Is the Finger Lakes real estate market cooling? Real estate brokers explain (video)
Realtor Larry Salvato shows off a property on Parish Road in Honeoye Falls. Salvato is the Sales Manager within the ReMax Plus RPP Sold team.
He says the Finger Lakes housing market is still hot, despite rising interest rates and other economic challenges.
“If you’re talking about Lake Canandaigua, you have a certain buyer who can pay taxes and things like that,” Salvato said. “Now everything from 500 and below, for example in Canandaigua, it goes fast. There is nothing that rests on past delayed negotiations. They left.”
Real estate brokers say FLX housing market is balancing out (video)
Fewer offers are coming in on homes
Associate Broker Robert Piazza Palotto explains his perception of the current housing market situation.
“Even though it’s still a seller’s market, we may not have as many offers,” Piazza Palotto said. “So rather than having twenty or fifteen, we probably have eight to twelve.”
He says this is linked to the increase in interest rates.
“They’ve gone from 3.25 to almost 5.25 to almost 5, and now they’ve come back a little bit,” he said. “When you look at interest rates, buying power really depends on how much buying power a buyer can actually buy today. Typically, your 250,000 buyer is now like a 180,000 buyer.”
More: RENT TRENDS: High mortgage rates could mean fewer buyers, more renters and higher costs
Buyers were discouraged
Piazza Palotto provides one reason why we might see a change in the market.
“Less affordability,” he said. “Buyers who were able to buy in those 200,000 to 300,000 or whatever price range they were in, see that maybe they’re not so much and some people get discouraged about that.”
Education is key when buying a home
Ultimately, they urge buyers to have real conversations with their agents and brokers.
“The inventory is starting to go up a bit, but the demand from buyers who want these homes is still much higher, so it comes down to educating the client, making them understand what the market really is, and how to get them there. get in and have that they can present their best offer first,” said Piazza Palotto.
Read more: Housing market: where are house prices expected to fall next year?
Rebecca is a seasoned multimedia journalist who is one of our main reporters in the Finger Lakes region. She is responsible for telling stories that matter every day to upstate New Yorkers. Do you have a question or a lead? Send it to [email protected]