Buying and Selling Real Estate in WNY

The residential real estate market across the United States exploded in 2021, with the average home price increasing over 18% year on year. The Buffalo and WNY markets followed and arguably exceeded countrywide trends. For example, the cost of 2 bedrooms properties went up by 40.3% in the past year, while large 5-bedroom homes went up 29%.  

There has been an incredible amount of buyer demand which has largely contributed to the exceptionally strong buyer’s market we have been experiencing. Furthermore, new listings are down by 4.5%, meaning that there just isn't enough new stock on the market to meet high demand. 

Buying in Buffalo and WNY

If you're looking to buy in Buffalo or WNY, you want to start preparing your financing now so you can take action quickly when the right property is listed. The average number of days a home stays listed on the market dropped 9%, from 26 to 24, and 80% of homes are sold within 30 days. This shows just how quickly desirable listings are snatched up.

Once you have your pre-approval ready, get in touch so we can start introducing you to new listings as soon as they are available.

If you're unsure if now is the right time, remember that interest rates are rising fast. The Federal Reserve announced that there will be several more rate hikes this year in an attempt to combat high inflation rates. As rates increase, so will monthly mortgage payments. So, many buyers will benefit from buying today versus waiting for prices to drop but being subject to a much higher interest rate. 

For buyers ready to make a move in Buffalo and WNY, get in touch with a member of our team here. 

Selling in Buffalo and WNY

Potential sellers who have been sitting on the sidelines, waiting for the perfect moment to list their property, should be preparing to take advantage of the spring and summer market. Unfortunately, as interest rates rise, it will become increasingly difficult for buyers to get financing. Ultimately, we expect this to have a significant impact on demand. 

With new listing numbers down, and plenty of room in the market for new inventory, your property likely won't face much competition. The warmer months are the most popular for buyers, and it's most properties present best with colorful landscaping and green lawns.  

Buyers who want to get top dollar for their property should get in touch to discuss how they can ensure their home presents its best. Our team can guide you to what modifications will generate the best return on investment by being most valued by buyers. 

Considering selling? Find out how much your property is worth with an instant market report. 

If you're looking to buy or sell in Buffalo and WNY, New York, reach out to a member of our team. We look forward to discussing the market conditions and your property requirements.