Good Luck Buying, Buffalo Has Very Few Houses For Sale
There's no question that it's a seller's market. Houses are being sold in many cases for much more than the asking price. And the selection isn't incredibly vast either.
If you've tried to buy a house in Buffalo in the last couple of months, there's a good chance that it's been a very frustrating experience for you.
It's not because of your realtor. We have some incredible realtors in this area. They have to be on their game almost 24/7. When a great house goes on the market, you are going to want to check it out as soon as you get the chance.
According to a new study from Inspection Support that looked at how many houses there were for sale in metros across the country, Buffalo has the fewest available. Go ahead and re-read it if you have to. The metro that is considered Buffalo-Cheektowaga has the fewest number of homes available for purchase.
They count the homes based on the number of active listings per 10,000 homes in the area. In Buffalo, there was an average of 1,235 active listings per month in 2020. Altogether, there were 39 active listings per 10,000 owner-occupied homes, compared to the national average of 124.
Does this show that people are coming to Buffalo faster than houses are going up for sale? Their guess is that it has more to do with people not wanting to sell their homes because they won't have another house to go to.
"Sellers are showing reticence to put their homes on the market out of fear they will have nowhere to go—a trend that has also dramatically reduced supply."
It's not to say that there aren't houses available. This study just says that in Buffalo, there aren't many...and they go quickly when someone finally does decide to sell. Keep in mind, this study was looking at the metro area and didn't count the suburbs. But...if you have a place that you can go, it sure looks like you're going to get the most for your house if you decide to sell it now.
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