ROCHESTER, N.Y. – The housing market in Rochester is currently in a deep freeze, according to one of the most successful real estate agents in town. Mark Siwiec of Elysian Homes NY released a warning letter on Wednesday detailing the current state of the market.

Berkeley Brean, News10NBC: “How do we thaw this out?”

Mark Siwiec, Elysian Homes NY: “So there are basically two ways where we are going to find ourselves in a better position.”

Siwiec says one way to improve the market is for empty nesters to sell their big family homes and young couples to sell their starter homes. However, the other solution is more complicated.

“The other is that we will find that interest rates will eventually fall. Well, sadly and unfortunately, they’re probably not going to,” Siwiec said.

If long-time homeowners sold now, they would be trading an interest rate under 4% for one closer to 7%.

Berkeley Brean: “You write that there are only 135 single-family homes priced above $200,000 in our community. Where should that number be do you think?”

Mark Siwiec: “We should have in excess of 1,000 single-family homes on the market for sale.”

Siwiec’s housing report released on Wednesday says Rochester has 58% fewer single-family homes for sale than five years ago, putting the city at the top of the list in the country.

Berkeley Brean: “Why is Rochester one of the top municipalities?”

Mark Siwiec: “There is no given reason. We can’t point to any particular reason why it is that we happen to be number one.”

Berkeley Brean: “I guess someone needs to convince people to put their house on the market which they’re not willing to do right now.”

Mark Siwiec: “When the dam breaks, it’s going to be insane. It’s going to be incredible.”

According to Siwiec, the effect on buyers is frustration, anxiety, and desperation.

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