Buffalo ranked 4th strongest housing market by Forbes magazine

[shipdadip]

Good time to buy a home in WNY. Contact me if you're in the market. Also interest rates are amazingly low right now!

Buffalo ranked 4th strongest housing market by Forbes magazine

By Sharon Linstedt
News Business Reporter

Buffalo area home owners and real estate agents might have envied their peers during the housing boom, but they can now gloat as many other market go bust.

According to a Forbes Magazine, Buffalo ranks No. 4 among the 25 strongest housing market. And it has everything to do with not being a "boomtown." It's the same story with the other urban areas at the top of the list, according to Mark Zandi, chief economist for Moody's Economy.com, which conducted the research for Forbes.

"None participated in the housing boom," Zandi said, refering to his rankings which put McAllen, Texas, Syracuse, Pittsburgh, Buffalo and El Paso, Texas, as the top five markets on the list.

The Forbes piece explains housing markets in upstate New York never had the ups and downs of some hot market in the rest of the country. Zandi predicts home prices in Buffalo, Syracuse and Albany should remain steady in the coming year. For Buffalo, he forecasts no more than a 1 percent decline in values.

Moody's is predicting an average 15 percent decline across the U.S. housing market as a whole.

Local residential sales data collected by the Buffalo Niagara Association of Realtors bear out the Forbes/Moody's research. In November, the most recent month for which BNAR data is available, the number of residential sales in Erie and Niagara Counties dropped a whopping 21 percent, but among the 714 units that sold, the average sale price climbed 23 percent from the prior year.

[leftWNYbecauseofBS]

Good time to buy a home in WNY. Contact me if you're in the market. Also interest rates are amazingly low right now!

Buffalo ranked 4th strongest housing market by Forbes magazine

By Sharon Linstedt
News Business Reporter

Buffalo area home owners and real estate agents might have envied their peers during the housing boom, but they can now gloat as many other market go bust.

According to a Forbes Magazine, Buffalo ranks No. 4 among the 25 strongest housing market. And it has everything to do with not being a "boomtown." It's the same story with the other urban areas at the top of the list, according to Mark Zandi, chief economist for Moody's Economy.com, which conducted the research for Forbes.

"None participated in the housing boom," Zandi said, refering to his rankings which put McAllen, Texas, Syracuse, Pittsburgh, Buffalo and El Paso, Texas, as the top five markets on the list.

The Forbes piece explains housing markets in upstate New York never had the ups and downs of some hot market in the rest of the country. Zandi predicts home prices in Buffalo, Syracuse and Albany should remain steady in the coming year. For Buffalo, he forecasts no more than a 1 percent decline in values.

Moody's is predicting an average 15 percent decline across the U.S. housing market as a whole.

Local residential sales data collected by the Buffalo Niagara Association of Realtors bear out the Forbes/Moody's research. In November, the most recent month for which BNAR data is available, the number of residential sales in Erie and Niagara Counties dropped a whopping 21 percent, but among the 714 units that sold, the average sale price climbed 23 percent from the prior year.

First off...this is a horrible "sales pitch"...

If you are a REALTOR, what is your website? What is your blog? What is your brokerage?

Secondly, research like this does not account for taxation...which is a major factor in buying a home. Something a REALTOR would advise on.

[shipdadip]

I guess you told me

[zanna vaida]

For the latest Buffalo-Niagara Real Estate Sales statistics contact a local Realtor or visit BNAR website: visit :http://www.bnar.org/index.php?src=ge...y=MLSMLXchange

[leftWNYbecauseofBS]

I guess you told me

Yea...you are a tool.

Nice to see agents scramble for business these days.

[zanna vaida]

If you want to be in business to have to learn to be patient, flexible, focused, up-to-date, and resourceful. You have to learn how to save and survive in any situation. Business like a stock market. It has ups and downs. You have to think long term and be ready to adjust when needed.

[300miles]

First off...this is a horrible "sales pitch"...

If you are a REALTOR, what is your website? What is your blog? What is your brokerage?

Secondly, research like this does not account for taxation...which is a major factor in buying a home. Something a REALTOR would advise on.

Why the attack? It's a news article, and the source is Forbes.com.

