Is This a Good Time to Purchase Real Estate in WNY?


As Realtors we are here to assist buyers to achieve the American Dream – Home Ownership in Western New York. That might be to relocate to a new location, which might mean selling their current property, helping them find another qualified agent in the new area. As your Real Estate Professional we have to be part banker, part analyst, in addition to helping you find the right WNY home.

We have to wade through the massive amount of information that is now available to the Western New York Real Estate consumer and help make sense of it all. With Web 2.0 that information has expanded tenfold.

No wonder the consumer is sitting on the fence. It was a lot of information to process when you were looking at two or three neighborhoods. Now people are exposed to a lot of extra information, information that may not be relevant to your specific situation or area. What results is you are forever stuck in analysis paralysis.

If all that is out there is the negative why would you want to purchase a WNY home? For all the bad, there is much good happening in Western New York. There is growth and new development happening, there is construction going on. People, like myself, are coming back to Western New York.

There is hope!

The media seems to do well enough on the negative. Remember that is what gets ratings and newspapers sold. It makes great headlines all the bad in the world, remember corrections and retractions are usually buried somewhere in the paper. The media wants to sell papers, they don’t sell homes.

Taking Real Estate advice from the media is like going to your family physician to get the oil changed in your car.

David Podgursky made an excellent point in a post by Caleb Mardini posted – Why Buy? about the cost of not buying a home and his advice was:

“If you’re buying a home – buy a house you LOVE. If you have this many regrets causing you to keep from purchasing then maybe you just don’t LOVE the house. Don’t, though, let a good deal or the right house slip away from you because you’re betting on the market. Know what is controllable and what isn’t. The right house could disappear as quickly as it came on the market and you could miss out on the right property while trying to figure out the right time to make your move”.

Awhile back I wrote Help – My Crystal Ball is Cloudy and in it I wrote ” There are many factors that affect us all across the country – Baby Boomers, Generation X, the economy, insurance, taxes and disasters to name a few. How they will affect us will be dependent on many local things. But there are things that point out that now is the time to buy. Mortgage rates, lifestyle decisions, and the like play into the decision as importantly as are we heading for an upswing in prices. You may purchase in the downswing while prices go a bit lower, but you run the risk of higher interest rates later on. If you are planning on keeping the property for long term, this setback is temporary. If you are too slow you could miss out on that perceived “better opportunity” only paying more and with a higher interest rate. Because that is also a possibility!”

Mark Eibner wrote a great post about Crystal Balls his advice in the market if for the Colorado area, but he probably says it best for the whole country “For those of us that have been in this business long enough, we know that there is no such thing as a crystal ball. The only thing that is certain for sure is change. Change will be the biggest news item for the next five years. The Crystal ball says get ready to CHANGE.”

How are you going to react to the changes in the Western New York Real Estate market? What changes in your plan are you going to make? How are you going to be one of the winners this year?

What About One Of These Homes?

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For more information, call our Myriad Team @ Keller Williams Lancaster at (716) 650-0051

Thinking of selling your Western New York home? Curious about the current market conditions in Western New York? Call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2016 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.

February 8, 2013

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