January 22, 2021
Prior to the pandemic, Rochester was home to one of the healthiest real estate markets in both New York and across the nation. Despite the financial uncertainty brought about by COVID, the city's status as real estate hot spot appears to be holding strong.
Given the latest reports about Rochester's surprisingly strong real estate market, now could be a great time to buy or sell property. No matter your plans, it's important to proceed with caution, as the economy remains volatile.
Keep the following in mind as you decide how to take advantage of the Rochester real estate market during a pandemic:
Rochester Remains a Seller's Market
In Rochester, as in many areas of Upstate New York, inventory is limited while demand is as strong as ever. This has caused median house prices to increase dramatically over the past few years. The pandemic has yet to reverse this trend.
Buyers can still find great deals, but it's important to consider job stability, as the price breaks associated with the Great Recession appear unlikely in 2021.
Construction Expected to Pick Up Again
Good news for those looking to buy new homes: after a brief hiatus at the beginning of the pandemic, construction should resume as usual — or, at least, as close to it as is possible during COVID.
Following recent clarification from state officials, the Associated General Contractors of New York State alerted members that most construction would be deemed essential, even if outbreaks become more severe.
Opportunities still exist within the real estate market, but it's important to keep legal risks to a minimum during these uncertain times. The Rochester real estate lawyers at Sercu Law can help. To learn more about our legal services, call 585-385-2510 or contact us online.