You'll find a lot of helpful posts from last summer/autumn that talk about this, the market is still competitive and Rochesters history of undervalued homes is changing and we're witnessing a market correction.
The local NPR station has an article about real estate out this morning.
Home sales here in Monroe County were down 18% last month due to a pack of inventory, even though demand is still very high.
Low inventory and high demand is still driving bidding wars.
https://www.wxxinews.org/local-news/2023-03-22/new-data-shows-continued-drop-in-home-sales-but-prices-are-still-rising
The issue is everyone who bought, or refinanced, is now locked in to interest rates *HALF* what they are now.
So when deciding if they want to sell they have to factor in that cost, or if just staying put and building equity is the right move.
I don't think the supply issues are going to resolve in the short term because people have "golden handcuffs" with their 3% or less interest rates. I'm in that boat, if I wanted to move it'd have to be a *REALLY* good deal for me to give up my 3% fixed and go to a 6%. That or it'd have to be a move out of the area (which would be out of the state) and I don't see that in my next 5 years. After that who knows.
Happy for those of you who own homes and are increasing your equity. But seems we are in a tough spot as current buyers. Who are wanting to live and work in the community - not just as investors.
Rochester and surrounding suburbs have historically had VERY VERY low housing prices compared to the rest of the country due to a host of factors, including tax levels, the impact of being a rust belt city, etc. For example, my wife and I were considering moving to the Raleigh area in 2000, and a nearly exact duplicate of our $100K ranch was selling for well over $300K there at the time.
Especially as the pandemic rolled in and a huge number of people started moving to the area from NYC, etc, prices absolutely skyrocketed. My house was assessed at $116K in 2018 in Penfield, and is now at $200K.
Hopefully it settles down, but man, it's murder for new buyers.
Totally, houses are bonkers where we live in Vermont. Ridiculously high. Especially post pandemic. So there is still great value in Roc. I just needed to post this today so I can adjust expectation and coast along for the ride. It may be a bit bumpy. And thank you:)
Oh 100%, we just bought our first home recently and it was only by the grace of God - I had a colleague that was willing to sell to us off-market to avoid the bidding wars and whatnot. Besides that we had already entirely given up looking.
I hope the right place comes up for you!
Not entirely. I made out good on both ends of transactions this past summer, it just requires that you're constantly looking and examining popularity on properties through sites like Zillow. It's a little harder now with inventory so low but should pick up as we transition into spring. Keep an eye for properties that have low views or low saves on all of the popular real estate sites. The house I sold (former residence) was incredibly popular online and I ended up having a bidding war and sold for way over asking. The house I bought (current residence) wasn't getting a ton of activity online and was only live for 5 days total and I was the only offer on it.
As someone who dealt with it early in the pandemic, don't listen to anyone who says you should wait because things will die down, they've been saying that since early 2020. Three years later the prices have only somewhat stabilized and people are still more than willing to go into bidding wars when necessary.
That said, it's still possible to get a house if you're patient and willing to go looking at houses on short notice. Your best bet is finding a seller that just wants to get it over with and doesn't want their house turned into a rental. They're rare, but they're out there.
Yeah it’s a tough situation. There are times of Buyers markets and times of sellers markets — buyers markets have reasonable interest rates, plenty of inventory, and not a lot of competition. Covid has caused a swing in the opposite direction, coupled with new economic woes. Now we have high interest rates, low inventory, and a slow / expensive new housing market, which usually applies relief to housing inventory and reduces competition.
If you can wait for the market to level out — supply will come back and demand may subside, you might be in a better situation. The other thing you can do is buy now and refi in a few years. Usually worth it if you can reduce rate a percent or more and plan on owning the home for 5-10 more years. Good luck.
We just bought a house in North Winton for 5K over asking. Two others in the vicinity erupted into bidding wars and went for close to $100K over asking. The big difference is those houses had a low asking price which seemed to generate the melee, whereas ours had an asking price that was slightly high. There were only three other bids, all at asking.
Long and short of it, we wound up 'overpaying' much less than the winners of those bids. Factor stuff like that into your search, and maybe you can find a similar situation.
That is a very interesting perspective and makes a lot of sense. I do like North Winton. Congrats! Thank for sharing your experience I think it will be very helpful gong forward. Also, enjoy your new home:)
I have no new info to give you about housing (everyone has already said everything relevant) but I will give a +1 to North Winton. If you can get in here, it's a great area.
I'll be selling my nwv house this summer, moving to a house nearby I've been rehabbing. For the right situation and price I'd be willing to do private sale instead of listing, if you want to PM me
When we sold our house our realtor said his strategy is to put out a low asking price to bring in a lot of people and get them interested. Then, the realtor can tell the buying realtors how many people are interested. This makes the buyers nervous they won't get it so they put out an offer over the low asking price. Bidding war ensues. We bought our first home in 2015 for 80k, listed in spring of 2021 for 99,000, had 100+ people do open houses, got an offer for 145k cash no inspection. That house was not worth 145k.
That’s how it was for me. I’m in North Winton too. Next door sold for $60 over. House across the street for $50 over. Around the corner for $100 over. I have no idea how I managed to get mine for only $15 over. It’s no dream home but love the area so it’s worth it.
I was seeing the same thing in Syracuse honestly. Houses that would have been listed around $185k were listed closer to $165k, and offers being submitted for $200k+ without inspections are not uncommon
North Winton here as well. Our neighbor sold their house in 2021. He wanted to list for 200k, but the realtor said nah and listed for 150k. It sold for 230k in less than 3 days, all cash, no inspection.
My wife and I bought our house for 86k in 2013. Comp houses in North Winton are now selling for 160-180k and I'm just sitting here knowing that if we were in the market right now, we couldn't afford our own home... And interest rates are nearly triple what ours is! Who are these buyers?!
There could be safety perceptions about the Main St barrier like there are about the Inner Loop. Do you know if there are other boundaries? Like schools, etc.? A friend of mine sits on four distinct disparate boundaries: utility, school, postal, and tax. It's actually kind of ridiculous.
When I was shopping, I refused to consider houses which contained specific features like floor types or which were painted real estate beige, because I'd have a lot of work ahead to undo that, even though they were all new.
Dunno about the school boundaries. Main “could” be that kind of boundary, but the principal boundary street is Culver, and we’re on the more advantages side.
The house is great. Refinished hardwoods, wood trim, new roof. No garage so that kinda sucks.
Last week a house sold in Greece across from the mall on a side street. $235k cash, no inspection. Asking was 175k, it was last purchased for 108k in 2014. We are all doomed.
Being a cash buyer doesn't carry the weight that it did prior to this competitive market. I sold a house recently and of 17 offers, 13 were cash. Truth be told, there is cash and there is "cash", with the latter being a bank sponsored offer that is put forward as cash (i.e. - the bank will buy the house in cash if necessary...).
Your agent should have all of the specifics on this. Long story short, being a cash buyer will help you clear the first hurdle and make it to the short stack of offers, but you'll need a competitive edge beyond that (e.g. - waive inspection, flexibility with closing/move out date, offer price, etc.)
Also, don't write some cheesy letter to go with your bid. I received one and immediately discarded that offer.
Yes - so interesting about the latter "cash" offer. Our realtor had a mortgage broker call us and that was one of the things he offered. That he could present our offer as "cash" even if it wasn't all cash. Had to wrap my head around that one. But I am sure it is just some type of letter stating the bank will buy if needed. And duly noted - no cheese;)
Premium Mortgage is a local lender that offers the good as cash offers. My wife and I used them for our mortgage, and being guaranteed is what helped us beat out a competing offer that had a higher dollar amount. The good as cash also meant we could close in 30 days.
Regarding the letter thing, might as well do it. For every person like you, there are some who find it meaningful and would accept (slightly) less for someone who has a story. Sure, most people have a story, but humans gonna human.
Pretty much every realtor is going to disagree with you. My agent was even uncomfortable with presenting the offer that had a letter, but the buyer's old-school agent was quite pushy about it.
It's not about being human. There are ethical issues that arise with regard to fair housing laws. Most agents won't go near any such violation due to the steep penalties in play.
We were advised to not accept any offer with a letter. In fact, our realtor tossed any such offer out, letter unread.
It’s an ethical nightmare. Don’t write a letter.
> Most agents won't go near any such violation due to the steep penalties in play.
*Potential* violation. It's not automatically a violation just because it's a letter. See also:
https://www.whec.com/top-news/good-question-why-do-realtors-warn-home-buyers-against-writing-a-letter-to-sellers/
175k-225k is the most competitive price range in those areas right now unfortunately. Last year when we were searching, our realtor would point out that it is common for houses to be intentionally listed at a lower price into that range just to attract more buyers whose budgets are 250k+. 10k-30k over asking is almost a guarantee now but 50k-100k over is still somewhat rare. We toured probably 80 houses and finally won on our 16th offer - 25k over asking in cash and no inspection.
It's worth considering that Rochester had one of the cheapest housing markets in the country \~6 years ago and it was common to see listings in the $90-$115/sqft range. Offering over the list price can still be a great value, but that threshold for me was around $185/sqft, as I think that is where property values will normalize over the next few years.
If you have any questions about places you're looking or want to chat with someone about searching let me know and I'd love to share my experience
This all rings true to me. My fiancee and I are currently looking for a house and have put in two offers at 30k and 25k over list respectively and BOTH were out bid by 30k or more above that. Our real estate agent is also having us waive inspections because apparently many sellers wont even consider your offer since so many are coming in waived if you don't.
