Influenced by national news of the sluggish economy, Rochester area homeowners have been more reluctant to put their homes on the market, creating a 17% reduction in home listings for the first quarter compared to a year ago.
Steve Babbit, president of the Greater Rochester Realtors Association says many homeowners fear that they won't get a high enough price for their home if they sell now. "One of the things that we constantly try to do is to say that real estate is about local markets, it's not about the national market. But that's sometimes tough to hear when you're hearing all this doom and gloom. It makes people tend to think it's not a good time to buy or sell." Babbit expects more homes to be listed when news of the economy improves and homeowners gain more confidence.
Meanwhile, he says those looking to purchase a new home should enlist the help of a licensed real estate agent, and not wait until the weekend to go house hunting. He says hesitation in this market may mean the home in which your interested is sold before you have a chance to see it. Babbit says competition is hot particularly in Brighton, due to the good reputation of its school district, and in the neighborhood adjacent to the University of Rochester.