Jan 15, 2025
ROCHESTER, N.Y. (WROC) — Andrew Tackling told News 8 his journey to homeownership has been a long, frustrating experience. To get through the last couple of years, he and his fiancé had to sacrifice their wedding and vacations. Tackling said they almost closed on a home, but the sellers withdrew from the deal. "This time should have not been spent in the townhouse that we outgrew within a year; this time should’ve been spent on a place of our own choosing – in a place where we can call our own and each of them (kids) can have their own bedroom," he said. On Tuesday, during her State of the State address, Governor Kathy Hochul unveiled a new plan to make homebuying more affordable. It includes a focus on funding the building of new houses. Her five-year plan to build or preserve 100,000 units of affordable housing is now 50% complete, which she said is ahead of schedule.  "You have people who have low interest rates, and they don't want to lose that, so they are not selling," admitted Realtor Jenna Russ. "Once those interest rates do drop, we will see competition rise higher so right now is your best time to buy." Local realtors Belma Odzakovic and Jenna Russ with Small City Realty told News 8 that some people just don't want to sell for one reason or another. They've also noticed a few other things which they said are weighing the market down. Governor Hochul proposes disincentivizing firms, corporations from buying up homes among affordable housing proposals "I think five years ago; we had a lot of leeway. It was definitely a buyers' market where they were able to negotiate everything into a deal and do property inspections. In this market a lot of people are waiving the right to an inspection because it closes the deal faster, sellers don't want to do the fixing, they'd rather take the offer that doesn't have that property inspection," said Odzakovic. Jacquie Rose, the 2025 president of The New York State Association of Realtors, said that right now - we are at the lowest rate in recorded history of housing units available. "Right now, we are at the lowest rate in recorded history of housing units available and that's 23,198 in the whole state that are available," Rose said. "That's a tremendous decrease and we need to hope that a lot of the programs she [Hochul] is presenting, when we get the final budget - that we will know exactly what steps will be taken." Hochul also proposed bolstering the Pro-Housing Community Program by investing one hundred million dollars to support critical housing infrastructure projects. The budget is due April 1st.
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