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We've heard it all before, our area never enjoyed the housing boom, and as a result has not experienced the latest housing plunge due to foreclosures and the like.
That may be true, but there is one thing that has changed that should have an enormous impact on what a seller asks for their home.
Job instability.
We don't live in a vacuum, and it's impacting people from every sector. Layoffs, reduced hours, cuts in pay in liu of loosing your job. Whether your an engineer, a personal attorney with your own practice, or a sales representative for a national company, this economy will eventually impact your business.
During these turbulent times, the responsible response may be to hunker down and not make what is defined as "the largest purchase in your life".
Won't this result in fewer potential buyers, especially now that banks are more selective when it comes to handing our mortgages?
Is there anyone out there looking to buy another home in this current economic climate?
I have many clients right now looking to purchase a home. Yes people have lost jobs - but not those that make 200k and up - you can find a job that pays a decent salary in Buffalo if you aren't afraid to work at it. Most people do NOT make 100k and up - yes some - but not all.
You are correct, we didnt see that bubble, so whats to decrease home values? nada.....
taxes are higher than some areas, of course, that being said, you can get a huge amount of home for your buck vs other areas. It's a fact........
and, even though my taxes are high - I get what I pay for - I have 3 kids in public schools that are among the best in nys - if I lived somewhere else, I would be paying for private schools and taxes - so I would lose out on that. Now of course that's my situation, not everyone has children in the school district of course.
You can sit and wait for them to come down - but really they arent high to begin with and this is of course my opnion, but they arent going to drastically drop. If you think you are going to be able to purchase a home in East Amherst for 70k - I would adivse you not to wait it out............ now I could be wrong? Its an educated guess is all. Same with North Buffalo and other areas - you arent going to pick up a great wood worked home in North Buffalo for 30k thats in great shape either................
I have also read where Buffalo has far fewer ARM’s around than many other cities, driven by the more affordable housing prices in the first place. Since most people have fixed rate mortgages, they didn’t find themselves in a bind when the rates went up, and thus the number of foreclosures or forced sales due to rising payments for those ARM’s just didn’t happen here.
I’d like to know CAugust’s take on the prices however. The average (or was it Median) price is still rising somewhat for home transactions locally. However, it appears to me from watching listings that asking prices may have receded a little in the range under $200K.
I looked at a number of houses last spring as I was in the market then (which I suspended due to possible job insecurity). The same types of houses then appear slightly cheaper to me now, maybe by $5000-$10K on average or so. It’s difficult to directly compare since they are not the same places, and had they been then some reduction in price would be expected anyway.
Still, it is nice to have a market which is so stable. You lose out on the chance of gambling on a huge increase, and cashing in. However, your also not at as much of a risk of losing on that gamble too, as is happening in a lot of places.
I just wish those taxes were a little cheaper. Maybe I am a bit jaded, but I don’t feel all that much value in return.
Ok - here are some facts for you, although I do not have anything for January or the full year of 2008 as of yet, those numbers will be out in a few weeks, and we can compare them at that time.
If the same home was on the market last spring, it should be reduced now, if it;s not, it's likely that the homeowner thinks his or her home is worth more, well bottom line was that if it was worth it, it would have sold by now, more than likely....
According to the Buffalo Niagara Association of Realtors ....
In 2007 some figures were as follows ...... THESE ARE SINGLE FAMILY HOMES
Average List Price - $129,851.12
Average Sale Price - $125,022
Avereage Days on Market - 64
Total sold - 10,431
Not to shabby for 2007 ????
Let's look at 2006 ....
Average List Price - $126,624.61
Average Sale Price - $122,026.26
Avereage Days on Market - 63
Total sold - 10,194
and 2005 .....
Average List Price - $123,585.64
Average Sale Price - $119,091.87
Avereage Days on Market - 61
Total sold - 10,508
While I don't have final figures for 2008 yet, let's at least look at December, those just came out .....
