The stimulus is over. We will now have to see how the real estate market weathers the economy. There is now less incentive for first time buyers to purchase a property. Without the $8000. tax credit many potential buyers may not want to risk purchasing a property in an unsteady economy. Many people are still unsure about their employment.
Sellers may be less inclined to make a move up without the $6500. tax credit. The interest rates continue to be low, but buying a pricier home may be have to wait until we see the economy stabilize more.
That being said real estate transactions will always take place. People have to buy and sell for many different reasons- relocation, death, downsizing for budgeting reasons, etc. There are many parts of Monroe County that continue to have very affordable housing in wonderful neighborhoods with great schools. As stated in the past Rochester has been noticed across the country as a very desirable place to live. Many people complain about the taxes in NYS but our home pricing and quality is unmatched compared to most parts of the country.
Currently there is high inventory of properties on the market. More for buyers to choose from but this can also create a greater number of days on market. Consult with a Realtor who specializes in your area because right now pricing your home properly from the beginning is key in getting a quicker sale for the most money.
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