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Sunday 23 September 2018
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Monroe County House Sales Are Falling, But Prices Continue To Rise

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Silver house key lying on a contract for house sale

Real estate sales in Monroe County are down, but home prices are on their way up. According to the latest report from the Greater Rochester Association of Realtors, home sales have fallen by 10.2% in Monroe County in the first quarter, yet the median sales price has increased by 1% to $130,000.

Compared to the first quarter from 2017, the number of sales listings is down by 6.4%. The low supply of housing is most likely what’s driving prices. According to GRAR president Linda Wilson, prospective buyers who are interested in the homes are pushing prices up to beat out the competition.

“Mortgage rates still remain relatively low, but are inching higher and are at their highest point in four years,” said Wilson. It’s for this reason that realtors are encouraging serious buyers to begin the home buying process as soon as possible.

But rising home prices may also be what’s keeping home sellers from selling their houses in the first place.

Jannick Andersen, a Brookline resident, told Boston.com that his family chose to renovate their home rather than search for a new one in lieu of rising prices. Andersen said seeing other families conduct renovations successfully inspired them to do the same rather than move from a neighborhood they love.

Senior vice president of home loans at Webster Bank, Gary Moukhtarian, called this the HGTV effect because American homeowners are feeling more inspired by renovation shows. “Many folks we are seeing are choosing to stay in homes and do renovations or put in additions,” he said.

HGTV aside, renovations may be the better investment choice. Homeowners who choose to move to a new home often end up with houses that still need updating, Moukhtarian said.

For instance, houses for sale in the area may have outdated appliances or poor roofing. Depending on the climate in which they’re installed, asphalt shingles will last between 20 to 50 years.

“That’s [why] construction and renovation solutions are becoming popular now,” said Moukhtarian. “It is allowing individuals to renovate existing homes comfortably [and to have] peace of mind knowing some work will result in added value to property.”

Still, homeowners need to be wary about their choice of renovations. Certain renovations can add value to a home, but others may not give a good ROI. Homes, Moukhtarian says, don’t go from A to B overnight like renovation shows depict.