The housing market is on fire throughout the Finger Lakes.
Those in the real estate business say a shortage of homes on the market is part of the problem, but that other factors are complicating it.
The result has been a bidding war, which has left potential buyers in a difficult spot.
“If you don’t have the deposit to put down or you are not really a qualified buyer, it will definitely be a challenge to get a house right now,” Jim Barbato told RochesterFirst.com. He’s the president of Pride Mark Homes.
Housing inventory is near record lows at the moment. That’s despite the fact that closed sales jumped 24% in the Rochester-area from 2020, there are 31.5% less homes available.
And the housing stock wasn’t significantly better in 2020, either.
Barbato says that houses that stay on the market for more than few days turn into a competitive bidding war. In some cases, dozens of bidders jumping on a single property, putting cash up front, and giving up inspections to secure a home.
“People are not getting inspections and they’re going in without contingencies and just buying houses just in order to win the bid, going over asking price with no contingencies,” he added in that conversation with RochesterFirst.com.
The rental market is seeing a similar boom. So, the question is: What’s the right answer? In short, experts say it might be best to wait a bit to make any long-term decisions on housing.
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