BUFFALO, N.Y. (WIVB) – Buffalo is finally number one–at least the region is, according to one home sales index. ConsumerTrack, Inc. lists Buffalo as the hottest market for home sales in the country, and Western New York realtors are saying “amen” to that.
In a listing of the 100 largest cities in the U.S. ConsumerTrack.com showed Buffalo experienced the biggest annual jump in median home prices for July, 2017 over last July, 34.7%, followed by Atlanta, Pensacola, Florida, Cincinnati and Knoxville Tennessee. The only other city in the state to finish on the list was New York, which came in at number 6.
The most important factor cited by most realtors for the big jump in prices: supply and demand. Buffalo is an older market and many homeowners are holding onto their homes, rather than putting them on the market.
Brandi and John Rosini of Lancaster know this hot market can cut both ways. They sold their home for $20,000 more than their asking price, but when they could not find a decent home to move into, they decided to build.
They are now living with Brandi’s parents until their new home is finished, but Brandi feels the temporary inconvenience is worth it, “We were able to sell our house quickly, we got well over asking. We were able to turn that profit that we made and put it toward a new house–like a ‘dream house’, essentially right now. This is like the house that we want to be in.”
John knows the hot market helped put them in the position where they can afford to wait for their dream home, “If it was not for the market being the best that it is in Buffalo, right now, we would not have been able to build the dream home that we did because the sale of our old house is what fueled that.”
Real Estate broker Tammy Capozzi is the Rosini’s agent, and sees the irony for homeowners who sell for a higher price, then they have to pay more for their next house.
“Right now with the market, you need to go in overbidding. Obviously there’s a lot of houses that may be priced a little high, and once they come down to realistic values, they still get over asking bids.”
Capozzi and other real estate professionals say right now, cash is king, as far as home sellers are concerned. In many cases the seller might turn down a higher bid, if it requires a mortgage, a home inspection, and other red tape, in favor of a lower bid in cash.