BUFFALO, N.Y. (WKBW) — With spring starting, we are taking a look at what's ahead for Buffalo's spring real estate market.
In January, Zillow named Buffalo 2024's hottest real estate market in the country. So where does the market here in the region stand now?
Well, you can expect one of the hottest markets Buffalo has seen, including over the last four years of an already busier-than-normal market. The good news for buyers is we should start to see a more balanced market.
"At this time I think we’re down to far less absentee homeowners and now you’re going to begin to see more homeowners that are selling their properties but also need to find a new property. So those things are going to even out a bit," Scott Realty Group Associate Broker Andrew Scott said. "At the same time, I believe we’re going to see a hotter market than we’ve seen in the last four years, and with that, the pricing is going to tick higher than we’ve ever seen as well."
Already this year, Buffalo is seeing an increase in home listings. Compared to last February, the average home listing price is up 6.3% to $170,000 this year. The average selling price this February — $220,000.
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Scott also mentioned that many out-of-state buyers moving are also a factor in the rise in prices and competitiveness here in Buffalo.
"It's making it a little more difficult for the blue-collar average Buffalonians to purchase property," Scott said. "We have a lot of people coming from different areas. So north of the border, downstate New York. We're getting a lot of Texas, Florida, the DMV area, and definitely, California coming over. All of which markets are far more expensive than ours, so the affordability for them is there. Unfortunately for us, it's not".
For first-time homebuyers, there are special loan programs available to help with affordability with lenders, including one with Community Bank called the "Special Purpose Credit Program". The program offers a 0% down payment, no monthly PMI, and no closing costs. You can learn more about the qualifications for the program here.