As far as taxes - they have nothing to do with how well or badly the housing market is doing. The article is referring to sales, not cost of living.

[leftWNYbecauseofBS]

Why the attack? It's a news article, and the source is Forbes.com.

As far as taxes - they have nothing to do with how well or badly the housing market is doing. The article is referring to sales, not cost of living.

Because he/she had a sales pitch at the top of the message.

I work with several agents who take time to post content to sites and blogs to educate the masses AND in hopes of gaining trust and business.

All this person did was post some bogus stuff and say call me. It is agents like this, who make up about 80% of the REALTOR population, that are a big part of the blame for the housing mess.

Too many uneducated or unethical people in the biz simply selling life is grand and buy/sell now because all they want is a commission check. 80% of agents at MJ, Hunt and Realty USA are morons who have ZERO concern for the residents they prospect. I know this because I have frank business to business conversations with them.

They view messages like this as prospecting. Post crap like this in enough places, they will get some people to call or email. It should be harder than that. The public, in public or on a message board like this, should demand more from people soliciting business.

Just rubbed me the wrong way I guess.

[leftWNYbecauseofBS]

As far as taxes - they have nothing to do with how well or badly the housing market is doing. The article is referring to sales, not cost of living.

Oh yes they do. The reason house prices did not go up was because of the taxes. Taxes cost so many people in WNY equity...it is not funny.


There is a payment threshold for every buyer. They know how much they can and should spend in a month.

If a $170,000 home has $7k in taxes, that is $583 a month. That is $583 less that someone can pay to a mortgage and interest. On a 30 year loan at 5.7%, that $583 is $100,000.

See if tax rates were half of what they are....that would allow people to spend the savings on a home or put into savings. That most certainly effects the equity you have and the savings you have.

[300miles]

Because he/she had a sales pitch at the top of the message.

Ah. I didn't even see that first line...

if tax rates were half of what they are....that would allow people to spend the savings on a home or put into savings. That most certainly effects the equity you have and the savings you have.

The tax issue IS certainly one factor, but it's not the only reason. Consider that similar cities in very different states have similar prices (Michigan, Ohio, Pennsylvania, Indiana, etc...) The main reason is the rust-belt economy and exodus of people. Yes, taxes play a role, but each state has very different taxes, some much lower than NY, and still have cheap housing due to the economy.

[MERL J]

Ah. I didn't even see that first line...


The tax issue IS certainly one factor, but it's not the only reason. Consider that similar cities in very different states have similar prices (Michigan, Ohio, Pennsylvania, Indiana, etc...) The main reason is the rust-belt economy and exodus of people. Yes, taxes play a role, but each state has very different taxes, some much lower than NY, and still have cheap housing due to the economy.

Okay, then add this in - if a city has been losing population - how does that equate to higher homes sales?

[300miles]

Okay, then add this in - if a city has been losing population - how does that equate to higher homes sales?

In general, it doesn't. If prices are going up in a declining city, then it's for other reasons than population.

[doppler3]

Nice to see Upstate finally coming out on top!

[CAugust]

I guess you told me

I think what he meant to say was just saying you're a realtor or agent doesn't get you business, a reputation does. If you have a good repuation, you don't need to throw out your call me on a blogging forum, people will call you because they know that you are trustworthy from postings outside of just real estate. You can put in your signature what you do, that's enough for most people, and you have the ability to enter your website, so people will visit it if they need your services.

I assure you one thing, advertising on a forum will not get you clients - BUT, I will also assure you that when people have questions on r/e if they trust you they will pm or dm you. I know it for a fact.

You don't need to work for a big name or sell million dollar homes, you need to be trustworthy - we all have access to the same mls system anyway, volume in a brokerages sales means nothing.

btw, who are you and who does hold your license?

[CAugust]

as far as taxes, i dont do much business in Niagara County, however i am listing a home this week in Lockport - I was astounded at the taxes, around $4500 for a home that I am listing at 119,900 - and they say Williamsville is high lol, this is a really nice home, but it's a starter or a downsizer for sure.

i agree taxes are killing home buyers..... too bad.......because the prices are decent, but the taxes will kill ya................... I mean, the taxes are almost as much as the mortgage in some cases.....................