Home Buying in Rochester>Question Details

Liz, Home Buyer in Rochester, NY

Everybody says the market will be getting worse for sellers here in Rochester, NY. I want to buy my first

Asked by Liz, Rochester, NY Tue Feb 17, 2009

house - should I wait a few months to see what may or may not happen or move now?

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Ginny Norris’ answer
Liz, unlike much of the nation, Rochester has been rather sheltered from the "burst." Infact my team has experience its best year ever. I am not sure if I agree with the market getting worse for Rochester. Sure there have been changes and some price ranges sit longer than others, but the real estate market is alive and well in Rochester, NY.
As far as waiting or not....somethings you should know. There are many incentives, first time home buyer programs, home savers clubs etc.... in and around Rochester that provide first time home buyers with FREE money for closing costs and down payment assistance. Knowing your options could save you thousands, literally!
Only you can truly decide if the right time to buy is now, but I would recommend at least having a conversation with an agent or mortgage professional to understand just what your own personal options are.
0 votes Thank Flag Link Sun Nov 22, 2009
BEST ANSWER
Hi Liz,

I agree with Karen. The $8,000 tax credit is a huge incentive, and you never know what's going to happen to interest rates in the next couple of months. Plus I've heard talk that we actually might be heading back into a seller's market.

The moral is, things are good for buyers. Could they get better? Sure. But you never know. Trying to "time the market" could help you or hurt you. I say whenever you feel you are ready is the time to take the plunge. It's probably the best time in history to buy a home in Rochester. How exciting that you'll be able to take advantage of it!

If you want more information about home buying, feel free to visit my website at http://www.KristenWahl.com and click on the "Buyers" tab to the left. You can request free reports that can help make the process easier.

Good luck!
0 votes Thank Flag Link Tue Feb 17, 2009
Regardless of the market getting a bit worse or a bit better, as a first time home buyer in 2009, if you purchase your first home before December 1 2009 you are eligible for the one time $8,000 tax credit offered as a stimulus this year. This money does not have to be repaid by you, so it is basically free money. I say go for it right now......or at least before December 1! Good luck to you!
0 votes Thank Flag Link Wed Apr 15, 2009
Hello Liz,

I would like to offer my two cents ... the market is strong in Rochester. Is it a bit slower then we'd all like? Sure ... but are houses selling every single day? Absolutely.

The $8,000 credit is a huge incentive and the interest rates are the lowest they've been in some time. Last I heard they were in the low 5's and while that's a bit higher than a few months ago ... it's a great rate nonetheless.

If you'd like to discuss your needs further, please don't hesitate to contact me at your convienence. I can offer assistance with no obligations. To find out what might be best for you feel free to navigate to http://www.FindMonroeCountyHomes.com and a search will be set up for you based on ONLY your criteria. When a new property hits the market that fits your criteria -- you'll get an e-mail.

Good luck!

Michael Walker
0 votes Thank Flag Link Tue Feb 17, 2009
Rochester over all has been a very steady market. We don't see the tremendous appreciation experienced in some other parts of the country but fortunately we also haven't seen the dramatic drop in prices either. Our median sale price for 2008 was almost level with 2007. Preliminary reports for January 2009 show a slight decrease but nothing dramatic.

If the only reason you are delaying is to see if prices fall, also keep in mind the benefits you are missing out on like tax deductions, low interest rates and just having the piece of mind of owning vs. renting. As a first-time buyer, you have a big advantage right now with the passage of the $8,000 tax credit. You can even claim the credit on your 2008 tax return if you buy in 2009.....I don't have all of the details, you should talk to your tax preparer to find out how you can maximize your benefit.

I'm posting a link to several articles Nothnagle has published on this topic. Look at 4/26, 6/14, 7/12 and 7/19 articles from 2008. I think you will find them helpful as you do your research.
0 votes Thank Flag Link Tue Feb 17, 2009
I think things are Ok for sellers as long as they're buying another home. It just stands to reason that on average if you get a little less than expected for your home you would be able to buy your next one for a little less. The important thing is that interest rates are low and buyers are out there now is a great time to buy or sell.
Web Reference: http://www.gregmasceri.com
0 votes Thank Flag Link Tue Feb 17, 2009
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