Buffalo ranked 5th in the top housing markets for 2023
According to Realtor.com, the housing market in Buffalo is heading in the right direction. The Queen City is getting ready for a big 2023 thanks to sellers who are lowering their asking prices.
Experts predict that Buffalo will remain stable despite the final annual increase in the federal interest rate. So on the off chance that you’re hoping to purchase a house, it’s a great opportunity to begin.
Jay Herlan of 716 Realty stated, “We’re in a good spot and we’re a little bit insulated more than other areas because the cost of living and housing is very low in WNY compared to the national average.”
Why is the housing market in Buffalo so good?
More people are making the long-term investment of purchasing a home as rent continues to rise.
According to Herlan, “rents right now are so high compared to what it costs to buy a house on a monthly mortgage budget,” and as a result, “that’s really driving the housing market right now.”
With a median home price of $240,000, Buffalo is also affordable in comparison to other cities in the United States:
“We’re in a good spot and we’re a little bit insulated more than other areas because the cost of living and the cost of housing is very low in WNY compared to nationally,” said Jay Herlan of 716 Realty.
Why is the housing market in Buffalo so good?
More people are making the long-term investment of purchasing a home as rent continues to rise.
“Rents right now are so high compared to what it costs to buy a house on a monthly mortgage budget, so that’s really driving the housing market right now,” said Herlan.
What’s more, contrasted with different cities around the country, Bison is reasonable with a middle home cost of $240,000, contrasted with the rest of the top 5:
Hartford, CT: $372,000
El Paso, TX: $291,000
Louisville, KY: $290,000
Worcester, MA: $ 447,000
Additionally, more people are buying their homes outright and do not require a mortgage, which is beneficial.
We do not experience a lot of natural disasters. Furthermore, our economy has changed.
“In terms of our economy, we’re shifting more from manufacturing to education and medical,” said Matthew Roland, Assistant Dean and Clinical Assistant Professor at the University at Buffalo.
Things to know before buying:
Herlan advises going where you are. Buffalo and its environs are the most popular destinations.
“You have bigger buying power in the city because of the low taxes the city gives you, some other popular areas, I mean the town of Tonawanda really took off,” said Herlan.
Roland advises running the numbers.
“Your property taxes and insurance and then utilities so try to run a personal budget,” said Roland.
In 2023, he predicts that interest rates will remain high and that some communities will see an increase in property taxes.
“With low unemployment and increasing costs of inflation, municipalities have to ratchet up the tax rates so people are gonna be paying more in property taxes as well,” said Roland.
If you want to buy in 2023, both say that it’s all about planning and starting now.
