Buffalo NY To Become Hottest Real Estate Market

Wild Turkey

Wild Turkey

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Buffalo 's housing market will be the hottest in 2024, Zillow says

Buffalo, New York will see its housing market become the most competitive out of 50 major cities this year, projections from Zillow indicated.
www.foxbusiness.com www.foxbusiness.com

The online real estate company said late last week that affordability and the level of new jobs per new home permitted helped the western New York city get the title of 2024’s anticipated hottest market. Buffalo home values being slated to remain "steady" contributed too, according to Zillow.


Second time this week I've run across an article talking about how 'hot' the Buffalo real estate market is and it surprised me. I've never been to Buffalo but my impression is that it is practically in Canada and a frozen tundra which would be up there on my absolutely do not want to deal with checklist.

Is there something I'm missing?
 
Wild Turkey said:
www.foxbusiness.com

Buffalo 's housing market will be the hottest in 2024, Zillow says

Buffalo, New York will see its housing market become the most competitive out of 50 major cities this year, projections from Zillow indicated.
www.foxbusiness.com www.foxbusiness.com

The online real estate company said late last week that affordability and the level of new jobs per new home permitted helped the western New York city get the title of 2024’s anticipated hottest market. Buffalo home values being slated to remain "steady" contributed too, according to Zillow.


Second time this week I've run across an article talking about how 'hot' the Buffalo real estate market is and it surprised me. I've never been to Buffalo but my impression is that it is practically in Canada and a frozen tundra which would be up there on my absolutely do not want to deal with checklist.

Is there something I'm missing?
Click to expand...
Never been
 
Wild Turkey said:
www.foxbusiness.com

Buffalo 's housing market will be the hottest in 2024, Zillow says

Buffalo, New York will see its housing market become the most competitive out of 50 major cities this year, projections from Zillow indicated.
www.foxbusiness.com www.foxbusiness.com

The online real estate company said late last week that affordability and the level of new jobs per new home permitted helped the western New York city get the title of 2024’s anticipated hottest market. Buffalo home values being slated to remain "steady" contributed too, according to Zillow.


Second time this week I've run across an article talking about how 'hot' the Buffalo real estate market is and it surprised me. I've never been to Buffalo but my impression is that it is practically in Canada and a frozen tundra which would be up there on my absolutely do not want to deal with checklist.

Is there something I'm missing?
Click to expand...

Zillow is saying the same thing about Watertown. I can't tell you how many city people have bought up houses in the area during the pandemic because of zillow.

Everyone has to realize that just because you can get a very nice place for under $350K here, people still can't afford $2000 a month in rent though. So the city people that bought up a lot of land here, and raised our land values are now sucking wind because this economy does not support the rent they need to break even on these homes they have purchased.

Careful believing zillow. Upstate NY is not the typical national model.
 
Wild Turkey said:
www.foxbusiness.com

Buffalo 's housing market will be the hottest in 2024, Zillow says

Buffalo, New York will see its housing market become the most competitive out of 50 major cities this year, projections from Zillow indicated.
www.foxbusiness.com www.foxbusiness.com

The online real estate company said late last week that affordability and the level of new jobs per new home permitted helped the western New York city get the title of 2024’s anticipated hottest market. Buffalo home values being slated to remain "steady" contributed too, according to Zillow.


Second time this week I've run across an article talking about how 'hot' the Buffalo real estate market is and it surprised me. I've never been to Buffalo but my impression is that it is practically in Canada and a frozen tundra which would be up there on my absolutely do not want to deal with checklist.

Is there something I'm missing?
Click to expand...
Your balls.
 
dikowt dowg said:
Zillow is saying the same thing about Watertown. I can't tell you how many city people have bought up houses in the area during the pandemic because of zillow.

Everyone has to realize that just because you can get a very nice place for under $350K here, people still can't afford $2000 a month in rent though. So the city people that bought up a lot of land here, and raised our land values are now sucking wind because this economy does not support the rent they need to break even on these homes they have purchased.

