Rochester Market Update

The Rochester Real Estate Market is in full swing, buyers and sellers are reaping the benefits of current low interest rates (6% for a 30 year fixed) as well as the warm weather and sunshine!

Currently there are 1214 homes on the market in Rochester, with an average list price of $247,400 and an average time on market at 144 days. In April, 190 homes sold with an average sale price of $196,400 and 273 homes went pending and are waiting to close.

If you are a home seller or buyer, I am sure you are seeing this upswing in activiy, read below for some advice to get an edge on the competition....


Seller Advice:

If your home has been on the market for a few months or more, you may be starting to get a little worried. If you have this problem, it's important to identify the cause and take steps to fix it as soon as possible.

The most common problem is unrealistic pricing. Over-pricing by as little as 5% can reduce buyer interest very quickly, especially if you're not prepared to negotiate on the price. If, for example, your property is worth $250,000, and you list it at $265,000, your home will end up competing with properties that really are worth that figure, and right off the bat your chances of selling are reduced. And the longer your home is on the market, the higher the possibility that both buyers and agents will start to think that there are more serious reasons for why the property isn't selling. Luckily, over-pricing is the easiest problem to fix. Lower your price a little, and be prepared to negotiate for buyers with solid financial backing.

Buyer Advice:

*Should I use a real estate broker? How do I find one?

Using a real estate broker is a good idea. A real estate professional can guide you through all the details, including financial ones, of buying a home. A real estate broker will be well acquainted with all the important things you’ll want to know about a neighborhood. The agent will help you determine the price range you can afford and will search the classified ads and multiple listing services for homes in your price range. The broker also has immediate access to homes as soon as they’re put on the market, so your chances of locating what you want increase.

Once you want to make an offer, the broker can point out ways to structure your deal to save you money. The agent will explain the different types of mortgages, guide you through the paperwork, and answer last-minute questions when you sign the final papers.

You should be aware that unless you have specifically requested a Buyer’s Agent, the agent essentially represents the seller.
(*Information provided by GinnieMae.gov)

Question: What does it cost to use a Realtor to buy a home?

In most real estate transactions, the seller's (listing) agent pays the buyer agent's commission, buyer does not pay to use a Realtor to assist in buying a home.