The homebuying season is off to a slow start in Buffalo, according to local realtors.
The Buffalo Niagara Association of Realtors says the push for buying and selling homes typically starts about now, but due to a rough winter in January and February, realtors say it’s taking a little longer to spring forward.
Typically by this time of the year, realtors say they’ve eliminated half of their inventory, but the Buffalo Niagara Association of Realtors says there’s a national shortage of inventory. Realtors are seeing a lot of multiple offers on one home at a time. That’s good news for homebuyers because that means the rates are somewhat affordable. Realtors tell News 4 the average sale price is around $160,000.
Eric Winklhofer says it’s a great time for first time homebuyers, but he says be careful.
“What’s happening is a lot of buyers are losing houses so they get a little anxious and in some cases are overpaying. But it’s good for the sellers. Our market has been very stable for many years and now we’re seeing a little bit of an upturn in our average sales prices,” said Eric Winklhofer, president of the Buffalo Niagara Association of Realtors.
Winklhofer says with lower rates, homebuyers have more buying power. He says if a person loses out on a few offers don’t be discouraged. Some of the hot spots for buying homes right now are the West Side, North Buffalo and near Hertel Avenue.
Despite this slow start, Winklhofer says this is a great time for Buffalo, as many people are moving back into the city.
For sellers, he says pricing is very important. If a home is overpriced even in a good market like Buffalo, it will sit for a while. He believes this homebuying season will pick up as soon as the weather breaks.