First weekend of the month and time to take a look at what’s happening in real estate. Inventory remains low, as do the interest rates. It’s been awhile since days our days on the market has hit double digits, the market is moving fast. We are seeing a glimpse of more listings this past week so it looks like a more balanced market is on the way. Here’s what the Rochester NY Housing Stats look like:
In the last 30 days:
473 homes were listed with an average list price of 174k. Home pricing ranges from 16k to 1.9 million making the median price higher than it would be.
152 homes were listed as “under contract”. Average days on the market? 4! When a home is in excellent condition, a great location and fairly priced, it goes fast. There are reports of many multiple offer situations and we’re not just talking about 1 or 2 offers, we’re talking about 8 or 10 offers- all over asking. Fear not, preparation will meet opportunity, especially since we are seeing more homes listed. Just make sure you do your homework.
481 homes were recorded as sold with an average sale price of 135k. 99% of homes on average have received their asking price. Can you offer less than the asking price? Yes. Can you ask for seller concessions? Yes. However, understand in a competitive situation, your offer will not be as strong.
While the inventory has significantly decreased since this time last year, the number of homes sold remains steady. As expected, due to competition, the average sale price is up. We’ll continue to see more and more opportunities to make your move as the season progresses. Keep your mind open to possibilities. If you buy a home for a great price that is less than perfect, any renovation you do, with guidance of course, will bring you instant equity. Our design team can guide you to a great new look once we have negotiated your offer. We’re a one stop shop! Contact us today!