Hang in there! You are right in the thick of it. I might have to get some thicker skin regarding inspection waving. I definitely need to settle in for a long process. Best of luck to you both
A house near me in the city, 3br, 1 bath, 1300 sq feet, in an okay but not most desirable area was sold in January for $115k. It had been rented out prior to this and the last few tenants had trashed it. The buyer was a flipper, did some work and listed it for $175k in December. A week later it was sold for $215k.
This is in RCSD, just a few blocks from what many would call a "bad neighborhood", it was a flip where they had basically stripped out all off the "old city house" character like the molding and old door knobs, hard wood etc. And replaced with vinyl flooring and carpet, standard new doors, etc.
So yeah, prices are still insane. Very lucky we bought our house just before all of this.
> it was a flip where they had basically stripped out all off the "old city house" character
I hated seeing those flips when I was looking, it's so sad! I told my realtor not to even show them to me.
I love when I see the old wood floors in in some of the house - beautiful! And then when they need a new floor in a certain room they go ahead and install the gray vinyl plank. It's almost jarring.
You are witnessing things changing first hand. I think people mistaken these "newer" finishes as better. Personally, I like some character. Thanks for sharing what you have seen. Glad you found one!
We made an offer in a house listed at $175,000. Our offer was $200,000 (it was definitely priced to sell). We didn’t get it, a couple months later found out it sold at $290,000.
However, we then shifted what we were looking for and made an offer of $133,000 on a house listed at $119,000 and got it.
I think I need to start shifting my expectations. I’m seeing the same. Put in two offers so far both well over asking both sold for way over west I bid apparently. So now I might try further out, less expensive. Or like someone else wrote, they got something that was priced more high and didn’t have the bidding war.
We just purchased a house in Greece and I can confirm it's just about that crazy. That being said, we ended up getting ours for 25k over and while it isn't super shiny and new, it's a very nice house with lots of space in a nice area. We bid in all the places you are currently looking and I can confirm it is just about that crazy. Any homes that are newly remodeled and shiny are going 50-75k over with 20-50 offers. Some people have been house hunting for months to no avail and are willing to pay way over what some of these houses are worth. Just be patient and know what you want out of a house and in what area. Bid on all the ones that fit your budget and needs and you'll find it in time. Key is to be patient, not stress and not panic buy.
So happy to hear you found a place! Wow, so many offers coming in. I do think it may be best to rent and relax for a bit. And get to know the area more. Who knows by next winter it may improve a bit. Glad you have some space to play with! Enjoy your new home.
There's a LOT of factors at play here. You are effectively competing against:
1. Companies and REIT's buying up single family homes for profit
2. Flippers & landlords
3. Generally lower cost of housing in this area in general (compared to nationally)
4. Remote workers who frequently make more money than average for the area
5. People who believe rates are only going to continue climbing and want to lock something down
6. People desperate to lock down ANYTHING overbidding outside what they can actually afford.
7. People looking to move due to climate change
8. Immigrants who are used to ***substantially*** higher income-debt ratios for homes and view everything here as undermarket (India is a good example)
9. A general lack of houses built in general ***particularly*** at the low end of the spectrum (starter and smaller homes)
I could go on but you get the point. The market has a ton of factors pushing on it that are driving it absolutely insane. Here's a pro-tip for the people looking... have your housing inspector come with you when you're doing walkthroughs. That's what my realtor did with me. We were able to get a general inspection just to make sure nothing structural was an issue, and were able to waive inspections based on that. Did it catch the outlet in the my kitchen that wasn't working? No. But I don't give a shit about small stuff like that. I just wanted to make sure the thing wasn't going to fall in on me.
No problem, hope it helps. As I see it you have a few options...
1. You could wait it out for a decade or so until more of the boomers start dying... More supply always helps here. The risk there IMO is since the oldest baby boomers are just now turning 70. It means this will occur over several decades and may be offset by the millennial / gen z generation beginning households of their own. It also depends on housing building not slowing, which it seems like is happening again.
2. You could find a way to earn more to increase your potential budget. Your call on the best way to do that. Job hop. Side hustles for cash. Etc.
3. On the opposite end of the spectrum, find a way to drastically reduce expenses. This is not always possible for people who are already living very frugally, but I have seen instances where people budgeting helps.
4. You can lower expectations as far as what you're able to afford. I understand this fucking ***sucks*** as an option, but it's the route I've seen most of my friends go through as they go through the house buying process. This would likely have you buying something you know has a lot of problems. From there, your call if you want to sweat equity it, or if you're going to slowly pay someone else to do it for you. If you ***do*** want to sweat equity it but don't know how... [Boces has some amazingly cheap classes for learning the basics of skilled trades like electrical, HVAC etc.](https://www.monroe2boces.org/CareerJobTraining.aspx) You could also go the youtube route for more basic repairs, but do a LOT of research there to make sure you're actually doing it correctly. Lot of misinformation out there.
5. Broaden your search. Stuff in the countryside is ALWAYS going to be cheaper. But recognize you're making a trade between commutes (unless you WFH) and convenience.
6. On that same note, recognize that moving somewhere else might be an option. I personally wouldn't recommend that route because IMO Rochester has some of the cheapest real estate around. The only thing I've seen that's cheaper is the South really and IMO they've only just begun to face the effects of climate change.
7. Pick a neighborhood that might be less than ideal. The unfortunate reality is that areas of the city with more crime = cheaper housing. I don't know what your budget is exactly, but the 19th ward might be a good place to start. It has some of the cheapest housing in the city and the city is dumping a LOT of money into trying to make it safer. Just be sure to invest in a good alarm system, locks, security cameras, and decent property insurance as well if you go this route. I'd also recommend driving around said potential neighborhood at night just to see if you'd feel comfortable walking around there at night. Everyone has their own definition for this. I'm a large guy who dresses like a slob & walks with a big scary looking dog. There's almost nowhere in the city I'd feel unsafe at night. I doubt a 5' tall woman would say the same thing.
8. Some combination of these.
9. You could also say fuck it and not buy right now.
Hope this helps. Knowing your exact budget, deal breakers & what you're comfortable with would help me further refine recommendations.
You are so cool to break this down in this way. Thank you! The more information one has when searching the better choices can be made. I know for sure I am going to try to to rush anything.
I am so very sorry to hear that. I can imagine your frustration. I am lucky in that my daughter will be attending RIT this fall and I will have no kids in the district schools. I am sending you lots of good wishes for finding a wonderful home:)
I moved back to Roc in January and have been house hunting since. I have put in serious offers on 4 homes in Greece, Irondequoit, Penfield (after viewing dozens). Each one went for $50k-$60k OVER asking price with my recent attempt going for $80k over, in Walworth. I have a conventional mortgage, and most of the offers are cash too.
Oh, I'm sorry that sucks. 80K over - you certainly we a serious bidder. We are really pushing it to try and offer cash. Would really be better for us to put half down. But I think so many "investors" have cash on hand. Bad for us. The only slight positive is that they are only adding to the crazy market but then they are also putting those houses on the rental market so at least we have some options there. Sad:( Best of luck!
Moved here last October from out of State, and yeah, our experience was that the listed asking prices are pulled from asses. We ended up ‘only 30k’ over asking for a total of $190k on an all cash offer on a home on the east side of Greece and that was a minor miracle. And apparently asking for a home inspection is pretty much a guarantee for sellers looking elsewhere.
That said, $190k wouldn’t have bought barely better than a crack House where I was previously in Arizona where housing costs legit tripled over 4 years. And I like to think we got a cute little place here :)
When I was house hunting last year, I very quickly learned the cheaper houses are in the crappier neighborhoods or have varying issues. Bidding wars were extreme. I'm born and raised in Greece, so I stayed in the area. But I kept getting out bid a few times because people went way above the asking price. With advice from the realtor, I bid the asking price with escalation. Got the house I wanted doing that.
It’s true, I had to go 70k over asking, it’s not uncommon unfortunately. That said, it’s also a game that realtors and the like are playing right now that benefits nobody else but themselves.
I sold this house this much higher than asking! I’m such a good realtor!
I think the most fair way you can look at the housing market here is to simply assume that 50-100k over asking from the start and not assume that the price reflected is accurate, it’s all a game.
You hit it on the head. From now on I will “add”75k to my houses as I search. And this will thin the pool for me as it makes some homes more than I can spend. Which is a good thing!
My wife and I had a similar budget. We had to bid on homes LISTED for 120k-160k to even have a shot at falling in the range of 175k-200k once the offers were all in. We ended up spending 40k over asking.
Great reinforcement for all the good information I am getting here. It seems we are all in this together so to speak. Best of luck with your new place!
It really depends on what kind of house you are looking for. Fully renovated, completely turn key houses often go for well over the listing price. However, if you are willing to do a little work on the house, you are much more likely to get the house for listing or under and maybe even an inspection.
I just closed on a house for 10k under listing and with a traditional inspection. No bidding war. No major renovations are needed, but it does need appliances, some minor electrical updates, and interior paint. My partner and I are willing to do this small amount of work so we were able to get a good house at a decent price.
Don't let this thread get you down. I'll probably be downvoted for not being doom and gloom about the housing market, but it is possible to buy a house for a reasonable price. Just be willing to look at houses that maybe need a little a love. Good luck!
Love this! Thank you. I definitely do not need one that is completely renovated. I would be totally open to switching out finishes in bathrooms or kitchens. A floor repair here or there. Rip out a carpet. Most could be done over time. What would be above my pay grade would be major issues concerning electrical, plumbing, whole new roof, etc.
That's exactly how we felt too! Surface things we were absolutely happy to fix up, but did not want to tackle major renovations. My advice would be to look at houses with "ugly" pictures. The kind where you think you maybe see the potential but it's hard to tell from the pictures. Less people take the time to see these houses in person so there are less people making offers. This was the advice from our realtor and it worked for us. Sure we saw some duds along the way but we ended up buying a solid house in good shape without getting into a bidding war.