Total homes that closed in December was 733
Average Sale Price was $119,599
Medium Sale Price was $96,000
Figures look pretty steady - once 2008 come out, I'll post for you guys
Ok - here are some facts for you, although I do not have anything for January or the full year of 2008 as of yet, those numbers will be out in a few weeks, and we can compare them at that time.
If the same home was on the market last spring, it should be reduced now, if it;s not, it's likely that the homeowner thinks his or her home is worth more, well bottom line was that if it was worth it, it would have sold by now, more than likely....
According to the Buffalo Niagara Association of Realtors ....
In 2007 some figures were as follows ...... THESE ARE SINGLE FAMILY HOMES
Average List Price - $129,851.12
Average Sale Price - $125,022
Avereage Days on Market - 64
Total sold - 10,431
Not to shabby for 2007 ????
Let's look at 2006 ....
Average List Price - $126,624.61
Average Sale Price - $122,026.26
Avereage Days on Market - 63
Total sold - 10,194
and 2005 .....
Average List Price - $123,585.64
Average Sale Price - $119,091.87
Avereage Days on Market - 61
Total sold - 10,508
While I don't have final figures for 2008 yet, let's at least look at December, those just came out .....
Total homes that closed in December was 733
Average Sale Price was $119,599
Medium Sale Price was $96,000
Figures look pretty steady - once 2008 come out, I'll post for you guys
Nice stats! Looking forward to seeing 2008's numbers.
The average or medium prices for homes in the WNY area are a little skewed for my needs as I am only interested in two or three areas in Buffalo. Timing is everything, and asking prices for homes in the Parkside, Buffalo State, and Elmwood Village areas have increased at least $30,000 the past 3 years. I know this because I've seen it.
Whether there are fewer foreclosures in this area is immaterial as we are still effected by massive layoffs in this area, and this is really only the beginning. Just read the papers and look at the Stock Market.
Banks are no longer giving out NINJA loans, and are scrutinizing potential motgage borrowers like never before, including the type of work you do.
This thread is not designed to convince a Real Estate agent that their commissions should be reduced, but given the current situation the economy is in, one may need an incentive to move forward on the largest purchase you will ever make.
The average or medium prices for homes in the WNY area are a little skewed for my needs as I am only interested in two or three areas in Buffalo. Timing is everything, and asking prices for homes in the Parkside, Buffalo State, and Elmwood Village areas have increased at least $30,000 the past 3 years. I know this because I've seen it.
Whether there are fewer foreclosures in this area is immaterial as we are still effected by massive layoffs in this area, and this is really only the beginning. Just read the papers and look at the Stock Market.
Banks are no longer giving out NINJA loans, and are scrutinizing potential motgage borrowers like never before, including the type of work you do.
This thread is not designed to convince a Real Estate agent that their commissions should be reduced, but given the current situation the economy is in, one may need an incentive to move forward on the largest purchase you will ever make.
I don't remember if I was asked for a specific area, if so, I apologize, i only posted the total information out there on the entire area for review.
The area you are looking in is in demand - if the property is in good shape. People are coming back to the city, not everyone, but more than used to. If home prices where you are looking have increased it's for ONLY one reason and that is that the demand for these areas have gone up, and they are selling at that price - I assure you if they were not selling, they would not be listed at that price range vs what they were.
As far as foreclosures, of course it is relevant - why wouldn't it be? Perhaps even with a job loss people are able to continue to pay their mortgage and find another job, b/c the homes have not inflated like some other areas of the country. OR they are able to sell their home b/c it was not inflated when they purchased it.
Banks should have NEVER given out NINJA loans end of story - that is why there are foreclosures in a number of places. This is a good thing and I hope the industry continues to give out loans to only those who qualify for them.
As far as reducing a commission? I had no idea that this was even part of this thread? Perhaps I need to go back and re-read it? I assume you do realize that a buyer does not pay to be represented? The seller is the one paying for that ?
All that aside, home prices in this area are still way below other areas in the United States, making it affordable to own a home, if one choses - it;s not cut out for everyone, thats for sure....
While subprime mortgages destroyed places like Cleveland and Detroit, they bypassed Buffalo, Rochester, Syracuse and Pittsburgh. Not sure why.
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