If you don’t believe your Realtor, perhaps you will believe the Buffalo News?
Often I am questioned about how we know that the market is getting better. Well we watch the statistics, and we follow the trends. Often the media reports the negative,but this week the Buffalo News reports what I already knew sales are up.
Western New York home buyers came out of their shells in July, perhaps pushed by the federal first-home buyer subsidy, setting a 15-year record for home sales in one month.
The Buffalo Niagara Association of Realtors reported that closed home sales rose 3 percent in July to 1,192, from 1,159 a year ago. That’s the highest monthly tally in at least 15 years. It’s 2 percent higher than 1,169 in June.
And home prices also rose. The median price for closed deals — half were more expensive, half were less — rose 3 percent to a 15-year record for any month, of $118,600. The average home price for closed deals was flat at $133,087 but down 1 percent from June.
Pending home sales rose 5 percent to 938 from 895 a year ago, but were down 4 percent from 974 in June. Closed sales represent contracts that were initiated three months earlier, while pending sales are an indicator of future closings.
The flurry of buying may have contributed to a 6 percent drop in number of homes on the market from a year ago, to 5,700.
The media stories are increasing in the positive things happening in the Real Estate Industry. Buyers, especially 1st time homebuyers are responding and they are facing multiple offers and a limited selection of homes for sale. Many are frustrated as they cannot find a home that they want. They are ready, able and willing buyers and they want your home. So if you were thinking of waiting to put your home on the market you might just want to call us to find out if there is a demand for your home.
Read Also: Discount Diva: No place like the home I dreamed of
What does this mean to you; the Buffalo homebuyer sitting on the fence wanting to know if it is a good time or not? If you are sitting on the fence and you want to take advantage of the $8,000 Tax Credit from the Federal Government, time is running out for you quickly. You have to be closed by November 30th! But wait, that is just before Thanksgiving and there will be a crush of last minute home purchases so scheduling could be an issue. Plus you will want to leave some room in your closing date for delays in closing.
Selection of the latest homes for sale in Western New York
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Thinking of buying a home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 743-5297 to discuss what is happening in today’s Western New York Real Estate Market.
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