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ROCHESTER, N.Y. – Real estate experts were predicting a rebound in home sales after the Federal Reserve cut interest rates almost entirely. But what is the current situation? News10NBC’s Antonina Tortorello spoke to local real estate agents to find out.
Over the past decade, the average age of first-time homebuyers was 24 years old. He is now 37 years old, according to Elysian Homes owner Mark Siwiec.
“There are no buyers right now, so properties are going to sit on the market for a long time. There’s not as much traffic, open houses aren’t as popular as they used to be, and we’re not getting as many offers. We’re not going to sell these properties at very high valuations like we did just a few months ago because we haven’t.” Siwiec said.
Experts had expected buyers to jump back into the market as interest rates fell, but that hasn’t happened yet. Siwiec said this is happening because the market seems too difficult, it’s not affordable, or there simply isn’t enough housing.
Siwiec says that although interest rates are coming down, the numbers are still not low enough to cause people to sell their homes and others to buy them. Searching buyers may be frustrated by bidding wars and offers thousands of dollars over asking price.
He said September and October are usually busy months for buying and selling, but that’s not the case right now. But Siwiec told News10NBC he believes 2025 will be a great year for Rochester real estate.
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