Quote:
Originally Posted by ckhthankgod
For those that live in the Buffalo area, have you noticed a difference in parts of the city/area in regards to the topic? In the Syracuse area, I have seen homes sell pretty quickly, whether in the city or suburbs. This is with a slight increase in prices. So, I would say that there is some validity to the article.
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In-laws from Texas are part of the influx. Just had offer accepted on North Buffalo double. House was on the market less than 1 week, had multiple offers, and they had to bid about 15% over and waive inspection to get house. Final sale cost was over 300k. It is taking about 2 months from contract to closing.
Based on their home buying experience, of desirable homes to them (a double or a larger single family home on West Side, Elmwood, North Buffalo, Kenmore), essentially every house priced less than 400k that doesn't need to be gutted had multiple offers within a week, and almost all had sales prices 5-10% (or more) over list.
Multi-family homes in every part of the city seem to be selling the fastest. I am seeing sales on the East Side now in the mid and upper 100s, with buyers paying over list. Looking at sales records in the Buffalo News, it looks as if 20-30% of all homes in the city are being purchased by people with South Asian names, which I think is indicative of the influx of Pakastani and Bangladeshi from the NYC boroughs.
Anecdotally from other blogs, I read of similar home sales experiences by people trying to purchase in the suburbs - multiple bidders, etc. My non-scientific look at several recent sales in Amherst showed all were at or above list price.
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