Representatives from the local housing industry say it was another strong quarter for the real estate market in our region.
President of the Greater Rochester Association of Realtors, Toni Connors, notes there was a slowdown in sales in the quarter, but things are picking back up again.
“I think some of the buyers that were getting discouraged with multiple offers have pulled back a little bit, but now they’re coming back out. So we’re encouraging sellers to think of listing now, because the buyers are in numbers and looking for homes,” she said. “The sellers are very happy, and the buyers are very happy because they can now buy what they are looking for. And our market has stayed very steady, very good.”
As for new home construction, Rick Herman, CEO of the Rochester Home Builders’ Association, says they had a great summer, although there was a bit of a slowdown early in the quarter because of the great weather.
“People were out on their boats and doing other things, rather than going out and looking at new homes. Activity has increased,” he said.
Herman notes a new building code in New York State was adopted Oct. 3, prompting many builders to apply for permits near the end of the third quarter, so they could build under the old code.
He says for the consumer, there are some great changes in the code, but it’s going to cost more to build.
Interest rates remain low, but Mortgage Banker’s Association Vice President Kim Chizuk suspects rates will rise to over 4 percent toward the beginning of next year.
She says the current rate for a 30-year fixed mortgage is around 3.625 percent.