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Monday, October 8, 2007

Real Estate and the Local Economy

All we hear about lately is how bad the real estate market is and how precarious the rest of the economy is. Financial institutions have conspired with real estate professionals to to pull the wool over the eyes of unsuspecting consumers and now the sky is falling! Well, admittedly, some of this might be true. So too is the fact that we want more and we borrow more to get more ... and eventually the sky does fall. But, I don't see a faltering real estate market in Rochester, New York. The market, like many things, is cyclical and sure there are periods of activity and periods of repose. But the sky certainly isn't falling and I think it is as good a time as any to buy or sell real estate. What do you think?

Posted by Carmen Lonardo at 3:08 PM

3 comments:

homebound said...

Dear Agent Lonardo,
I am a homeowner in the city proper, Rochester, New York. I am thinking about selling, but I'm not so sure this is a good time to put my property on the market. I understand that the National Realtors Association has just revised its projections for "pre-owned" property sales, announcing a projected 11% decrease in such sales from last year. Do you really think this is the time to sell my house, or is Rochester immune from the current market crisis, as you have suggested in your blog? Please help me. I just want to get what I think I deserve.

October 10, 2007 at 10:30 PM
Carmen Lonardo said...

Dear Homebound,

Thanks for your post. The National Association of Realtors information is very reliable but we need to understand that those numbers reflect nationwide activity. Some regions are doing better and some are not doing as well. Here is a link to local stats from the Greater Rochester Association of Realtors for August 2007 with YTD figures. http://www.homesteadnet.com/countyhomesales.asp (if the link doesnt work just browse to www.homesteadnet.com can click on the "Schools and Statistics" tab). As you can see, homes listed for sale seem to be on a downward trend in our region. However, the number of closings compared to last year seem to be flat with a modest increase in median sale price. This doesn't illustrate the "sky is falling" scenario that many of the popular media outlets might lead us to believe - at least not here. With respect to selling your home, there are a ton of variables that might influence your decision to list your home for sale. I suggest you sit down with a real estate professional who can help you through the analysis of these variables to determine if the time is right or not. I hope you find this information useful. Feel free to e-mail me at carmenlonardo@canalwalkrealtors.com if you wish to discuss the specifics of your circumstances in a confidential environment.

October 11, 2007 at 10:41 AM
Unknown said...

After the week the stock market had, and the recent ranking of Rochester as the #4 lowest house value in the country (among cities 60K or more), I'm thinking now is the time to invest in real estate. At least in this market.

October 19, 2007 at 11:30 PM

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