Don’t expect any quick improvements to the red hot real estate market in the Finger Lakes or Rochester areas anytime soon. In fact, it will probably get worse before it gets better.
That’s the message from the Rochester Real Estate Association who spoke with News10NBC about the situation for homebuyers.
“Prices, we’ve seen a big jump in the Rochester area, so if that continues it’s going to be less affordable for buyers, so I wouldn’t wait,” Association President Lanie Bittner told News10NBC. “Interest rates are going to go up this year, with a lower interest rate you can afford more, at a higher interest rate you can’t afford as much in terms of your mortgage.”
New construction prices are also skyrocketing. So that’s not a simple answer, either. Bittner says median new construction price is hovering around $400,000 or more, and most local buyers in the region are looking for homes between $100,000 and $200,000.
The bottom line? It’s a sellers market. And it will be staying that way for 2022.
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