Low inventory leads to intense housing market – Democrat & Chronicle – October 24th, 2017

Low inventory leads to intense housing market

by: Mary Chao

When David Richard and his girlfriend Kate Burt decided to buy a home earlier this year, they knew it was a competitive real estate market. Sellers of homes in the $175,000 to $225,000 range in good condition in east sidesuburbs were receiving multiple offers, often over asking price.

The couple worked together with their Realtor Christine Yager of Howard Hanna Real Estate Services on a strategy, writing a personalized letter to the sellers. They won the multiple bid scenario and recently moved into their four-bedroom, 2,100 square-foot home in Penfield.

“You have to be creative in this market,” Yager said.

The current market is decidedly a seller’s market, with conditions favoring people who have homes for sale. The demand for homes is especially strong in the mid-tier price points of $175,000 to $250,000 in eastside suburbs, $120,000 to $200,000 in westside suburbs and the southeast area of Rochester, according to area real estate professionals.

What’s driving the frenzied market is the lack of available inventory and fear of rising interest rates, Yager said. According to the Greater Rochester Association of Realtors, the number of homes listed fell by 22.6 percent during the third quarter of 2017 that ended Sept. 30, compared with the same period last year with 1,702 homes listed for sale in Monroe County. That caused the quarterly sales to fall by 6.3 percent with a total of 2,597 sales during the three months of July, August and September.

The low inventory issue has been a drag on the market all year, beginning with an extremely busy market in January as buyers fight for the available homes on the market and continuing well into late in the year as the market extends into late fall.

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Helping Puerto Ricans relocating to Rochester – wxxinews.org

Helping Puerto Ricans relocating to Rochester

by: Alex Crichton

The Rochester community is responding to the needs of thousands of people from Puerto Rico who are expected to relocate here.

Rochester already has one of the largest Puerto Rican population’s in the country, and it’s expected to grow as more people evacuate the island, devastated by hurricanes.

Local officials say they are here to help.

Monroe County Cheryl Dinolfo says the county’s website outlines services such as SNAP benefits, emergency housing and employment assistance in both English and Spanish.

“We’re expediting all our services for our friends and family members in need from Puerto Rico.  We’ve already seen about a hundred students have come through the Rochester City school District, that’s families as well,” she said.

It was Ibero American Action League that brought together over a dozen agencies and organizations to provide the resources these families need.

Ibero President and CEO Hilda Rosario Escher, says they’ve set up a multi-agency resource center at 938 Clifford Avenue.

“It’s like one-stop shopping.  They don’t have to go all over the city,” she said.

Escher, like many Puerto Ricans in Rochester, has family back home.

“My sister went hungry for four days.  They don’t have electricity, no running water, so they are trying to make the best of it,” she said.

Around a dozen organizations are collaborating on the response effort, including the Housing Authority, American Red Cross, Rochester Regional Health and the Rochester City School District.

Housing Authority Executive Director John Hill says they’re reaching out to landlords, asking them if they are willing to help evacuees by giving them a unit for free for a month or two.

The Housing Authority is also working with FEMA to help evacuees find a home.

Here’s Ibero’s Hilda Rosario Escher on meeting the needs of Puerto Ricans coming here: