WNY’s hot real estate market sees slight cooldown

Emily Cornwell has been in the real estate business for six years. As an associate broker with Howard Hanna Real Estate Services, she’s about to list a home in Buffalo’s Parkside neighborhood. She says it’s still a great time to be selling your house.

“It’s definitely a seller’s market,” she said. “The inventory hasn’t balanced out for the pool of buyers and the number that we have.”

She says there are still more people looking to buy than existing homes available. Combine that with low interest rates and it makes for a hot housing market.

“It has been a hot market,” she said. “It is manageable, however, in the sense that you find out what your clients’ needs are. You find what their targets are. Their timeframe. What’s most important to them. And then you work along the lines of that while guiding them in their best interest.”

But Cornwell and other agents have seen a slight cool down in the market lately. That’s a trend across the country, where existing home sales dropped by 2% in August according to the National Association of Realtors, but prices have risen almost 15% year-over-year. And with a few more homes going up for sale, it’s making it a little better on people trying to buy a house.

“It’s not impossible,” she said. “If you’re a buyer, and you’re working with the right agent, there’s trust built there and you’re working in the right realm of what makes sense given what you’re looking for and your circumstances, it’s absolutely possible to get the right house now too.”

While sellers are in a good spot to get the best value, she has some advice for buyers who might worry about being outbid for homes or having to wait longer than they’d like.

“I think remaining patient at times is important — trusting that the right thing is going to be presented at the right time,” she said.

A little bit of stamina for needed people wanting to get into their perfect home.

Published by Spectrum News

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