BUFFALO, NY (WIVB) – The median selling price of a home in the Buffalo market jumped nearly 24% in May to about $ 170,000, beating 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, if it’s in a good location, you will probably get more than what you ask for for the property. This is the thing. We have situations where we have 20, 30, 40 offers on a house in some cases, ”said Fred Corsi, president of western New York State of Howard Hanna Real Estate.
Corsi says demand is the driving force behind high prices and low inventory, but there’s a reason.
“We say to sellers, look, you are going to make a lot more money than you would have before if you were selling now. But the challenge is, you are going to pay more when you go to buy.
No problem for Donna Kreil, who has sold a double, but still has a house, separately … avoiding real estate speculators who seem to be flooding western New York.
Donna says she received offers to sell, mind-blowing cash offers, before her property even went on the market.
“Phone calls home, letters in the mail. I must have had about 15, 20, 30.
Julie Parke of Hunt Real Estate is now helping Donna sell her home with an offer roughly twice what speculators were offering on terms in their favor.
“Permission to enter and show it under their own contract with another real estate agent before they even own the property.”
In real estate transactions, real estate agents say money is king, but not always the best when one or the other is the highest bid. When there is a bidding war, an offer that has the unexpected usually takes a lower priority, which is why Julie Parke advises buyers to work on improving their credit rating.
Al Vaughters is an award-winning investigative journalist who has been on the News 4 team since 1994. See more of his work here.