BUFFALO, N.Y. (WIVB) — We’re about two years into this pandemic, which has had a huge impact on the housing market.
Fred Corsi, President of the Western New York region of Howard Hanna stopped by Wakeup! to share some tips to navigate Buffalo’s sizzling housing market.
Right now inventory is at a major low and it’s causing bidding wars like some local agents have never seen before. Prices on homes went up 17% in 2021, according to Howard Hanna.
Fred Corsi says the low inventory comes from homeowners not selling due to financial uncertainty during the pandemic. Supply chain issues also posed a problem for builders.
This all led to a sellers market, with homes going on average, for much more than the listing price. He says to get the home, you’ll need to beef up your offer and make it as attractive as possible.
“I’m seeing everything from buyers waiving inspection fees, buyers allowing the seller to stay in the home longer after closing, to making cahs offers without mortgage contingencies,” said Corsi. “It’s all what is in your comfort range as a buyer.”
While many are hoping for the housing market to reach normalcy, Corsi expects that won’t happen until next Spring.
Gabrielle Mediak is a reporter who has been part of the News 4 team since 2019. See more of her work here.