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Pandemic doesn't slow down Rochester-area real estate market

WHECTV
Updated: July 12, 2020 07:14 PM
Created: July 12, 2020 05:33 PM

ROCHESTER, N.Y. (WHEC) — The coronavirus pandemic hasn't slowed down the real estate market in the Rochester area.

In fact, it may have done the opposite, as realtors say that properties are selling at a much faster rate compared to the same time just last year. It was a demand that was on display in Brighton on Sunday, where people were seen lining up for an open house. 

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"There's pent up demand for great properties, especially in Brighton and in the greater Rochester area and today's low-interest rates are incredible, they're under 2.9% for a 30-year mortgage," says Richard Testa, a realtor for Howard Hannah. "So, people are realizing they can move up and probably save money on a mortgage payment."

The supply of available homes for sale remains fairly low both locally and nationally, which has led to would-be buyers competing with other offers for homes they may want. 


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