ROCHESTER, N.Y. — Realtors and home buyers have been facing the undeniable challenges of the housing market. The National Association of Realtors reports home prices are up almost 40% since the beginning of the pandemic.

“Everyone was just trying to survive at that point,” James Reyes said. “We can see that inventory has been dropping ever since 2014. And we continue to drop, which again is in line with our decreased sales as well. There's less inventory. There's less for people to buy.” 

What You Need To Know

  • The Bureau of Labor Statistics is expecting the real estate industry to grow nearly 5% in the next decade

  • The National Association of Realtors reports there has been nearly 4,000 more realtor memberships across the state since 2019

  • The State Comptroller's office says New York trails the nations homeownership rates

  • According to the National Association of Realtors, home prices are up almost 40% since the pandemic began and the market has seen a decrease in home sales for more than 10 months across New York

He recalls from his experience joining the industry in 2017. The market has seen a decrease in home sales for more than 10 months across New York state, which is an issue that's been brewing since 2020. 

“The point of when things were shut down that really obviously really magnified the inventory issues because we just had an explosion of buyers come into the market,” Reyes said. 

The Bureau of Labor Statistics reports the real estate industry is expected to grow nearly 5% in the next decade. The National Association of Realtors says there has been nearly 4,000 more realtor memberships across the state since 2019 which will continue to add to an increasingly competitive market. 

“We’re still lower on inventory now than we were in the midst of the pandemic,” Reyes said, claiming a key factor in these challenges has been low supply and high demand in houses. “It was very tough, obviously from the buyer's side and having to look at maybe six houses before we got under contract at most. And now sometimes I’ve looked at more than 20 with clients.” 

He says the few sellers across the state challenged his ability to find his clients their forever homes, and ultimately build his network in the field.

Reyes shifted his mindset from selling houses to trying to help.

“Let’s figure out what people need right how can we help you?" he says as a strategy to overcoming the struggles of the housing market.

While New York is known for trailing the nation’s homeownership rates, according to the Office of the State Comptroller, Reyes says the industry faces an uphill battle. But realtors are bouncing back as the housing market eases up. This is all the while trusting the process to find his clients the perfect place to call home.