MITASCH-Real-EstateHere is another in our series of articles about what’s going on around Rochester.
The Genesee Region Real Estate Information Services (GENRIS) recently released the housing market’s numbers for the last quarter of 2013, and it’s good news. The association discloses a spike in sales, including “a 4.7% increase in the number of homes.” Moreover, “condos and townhouses sold to 11,267 units as compared to 10,765 the previous year,” according to the report. These increases suggest one thing: Rochester homes are more affordable than have been in a long time.
Who’s Buying? The Answer Might Surprise You
Promising boosts in the housing market are not the only noteworthy shifts. In fact, the increased sales may be — in part — thanks to a particular demographic purchasing homes in record numbers. What demographic? The New Indian Express reports that newly weds, especially newly weds starting a family, are buying more homes. The newspaper continues, “With the old family unit — with one breadwinner, a homemaker and children — fast becoming a dying myth, the modern family is witnessing a doubling of income immediately after embarking on married life. Almost all families now comprise two earning members. This is a huge factor considering that the purchasing power of the modern customer has now increased by a 100 per cent.”
The arrival of a child is the most likely reason to motivate newly married couples to buy a house. Thirty-five percent of couples move into a new house, or start making plans to move, after having their first child.
More Houses to Go Around
“The number of available homes climbed on a year-over-year basis in each of the last four months of 2013 after 30 straight months of decline, according to the National Association of Realtors. The increase in December was 1.6 percent,” Business Week says. The housing market is on the mend as a whole, not just in Rochester. “An increase in supply would indicate the housing market is moving toward more normal conditions as it rebounds from the five-year slump that started to turn around in 2012,” Business Week reveals.
The housing market is booming — albeit slowly — in Rochester, and all across the U.S. Prospects look especially promising for newly weds and young families, pooling their incomes for the first time.