BUFFALO, N.Y. (WIVB)–The median sale price for a home in the Buffalo market jumped nearly 24-percent in May to about 170-thousand dollars, outpacing the national average and once the “for sale” sign goes up, it is on the market for seven days.
“If the house is in good shape, it is in a good location, you are probably going to get more than you are asking for the property. That is the thing. We have situations where we have 20, 30, 40 offers on one house in some instances,” said Fred Corsi, Western New York President of Howard Hanna Real Estate.
Corsi says demand is the driving force behind the high prices and low inventory, but there is a reason.
“We say to sellers, look you are going to get a lot more money than you would have previously if you sell now. But the challenge is you are going to pay more when you go to buy.”
Not a problem for Donna Kreil, who sold a double, but still has a home, separately.. avoiding real estate speculators that seem to be flooding Western New York.
Donna says she got offers to sell, eye-popping cash offers, even before her property went on the market.
“Phone calls at the house, letters in the mail. I must have had about 15, 20, 30 of them.”
Julie Parke of Hunt Real Estate is now helping Donna with the sale of her house with an offer about twice what the speculators were offering under conditions in their favor.
“Authorization to go in and show it under their own contract with another real estate agent before they even owned the property.”
In real estate transactions, realtors say cash is king but not always best when either is the highest offer. When there is a bidding war, an offer that has contingencies is usually a lower priority, so Julie Parke advises buyers to work on improving their credit score.
Al Vaughters is an award-winning investigative reporter who has been part of the News 4 team since 1994. See more of his work here.