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OK that was one of my guesses.
On that topic, I was going to say, we don't really want to build but of course it has crossed our minds since there's not much out there to buy. I looked at the MLS for lots for sale and it's even more grim than the housing inventory.
Two challenges for buyers covered in the Rochester First article I posted earlier:
1) "Nursing homes are unable to accept more residents, so fewer elderly home owners are willing to sell. They are bringing staff into their homes to care for them." So, is there a need for more nursing homes in the area?
2) "Investors are buying up homes and renting them out. There's an influx of Airbnb properties." And this rental market is driven by the fact that "new people are moving into town and want to buy a house but can't find one right away" so they need to rent. This is like a cycle leading to more of the same - someone moves to town, tries to buy, gets outbid by investor, so needs to rent, in this way demand for rentals keeps increasing, so investors keep buying up the properties. I know in many places around the country Airbnb's are driving up rent prices dramatically.
Two challenges for buyers covered in the Rochester First article I posted earlier:
1) "Nursing homes are unable to accept more residents, so fewer elderly home owners are willing to sell. They are bringing staff into their homes to care for them." So, is there a need for more nursing homes in the area?
2) "Investors are buying up homes and renting them out. There's an influx of Airbnb properties." And this rental market is driven by the fact that "new people are moving into town and want to buy a house but can't find one right away" so they need to rent. This is like a cycle leading to more of the same - someone moves to town, tries to buy, gets outbid by investor, so needs to rent, in this way demand for rentals keeps increasing, so investors keep buying up the properties. I know in many places around the country Airbnb's are driving up rent prices dramatically.
Point #2 is something I've stated multiple times on here in regards to a reason behind the housing push from the state. I don't think some people realize that this is something that is more widespread across the state/country. Here is a thread about this in regards to a suburban town in the Albany area: https://www.city-data.com/forum/alba...g-colonie.html
This doesn't even consider that some Downstate residents migrating Upstate due to lower housing prices and the ability to work virtually/at home and maybe 1 or 2 days in the office. In turn, the Hudson Valley and Catskills have been dealing with a housing crunch. So, this is more widespread due to these factors that may be overlooked.
Last edited by ckhthankgod; 02-21-2023 at 08:06 PM..
Well, I'm not too hopeful about our prospects for actually buying a home this coming summer. I check the MLS almost every day and inventory is scary low. My husband keeps telling me to stop looking, it's winter and no one here sells in the winter, and the market will pick up in the spring.
I saw this article saying the number of homes sold in Monroe county dropped 20% in the last year. It also goes into some reasons why this is such a challenging time to be a buyer in our area: https://www.rochesterfirst.com/econo...ore-expensive/
I'm mentally preparing to rent for longer than we planned.
If you look on Realtor, there are very well-priced homes in the area. The outskirts as well. I just found a home that was 130k with only 300 a month in taxes.
If you look on Realtor, there are very well-priced homes in the area. The outskirts as well. I just found a home that was 130k with only 300 a month in taxes.
OK that was one of my guesses.
On that topic, I was going to say, we don't really want to build but of course it has crossed our minds since there's not much out there to buy. I looked at the MLS for lots for sale and it's even more grim than the housing inventory.
Are you working with a realtor? It seems most property doesn't even make it to the web pages before it's sold. I see many houses with sold signs that never had a for sale sign.
Anyway, working with a realtor will get you a lot more leads, and can usually find just what you are looking for. A good realtor will have lots of connections with other realtors and banks, but also have a bunch of potential sellers that just need a little nudge. I would say also, with land. Someone with a large lot may want to generate some cash by sub-dividing their lot.
The problem with this is just about anything new costs 300k plus, not exactly entry level pricing for most families. When I purchased about 4 years ago, prices were in the 110k to 140k range for older homes, now it’s 170k to 190k range. While prices increased, compared to the market I moved form, it’s still considerably cheaper.
The problem with this is just about anything new costs 300k plus, not exactly entry level pricing for most families. When I purchased about 4 years ago, prices were in the 110k to 140k range for older homes, now it’s 170k to 190k range. While prices increased, compared to the market I moved form, it’s still considerably cheaper.
TG, I see most new housing costs in the area at well north of $300K. This in part could be attributed to higher average costs for building materials due to lower purchase volume for builders in the area and higher labor costs (if they are not using undocumented workers as is quite common elsewhere). Thus, new construction pricing can come at a much higher premium than the cost of existing homes in upstate NY.
There’s so much new construction going up where I live now, people don’t bother looking at 5 - 10 year old properties because they can build new for around the same cost.
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Rochester
