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.
"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.
Copyright 2020 - WHEC-TV, LLC A Hubbard Broadcasting Company