It's a seller's market. High demand for housing in WNY
It's a seller's market. High demand for housing in WNY
Real estate agents say there's less houses for sale, and more demand from buyers.
THERE IS HIGHDEMAND ON THHOUSING MARKET --DESPITE ALL KINDS OFUNCERTAINTY ABOUTTHE ECONOMY.NEW AT 11 -- GILATMELAMED LOOKS INTOWHAT IS MAKING REALESTATE A SELLER'SMARKET."THE HOUSINGMARKET IS ABOUT ASHOT AS IT'S EVERBEEN IN BUFFALO, NY."LICENSED REALESTATE SALESPERSONMICHELE DILL SAYSSHE'S HAVING ONE OFHER BUSIEST DAYS INTHE BUSINESS."CURRENTLY RIGHTNOW OUR SUPPLYDOES NOT MEET THEDEMAND IN BUFFALOSO WE DON'T HAVEENOUGH HOUSES FORSALE SO WHENSOMEONE WANTS AHOUSE YOU'RE GONNAHAVE TO HAVE ASTRUCTURED PLANAND GET A LITTLE BITCREATIVE SO YOU CANWIN A BID."SHE SAYS HOT SPOTSARE BUFFLO, NORTHBUFFALO, AMHERST,WILLIAMSVILLE, ANDHAMBURG.THAT'S WHERE TAYLORREYNOLDS AND HERFAMILY JUST BOUGHTA NEW HOME.."AS SOON AS WE SAWA PHOTO WE WERELIKE YES THIS IS IT ANDAS SOON AS WE WENTTO CLICK ON IT ITWOULD BE SALEPENDING, SALEPENDING, AND SO WEKIND OF GOTDEFEATED BUT IT WASREALLY ONLY FORABOUT 15-20 MINUTESBECAUSE THE HOUSETHAT WE WANTEDULTIMATELY CAME UPAND WE WERE REALLYLUCKY BECAUSE ITHAD JUST BEENLISTED."ACCORDING TO THENEW YORK STATEASSOCIATIONREALTORS.THERE'S A 40%DECREASE IN THENUMBER OF HOMESFOR SALE IN ERIECOUNTY THIS AUGUSTCOMPARED TO LASTAUGUST."GILAT: IF I'M SELLINGMY HOME I MIGHT GETA LITTLE MORE MONEYFOR IT THIS TIMECOMPARED TO LASTYEAR?DILL: ABOSLUTELY."THE MEDIAN SALESPRICE FOR A HOME INERIE COUNTY ROSEFROM $183,000 TONEARLY $205,000 IN AYEAR.
A 12%INCREASE.DILL HAS THESE TIPSFOR BUYERS..-HIRE AN AGENT-THE HGHEST BIDDOESN'T NECESSARILYWIN-TRY TO GET PRE-APPROVED BY YOURBANK OR MORTGAGEBROKER."AND IN THIS MARKETPEOPLE ARE BIDDINGOVER ASKING PRICE,AND WHEN THEY'REDOING THAT HAVINGRESERVE FUNDS TOBE ABLE TO DO THAT ISALSO GOING TO MAKEYOU COMPETITIVE."AN INCENTIVE FORBUYERS.
FAVORABLERATES.ACCORDING TOFREDDIE MAC.
THEMONTHLY AVERAGEON A 30 YR FIXEDMORTGAGE IS 2.94%.THE LOWEST SINCETHE COMPANY BEGANTRACKING RATES IN1971.DILL ADDS THERE'SPENT UP DEMANDFROM WHEN REALESTATE OFFICESWERE CLOSED DUE TOCOVID-19.IN HAMBURG, GILATMELAMED, 7EYEWITNESS NEWS.
