The Western New York Housing Market Is Still Hot
Derby? Why the heck did you buy in Derby, my friends say. Because when our home in Utica sold, we had to make a decision fast and buy a home that fit all our requirements in our price range, and Derby it was. Plus, only five miles from great beaches! Buying a home in a Buffalo suburb is VERY challenging because our market is still HOT!
The Buffalo News reported:
Western New York’s housing market has been hot for the past two years, setting records for home sales and prices. Competition has been fierce in popular areas, with some homes going to contract within hours of being listed. And inventory has fallen to unusually low levels, narrowing options for choosy shoppers.
With us, the pickings were slim, and when a home that fit our requirements went on the market, a contract was written for it within days! We could have chosen a home that needed a lot of work, but we went through that with our last house...not again! If you expect your Western New York home to be in perfect condition and ready to occupy, be prepared to pay top dollar for it. Sellers, expect top dollar if you're moving.
Remember this buyers, our market is quite affordable compared to other top markers in America. We have SO much to offer here and at an affordable price. My 140K home would cost 300K in a suburb of Miami, Chicago or Boston.
When you buy in Western New York, you're making a good investment:
As a result, the area’s median home price – which has been steadily rising year after year for at least the last 20 years, even through two recessions – grew to nearly $125,000 last year, up from about $79,000 in 2000. The average price rose to almost $150,000 from $94,000 in the same time period.