Buffalo, NY Real Estate Market – a Seller’s Dream!
We insure a lot of real estate and real estate investors in the Buffalo, NY market. It is a niche in our insurance agency for a very long time. Plus, I run the WNYREI club, which meets on the 4th Wed of every month.
But 3 recent conversations had me smiling at the fact that this city – Buffalo – is a true seller’s market right now. One neighbor had an open house before Christmas on a Sunday – 1 to 4 pm. He said he accepted an offer by 2:30 pm that same day – 90 minutes and the house was sold!
Another client sold a rental property and because he was doing a 1031 tax-free exchange, could not find a replacement property. Now he has 6 months to find one, according to the rules but is getting frustrated that nothing is on the market for him! If he does find something, will probably be overpriced in this marketplace.
The 3rd conversation was with a Realtor client, who sold his own home in 2 weeks and wasn’t prepared for a fast sale in the winter. Now he is under a fast time frame to find a replacement home and told me “There is nothing available!”. This is someone who has access to the multiple listing service all realtors subscribe to, so he gets this quicker than his client would.
Buffalo, NY Real Estate Market – a Seller’s Dream!
So while every marketplace has it’s own ebb & flow, it is good in my own backyard, that the housing market remains very strong. I too was thinking about downsizing but then where would we go? We would overpay for a smaller home that probably would not include the amenities we enjoy now.
If you are in a strong Real Estate Market, enjoy this up time!
Tom Larsen, Speaker, Author, Insurance Adviser