Homebuilders in the Rochester region are slowly seeing building permits stabilize and consumer confidence return to the steady regional market.
The three county regions of Monroe, Ontario, and Wayne have experienced a decline in new home building permits. Monroe County was down 15% with 672 permits compared to 795 in 2008. Ontario County was also down 25% with 232 permits compared to 308 in 2008 and Wayne County was down 19% with 77 permits compared to 95 in 2008.
“The Rochester market continues to out perform other areas of similar demographics to our area,” said Dawn Aprile, 2009 Chairman of the Rochester Home Builders’ Association and President of Premium Development Corporation. “Consumer confidence has stabilized the market as local home buyers realized how stable our market really is.” Aprile added. Rochester has been referred to as the “Steady Eddie” of the new home building industry.
The newly expanded tax credit has helped move the lower end of the market, allowing purchasers to move into the new home market. With the new credit, over 70% of potential home buyers are qualified for some type of tax credit. In New York State, a new Green Building Incentive Program will add more incentives in 2010.Purchasers may be eligible for and additional $5125.00 the new program.
Local builders remain confident. Most believe that we have ‘bottomed out’, and little by little traffic in model homes has increased, meaning new home permits should be on the rise in 2010.