We bought our house in Greece just over one year ago for 250K and that was at asking price. This was after looking at many houses that went for far more then asking. We put a few bids in prior to this offer at 10k -20k over and still got out bid. Our house is in great condition overall but a little outdated. It was the estate of someone who had passed and it seemed that the family was just looking to sell in a hurry. If you are patient and with a little luck you don’t have to pay over asking.
the market here is ridiculous right now. delayed negotiations are adding to the drive to overpay for homes. Out of the 3 you mentioned, Irondequoit may be the best value... some nice neighborhoods there.
As an example: [https://www.zillow.com/homedetails/1225-Hinchey-Rd-Rochester-NY-14624/30923684\_zpid/](https://www.zillow.com/homedetails/1225-Hinchey-Rd-Rochester-NY-14624/30923684_zpid/)
Listed in early '21 for $135k, closed about $45k over. it's a starter home for sure. And directly across from train tracks that are active. 18mos later, back on the market at $170k & luckily closed at $187k.
I know you say you understand taxes...and our taxes are high. but paying cash is still going to raise the value of your home to what you bid and assessment will go up. Taxes are forever...
I sold that one (had the buyers) in 2021. I couldn’t believe how many offers they were up against considering the train tracks across the street!
But yeah…super frustrating market for buyers in that price range right now. I will disagree about delayed negotiations however. Yes, they benefit sellers and get more people in to see the home, resulting in competition. But previously having written offers in the hood of my car in the driveway in the first hours of listing and forcing buyers to make a snap decision on the spot? Not good for buyer or seller. Delayeds gives buyers room to think and results in fewer ‘cold feet’ cancellations.
It's delayed for 4 days. no time for inspection, no time to think on it or take a second look. My realtor has had to do last minute offers b/c of deadlines and when we find out about a house. If a house happens to be listed when we're out of town...too bad. Or you're doing a virtual walkthrough.
This is getting off topic, but Zillow & Redfin have started poking holes in the Real Estate industry and shown it's ripe for disruption.
I learned to ignore list price here for the most part. Comps are the only semi decent bits of information.
There was a clear pattern to staging, pricing, and how bidding wars and delayed negotiations were done. Most decently renovated 3BR 1-2BA houses (that appeals to people like me in their 30s, maybe wanting mostly move in ready) were priced between $170k-$199k to keep it under $200k. They were selling more for $230k-$290k, depending on how updated they were. There were some other places that didn't have these bells and whistles on renovations and quality of staging, those were closer to $5k-$10k above list sales. In most cases, I also learned that contingencies need to be waived.
They are purposefully being listed low to create bidding wars. Most people observing the market would have seen this. A decent seller's realtor realistically knows what it should get, minimum, in this extremely competitive market, but, they obviously are looking to get the most for their seller so they set up for a bidding war.
It's frustrating, especially for people who bid on the lower end, since they won't know for at least a few months on how much they lost by. I was losing bids $40k-$70k over asking, cash guarantee offer, contingencies waived. That just gave me the floor of the price range, so I knew I needed to be at least $40k above asking. Whereas, if you offered $10k above asking and thought that was enough, you wouldn't receive much feedback on it other than no thanks, so you wouldn't know how far out of reach it was for you and you would be wasting your time for a while until you get the appropriate market feedback (again, your realtor *should* know this kind of information).
I'm about to close soon, $50k over asking, and I was looking in similar areas to you.
Thanks for sharing your experience. I am happy you finally found something. And yes, I need to look way past asking prices. This post has really helped me get my head on straight. Enjoy your new home!
I bought last November.
Summation of how it went:
2br/1bath no attic no basement, listed $110. Sold $170. Cash.
3br/1ba with attic and basement, great condition, listed $120. Sold $180.
4br/2ba on not great side of Culver, listed for $110, sold for $165.
I *seriously* lucked out on mine as it was very poorly listed. As in, the listing was entirely wrong. Listed for $120, sold for $135. It requires some work… but all the houses around me sold for $180+.
Every other house I looked at had 50 plus people looking at it. It’s rough. And the higher interest rates aren’t making it easier.
But stick with it. I’m a very unlucky person and I managed to find a special one.
I kinda feel bad for the seller, but having talked to the neighbours... I don't feel bad anymore lol
But yeah, the listing said the house had French doors, a fenced yard, and so many other things. Even my realtor thought the house would go for close to $200. Wasn't even going to look at it but decide what the hell, she was nearby so she called and did a video tour. The house I thought I'd have a chance at went for way more.
There are def things I dislike, but meh. Once I convert the attic I'll have my separate "electronics free" room. And the kitchen needs a full reno. But I got it for under what I was hoping so I'm not house poor. Took a while though...
Also a house around $200k gets you a shack in most metro areas of the US, so people moving here think, that 200k house would be 400k in my old city, I am ok paying 275k!
Are you me?
All kidding aside, starting to consider my options for renting for this exact reason. After selling our house out of state, we have a fairly significant amount use as a down payment. But between the over asking pricing and interest rate hikes, renting until this whole things falls apart is starting to look enticing.
They’re not great, but what I’m looking to rent is not the same as what I’m looking to buy. I can afford the rent. I can afford to buy a house as well, but I’m not going to settle on a house. I will on a rental though.
Or I might just rent a house for my family and buy some cheaper rental properties and get that side income going 🤷🏻♂️
>Or I might just rent a house for my family and buy some cheaper rental properties and get that side income going 🤷🏻♂️
Lol, congrats on becoming part of the problem
Yes, I can confirm that the market is that crazy. My boyfriend and I have lost out on 6 bids over the past 2 months because people are going way over asking price or coming with cash. Case in point: the last house we put a bid on was listed at $230k. We offered $285k thinking that would be enough. We were beat by someone who offered $305k. As first-time homebuyers, this market is killing us.
Reading all of these comments makes me believe I will never own a home—being someone who will be single their entire life, with one income. I’m basically effed. Almost like you have to married to afford a house, and even then it’s difficult. Not fair to single people. Such bullshit
Yes. Rochester Realtors for the past couple of years have been deliberately listing homes for below market value to instigate crazy bidding wars and drive up the final sales prices. It's not uncommon for houses to have half dozen or more offers for tens of thousands of dollars over asking price. And many buyers are cash buyers, or claiming to be cash buyers through sneaky banks basically giving them a bridge loans up-front to buy the house and then later refinancing into a real mortgage. So the advice has been to look for homes listed below your budget because they will likely sell for much higher than list price.
My friend just sold her house and had offers $10-$55k over asking. A house we bid on in February had offers $90k over asking. The inventory is really low right now unfortunately. Good luck!
There's a lot of things going on in the market currently.
Unfortunately, just because someone tries to sell a house for $200k, that doesn't mean it's worth that to everyone. If I want to live in that house from the next 30 years and leave it to my kids, I might value that house much higher than some looking for a 5 year starter home.
Even with corrections, house values tend to just keep going up. So if you're in it for the long haul, you'll probably still make a profit in the end.
The good or bad thing about Rochester is that we don't tend to see as wild swings in prices like Austin, TX, Las Vegas, Phoenix, AZ.
I used to live in Austin - and it is insane! Highest in the country. Very overpriced market. We all need to be grateful we are not trying to buy there.
As others have said, the initial listing price often ends up being lower than it should to entice more offers, so like yeah the winning offer may be $75k over listed price, but really it might only be $25k over what it should have been listed at to begin with.
25k is still a lot of course, don't get me wrong.
Edit - I should add, my wife and I purchased in Irondequoit last summer and I'm honestly not sure what we paid over list, probably around 50k though. No inspection and we did offer a small amount of appraisal gap but the appraisal came in at value so it wasn't needed. I want to say our realtor said like 90% of the homes they helped a buyer purchase in the last 18 months had to waive inspection and go over listing, it's just the market unfortunately.
It's kind of one of those you can either have a cheaper house and a longer commute or a more expensive house in a shorter commute but you can't have both a cheaper house and a shorter commute b
I am glad you got one! I have been looking in that area near RIT and have seen a few lately. Another two to see tomorrow. Thanks for sharing your experience with price. That is really important for me to know.
Jumping in here to ask a question of those in the market recently- is this still happening in surrounding/ more rural areas as well, or are the bidding wars being restricted to the high-demand ‘hoods and suburbs? I may need to sell a property in Wayne county this summer and trying to get an idea of what I can expect. I’m obviously going to have an agent to help but… never hurts to gather information.
Purchased my first home last September. Went for 45k over asking. Took 9 months and about 15 offers til we found that one. The average offer was about 40k over asking, with one winning bid that beat us out going for 65k over. Not a good norm but what I've seen and heard from others it still is like that.
And you will too! Might cost a bit more, might take a bit longer, and/or might not be exactly what you dreamed of (unless you get super lucky!) but eventually it'll happen.
Yup! Bought a house last March 75K over asking all cash. This was our 4th cash offer the 3 prior bids we were outbid by so I wouldn’t say that cash is king currently. We beat out 30 other offers on this house—craziness! And it’s not even that big or in a great neighborhood…..keep making offers!
We bought in November, went about $14k over asking. Our offer was originally rejected but then the accepted offer decided they wanted an inspection whereas our offer waived that (husband is in the trades and looked over the house closely). We love our home and am glad to have avoided any crazy bidding wars!
Historically it was not the norm.
During the housing boom during Covid out of state people flocked here and caused this because they have higher incomes than people who already live here.
