Buffalo is #3 in affordable housing (Rochester, Syracuse: real estate, 2009, foreclosure)

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America's top 5 best – and worst – housing markets - MSN Real Estate

Here is a good representation of our housing market.

[Buffalonian4life]

That link is a little misleading. It takes some time to find the topic, so here is an easier link:

In Depth: Where In The U.S. Homes Are Most Affordable - Forbes.com


Also, Buffalo made it to the Today Show yesterday on MSNBC on live television that shows how Buffalo is on the rise and the real estate prices are perfect: Here's the video - Today Show Video Player

[mikesuicide]

Originally Posted by Buffalonian4life

That link is a little misleading. It takes some time to find the topic, so here is an easier link:

In Depth: Where In The U.S. Homes Are Most Affordable - Forbes.com


Also, Buffalo made it to the Today Show yesterday on MSNBC on live television that shows how Buffalo is on the rise and the real estate prices are perfect: Here's the video - Today Show Video Player

Thanks, I was having trouble trying to get the link

[Checkered24]

There appears to be a noticable trend with the top 4 most affordable being Binghamton, Syracuse, Buffalo, and Rochester.

[Cassyaundra]

Buying in this area is a great idea right now. We where going to put it off until I am done with College, but it's such a good market right now, we want to get in on it.

What about investment properties though? We have been toying with the idea of buying a Duplex, and living in it, but renting one side as income. Is that a viable plan in this market, or are we better off buying a single family home and sticking with it?

[CAugust]

Originally Posted by Cassyaundra

Buying in this area is a great idea right now. We where going to put it off until I am done with College, but it's such a good market right now, we want to get in on it.

What about investment properties though? We have been toying with the idea of buying a Duplex, and living in it, but renting one side as income. Is that a viable plan in this market, or are we better off buying a single family home and sticking with it?

that depends on where you want to buy. Single family homes in certain areas will pretty much retain there value, i dont want to say always, because i do not have a crystal ball, but I know of no single family homes in the williamsville area that have gone down in value, unless of course they had some type of structual value, you are also talking about a suburb that has homes typically a little higher in price and taxes. People generally move there for the school district, so demand is usually pretty steady.

Duplexes are nice, in regard to side by side. I lived in a great duplex in cheektowaga at one time, but those taxes are much higher than one would think - but you would also be getting rental income - be careful on doubles and duplexes in cheektowaga, some areas are not so good and others are very very nice

[Cassyaundra]

Originally Posted by CAugust

that depends on where you want to buy. Single family homes in certain areas will pretty much retain there value, i dont want to say always, because i do not have a crystal ball, but I know of no single family homes in the williamsville area that have gone down in value, unless of course they had some type of structual value, you are also talking about a suburb that has homes typically a little higher in price and taxes. People generally move there for the school district, so demand is usually pretty steady.

Duplexes are nice, in regard to side by side. I lived in a great duplex in cheektowaga at one time, but those taxes are much higher than one would think - but you would also be getting rental income - be careful on doubles and duplexes in cheektowaga, some areas are not so good and others are very very nice

The duplex we where looking to buy was a side-by side in Hamburg. It's not as much of an "in demand" area, but it certainly isn't like buying one in the inner-city. I think we are going to pass though. The real estate agent says she has a potential buyer anyway, so our chances would be slim.

We decided to look at a foreclosure this weekend, in a great spot for us. (just a 2 min walk to his parents) in Hamburg. It needs some cosmetic work, but if we can talk the bank down to 60-65, then it would be an awesome buy.

[CAugust]

Originally Posted by Cassyaundra

The duplex we where looking to buy was a side-by side in Hamburg. It's not as much of an "in demand" area, but it certainly isn't like buying one in the inner-city. I think we are going to pass though. The real estate agent says she has a potential buyer anyway, so our chances would be slim.

We decided to look at a foreclosure this weekend, in a great spot for us. (just a 2 min walk to his parents) in Hamburg. It needs some cosmetic work, but if we can talk the bank down to 60-65, then it would be an awesome buy.

first of all, a "potential buyer" means nothing ....... it could be or it could be a way to say - you should make an offer on the place ... and so what if there is a potential buyer? if you like the place, why not put the offer in, maybe the other buyer is going to low ball.............

be careful with a foreclosure, find out how long it has been empty, if the electric was on the whole time, (i bet not) and has the home been winterized? thats a possibility - rem to look for water in the basement - sump pumps do not work when there is no electric.

rem the bank also doesnt have to get back to you within a few days, could be as long as 30 days for them to counter or accept or reject ... that puts you on hold with house hunting......and there could be some additional demands written into the contract, sometimes its a good deal, other times you need to really thing it through...

good luck - have fun!!!

[Canerican]

I don't see how you can spin this as a good thing - all it does is attract more poor and uneducated people to our area because its the only place they can afford a house. Our population is still in steady decline and the entire region seems to think that a fishing supply store will save us.

What we need is lower taxes, and competent government both at the state and local level.

If we can get that, then we can start raising housing prices, cleaning up neighborhoods, and having good jobs return to the area, not just call centers.

[CAugust]

Originally Posted by Canerican

I don't see how you can spin this as a good thing - all it does is attract more poor and uneducated people to our area because its the only place they can afford a house. Our population is still in steady decline and the entire region seems to think that a fishing supply store will save us.

What we need is lower taxes, and competent government both at the state and local level.

If we can get that, then we can start raising housing prices, cleaning up neighborhoods, and having good jobs return to the area, not just call centers.

the poor and uneducated probably wont qualify for mortgages - if you dont have money or a job, you arent going to get a mortgage. That fishing store is probably never going to come to this area, have you ever ever been in one of those stores?

we need to have government utilize those taxes, not lower them - I assume you are directly referring to the city - those taxes are pretty low imho, they need to be allocated properly.

Who wants the values to go up up up? a steady increase is fine, but if you want the bubble to come to this area, you are nuts...