ROCHESTER, N.Y. – Following the Federal Reserve cutting its interest rates nearly a full percentage point, real estate experts thought home sales would rebound. But where do things stand right now? News10NBC’s Antonina Tortorello sat down with a local Realtor to find out.

Over the past decade, the average age for someone to buy their first home was 24 years old. Today, it’s 37, according to Mark Siwiec, the owner of Elysian Homes.

“The buyers just aren’t there right now. So properties are sitting in the market for a longer period of time. There’s not as much traffic, open houses aren’t as popular as they were and we’re not getting the number of offers, and we’re not selling these properties for the sky-high valuations that we were just a few months ago,” Siwiec said.

With rates dropping, experts expected buyers to jump back into the market, but that just hasn’t happened yet. Some reasons Siwiec says this may be happening are because the market may seem too challenging, isn’t affordable, and there simply aren’t enough homes.

While the rates are dropping, Siwiec says the numbers are still not low enough to entice people to sell their homes or others to buy one. Buyers who’ve been searching may be frustrated by bidding wars and offers which are thousands of dollars over the asking price.

He says typically September and October are busy months for buying and selling, but not now. But Siwiec tells News10NBC he believes 2025 will be an incredible year for real estate in Rochester.

A.I. assisted with the formatting of this story. Click here to see how WHEC News 10 uses A.I.