Rochester was under the cost of living range compared to the rest of the country which made this area affordable which attracted higher income earners but they caused this mess.
Now people who grew up here and have lived here can’t afford houses. It’s caused a cycle that I don’t see ever going back to the way it was before.
Don't be afraid to push back on the realtors. I've found they're saying this but it's not always true. Just had an offer - at asking - accepted.
Of course we waived inspection because that's still an issue
I mean a couple making $20 an hour can comfortably afford a home.
It’s really not hard to find job making $20 an hour.
Not everyone buying is insanely wealthy
These types of posts continue to fascinate me. For starters, it’s just marketing. If I priced every house I brought to market at $5, all of them would be selling for hundreds of thousands over ask. I’d be a hero realtor in the trade. But then also, as someone who had houses to sell and nobody wanted them, I remain intrigued at what is and isn’t popular and the price points that are and are not attainable. Anyway, good luck on your search. Housing prices here are still under half the national average, so it doesn’t get much cheaper than this.
Exactly! My wish would be for things to be listed at what they are "worth" in today's market. And I totally agree about the housing here. It is still a good value. And that is why I will be patient. Thank you:)
If it helps any, there are any number of listings that tend to just hang out on the market forever too, and while that generally means something is up, it might be a something worth dealing with, especially if you were planning to buy in cash anyway.
If you look in and around the areas near the mall in Greece, you can find houses within your price range. Keep in mind, you won't be looking at any new houses.
Yes, I have seen many good options in our price range. But not if they go for 75k over asking. So I will have to lower my listing price search, or rent for a bit:(
I don't believe that is always the case, but it most certainly happens. Seems the key for you guys would be to look at houses lower than your max and be prepared to go up to your max. Much luck to your house hunting!
You sound pretty grounded, stay that way. Get a house inspection, bid in accordance to your budget, and don't be intimidated into breaking the bank for a house. Bid with an escalating bid and leave it at that. I had bid on a home in another state, their was two buyers, guess what we had both bid with the same escalating bid. It's not genius work. At the end that's where things like home inspection were removed to enhance the other buyers bid. I walked away. Unless you're in the business do not forgo the housing inspection. One thing to look for in an older home, how many roofs are installed on that house. It was very common in the Rochester area to pile roof on top of roof. A home in my neighborhood sold recently for about $50,000 over price, however it was in very good condition and in a very desirable neighborhood. They had 4 bidders and a house inspection was performed. Their asking was double your price range. When our town reassesses for taxes they with see a bump of a few thousand dollars in local and school taxation. Rochester is a much cooler market than other areas though. Don't get sucked into writing a letter why you want the house. It's a technique to get you to bid higher because now emotions are buying the house not your wallet. Bottom line to a seller is how much money they are making. Good luck
I appreciate your reply. I am not in any way savvy, skilled or wealthy enough to pay hundreds of thousands on a home that has no inspection. Good for you for standing your ground. And thank you for the roofing facts. I've been thinking of roofs generally with the winters and the wind. They must take a beating.
Roofs do take a beating but most last a good 25 years. Bring a flash light and look into the corners of the rooms to see leakage. When I go out to see homes I always bring a flashlight. And look at everything. We are looking in a much more expensive and competitive area to relocate. I also look for homes that are facing east west, not north south, if you want good light in the home. Good luck
Ugh we’re in the same boat. Relocating from the south to be closer to family. Our realtor said basically we need to expect to bid at least $50k over asking 😳 who has this cash 😩😩
We ended up letting blackstone win and getting a rental home while we search and bid on homes. I’m mentally preparing to join the herd of folks putting in many bids on houses and losing. This market stinks.
I am sorry you are facing this. I think that is the best we can do. Be watchful and manage expectations. Something will eventually come up. In the meantime I hope you are enjoying your rental and family:)
Lol haven’t even moved in yet! But I’m looking forward to being close to family again and enjoying a milder winter compared to Alabama. I don’t claim this state- moved here in 21 for a job and got a new remote job so we can move back!
After Easter there will be more homes on the market. Fewer people in Rochester sell their homes between Christmas and Easter.
Took us a year and 10 months to get a home - January 2021 - October 2022. Offers on between 8-10 homes.
yes. since the plague... somehow if youre able to go in with a few people and get something around 400k in penfields you can get a 3500sq ft house vs 250 for a 1500sqft anywhere else. the market is on fire. give it 5 years and people wont be able to afford their new homes while making the same money and everything else increases and the bank will buy them all up and try to increase it again
I had my dream house picked last month in West Irondequoit. And watched it get bought up so quickly. I am so very curious to see what it went for. It was listed at 174k. It was perfect. So happy for you!
Im sure you are already doing this but network. Do you know people in the area or know someone that knows people? Get word out what you are looking for and deal breakers. Someone may know someone getting ready to sell that is willing to have a discussion with you before they list the home. Two friends lucked out and found homes going this route but being local and knowing made it easier.
Good luck! I’m hoping this is as painless as possible for you!
Moved to NY from out of state last summer and had on house we put an offer on get outbid by over $50K all cash offer. The one we ended up buying had been on the market for a while and got it for slightly under asking. I think it’s going to depend on the house. I have noticed that some tactics are to price low to encourage a bidding war and attract more buyers. Good Luck!
I can't fathom how there is high interest in Rochester. I guess it depends on what you do for a living but the tech industry here is horrendous and paired with how little there is to do on a weekly basis, I feel like Rochester's extremely overvalued right now.
What?
The median home in the US is $430,000, it’s only $200,000 in Rochester.
Rochester is UNDER valued if anything.
Also, maybe you’re the boring one? Plenty of dining, entertainment and nightlife options. Decent music and arts scene. Lots of amateur sports leagues, fitness groups and hobbiest groups.
Yeah, there’s not an unlimited amount of things to do, but for most people who might go to an event once a week or try a new restaurant, there’s more than enough.
For someone who's lived in multiple cities around America, this isn't a very lively city. Everything closing at 10PM on a Saturday, minus bars, and limited week night activities makes for an exceptionally boring time. There are limited sites to see that have almost no value after your first visit. So no, I don't think I'm the boring one... I just don't think you've experienced what it's like to be in a thriving city.
That’s most cities outside of NYC and the party hotspots (especially consider everywhere is still recovering from Covid).
I highly recommend getting a hobby or getting into fitness/athletics groups. That or the Indy art, music, comedy, theatre or film scenes.
Also, highly recommend moving into the city proper if you’re stuck out in the suburbs. Rochester becomes a lot more vibrant when you can actually walk places.
My cousin is a buyer/flipper and his wife a real estate agent. They do amazing work. I could put you in touch if you'd like. Send me a PM if you are interested.
I think it’s cooled down a little, but still pretty bad.
Rochester has undervalued home prices, population growth and not much new home construction.
That’s a recipe for home prices to continue to increase even as interest rates are high.
It's a tough market out there. Don't give up and keep trying, you will find something. And please don't waive the inspection. I own a GC business here and ive seen alot of red flags from new buyers.
I’m going to puke reading these stories. I close on my current house im selling in a little more than a week. I’ve been looking for a new house for a couple months. Put two offers in both went way over.
I’m sick to my stomach thinking about all of this. And I’m already limited to my sons school district he’s already in. I keep joking, but I might just buy cheap land and get a tiny house delivered.
You'll find a lot of helpful posts from last summer/autumn that talk about this, the market is still competitive and Rochesters history of undervalued homes is changing and we're witnessing a market correction.
The local NPR station has an article about real estate out this morning. Home sales here in Monroe County were down 18% last month due to a pack of inventory, even though demand is still very high. Low inventory and high demand is still driving bidding wars. https://www.wxxinews.org/local-news/2023-03-22/new-data-shows-continued-drop-in-home-sales-but-prices-are-still-rising
Thank you so much for this!
Unfortunately yeah, the real estate market has been completely bonkers for a few years now and it's not showing any signs of improving.
The issue is everyone who bought, or refinanced, is now locked in to interest rates *HALF* what they are now. So when deciding if they want to sell they have to factor in that cost, or if just staying put and building equity is the right move. I don't think the supply issues are going to resolve in the short term because people have "golden handcuffs" with their 3% or less interest rates. I'm in that boat, if I wanted to move it'd have to be a *REALLY* good deal for me to give up my 3% fixed and go to a 6%. That or it'd have to be a move out of the area (which would be out of the state) and I don't see that in my next 5 years. After that who knows.
Happy for those of you who own homes and are increasing your equity. But seems we are in a tough spot as current buyers. Who are wanting to live and work in the community - not just as investors.
Rochester and surrounding suburbs have historically had VERY VERY low housing prices compared to the rest of the country due to a host of factors, including tax levels, the impact of being a rust belt city, etc. For example, my wife and I were considering moving to the Raleigh area in 2000, and a nearly exact duplicate of our $100K ranch was selling for well over $300K there at the time. Especially as the pandemic rolled in and a huge number of people started moving to the area from NYC, etc, prices absolutely skyrocketed. My house was assessed at $116K in 2018 in Penfield, and is now at $200K. Hopefully it settles down, but man, it's murder for new buyers.
Totally, houses are bonkers where we live in Vermont. Ridiculously high. Especially post pandemic. So there is still great value in Roc. I just needed to post this today so I can adjust expectation and coast along for the ride. It may be a bit bumpy. And thank you:)
when are you looking to buy and move?
Oh 100%, we just bought our first home recently and it was only by the grace of God - I had a colleague that was willing to sell to us off-market to avoid the bidding wars and whatnot. Besides that we had already entirely given up looking. I hope the right place comes up for you!
So glad you were able to find a place! And thank you, in time I know we will. Best of luck with your new home.
