Region's real estate booming as home prices continue to rise
It’s a seller’s market when it comes to Western New York real estate.Over the past year, the median sales price on homes in the area has increased from $135,000 to $147,500. That number has been on the rise for six consecutive months.
Fewer homes are currently going on the market and many realtors don’t see the rising prices slowing down any time soon. Dawn Brown, President of the Buffalo-Niagara Association of Realtors, says it’s not a one specific sector of buyers having a problem, it’s everyone.
"The millennials are out there. There's lots of people who want to buy their first home. There are a lot of people who want to buy their second home and they're having a tough time, also, because they know what they want and they know what they need," Brown told WBFO.
Brown says it’s matter of basic supply and demand, with more people looking to buy than sell. She says she has seen buyers outbid competitors by waiving inspection, contingency-free deals, and even all-cash offers.
She says if you plan to buy a home, you should expect to pay more than the asking price
"Through the last four years, everybody has learned there's just no playing around, there's no waiting. You have to make a decision immediately," Brown said.
Brown says the quicker the home owner knows they have a sale, the better and the best thing a buyer can do to improve their odds is make sure they are pre-qualified, if not pre-approved.