What local homebuyers need to know maneuvering through a competitive market

Real Estate

ROCHESTER, N.Y. (WROC) — Few industries have seen a bigger shift over the past year than Real Estate. Across all of Western New York, buyers are seeing fewer homes stay on the market, selling at higher prices compared to last year.

Those in the business explain if you’re looking to sell your house this is the best time, with life as we know it still altered following 2020. That’s driving thousands of New Yorkers to rethink where they want to live and just how much they’re willing to pay for their dream homes.

Nervous about selling their Medina home, Victor Doval and his family say they were caught off guard as their home off West Center drew so much attention for Orleans County.

“We were asking for $65,000 and we end up getting $126,500,” Doval told us.

They’re not the only ones. New studies from the New York State Association of Realtors shows the median sale price of homes in Orleans County has surged $65,000 compared to 1 year ago.

“Were getting a lot of buyers coming in from Buffalo and Rochester because they’re not worried about their commute to work,” Angel Pugh, a Realtor in Orleans County said. “They can live in the suburbs where we’re getting more internet access. There’s more demand and people are willing to pay more for the house they want and location they want.”

The same trend is being noticed in Monroe County where the median sales price for homes have spiked up almost 25% in 2021. But with the inventory not there to meet demand, realtors like Tiffany Hilbert are seeing sales close faster than ever.

“The typical buyer, they’re going out and writing offers on 10-20 properties and losing out on all of them,” Hilbert said. “Because they’re competing against 10-20 other buyers. This house in Fairport went on the market on Wednesday, two days ago, I had an offer the following day.”

The challenge doesn’t end for sellers who then have to enter this new competitive market after getting their home sold. This also contributes to the low inventory as people decide to hold back on putting their house up unsure if another home in their area will be available for them.

“There kind of sitting back on that a bit and going to miss the bubble if they don’t make that move,” Hilbert stated. “People going out to try to find rentals that whole market has spiked as well. So there’s a lot of transition as people try to find the next best thing for them.”

Another plus side for more buyers to get in the game is New York having one of the lowest interest rates in the country on 30 year mortgage plans. Most banks are only charging 2.96% making it easier to take out loans. Some may want to look at homes offers in Genesse County, one of the few in all of New York who saw the median sale price on homes drop in the last year. Costing $13,000 less.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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