Local real estate agent Sal Salafia told TWC News that, despite high prices, the housing market in Rochester is actually quite stable, but that sellers are generally getting better deals than buyers. There are currently more sellers than buyers in the region, meaning that one seller is likely to get multiple bids on their home and have the ability to jack up the price. Nevertheless, industry expert Andy Burke has noted that it is still a good time to purchase a home, because interest rates are at an all-time low.
Of course, this trend doesn’t mean that homeowners who are thinking about selling a house don’t have to worry about making repairs and keeping the building in good shape. The stability of the real estate industry is closely tied to how stable the national economy is, and after the recent disastrous recession of the early 2000s, Americans should be careful and remember that markets can literally destabilize overnight. Homeowners making improvements in their homes — even homeowners who aren’t planning on selling anytime soon — should keep in mind that certain home improvement features depreciate in value, while others stay relatively stagnant. A sun room, for example, seems like a great addition, but it won’t necessarily add to the home’s value like a granite counter top will (whenever the homeowner does choose to sell).
Homeowners in the Rochester area looking to make renovations should be aware that there is no promise that the current “sellers’ market” trend will last. Instead of making renovations based on current style fads, real estate experts urge homeowners to consider the long-term value of home improvements.