Local Realtors say that Rochester, New York is enjoying a rebirth, where residents are revitalizing the city with remodeled lofts and condos, and single family homes. "Rochester is a solid high-tech area," says Realtor Bob Miglioratti, "Good transportation and services and excellent cultural and entertainment venues make Rochester a smaller city that has it all."

Suggest Miglioratti, "Eastside properties of all sizes and price ranges continue in very high demand. Housing stock is changing, with new loft-style apartments and condominiums which is fueling a rebirth in the city's East End area, but good values abound throughout the city. Access is easy to entertainment, museums, cultural activities, and a wide array of restaurants. These are reasons for moving to the city by recent purchasers. Interest rates remain very stable, and financing is relatively easy for almost all purchasers. Multifamily housing stock is being sold very quickly.

Says Realtor Steve Vaisey, "As of April, 2003 the housing market in the Greater Rochester area has entered into what is primarily a seller's market. Inventory in the $100,000 - $200,000 price range, appears is still in short supply and has seen the largest demand and the most recent appreciation of value. The $200,000 - $300,000 price range is somewhere between a balanced market and a seller's market and the $300,000 and up price range is primarily between a balanced Market and a buyer's Market.

He advises, "The limited supply of good housing inventory and the demand for housing has created the seller's market in the $100,000 - $200,000 price range. The lower interest rates of 5.50 - 6.50% have also helped to keep the demand for housing up. It is my opinion that with the present local economic conditions (corporate downsizing and limited growth) and as more inventory becomes available, the local housing market will most likely move into a more balanced Market as we later move into the summer."

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Published: April 23, 2003

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