How's your market these last few weeks?

Buying & Selling Real Estate
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How's your market these last few weeks?

Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 696 votes

Things are flying off the shelf in Rochester NY. This is definitely an early start to the spring market. We're still at 36 degrees and buyers are flooding to the market. The market is being pushed, and it is selling.

Are you seeing this as well? Higher than normal prices and lots of action?

Cheers,
Mark

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Bill Coleman
Real Estate Investor · Westminster, CO · Member since 2014 · 201 posts · 74 votes
12y

@CK Hwang Exactly what you are saying happened on Long Island in 2004-2008. Prices shot up faster than income levels and rents. Then it popped. I am nervous that I am seeing the same pattern here in Denver. Income has to rise relative to the rise in housing prices or people can't afford to buy (or they get loans they should not have been qualified to get and you know what happens then.)

@Account Closed When you say things like "if you think prices are high now, wait until next year" that was the thinking back in the internet bubble days. Better buy now before the price goes up tomorrow and you miss out on all that gain. Same thing with the Long Island market. I had tons of friends who were underwater as a result.

I think caution is in order. I don't plan to pull the trigger unless the deal meets my financial requirements. And if I don't do any deals this year, it would suck but I know I will be better off waiting. It takes a strong stomach to stay on the sidelines.

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  • Mark UpdegraffBusiness Member
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    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 696 votes
    12y

    Markets are so localized it is hard to call a "top" in general. As long as the fundamentals work from a rental property perspective, I still think this is a great time to buy, though not as good as the years prior. I believe waiting to buy will turn into more waiting to buy. I plan to keep buying, just a bit differently. There are still a lot of opportunities in my market for distressed sales, foreclosures, wholesale deals etc that it doesn't make sense to be idle. I think I'll focus on rehabs for investors. With returns dwindling due to higher acquisition costs for market rate properties, I feel a huge value add can be achieved through concerted revitalization efforts that bring areas of bad stock slowly back to market rate. This let's the flipper / seller / wholesaler the ability to do business and be very competitive with the current state of the market.

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
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  • Bill Coleman
    Real Estate Investor · Westminster, CO · Member since 2014 · 201 posts · 74 votes
    12y

    @Micki M. I keep telling myself everything that you are saying about Denver and I know it is true: pro business, lots of people moving here, lots of growth and prosperity, rents are shooting up, and lots of other good things. It's the reason I moved here a year ago. But we've all seen crazy things happen in this economy so there is always this little voice in your head saying "be careful!" That being said, I am closing on two properties at the end of the month;)

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