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Selling My House in Rochester, NY
Wednesday, March 28, 2018
Situated in far northwestern New York on the beautiful shore of Lake Ontario, the Rochester metropolitan area is home to more than one million people. This is a city that has periodically been acknowledged as being a wonderful place to live by various reputable sources in recent years, including Kiplinger and Forbes. If you are thinking about the option to sell my house in Rochester, you may have plans to upsize or downsize in the current area or to relocate to an area farther away. Regardless of your future real estate plans, your primary goal may be to first sell your current home. Learning more about the housing market in Rochester can help you to determine if now is a great time to sell and what to expect from the experience.
The median sales price for homes in the Rochester area is approximately $125,000. This is relatively affordable and indicates the city’s reasonable cost of living. Between May 24 and August 23, 2017, approximately 463 homes were sold in the area. There was a sharp decline in the average sales price in March 2017. During this time, the sales price plummeted to approximately $105,000. This took the average price per square foot below $75. However, it has now rebounded to just less than $90 per square foot. Real estate values are expected to increase by approximately four percent within the next year.
For the last several years, Rochester has had a relatively low supply of real estate listings. However, the area is also rather price-sensitive because ofthe lower income of many area residents. This means that the average time on the market is approximately one to two months. However, for homes in a more desirable area and for homes that are a good value, the list time may be much less. Value is perceived by local buyers to include a reasonable sales price as well as good overall condition.
For local homeowners who wish to sell quickly, you can see that the list price is a critical factor. By consulting with an experienced real estate agent with great knowledge of the local market, you can get more information about a reasonable list price for your home based on the desire to generate a quick offer.
Are you wondering if now is the time to sell my house in Rochester? With a professional consultation, you can receive a comparative market analysis on your home. Understanding market conditions is critical if you want to understand what it takes to find a buyer quickly. Your real estate agent can discuss the market conditions with you in detail so that you can decide what the best plan is for selling your home.