Greater Rochester, New York has a seller’s market. A good demonstration of this is the incredible effort a particular couple have to go through to acquire a single family home. Imagine if you will that this is the first home they want to purchase, and it was in the lower price range as far as residential real estate goes.
Their search brought them to suburbs including Brighton, and Irondequoit. They had to scramble if they were serious about getting a house. The problem was that with many of the homes, when they arrived at the homes, there were already a number of offers submitted. The inventory is so low that multiple offers are the norm. With great effort they were able to get a home.
This is the condition of the real estate market in 2018. Traditionally buyers start out their search in Spring. But this year it was different – they walked through the cold to search for houses to buy. Buyers are so ready and eager to purchase their home.
For two years now, this lower inventory problem has been constant in Rochester. Home inventory dropped 12.4% in the year 2017. There were 3,135 homes put on the market in 2017, and 3,578 homes put on the market in 2016.
Regarding the commercial real estate scene in Rochester, Empire State Development will help expand Ambrell Corporation. Ambrell Corporation is a manufacturing company involved with induction heating equipment as well as solutions. The growth of the company will take place at a larger plant in Rochester. This plant will be on Lyell Avenue. A minimum of 9 new employees, full time are to be hired and 65 positions are to be kept. The construction of this new plant has been underway, and should be done in April 2018.
Ambrell Corporation was founded in 1986. It’s an inTest Company and an international leader in induction heating. Not only is its headquarters in the United States, but it operates in Europe which includes the Netherlands as well as the United Kingdom.