When Love—and Homebuyers—Get Cold Feet: Rochester NY Market Update

Let’s talk about cold feet.

We’ve all seen it in the movies: big wedding, music swelling, bride takes one look at her future and bolts. Julia Roberts did it. Jennifer Aniston’s character did it. Even J.Lo and Ben Affleck

broke up right before the big day—only to try again years later. Sometimes, just when everything’s lined up, people second-guess themselves and walk away.

Now, I’m not here to talk about weddings. But I am here to talk about people doing the same thing… with houses.

After five long years of waiting and wishing, Rochester buyers are finally getting what they asked for: a little breathing room. Homes aren’t flying off the market like they used to. Bidding wars are easing up. Rates are down. Sellers are negotiating again. And yet—many buyers are hesitating. Backing out. Walking away. Sound familiar?

You’ve Waited. Now It’s Here.

Since the pandemic started, home prices in Monroe County have shot up—by 64%.

People were throwing $100,000+ over asking just to get into a house. At the same time, mortgage rates climbed to 8%, pricing a lot of folks out of the market entirely.

So what did people do? They waited. Hoped things would settle down. Prayed for a better shot.

Now, Mortgage rates have dropped to 6.5%, and more cuts are likely coming soon. There’s less competition. Sellers are more flexible. But instead of jumping at the opportunity, many buyers are frozen. They’re worried about politics, the economy, interest rates, you name it. But here’s the thing: opportunity doesn’t wait around.

You’re Not Competing With 12 Other Offers Anymore

Let me put it plainly: if you’ve been sitting on the sidelines, now’s your shot.

Houses are staying on the market longer. You might only be up against one or two other buyers. Inspections are back. Sellers are more willing to deal. You have more control than you’ve had in five years. It’s like being the only guy at the auction with a paddle—why walk away now?

Sellers Are Still Winning—But They’ve Got Homework Too

Sellers, don’t get too comfortable either.

Yes, prices are still solid—Rochester values went up 4.3% last year and are expected to climb another 3.6%. But today’s buyers are pickier. If your house still has that sponge-painted bathroom from 1998 or frilly drapes in the living room, it’s time for a refresh.

Set the right price. Make the updates. Know that your house won’t sell in 24 hours with 15 offers anymore. That said, you’re still sitting on five years of gains. Don’t miss the forest for the trees.

Smart Buyers Are Already Making Their Move

While most people are waiting around, a few smart buyers are quietly locking in deals. These folks aren’t scared off by headlines. They’re paying attention to the numbers, not the noise.

As Warren Buffett once said, “Be fearful when others are greedy, and greedy when others are fearful.”

Translation? When everyone else is too nervous to act, that’s your moment to pounce.

The Bottom Line

The truth is, there’s never a “perfect” time to buy or sell. But this is as close as we’ve seen in a long while. More listings are expected to hit the market next year. Until then, you’ve got a rare window where the competition is light, rates are falling, and deals are getting done. You can either keep waiting for some perfect, pain-free scenario—or recognize that the dream you’ve been chasing is standing right in front of you.

Don’t get cold feet now.

If you have any questions or concerns about real estate, please don’t hesitate to reach out.

📞 Call me at (585) 330-8750
📧 Email me at mark@marksiwiec.com
🌐 Visit us at elysianhomesny.com