BUFFALO, N.Y. (WKBW) — The need for affordable housing is more pressing in Buffalo, given how much more expensive it is getting to buy a home.
According to data from Realtor.com, the City of Buffalo ranks 10th among cities nationwide that have seen the biggest growth in home prices. The median list price is $278,000, up more than 13% from a year ago.
7 News spoke with a broker and realtor and learned about some of the steps you can take to help make ends meet.
Melissa Doerr is a realtor with Howard Hanna in Buffalo, she has 30 years of experience in real estate and says the market remains red hot if you're a seller.
Robert Blake is an associate broker with Hunt Real Estate and agrees the local market remains strong. Blake has similar stories of Buffalo buyers having to go well above the asking price to nail down a home.
So with a low supply and continued demand, what can you do if you are looking for a home?
Doerr says buyers might have to get creative, either by waiving the inspection or even offer to pay the seller's closing costs.
She also said she doesn't see a balanced market happening any time soon. According to Doerr, it may take a couple of years for things to settle with consumers weighing the future of rising interest rates and the continued shortage of supply.
