Updated: December 29, 2021 05:54 PM
Created: December 29, 2021 03:01 PM
ROCHESTER, N.Y. (WHEC) — Real estate experts are calling this year "the most hectic and chaotic". There are a very low number of homes available and significant buyer demand.
The Rochester Real Estate Association said whether you're looking to buy or want to sell, they think 2022 will pretty much mirror 2021, however they're advising buyers not to wait.
"Prices, we've seen a big jump in the Rochester area, so if that continues it's going to be less affordable for buyers, so I wouldn't wait," Rochester Real Estate Association President Lanie Bittner told News10NBC.
Buyers beware. Bittner says what seems "too hefty" of an asking price now, could get worse.
"Interest rates are going to go up this year, with a lower interest rate you can afford more, at a higher interest rate you can't afford as much in terms of your mortgage," Bittner added.
In terms of supply and demand, there are still not enough lawns with a "For Sale" sign out front. Bittner said in 2021, she was seeing homes with more than 50 offers on them which is uncommon.
“I'm not expecting any huge thing that is going to increase the number of houses on the market which is what will decrease this frenzy,” Bittner said.
The option to "make more" of what you don't have doesn't apply in this case.
"Our median new construction price is about $400,000 if not more, so the bulk of our buyers are in the price range of $100,000 to $150,000 or lower, so new construction wouldn't add inventory,” Bittner said.
Right now might be a "sellers’ market", but Bittner said sellers should err on the side of caution too. She said some sellers made a good chunk of change on their home, but it wasn't enough to be the winner on an offer, which led to renting.
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