Careful believing zillow. Upstate NY is not the typical national model.
Click to expand...
What I’m seeing with clients that own property is that anything over around 300K and above is holding value or dropping slightly. But lower end stuff like 90K condos that is low income housing has dropped down into the 60s. Mortgage interest increases really kill the lower income people in multiple fronts but make it almost impossible for them to get home ownership.
 
Wild Turkey said:
What I’m seeing with clients that own property is that anything over around 300K and above is holding value or dropping slightly. But lower end stuff like 90K condos that is low income housing has dropped down into the 60s. Mortgage interest increases really kill the lower income people in multiple fronts but make it almost impossible for them to get home ownership.
Click to expand...

What market? I don't know anything about the Buffalo market so not sure what is happening there. But here, zillow had the Watertown market listed as the next best thing for small USA cities. And outside buyers are learning first hand that the economy doesn't support the increases for nicer single family homes...not as rental properties.

But if you are buying and moving in, a person is goig to get a lot of square footage compared to national prices. Only retirees seem to fit that bill because few jobs here support a $300K mortgage.
 
Years ago, there was a guy who owned about 100 properties in Buffalo. He took cash out of all of them and bailed to Florida. The company I worked for had loans on ten of them. The AG called all of the lenders to a meeting (in February!) to try to strategize how to manage the impact of 100 vacant properties in a shitty area of Buffalo.

At the time, they were aggressively bulldozing vacant properties in the area because vacant properties attract crime (one of our houses was broken into while I was there, the guys who broke in ordered a pizza and then robbed the pizza guy at gunpoint). Also they said that a lot of the housing stock in that area of town was old factory housing that wasn’t built very well and if not properly winterized, wouldn’t survive a Buffalo winter intact.

This was years ago and maybe things have improved, but I certainly didn’t see anything that would make it an attractive place to live.
 
williewilliejuan said:
Years ago, there was a guy who owned about 100 properties in Buffalo. He took cash out of all of them and bailed to Florida. The company I worked for had loans on ten of them. The AG called all of the lenders to a meeting (in February!) to try to strategize how to manage the impact of 100 vacant properties in a shitty area of Buffalo.

At the time, they were aggressively bulldozing vacant properties in the area because vacant properties attract crime (one of our houses was broken into while I was there, the guys who broke in ordered a pizza and then robbed the pizza guy at gunpoint). Also they said that a lot of the housing stock in that area of town was old factory housing that wasn’t built very well and if not properly winterized, wouldn’t survive a Buffalo winter intact.

This was years ago and maybe things have improved, but I certainly didn’t see anything that would make it an attractive place to live.
Click to expand...
What you described still sounds better than San Francisco.
 
dikowt dowg said:
Zillow is saying the same thing about Watertown. I can't tell you how many city people have bought up houses in the area during the pandemic because of zillow.

Everyone has to realize that just because you can get a very nice place for under $350K here, people still can't afford $2000 a month in rent though. So the city people that bought up a lot of land here, and raised our land values are now sucking wind because this economy does not support the rent they need to break even on these homes they have purchased.

Careful believing zillow. Upstate NY is not the typical national model.
Click to expand...
it’s amusing as fuck that our mortgage that originated a few years ago at like 2.5% is now cheaper than most apartments are renting for. Anyone buying without a cash offer right now(and even still probably), is fucking nuts.
 
Deep Dish Pizza Goat said:
it’s amusing as fuck that our mortgage that originated a few years ago at like 2.5% is now cheaper than most apartments are renting for. Anyone buying without a cash offer right now(and even still probably), is fucking nuts.
Click to expand...

It goes in cycles, but interest rates are just becoming normal again so folks better get used to it. Hang onto the below 5 percent loans for the rest of the mortgage.
 
Buffalo is a great place. You've got the Falls, got the Lake, lots of wide open space just to the east and south. Winters are tough but the other 3 seasons are nice. Pay is not all that competitive for certain sectors, though.
 
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