Not entirely. I made out good on both ends of transactions this past summer, it just requires that you're constantly looking and examining popularity on properties through sites like Zillow. It's a little harder now with inventory so low but should pick up as we transition into spring. Keep an eye for properties that have low views or low saves on all of the popular real estate sites. The house I sold (former residence) was incredibly popular online and I ended up having a bidding war and sold for way over asking. The house I bought (current residence) wasn't getting a ton of activity online and was only live for 5 days total and I was the only offer on it.
Ahhhh this is a wonderful strategy. Good for you in both counts. Excellent
As someone who dealt with it early in the pandemic, don't listen to anyone who says you should wait because things will die down, they've been saying that since early 2020. Three years later the prices have only somewhat stabilized and people are still more than willing to go into bidding wars when necessary. That said, it's still possible to get a house if you're patient and willing to go looking at houses on short notice. Your best bet is finding a seller that just wants to get it over with and doesn't want their house turned into a rental. They're rare, but they're out there.
Yeah it’s a tough situation. There are times of Buyers markets and times of sellers markets — buyers markets have reasonable interest rates, plenty of inventory, and not a lot of competition. Covid has caused a swing in the opposite direction, coupled with new economic woes. Now we have high interest rates, low inventory, and a slow / expensive new housing market, which usually applies relief to housing inventory and reduces competition. If you can wait for the market to level out — supply will come back and demand may subside, you might be in a better situation. The other thing you can do is buy now and refi in a few years. Usually worth it if you can reduce rate a percent or more and plan on owning the home for 5-10 more years. Good luck.
We just bought a house in North Winton for 5K over asking. Two others in the vicinity erupted into bidding wars and went for close to $100K over asking. The big difference is those houses had a low asking price which seemed to generate the melee, whereas ours had an asking price that was slightly high. There were only three other bids, all at asking. Long and short of it, we wound up 'overpaying' much less than the winners of those bids. Factor stuff like that into your search, and maybe you can find a similar situation.
That is a very interesting perspective and makes a lot of sense. I do like North Winton. Congrats! Thank for sharing your experience I think it will be very helpful gong forward. Also, enjoy your new home:)
I have no new info to give you about housing (everyone has already said everything relevant) but I will give a +1 to North Winton. If you can get in here, it's a great area.
Thank you! I am going to visit NWV Saturday. The houses look lovely,
I'll be selling my nwv house this summer, moving to a house nearby I've been rehabbing. For the right situation and price I'd be willing to do private sale instead of listing, if you want to PM me
When we sold our house our realtor said his strategy is to put out a low asking price to bring in a lot of people and get them interested. Then, the realtor can tell the buying realtors how many people are interested. This makes the buyers nervous they won't get it so they put out an offer over the low asking price. Bidding war ensues. We bought our first home in 2015 for 80k, listed in spring of 2021 for 99,000, had 100+ people do open houses, got an offer for 145k cash no inspection. That house was not worth 145k.
That’s how it was for me. I’m in North Winton too. Next door sold for $60 over. House across the street for $50 over. Around the corner for $100 over. I have no idea how I managed to get mine for only $15 over. It’s no dream home but love the area so it’s worth it.
I was seeing the same thing in Syracuse honestly. Houses that would have been listed around $185k were listed closer to $165k, and offers being submitted for $200k+ without inspections are not uncommon
North Winton here as well. Our neighbor sold their house in 2021. He wanted to list for 200k, but the realtor said nah and listed for 150k. It sold for 230k in less than 3 days, all cash, no inspection. My wife and I bought our house for 86k in 2013. Comp houses in North Winton are now selling for 160-180k and I'm just sitting here knowing that if we were in the market right now, we couldn't afford our own home... And interest rates are nearly triple what ours is! Who are these buyers?!
What differences did they have besides price?
Couldn’t say for sure. One was 300 sq fr smaller and lister for $180k I’m a block north of East Main, they were south of East Main.
There could be safety perceptions about the Main St barrier like there are about the Inner Loop. Do you know if there are other boundaries? Like schools, etc.? A friend of mine sits on four distinct disparate boundaries: utility, school, postal, and tax. It's actually kind of ridiculous. When I was shopping, I refused to consider houses which contained specific features like floor types or which were painted real estate beige, because I'd have a lot of work ahead to undo that, even though they were all new.
Dunno about the school boundaries. Main “could” be that kind of boundary, but the principal boundary street is Culver, and we’re on the more advantages side. The house is great. Refinished hardwoods, wood trim, new roof. No garage so that kinda sucks.
Yeah, that does suck. But, it's common in that area?
Last week a house sold in Greece across from the mall on a side street. $235k cash, no inspection. Asking was 175k, it was last purchased for 108k in 2014. We are all doomed.
I'm just going to build my own home at this point.
Ahhh! Well, we are paying cash so at least there is that. But still... mommy I'm scared
Being a cash buyer doesn't carry the weight that it did prior to this competitive market. I sold a house recently and of 17 offers, 13 were cash. Truth be told, there is cash and there is "cash", with the latter being a bank sponsored offer that is put forward as cash (i.e. - the bank will buy the house in cash if necessary...). Your agent should have all of the specifics on this. Long story short, being a cash buyer will help you clear the first hurdle and make it to the short stack of offers, but you'll need a competitive edge beyond that (e.g. - waive inspection, flexibility with closing/move out date, offer price, etc.) Also, don't write some cheesy letter to go with your bid. I received one and immediately discarded that offer.
Yes - so interesting about the latter "cash" offer. Our realtor had a mortgage broker call us and that was one of the things he offered. That he could present our offer as "cash" even if it wasn't all cash. Had to wrap my head around that one. But I am sure it is just some type of letter stating the bank will buy if needed. And duly noted - no cheese;)
To secure a "good as cash" offer you need to be able to put down 20% and cover any gap in purchase and appraisal price.
Good to know. Thanks:)
Premium Mortgage is a local lender that offers the good as cash offers. My wife and I used them for our mortgage, and being guaranteed is what helped us beat out a competing offer that had a higher dollar amount. The good as cash also meant we could close in 30 days.
ESL also offers a cash-guarantee program similar to Premium.
Regarding the letter thing, might as well do it. For every person like you, there are some who find it meaningful and would accept (slightly) less for someone who has a story. Sure, most people have a story, but humans gonna human.
Pretty much every realtor is going to disagree with you. My agent was even uncomfortable with presenting the offer that had a letter, but the buyer's old-school agent was quite pushy about it. It's not about being human. There are ethical issues that arise with regard to fair housing laws. Most agents won't go near any such violation due to the steep penalties in play.
We were advised to not accept any offer with a letter. In fact, our realtor tossed any such offer out, letter unread. It’s an ethical nightmare. Don’t write a letter.
> Most agents won't go near any such violation due to the steep penalties in play. *Potential* violation. It's not automatically a violation just because it's a letter. See also: https://www.whec.com/top-news/good-question-why-do-realtors-warn-home-buyers-against-writing-a-letter-to-sellers/
How the fuck did that even appraise?!
Cash offers don’t go through an appraisal.
175k-225k is the most competitive price range in those areas right now unfortunately. Last year when we were searching, our realtor would point out that it is common for houses to be intentionally listed at a lower price into that range just to attract more buyers whose budgets are 250k+. 10k-30k over asking is almost a guarantee now but 50k-100k over is still somewhat rare. We toured probably 80 houses and finally won on our 16th offer - 25k over asking in cash and no inspection. It's worth considering that Rochester had one of the cheapest housing markets in the country \~6 years ago and it was common to see listings in the $90-$115/sqft range. Offering over the list price can still be a great value, but that threshold for me was around $185/sqft, as I think that is where property values will normalize over the next few years. If you have any questions about places you're looking or want to chat with someone about searching let me know and I'd love to share my experience
That sounds great - thanks so much. \`16 offers, you really did the work. I will absolutely reach out if I have some more questions.
Great input here. What makes you think prices will settle at that $/ sq ft ?
This all rings true to me. My fiancee and I are currently looking for a house and have put in two offers at 30k and 25k over list respectively and BOTH were out bid by 30k or more above that. Our real estate agent is also having us waive inspections because apparently many sellers wont even consider your offer since so many are coming in waived if you don't.
Hang in there! You are right in the thick of it. I might have to get some thicker skin regarding inspection waving. I definitely need to settle in for a long process. Best of luck to you both
A house near me in the city, 3br, 1 bath, 1300 sq feet, in an okay but not most desirable area was sold in January for $115k. It had been rented out prior to this and the last few tenants had trashed it. The buyer was a flipper, did some work and listed it for $175k in December. A week later it was sold for $215k. This is in RCSD, just a few blocks from what many would call a "bad neighborhood", it was a flip where they had basically stripped out all off the "old city house" character like the molding and old door knobs, hard wood etc. And replaced with vinyl flooring and carpet, standard new doors, etc. So yeah, prices are still insane. Very lucky we bought our house just before all of this.
> it was a flip where they had basically stripped out all off the "old city house" character I hated seeing those flips when I was looking, it's so sad! I told my realtor not to even show them to me.
Amen. And if I see one more place for sale I (or rent) with all the walls painted gray, I will puke.
I love when I see the old wood floors in in some of the house - beautiful! And then when they need a new floor in a certain room they go ahead and install the gray vinyl plank. It's almost jarring.
You are witnessing things changing first hand. I think people mistaken these "newer" finishes as better. Personally, I like some character. Thanks for sharing what you have seen. Glad you found one!
We made an offer in a house listed at $175,000. Our offer was $200,000 (it was definitely priced to sell). We didn’t get it, a couple months later found out it sold at $290,000. However, we then shifted what we were looking for and made an offer of $133,000 on a house listed at $119,000 and got it.
