Rochester is one of the biggest cities in New York state. It is the fourth biggest city in the state after Buffalo, New York City, and Yonkers. Rochester has a population of approximately 211,328 people and is known as one of the first boomtowns in America due to its proximity to the Genesee River Valley. It is known as a liveable place with a great quality of life, and has highly ranked schools and a low cost of living.
According to Jeff Rohde at Roofstock, now in particular might be a great place to buy a house in Rochester. There are many buyers and sellers, and a lot of competition in the real estate market, but Rochester is unique because many of these buyers are looking for a more affordable place to live than Boston and New York City. Rochester is the fourth biggest economy in New York because of its various industries, from manufacturing to science and technology, as well as Rochester being home to many cultural institutions like the Susan B. Anthony House. Rochester is also home to universities like the University of Rochester.
The population of Rochester is still increasing, and forecasts predict Rochester will be a top place to live in the next 50 years. Rochester has a rapidly growing job market with lots of private sector jobs, namely being known as the top city in America for cybersecurity talent.
According to Niche, Rochestergives residents an urban suburban mix feel, and is a place where most residents own their homes. Night life is thriving due to many bars and restaurants, and the college scene in the city. Rochester is home to both young professionals and families, and the median home value in the city is $83,100 and the median rent value is $848.
Right now, Rochester is a seller’s market. It is a place where demand is greater than supply — homes are staying on the market for a very short amount of time and selling for higher than the listing price. As home values appreciate, buyers are getting into bidding wars over competitive properties in the state.
Hard money loans might be the best way to invest in real estate in Rochester. These loans have a huge advantage in seller’s markets of very fast speeds of approval.
The reason hard money loans can be approved so quickly is that they’re based on the property, not the credit score or financial standing of the borrower. Hard money loans are also known as short-term bridge loans or last resort loans, but while they require minimum credit scores of 600 to 620, hard money loans use the property as collateral. If a borrower defaults on a mortgage, the bank initiates infamous foreclosure proceedings. But if a borrower defaults on a hard money loan, the lender owns the property.
Hard money loans come with plenty of risks too as a result. These are disadvantages that leave them best left to the pros, but hard money loans have interest rates of around 8–15%, repayment periods of more or less a year, and LTV ratios around 65–75%. By contrast, traditional mortgage loans have interest rates of just over 4% on average, repayment periods of more or less a year, and LTV ratios around 80%.
As a result, it’s essential to only trust the best hard money lenders, which is why we at Hard Money Lenders IO have made a list of the best hard money lenders in Huntington so you don’t have to.