If it's a dream market for buyers -- why isn't everybody buying? | Home & Garden
The numbers on new home sales are down for the fourth straight month. Sales of new homes fell 2.3-percent in August to a seasonally adjusted annual rate of 295,000. But on a local level, it’s a different story.
Houses are selling in Rochester but there are still scores more out there to choose from and with such low interest rates, why isn't everyone taking advantage of what some call a "dream buyer’s market?"
First-time homebuyer Tom Brady did the math and decided it was time to buy a house. “I can get equity towards a house instead of just giving away my money. So that's basically what I'm doing. When you're renting you're just giving your money away to someone else.”
With a relatively new job as a registered nurse at Rochester General Hospital, some savings and a VA loan behind him, he says he can't lose. “There's a lot of houses out here and there's still a large price range. You just have to find what's good for you and what you want.”
Brady is taking advantage of what some describe as not just a buyer’s market but a dream market for buyers.
There are plenty of houses to choose from and interest rates are low. Take Irondequoit for example.
“Right as of this morning in all of Irondequoit, not separating by school districts, we have 410 houses for sale in all price ranges.” Licensed Sales Agent Debbie Renna Hynes says that's about two-and-a-half year’s worth of supply. “I think several years ago a lot of single people bought and now they're into relationships and they're selling their small starter homes and moving into a bigger one. I think a lot of it is our senior citizens -- the taxes are getting just to high for them..
So if this is a dream market for buyers, why isn't everybody buying?
Urban League Vice President and COO Carolyn Vitale spends her days developing housing and housing programs. She says it's not a dream market for everyone and that many people aren't buying because they're worried about the economy and there are other problems. “If you don't have a good credit history, you've got to deal with that in trying to get a mortgage and secondly if your income is relatively tight you don't really have the resources to go back and do the credit removal and things like that that need to happen.”
Even if your credit isn't sterling, Vitale and Renna Hynes say there are ways to fix it and qualify for a mortgage.
If you would like to find out how, need help saving for a down payment or have other concerns, contact the Urban League's Home Store at 585-325-6530.