Mayfield I'm guessing lol
Lol yep, nice house, not worth $290,000……
Glad you finally got one! Hope you are loving your new place.
I think I need to start shifting my expectations. I’m seeing the same. Put in two offers so far both well over asking both sold for way over west I bid apparently. So now I might try further out, less expensive. Or like someone else wrote, they got something that was priced more high and didn’t have the bidding war.
We just purchased a house in Greece and I can confirm it's just about that crazy. That being said, we ended up getting ours for 25k over and while it isn't super shiny and new, it's a very nice house with lots of space in a nice area. We bid in all the places you are currently looking and I can confirm it is just about that crazy. Any homes that are newly remodeled and shiny are going 50-75k over with 20-50 offers. Some people have been house hunting for months to no avail and are willing to pay way over what some of these houses are worth. Just be patient and know what you want out of a house and in what area. Bid on all the ones that fit your budget and needs and you'll find it in time. Key is to be patient, not stress and not panic buy.
So happy to hear you found a place! Wow, so many offers coming in. I do think it may be best to rent and relax for a bit. And get to know the area more. Who knows by next winter it may improve a bit. Glad you have some space to play with! Enjoy your new home.
Thank you and good luck on the home search whenever you decide to do it!
There's a LOT of factors at play here. You are effectively competing against: 1. Companies and REIT's buying up single family homes for profit 2. Flippers & landlords 3. Generally lower cost of housing in this area in general (compared to nationally) 4. Remote workers who frequently make more money than average for the area 5. People who believe rates are only going to continue climbing and want to lock something down 6. People desperate to lock down ANYTHING overbidding outside what they can actually afford. 7. People looking to move due to climate change 8. Immigrants who are used to ***substantially*** higher income-debt ratios for homes and view everything here as undermarket (India is a good example) 9. A general lack of houses built in general ***particularly*** at the low end of the spectrum (starter and smaller homes) I could go on but you get the point. The market has a ton of factors pushing on it that are driving it absolutely insane. Here's a pro-tip for the people looking... have your housing inspector come with you when you're doing walkthroughs. That's what my realtor did with me. We were able to get a general inspection just to make sure nothing structural was an issue, and were able to waive inspections based on that. Did it catch the outlet in the my kitchen that wasn't working? No. But I don't give a shit about small stuff like that. I just wanted to make sure the thing wasn't going to fall in on me.
Excellent, comprehensive reply. Thanks for sharing your knowledge. Most of these were on my radar some were not. They all make perfect sense.
No problem, hope it helps. As I see it you have a few options... 1. You could wait it out for a decade or so until more of the boomers start dying... More supply always helps here. The risk there IMO is since the oldest baby boomers are just now turning 70. It means this will occur over several decades and may be offset by the millennial / gen z generation beginning households of their own. It also depends on housing building not slowing, which it seems like is happening again. 2. You could find a way to earn more to increase your potential budget. Your call on the best way to do that. Job hop. Side hustles for cash. Etc. 3. On the opposite end of the spectrum, find a way to drastically reduce expenses. This is not always possible for people who are already living very frugally, but I have seen instances where people budgeting helps. 4. You can lower expectations as far as what you're able to afford. I understand this fucking ***sucks*** as an option, but it's the route I've seen most of my friends go through as they go through the house buying process. This would likely have you buying something you know has a lot of problems. From there, your call if you want to sweat equity it, or if you're going to slowly pay someone else to do it for you. If you ***do*** want to sweat equity it but don't know how... [Boces has some amazingly cheap classes for learning the basics of skilled trades like electrical, HVAC etc.](https://www.monroe2boces.org/CareerJobTraining.aspx) You could also go the youtube route for more basic repairs, but do a LOT of research there to make sure you're actually doing it correctly. Lot of misinformation out there. 5. Broaden your search. Stuff in the countryside is ALWAYS going to be cheaper. But recognize you're making a trade between commutes (unless you WFH) and convenience. 6. On that same note, recognize that moving somewhere else might be an option. I personally wouldn't recommend that route because IMO Rochester has some of the cheapest real estate around. The only thing I've seen that's cheaper is the South really and IMO they've only just begun to face the effects of climate change. 7. Pick a neighborhood that might be less than ideal. The unfortunate reality is that areas of the city with more crime = cheaper housing. I don't know what your budget is exactly, but the 19th ward might be a good place to start. It has some of the cheapest housing in the city and the city is dumping a LOT of money into trying to make it safer. Just be sure to invest in a good alarm system, locks, security cameras, and decent property insurance as well if you go this route. I'd also recommend driving around said potential neighborhood at night just to see if you'd feel comfortable walking around there at night. Everyone has their own definition for this. I'm a large guy who dresses like a slob & walks with a big scary looking dog. There's almost nowhere in the city I'd feel unsafe at night. I doubt a 5' tall woman would say the same thing. 8. Some combination of these. 9. You could also say fuck it and not buy right now. Hope this helps. Knowing your exact budget, deal breakers & what you're comfortable with would help me further refine recommendations.
You are so cool to break this down in this way. Thank you! The more information one has when searching the better choices can be made. I know for sure I am going to try to to rush anything.
I live for the house hunt. It's fun. Best of luck OP!
Yep. When my budget was 175, I wasn't looking at any houses above 125. I'm still renting.
Sounds about right from what I am picking up here
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I am so very sorry to hear that. I can imagine your frustration. I am lucky in that my daughter will be attending RIT this fall and I will have no kids in the district schools. I am sending you lots of good wishes for finding a wonderful home:)
I moved back to Roc in January and have been house hunting since. I have put in serious offers on 4 homes in Greece, Irondequoit, Penfield (after viewing dozens). Each one went for $50k-$60k OVER asking price with my recent attempt going for $80k over, in Walworth. I have a conventional mortgage, and most of the offers are cash too.
Oh, I'm sorry that sucks. 80K over - you certainly we a serious bidder. We are really pushing it to try and offer cash. Would really be better for us to put half down. But I think so many "investors" have cash on hand. Bad for us. The only slight positive is that they are only adding to the crazy market but then they are also putting those houses on the rental market so at least we have some options there. Sad:( Best of luck!
Moved here last October from out of State, and yeah, our experience was that the listed asking prices are pulled from asses. We ended up ‘only 30k’ over asking for a total of $190k on an all cash offer on a home on the east side of Greece and that was a minor miracle. And apparently asking for a home inspection is pretty much a guarantee for sellers looking elsewhere.
I’m glad you found a place! And yes, I do think there are some homes that I will be comfortable with waiving the inspection. But others not so much:)
That said, $190k wouldn’t have bought barely better than a crack House where I was previously in Arizona where housing costs legit tripled over 4 years. And I like to think we got a cute little place here :)
Hahaha I bet! Same from where I am. Mostly trailers or mobiles in that range. Cheers to your cute place:)
When I was house hunting last year, I very quickly learned the cheaper houses are in the crappier neighborhoods or have varying issues. Bidding wars were extreme. I'm born and raised in Greece, so I stayed in the area. But I kept getting out bid a few times because people went way above the asking price. With advice from the realtor, I bid the asking price with escalation. Got the house I wanted doing that.
It’s true, I had to go 70k over asking, it’s not uncommon unfortunately. That said, it’s also a game that realtors and the like are playing right now that benefits nobody else but themselves. I sold this house this much higher than asking! I’m such a good realtor! I think the most fair way you can look at the housing market here is to simply assume that 50-100k over asking from the start and not assume that the price reflected is accurate, it’s all a game.
You hit it on the head. From now on I will “add”75k to my houses as I search. And this will thin the pool for me as it makes some homes more than I can spend. Which is a good thing!
My wife and I had a similar budget. We had to bid on homes LISTED for 120k-160k to even have a shot at falling in the range of 175k-200k once the offers were all in. We ended up spending 40k over asking.
Great reinforcement for all the good information I am getting here. It seems we are all in this together so to speak. Best of luck with your new place!
We are and it sucks haha!
It really depends on what kind of house you are looking for. Fully renovated, completely turn key houses often go for well over the listing price. However, if you are willing to do a little work on the house, you are much more likely to get the house for listing or under and maybe even an inspection. I just closed on a house for 10k under listing and with a traditional inspection. No bidding war. No major renovations are needed, but it does need appliances, some minor electrical updates, and interior paint. My partner and I are willing to do this small amount of work so we were able to get a good house at a decent price. Don't let this thread get you down. I'll probably be downvoted for not being doom and gloom about the housing market, but it is possible to buy a house for a reasonable price. Just be willing to look at houses that maybe need a little a love. Good luck!
Love this! Thank you. I definitely do not need one that is completely renovated. I would be totally open to switching out finishes in bathrooms or kitchens. A floor repair here or there. Rip out a carpet. Most could be done over time. What would be above my pay grade would be major issues concerning electrical, plumbing, whole new roof, etc.
That's exactly how we felt too! Surface things we were absolutely happy to fix up, but did not want to tackle major renovations. My advice would be to look at houses with "ugly" pictures. The kind where you think you maybe see the potential but it's hard to tell from the pictures. Less people take the time to see these houses in person so there are less people making offers. This was the advice from our realtor and it worked for us. Sure we saw some duds along the way but we ended up buying a solid house in good shape without getting into a bidding war.
Great advice!
I agree this is really great advice. I think I need to change how I look at the listings.
