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Simon, Home Buyer in uk

What was the price of homes in down town Buffalo before the current credit issues?

Asked by Simon, uk Wed Oct 15, 2008

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This question is about this property: http://www.trulia.com/property/1068802618-715-Northampton-St…

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i do not beleive that in our area the credit issues have dramatically effected the price of homes in downtown Buffalo, NY. if you are investing or buying for owner occupied, the mortgage monies are avaialbale. what is your goal?
0 votes Thank Flag Link Fri Oct 17, 2008
Your question is too vague. There are houses and condos in downtown Buffalo that range from $5,000 to $500,000. The home values in Buffalo and its suburbs have increased over the past few years and because we never really experienced the big spike in prices, we are not seeing a big drop. The recent credit issues are not really affecting home prices in downtown Buffalo. Along with the economic problems recently, we have also seen a drop in local interest rates for owner occupied home mortgages. This has caused a little buying frenzy for qualified buyers. What you may see is this; prospective buyers may find it more difficult to get a new mortgage due to the qualifying requirements tightening up. If those people own a home, they may just stay put, thus leaving a limited supply of homes for sale. The buyers that are out there and can get a mortgage will most likely experience higher prices and may get into a bidding war. That is just my speculation. If you want price information about specific properties or areas, feel free to e-mail me at joe@joesorrentino.com
0 votes Thank Flag Link Wed Oct 15, 2008
It varies, depends on what type of home you're looking for. Our Buffalo market has not been affected by all the turmoil in the U.S., as far as bloated prices goes. To purchase a property here in Buffalo, you must have a decent credit rating...you may call 716 633-3700 (Hunt Mortgage, and ask for Melanie. She will explain what potential home buyers need to purchase a home in this area. Best of luck! If you need an agent, feel free to call my 24 HR. voicemail at 716 743-6376!!
0 votes Thank Flag Link Wed Oct 15, 2008
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