After experiencing a housing market that agents say has left them “out of breath” in 2021, Rochester real estate professionals are once again bracing for the spring housing boom. Like elsewhere in the country, Rochester is experiencing a record level of inventory combined with increased demand for housing.
“People are staying longer in their existing homes, so less inventory is coming to market, and there just aren’t enough starter homes being built, so we’re struggling with that as well” Mark Siwiec , a local Keller Williams agent, said. While record mortgage rates have pushed more first-time home buyers into the housing market in Rochester, the city is also seeing plenty of so-called boomerang buyers who grew up in Rochester but moved away.
“We’re seeing a decent number of boomerang buyers, who due to job changes or just the ability to work remotely, are able to return home,” said Mandy Friend Gigliotti, another Keller Williams local agent. . “Really, Rochester is just a beautiful place and a great place to raise a family. There are so many amenities, there’s not a lot of traffic, and the culture is really strong here.
Stunning lake views, the vibrancy of a college town, and world-class ski resorts within easy reach, it’s easy to see why Burlington has long been a sought-after destination for homebuyers. “Burlington saw an influx of people even before COVID-19,” local resident Claire Kavanagh said. eXp Real Estate said the agent. “COVID-19 kind of sped things up even more. He has been very competitive for over two years now.
This, of course, caused house prices to rise. While the median home sale price in December 2021 was lower than in 2020, in November sale prices hit a five-year high of $482,500, according to Redfin. Local agents say the price hike isn’t stopping shoppers from Colorado, Florida, New York, New Jersey and California from flocking to the northern New England city. Kavanagh said many of their out-of-state clients are seeking to escape harsh environmental conditions exacerbated by climate change. “A lot of my buyers leave California, and for a lot of them, the fires are a big reason they come this way,” she explained.
In November 2018, Paradise — a 144-year-old town located in the Sierra foothills above the northeast Sacramento Valley — was nearly destroyed by the Camp Fire, the deadliest blaze in history. of State. “Every house, every small business, there were a few that were along the main streets, but other than that, at least 95-98% of residential housing in the area was gone,” said Mike Stearns, local agent of eXp Realty. mentioned.
Before the fire, the town’s population was nearly 27,000; yet, at the end of 2019, only 4,608 people lived in the city. However, at the start of 2021, the city’s population was already on the rise with around 6,000 people residing in Paradise. With the threat of fire still hanging over Paradise, for some would-be buyers, the median home sale price of $469,000 in December is too good to pass up. “I think that [the threat of fire] is the biggest barrier to getting people to come back or attracting new people to the area,” Shane Collins, a RE/MAX agent, in the nearby town of Chico, said. “People who end up buying here, it’s a bit more affordable and that makes them decide to buy here.”
Like Rochester, Columbus has seen an influx of boomerang shoppers thanks to the increase in remote flexibility and work from home brought about by the COVID-19 pandemic. Local agents say the town’s small-town vibe combined with big-city amenities like an NHL team, a vibrant arts district and a Big Ten college football team are exactly the reason these home buyers home come back. The relatively affordable median sale price of homes in the metro area of $235,000, red findoesn’t hurt either. Realtor.com named Columbus its fifth housing market positioned for growth in 2022, and iBuyer Block of offers launched its services there last fall.
“Many factors make Columbus an exciting real estate market for Offerpad, including the region’s population growth driven by its history and labor market prospects,” said Todd Bird, Columbus Market General Manager of Offerpad, in an email. “Columbus Metro attracts manufacturers, retail headquarters, medical research facilities and other job creators; Intel recently announced business plans that will create thousands of new jobs in the region. This fuels the organic real estate movement in the area and reinforces the key points that made Columbus attractive to Offerpad even before we started in the area.
Local markets were originally featured in the April issue of HousingWire magazine. To read the full issue, click here.