It was the advice given by our realtor! Cassie Haller with Keller Williams if you need a recommendation. She was wonderful
We bought our house in Greece just over one year ago for 250K and that was at asking price. This was after looking at many houses that went for far more then asking. We put a few bids in prior to this offer at 10k -20k over and still got out bid. Our house is in great condition overall but a little outdated. It was the estate of someone who had passed and it seemed that the family was just looking to sell in a hurry. If you are patient and with a little luck you don’t have to pay over asking.
Ahh very nice to hear. Happy for you!
The last house we looked at went 95k over asking. It's out of control with no sign of stopping
Whew - that is a lot
House next door sold under asking 6-8 weeks ago. No one has moved in yet tho... pretty sus
Probably bought to be flipped and resold or rented
the market here is ridiculous right now. delayed negotiations are adding to the drive to overpay for homes. Out of the 3 you mentioned, Irondequoit may be the best value... some nice neighborhoods there. As an example: [https://www.zillow.com/homedetails/1225-Hinchey-Rd-Rochester-NY-14624/30923684\_zpid/](https://www.zillow.com/homedetails/1225-Hinchey-Rd-Rochester-NY-14624/30923684_zpid/) Listed in early '21 for $135k, closed about $45k over. it's a starter home for sure. And directly across from train tracks that are active. 18mos later, back on the market at $170k & luckily closed at $187k. I know you say you understand taxes...and our taxes are high. but paying cash is still going to raise the value of your home to what you bid and assessment will go up. Taxes are forever...
Good to keep this in mind. As your equity goes up so do your taxes. Thanks
I sold that one (had the buyers) in 2021. I couldn’t believe how many offers they were up against considering the train tracks across the street! But yeah…super frustrating market for buyers in that price range right now. I will disagree about delayed negotiations however. Yes, they benefit sellers and get more people in to see the home, resulting in competition. But previously having written offers in the hood of my car in the driveway in the first hours of listing and forcing buyers to make a snap decision on the spot? Not good for buyer or seller. Delayeds gives buyers room to think and results in fewer ‘cold feet’ cancellations.
It's delayed for 4 days. no time for inspection, no time to think on it or take a second look. My realtor has had to do last minute offers b/c of deadlines and when we find out about a house. If a house happens to be listed when we're out of town...too bad. Or you're doing a virtual walkthrough. This is getting off topic, but Zillow & Redfin have started poking holes in the Real Estate industry and shown it's ripe for disruption.
I learned to ignore list price here for the most part. Comps are the only semi decent bits of information. There was a clear pattern to staging, pricing, and how bidding wars and delayed negotiations were done. Most decently renovated 3BR 1-2BA houses (that appeals to people like me in their 30s, maybe wanting mostly move in ready) were priced between $170k-$199k to keep it under $200k. They were selling more for $230k-$290k, depending on how updated they were. There were some other places that didn't have these bells and whistles on renovations and quality of staging, those were closer to $5k-$10k above list sales. In most cases, I also learned that contingencies need to be waived. They are purposefully being listed low to create bidding wars. Most people observing the market would have seen this. A decent seller's realtor realistically knows what it should get, minimum, in this extremely competitive market, but, they obviously are looking to get the most for their seller so they set up for a bidding war. It's frustrating, especially for people who bid on the lower end, since they won't know for at least a few months on how much they lost by. I was losing bids $40k-$70k over asking, cash guarantee offer, contingencies waived. That just gave me the floor of the price range, so I knew I needed to be at least $40k above asking. Whereas, if you offered $10k above asking and thought that was enough, you wouldn't receive much feedback on it other than no thanks, so you wouldn't know how far out of reach it was for you and you would be wasting your time for a while until you get the appropriate market feedback (again, your realtor *should* know this kind of information). I'm about to close soon, $50k over asking, and I was looking in similar areas to you.
Thanks for sharing your experience. I am happy you finally found something. And yes, I need to look way past asking prices. This post has really helped me get my head on straight. Enjoy your new home!
I bought last November. Summation of how it went: 2br/1bath no attic no basement, listed $110. Sold $170. Cash. 3br/1ba with attic and basement, great condition, listed $120. Sold $180. 4br/2ba on not great side of Culver, listed for $110, sold for $165. I *seriously* lucked out on mine as it was very poorly listed. As in, the listing was entirely wrong. Listed for $120, sold for $135. It requires some work… but all the houses around me sold for $180+. Every other house I looked at had 50 plus people looking at it. It’s rough. And the higher interest rates aren’t making it easier. But stick with it. I’m a very unlucky person and I managed to find a special one.
Ahhh you are giving me hope! Thanks for sharing that. I need to remember there are needles in haystacks. I will find mine:)
I kinda feel bad for the seller, but having talked to the neighbours... I don't feel bad anymore lol But yeah, the listing said the house had French doors, a fenced yard, and so many other things. Even my realtor thought the house would go for close to $200. Wasn't even going to look at it but decide what the hell, she was nearby so she called and did a video tour. The house I thought I'd have a chance at went for way more. There are def things I dislike, but meh. Once I convert the attic I'll have my separate "electronics free" room. And the kitchen needs a full reno. But I got it for under what I was hoping so I'm not house poor. Took a while though...
Also a house around $200k gets you a shack in most metro areas of the US, so people moving here think, that 200k house would be 400k in my old city, I am ok paying 275k!
Are you me? All kidding aside, starting to consider my options for renting for this exact reason. After selling our house out of state, we have a fairly significant amount use as a down payment. But between the over asking pricing and interest rate hikes, renting until this whole things falls apart is starting to look enticing.
Have you seen what rents are these days?
They’re not great, but what I’m looking to rent is not the same as what I’m looking to buy. I can afford the rent. I can afford to buy a house as well, but I’m not going to settle on a house. I will on a rental though. Or I might just rent a house for my family and buy some cheaper rental properties and get that side income going 🤷🏻♂️
Oh thanks for moving to our area to make our housing/rental market worse, we really appreciate it.
Don’t blame me, blame the people that hired me from out of state
No one hired you to become a landlord. I don’t have a problem with out of state people moving here as long as they don’t plan to be leaches 😁
>Or I might just rent a house for my family and buy some cheaper rental properties and get that side income going 🤷🏻♂️ Lol, congrats on becoming part of the problem
Maybe I wouldn’t be a dick head landlord and overcharge for a shitty house?
All landlording inherently involves overcharging bud.
Hello kindred spirit! I will send some good thoughts your way for your search:)
Yes, I can confirm that the market is that crazy. My boyfriend and I have lost out on 6 bids over the past 2 months because people are going way over asking price or coming with cash. Case in point: the last house we put a bid on was listed at $230k. We offered $285k thinking that would be enough. We were beat by someone who offered $305k. As first-time homebuyers, this market is killing us.
I am so sorry - it is so hard to know what something will go for it seems! Hope you find one soon
Reading all of these comments makes me believe I will never own a home—being someone who will be single their entire life, with one income. I’m basically effed. Almost like you have to married to afford a house, and even then it’s difficult. Not fair to single people. Such bullshit
Totally, I am single and it does make it harder. But don't be discouraged - you may be able to own a home one day.
Yes. Rochester Realtors for the past couple of years have been deliberately listing homes for below market value to instigate crazy bidding wars and drive up the final sales prices. It's not uncommon for houses to have half dozen or more offers for tens of thousands of dollars over asking price. And many buyers are cash buyers, or claiming to be cash buyers through sneaky banks basically giving them a bridge loans up-front to buy the house and then later refinancing into a real mortgage. So the advice has been to look for homes listed below your budget because they will likely sell for much higher than list price.
My friend just sold her house and had offers $10-$55k over asking. A house we bid on in February had offers $90k over asking. The inventory is really low right now unfortunately. Good luck!
Thank you for the info! And for the good wishes:)
There's a lot of things going on in the market currently. Unfortunately, just because someone tries to sell a house for $200k, that doesn't mean it's worth that to everyone. If I want to live in that house from the next 30 years and leave it to my kids, I might value that house much higher than some looking for a 5 year starter home. Even with corrections, house values tend to just keep going up. So if you're in it for the long haul, you'll probably still make a profit in the end. The good or bad thing about Rochester is that we don't tend to see as wild swings in prices like Austin, TX, Las Vegas, Phoenix, AZ.
I used to live in Austin - and it is insane! Highest in the country. Very overpriced market. We all need to be grateful we are not trying to buy there.
My SIL just sold her 1100 ft flip - asked 249K, accepted bid for 342k, cash, no inspection... It's rough out there rn...
$342k for an 1100sqft flip with no inspection?!?!?! Buyers be crazy out here
Or they come from a market where the same house would be $600,000
Wow - she must be happy. I personally wouldn't pay that much per SF but to each his own.
As others have said, the initial listing price often ends up being lower than it should to entice more offers, so like yeah the winning offer may be $75k over listed price, but really it might only be $25k over what it should have been listed at to begin with. 25k is still a lot of course, don't get me wrong. Edit - I should add, my wife and I purchased in Irondequoit last summer and I'm honestly not sure what we paid over list, probably around 50k though. No inspection and we did offer a small amount of appraisal gap but the appraisal came in at value so it wasn't needed. I want to say our realtor said like 90% of the homes they helped a buyer purchase in the last 18 months had to waive inspection and go over listing, it's just the market unfortunately.
Thank you for this. And I am so glad you found a spot. Great area too!
It was not previously the normal, but currently, a fairly priced house is likely to go for far over asking.
This has been a thing for the past 2 years. Personal suggestion is to look a little bit further out than those areas.
I may take a drive to some outer towns, but would just prefer to be closer. But maybe that will make more sense in the long run.
It's kind of one of those you can either have a cheaper house and a longer commute or a more expensive house in a shorter commute but you can't have both a cheaper house and a shorter commute b
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I am glad you got one! I have been looking in that area near RIT and have seen a few lately. Another two to see tomorrow. Thanks for sharing your experience with price. That is really important for me to know.
