The media loves to take everything to the National level, especially Real Estate and home values.
If that were true everyone could purchase a home for the same amount of money. Niagara Falls home owners cannot compare their home prices to that of Long Beach CA or Virginia Beach VA or Boyton Beach FL Even comparing home values in Orchard Park or Amherst in Erie County is comparing apples to buttons.
True data can show national trends, but Real Estate is local folks! In Buffalo Home Values can be as local as streets and blocks, and type of housing.
Think about the factors that go into why a Buffalo home sell or do not sell:
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Economic factors distinguishing each; even within individual areas in the Buffalo real estate markets are very diverse. Black Rock vs. Allentown vs. Grand Island in Erie County. Deveaux vs. LaSalle in Niagara Falls. Each area has pros and cons and each are priced far differently than one another.
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The Employment base is quite different in Niagara Falls than Orchard Park, and the values of homes in those areas reflect that.
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Dynamics within a region will also cause demand anomalies — where people want to live will create a demand, meanwhile those living in the lesser demand areas have to price accordingly.
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Don’t forget Real Estate is all about Location! Location! Location!
Thinking of selling your Buffalo home? Or perhaps you have been thinking of purchasing a Buffalo home and have been waiting for the perfect time to do so. Remember to look to a specific neighborhood’s performance rather than national statistics to decide whether to sell and/or buy a home right now.
Interested in your Buffalo home’s value? Call our office today for a free, no cost, no obligation Market Analysis. Or check out our Market Reports!
(716) 650-0051
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