Let’s face it the Buffalo Real Estate Market has changed dramatically in the past two years. What Western New York buyers need to remember that all Real Estate is local. And just because there is a lot of negative things happening around the country; it doesn’t mean that there are not great real estate opportunities waiting for you to discover.
There can be differences in selling homes in the same city. Just because the national press is reporting all the negatives, there is a lot of positive things happening in Real Estate in WNY. Including the fact that we are one of the best cities to ride out a rescession.
So with the news media full of stories of how bad the Real Estate market is, how do you know it might be the perfect time to purchase a home in Western New York? Don’t forget that the purchase of a home is not any investment, it is where you are going to live. Sometimes you do not make the decision on potential profit. Your decisions may be more personal than that.
Time to Buy?
Should you wait to buy or should you buy now? As a first time Buffalo New York home buyer or a home owner contemplating upgrading the decision to purchase is very personal. There are so many factors that go into this important decision you have.
Why you might want to buy now
- Moving up to the next category of home, this could be the best time to purchase. Home prices are going to rebound and when you think it might be the perfect time, you may be priced out of your dream Buffalo home.
- If you have to sell your home, the gain you make on your new home, may offset the loss of your current home.
- Interest rates are currently low, they could rise and you may not be able to purchase the Buffalo home you want when rates rise.
Making an informed decision
How can you make an informed decision? What are the things that help you make the right decision about the purchase of Real Estate in Buffalo New York:
- Gather Buffalo Real Estate market statistics on what is going in the market, and review the trends before making an offer on a home. It is important to understand what is happening before making an offer on a Buffalo home for sale.
- Look for a “Diamond in the rough”, homes:
- Find a 2 bedroom that could be updated to a 3 bedroom
- Are in a great location, but need updating
- Has tacky wallpaper, orange shag carpeting
- A home with an odd floor plan that with a little work could be perfect home for you
- 3. Make sure that:
- you can afford the home you are purchasing, ensure that you can afford the payments
- you have a cushion to weather the unexpected
- you stick to a budget, which includes a savings
- 4. Ask questions. Lots of questions:
- Why are the sellers selling their WNY home?
- How long have they owned the home?
- What did the seller’s pay for the home?
- Can you really afford to purchase this home?
You may want to wait, and if you have done your research you will know that is the right decision for YOU! Don’t listen to your friends and family or worse yet the media. Base your decision on facts. Facts that are important to you. Each person purchases Real Estate for different reasons, and they are deeply personal.
Read Also: Excellent reasons to not purchase a Home
Are you ready to purchase a home? Please feel free to call me at (716) 650-0051 to schedule a time to sit down and discuss your Real Estate goals and how I can assist you in achieving your Real Estate goals!