Is it a buyers' market in WNY?

Asked by Partyof4, 60502 Tue Nov 25, 2008

We are debating whether to buy now or to rent for 6-12 months then buy. How would you describe the conditions in Northtowns (specifically Amherst, Williamsville and Clarence)? Whic hare the most desirable areas (in case we need to sell it in a few years)? Is East Amherst as good as the other areas? Is there anything to avoid?

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Marina Naples, , Amherst, NY
Mon Oct 11, 2010
Dear Party of 4,
To fully know if you ought to rent or buy at the present time needs consideration of your financial picture. An up-to-date look at your credit and score is essential. And, take a look at any expenses you are looking at in the near future to safe-guard yourself. What spending is within your financial safe comfort zone? Do you have car payments? Will you need or want to replace your vehicle, furniture, etc. soon? Do you have other monthly obligations and expenses you must meet? You need to know these answers and an excellent mortgage lender can assist in this area. The sales conditions of the areas you asked about basically stay steady. As far as which area is more desirable for your preferences these answers you will find by contacting those local chambers to find out if they hold the ammenties and services you prefer. Also, taking the time to drive through your areas of interest as well as attend their festivities will help decipher if you find it meeting your needs. Which TYPE of properties for resale, the features it has, and what condition it's in are certainly a consideration to take into account when buying for possible resale later. I would be happy to discuss your needs further and assist you in looking for a new home. Please feel free to contact me
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The Maxian C…, Agent, Williamsville, NY
Sun Sep 12, 2010
Interest rates are favorable to buyers with good credit scores right now. If you can qualify, the rates are extremely low. Houses are selling in WNY, and consequently there isn't a huge amount of inventory just sitting around. I'd suggest contacting a Realtor, looking to see what is out there that you like, and making your decision whether to rent or buy based on that.
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Joe Sorrenti…, , Buffalo, NY
Tue Nov 25, 2008
Boy, you're all over the place with the questions today! Is it a buyer's market in Western New York? I don't think so and I do a lot of business in the area. I think the number of existing homes currently for sale is in line with the number of qualified buyers out there. If anything, the buyers are the ones having the problem lately with closing or getting a mortgage commitment. Banks that are still in the mortgage business are re-evaluating the qualifications of buyers that have not closed yet and are either changing their minds and denying people a mortgage or are re-configuring a loan prior to closing, mainly due to a borrower's credit score. The threshold for acceptable credit has increased in the past few months, weeks in some cases. If you don't have a 720 credit rating, you may not get a loan, may not be eligible for PMI (private mortgage insurance) anymore or, may pay a higher interest rate than you were told previously. It ain't over yet.
Have a loan officer sit down with you, run your credit, review your debts and source of cash and then make a determination to buy or wait at that point. Doing things on-line is not going to get you where you need
to go.
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Partyof4, , 60502
Tue Nov 25, 2008
If Realtors are not allowed to comment on neighborhoods they seriously diminish their value. I would guess that you are referring to Fair Housing legislation, but I certainly don't think that prohibits examining DOM, list to sales price, occupancy rate and trends in appreciation or depreciation as the case may be, that's just plain good business.
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Gail Gladsto…, Agent, 11743, NY
Tue Nov 25, 2008
First of all, Realtors are not allowed to comment on neighborhoods or schools...this is law.

Secondly, real estate is local. I see pockets (developments, neighborhoods) that are still appreciating while next door to them the prices are still adjusting.

Now is the best time to purchase. If interest starts going up, you will end up paying more for a property, even if the price of the property goes down.

Get a Realtor to represent you and when you find a house that can be a home, have the Realtor comp out the neighborhood for sales within the past 3 months so you will have an idea of what the true value is and can comfortably move forward with a bid.
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