It’s not just the temperature that’s rising this summer…
According to the online real estate database Zillow, the market temperature for the city of Rochester is hot! Continuing a trend from 2016, housing inventory in the Rochester area is low and those looking to buy homes are dealing with increased competition. Increased demands in combination with rising interest rates are causing higher housing prices. So what is a prospective homebuyer to do?
Organize all of your paperwork and explore financing
Being pre-qualified for a mortgage in advance can show a seller that you are serious about making the purchase and can close on time. Meet with a mortgage professional to look at your credit and establish a comfort level with a mortgage payment amount so you are well-prepared for your purchase.
Remember to take some time to explore special mortgage options. There are a number of unique programs and grants that may help you with your down payment or other mortgage financing costs. GRB participates in several special lending programs that make the dream of owning a home more accessible. The First Home Club provides $4 in matching funds at closing for every $1 saved in a First Home Club Savings Account at GRB, up to a total grant of $7,500. We also participate in the University of Rochester’s University Home Ownership Incentive Program and offer the Cash Saver Mortgage to assist buyers with closing costs.
Be prepared 
Do research ahead of time to make sure you know exactly what you are looking for. Start checking homes you are interested in six months before you get serious about buying. Beginning to work with a real estate agent is also a smart move since they can guide you toward homes with the features and amenities you want – at a price you can afford.
Online real estate databases are great tools, but should NOT be the only tools you use
Instead, ask your real estate agent to put you on an email list to notify you as soon as homes that meet your criteria hit the market. It is also important to remember that these sites are not replacements for formal appraisals. Most of them run on Automated Valuation Models (AVMs) which provide mathematical calculations for value, but don’t necessarily take into account the unique qualities of a home, a neighborhood or the local market.
Just go for it 
If you can afford to buy right now, don’t wait too long. Interest rates and home prices may rise even more which could put you out of the market completely. Once you find your dream home be ready to put in an offer quickly, since chances are others are bidding on it as well.
If you are ready to take the next step and meet with a mortgage professional contact us via email or call us at 585.427.9200.
Happy house hunting Rochester!