While many areas of the country are beginning to see their real estate sectors cool down, Buffalo NY is on the rise.
Realtor.com recently ranked Buffalo NY as the 5th best housing market in the U.S.
Based on analyses by top economists at Realtor.com, Buffalo NY area real estate is expected to see a 6.3% growth in the number of sales and 6% growth in prices.
If you’re a home buyer, this information gives you the confidence to know that at least inventory is expected to increase by 6.3% this year. Buyers in the market have had a tough time as the lack of inventory has led many to be mired in constant multiple offer situations. Perhaps coupled with the interest rate increases that have already made many sit on the sidelines altogether, this could be just the news that will soften up your home search and give you an opportunity to find a great home.
For homeowners, there might not be a need to fear a major loss of home equity or even a slow down in price growth. Considering that prices may still increase 6% in the Buffalo, NY region it’s still a great time to be a homeowner and also a great time to sell.