1Q median home prices up in Buffalo
Buffalo NY is an interesting place to live. People who have experienced the big downtrend in real estate will often ask about our real estate market in Buffalo and the suburbs (where my family lives). What I like to say is, when you don’t experience the move up, you shouldn’t experience the move down. That has been the case for the most part. Values in suburban Buffalo have held steady in many areas. In fact, I sold a property in November of 2008 three weeks after it was listed.
The Buffalo area is an inexpensive place to live. Housing is reasonable. In fact, you can often own a home for about the same price that you would pay to rent a home or apartment. That is the case even before factoring in the depreciation write off or the mortgage interest write off. If you can qualify for a mortgage, the Buffalo market is a good one.
Buffalo NY Real Estate
Here is another theory to contemplate. With fewer folks able to qualify for a mortgage, what do you think that rental rates will do? I’ll give you 2 guesses. In the recent past, banks would finance virtually anyone with an income. Shady mortgage brokers often took care of the rest (proof of assets, etc). Those days are gone. Thank goodness. Investment property might be a very good place to be right now. The higher rents should lead to higher future sales, those higher future sales will lead to a continued move up in the Buffalo housing market.
If you are an investor looking for cash flow, consider Buffalo and its suburbs. Housing is relatively cheap. Help us catch up on some of the gains that we didn’t experience in the past 10 years.
1Q median home prices up in Buffalo – Business First of Buffalo: .
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