BUFFALO, N.Y. (WKBW) — Spring is typically a busy time for the housing market, and this year, real estate experts expect an increase in available homes. However, even with mortgage rates dipping slightly, some homeowners remain hesitant to sell.
“I’m hoping that there will be more inventory,” said Susan Lenahan, an associate real estate broker at MJ Peterson. “It’s hard to get people out of their houses. When they have a two and a half or 3% mortgage, it’s really hard to get them out.”
While more homes may hit the market, prices are still climbing. Nationally, home prices have increased about 35% over the last five years, with Buffalo seeing a steadier rise of 3% to 5% annually in certain neighborhoods.
“The prices are going up. they’re not going down overall,” Lenahan said. “Here in the Buffalo area, three to 4%, sometimes 5% in certain neighborhoods every year. So they’re not getting any less expensive.”
Supply chain issues, including lumber tariffs, could further drive up costs for new construction and renovations.
For first-time buyers, Lenahan recommends patience, while renters may have more room to negotiate by exploring multiple properties. She also advises buyers to act quickly in competitive neighborhoods and work with a realtor to navigate the market.
Despite rising prices, Buffalo remains more affordable than many other U.S. cities, making it an attractive option for those looking to purchase a home.