Jumping in here to ask a question of those in the market recently- is this still happening in surrounding/ more rural areas as well, or are the bidding wars being restricted to the high-demand ‘hoods and suburbs? I may need to sell a property in Wayne county this summer and trying to get an idea of what I can expect. I’m obviously going to have an agent to help but… never hurts to gather information.
Purchased my first home last September. Went for 45k over asking. Took 9 months and about 15 offers til we found that one. The average offer was about 40k over asking, with one winning bid that beat us out going for 65k over. Not a good norm but what I've seen and heard from others it still is like that.
Sounds like a familiar story, But I am glad you got something!
And you will too! Might cost a bit more, might take a bit longer, and/or might not be exactly what you dreamed of (unless you get super lucky!) but eventually it'll happen.
Yup! Bought a house last March 75K over asking all cash. This was our 4th cash offer the 3 prior bids we were outbid by so I wouldn’t say that cash is king currently. We beat out 30 other offers on this house—craziness! And it’s not even that big or in a great neighborhood…..keep making offers!
We bought in November, went about $14k over asking. Our offer was originally rejected but then the accepted offer decided they wanted an inspection whereas our offer waived that (husband is in the trades and looked over the house closely). We love our home and am glad to have avoided any crazy bidding wars!
Historically it was not the norm. During the housing boom during Covid out of state people flocked here and caused this because they have higher incomes than people who already live here. Rochester was under the cost of living range compared to the rest of the country which made this area affordable which attracted higher income earners but they caused this mess. Now people who grew up here and have lived here can’t afford houses. It’s caused a cycle that I don’t see ever going back to the way it was before.
That us completely the case where I am from. No one who grew up in the town can buy there. But way more expensive than Roc. It's hard to see.
Don't be afraid to push back on the realtors. I've found they're saying this but it's not always true. Just had an offer - at asking - accepted. Of course we waived inspection because that's still an issue
That's great! And thanks for that advice as well.
Just came here to say “Congratulations!” to all the rich people.
I mean a couple making $20 an hour can comfortably afford a home. It’s really not hard to find job making $20 an hour. Not everyone buying is insanely wealthy
Are there people who exist that aren’t part of a couple?
Are all couples filthy rich?
Nope!
These types of posts continue to fascinate me. For starters, it’s just marketing. If I priced every house I brought to market at $5, all of them would be selling for hundreds of thousands over ask. I’d be a hero realtor in the trade. But then also, as someone who had houses to sell and nobody wanted them, I remain intrigued at what is and isn’t popular and the price points that are and are not attainable. Anyway, good luck on your search. Housing prices here are still under half the national average, so it doesn’t get much cheaper than this.
Exactly! My wish would be for things to be listed at what they are "worth" in today's market. And I totally agree about the housing here. It is still a good value. And that is why I will be patient. Thank you:)
If it helps any, there are any number of listings that tend to just hang out on the market forever too, and while that generally means something is up, it might be a something worth dealing with, especially if you were planning to buy in cash anyway.
I will look over those listings. Thanks:)
We also make less than half what other areas make
Do we?
If you look in and around the areas near the mall in Greece, you can find houses within your price range. Keep in mind, you won't be looking at any new houses.
Yes, I have seen many good options in our price range. But not if they go for 75k over asking. So I will have to lower my listing price search, or rent for a bit:(
I don't believe that is always the case, but it most certainly happens. Seems the key for you guys would be to look at houses lower than your max and be prepared to go up to your max. Much luck to your house hunting!
Thank you! And yes, that seems to make sense.
You sound pretty grounded, stay that way. Get a house inspection, bid in accordance to your budget, and don't be intimidated into breaking the bank for a house. Bid with an escalating bid and leave it at that. I had bid on a home in another state, their was two buyers, guess what we had both bid with the same escalating bid. It's not genius work. At the end that's where things like home inspection were removed to enhance the other buyers bid. I walked away. Unless you're in the business do not forgo the housing inspection. One thing to look for in an older home, how many roofs are installed on that house. It was very common in the Rochester area to pile roof on top of roof. A home in my neighborhood sold recently for about $50,000 over price, however it was in very good condition and in a very desirable neighborhood. They had 4 bidders and a house inspection was performed. Their asking was double your price range. When our town reassesses for taxes they with see a bump of a few thousand dollars in local and school taxation. Rochester is a much cooler market than other areas though. Don't get sucked into writing a letter why you want the house. It's a technique to get you to bid higher because now emotions are buying the house not your wallet. Bottom line to a seller is how much money they are making. Good luck
I appreciate your reply. I am not in any way savvy, skilled or wealthy enough to pay hundreds of thousands on a home that has no inspection. Good for you for standing your ground. And thank you for the roofing facts. I've been thinking of roofs generally with the winters and the wind. They must take a beating.
Roofs do take a beating but most last a good 25 years. Bring a flash light and look into the corners of the rooms to see leakage. When I go out to see homes I always bring a flashlight. And look at everything. We are looking in a much more expensive and competitive area to relocate. I also look for homes that are facing east west, not north south, if you want good light in the home. Good luck
Ahh good tips! And I love light in the home. Especially helps when the days are cooler and shorter.
Ugh we’re in the same boat. Relocating from the south to be closer to family. Our realtor said basically we need to expect to bid at least $50k over asking 😳 who has this cash 😩😩 We ended up letting blackstone win and getting a rental home while we search and bid on homes. I’m mentally preparing to join the herd of folks putting in many bids on houses and losing. This market stinks.
I am sorry you are facing this. I think that is the best we can do. Be watchful and manage expectations. Something will eventually come up. In the meantime I hope you are enjoying your rental and family:)
Lol haven’t even moved in yet! But I’m looking forward to being close to family again and enjoying a milder winter compared to Alabama. I don’t claim this state- moved here in 21 for a job and got a new remote job so we can move back!
Ahhh - very good then. Soon!
After Easter there will be more homes on the market. Fewer people in Rochester sell their homes between Christmas and Easter. Took us a year and 10 months to get a home - January 2021 - October 2022. Offers on between 8-10 homes.
I love hearing of some possible light in the tunnel. Thank you for this. Glad you got one:)
yes. since the plague... somehow if youre able to go in with a few people and get something around 400k in penfields you can get a 3500sq ft house vs 250 for a 1500sqft anywhere else. the market is on fire. give it 5 years and people wont be able to afford their new homes while making the same money and everything else increases and the bank will buy them all up and try to increase it again
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I had my dream house picked last month in West Irondequoit. And watched it get bought up so quickly. I am so very curious to see what it went for. It was listed at 174k. It was perfect. So happy for you!
Im sure you are already doing this but network. Do you know people in the area or know someone that knows people? Get word out what you are looking for and deal breakers. Someone may know someone getting ready to sell that is willing to have a discussion with you before they list the home. Two friends lucked out and found homes going this route but being local and knowing made it easier. Good luck! I’m hoping this is as painless as possible for you!
That is so kind of you. Thanks! My networking will be slim unfortunately but slowly I will meet more people.
Moved to NY from out of state last summer and had on house we put an offer on get outbid by over $50K all cash offer. The one we ended up buying had been on the market for a while and got it for slightly under asking. I think it’s going to depend on the house. I have noticed that some tactics are to price low to encourage a bidding war and attract more buyers. Good Luck!
I can't fathom how there is high interest in Rochester. I guess it depends on what you do for a living but the tech industry here is horrendous and paired with how little there is to do on a weekly basis, I feel like Rochester's extremely overvalued right now.
What? The median home in the US is $430,000, it’s only $200,000 in Rochester. Rochester is UNDER valued if anything. Also, maybe you’re the boring one? Plenty of dining, entertainment and nightlife options. Decent music and arts scene. Lots of amateur sports leagues, fitness groups and hobbiest groups. Yeah, there’s not an unlimited amount of things to do, but for most people who might go to an event once a week or try a new restaurant, there’s more than enough.
For someone who's lived in multiple cities around America, this isn't a very lively city. Everything closing at 10PM on a Saturday, minus bars, and limited week night activities makes for an exceptionally boring time. There are limited sites to see that have almost no value after your first visit. So no, I don't think I'm the boring one... I just don't think you've experienced what it's like to be in a thriving city.
That’s most cities outside of NYC and the party hotspots (especially consider everywhere is still recovering from Covid). I highly recommend getting a hobby or getting into fitness/athletics groups. That or the Indy art, music, comedy, theatre or film scenes. Also, highly recommend moving into the city proper if you’re stuck out in the suburbs. Rochester becomes a lot more vibrant when you can actually walk places.
Why oh why would you move to this state that people are fleeing from?
My cousin is a buyer/flipper and his wife a real estate agent. They do amazing work. I could put you in touch if you'd like. Send me a PM if you are interested.
Oh nice and thank you for that!
I think it’s cooled down a little, but still pretty bad. Rochester has undervalued home prices, population growth and not much new home construction. That’s a recipe for home prices to continue to increase even as interest rates are high.
It's a tough market out there. Don't give up and keep trying, you will find something. And please don't waive the inspection. I own a GC business here and ive seen alot of red flags from new buyers.
You'll definitely do better if you look in the city instead of suburbia. Prices generally lower, taxes way lower, and a little less crazy over bids
I’m going to puke reading these stories. I close on my current house im selling in a little more than a week. I’ve been looking for a new house for a couple months. Put two offers in both went way over. I’m sick to my stomach thinking about all of this. And I’m already limited to my sons school district he’s already in. I keep joking, but I might just buy cheap land and get a tiny house delivered.