Buffalo’s Housing Market Is “On Fire”
Sale prices for homes in the Buffalo market jumped nearly 24-percent in May to 170-thousand dollars, outpacing the national average and we're told the average house is only on the market for seven days.
“If the house is in good shape, it is in a good location, you are probably going to get more than you are asking for the property. That is the thing. We have situations where we have 20, 30, 40 offers on one house in some instances,” said Fred Corsi, Western New York President of Howard Hanna Real Estate.
Corsi says the driving force behind the market is demand, along with high prices and low inventory.
But Corsi also hit the nail on the head with the comment...
“We say to sellers, look you are going to get a lot more money than you would have previously if you sell now. But the challenge is you are going to pay more when you go to buy.”
Donna Kreil sold a double and still has her own home.
Donna says she got offers on the property eye-popping cash offers, even before the property went on the market.
“Phone calls at the house, letters in the mail. I must have had about 15, 20, 30 of them.”
Donna now has an offer about twice what the speculators were offering under conditions in their favor.
In real estate transactions, realtors told NEWS 4 BUFFALO (WIVB-TV) cash is king but when there is a bidding war, an offer that has contingencies is usually a lower priority, so realtors advise buyers to work on improving their credit score.
I have relatives and friends that are real estate agents and brokers who find it challenging to keep up with the current demand for houses in Western New York which doesn't find them complaining.
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