. From the gutter in 2012 in this study, Median Sales Price has improved 13%. These are great numbers for Rochester homes.
Prices Are Up Why Is Now A God Time To Buy?
If prices are rising, it’s good for building equity quickly but the real reason is mortgage rates. Take a look at the history of mortgage rates from the last 52 years vs the last 52 weeks. Mortgage rates are at the lowest levels of our lifetime. We all know rates will be going up we just can’t say when. So why wait for rates to go up? If you are looking in the $150,000 to $200,000 range, a one half of one percent rise in the mortgage rate can mean as much as $70.00 to $150.00 more in a monthly payment. If you have been thinking of how to stop lining your landlord’s pockets, take a look at my article on => The 8 Best Ideas For Home Financing
Congratulations To The Sellers and Buyers Who Came Together Last Week