Prices dropping over the past month?

Question

In my area (Buffalo, NY) , ive noticed properties aren't selling as fast and most arent getting multiple offers like they were during the summer/spring months. Is this simply a normal cycle that happens after summer is over, or is there something more here?

Todd Groom · Answer

NY market from everything I have read and seen has imploded. I am not sure if its just the city or the state but there is a mass exidous to other states. They are calling it Pre and Post bandwidth. Meaning pre-bandwidth companies had to have large amounts of office space and employees had to live close by. The owners had to still live with in reason. But now they have learned that ISP's have the bandwidth at home and they no longer need millions in office space. So places like Utah, Florida, Nevada and more that do not have state taxes are being flooded with these employees and owners. Our market in Tampa is exploding here. Market rent is soaring as everyone is staying in place and new ones are moving in daily.

I have read this may not be the same as 9/11 or the 08 crash and that New York won't recover like it has in the past. So we shall see in the coming years. I have seen commercial realesate in the city has been cut in half. Store front, ground floor, front facing is going for $35 a foot in some places, Insane.

Patricia Steiner · Answer

In Tampa Bay, our prices are increasing rapidly. It's actually the norm that there will be multiple offers, all over list price, cash purchases are common - and "good bones" sell within a day. It's absolutely nuts. We were already in a hot seller's market with historically low inventory before Covid but Covid brought us a wild influx of buyers from "pandemic hot spots" who are looking for that "staycation" in anticipation of the next round of shutdowns.

Who'da thunk this?!!!

Caleb Brown · Answer

In my market(Kansas City) it is usually hot till the end of October/November. It should start not being as hectic but still a fast moving market. Typically Winter here there's less sellers and buyers so mellow then February it heats up again.

Frank S. · Answer

NYC and buffalo markets are nothing alike but I do appreciate your feedback. If anything,  the buffalo market has been gaining residents from NYC

Nathan Gesner · Answer

Things tend to slow down in the fall/winter because families are settled in for the school year. However, my market is still moving fast and prices haven't slowed down yet.

Carvella M Thompkins · Answer

@Patricia Steiner

I agree Tampa’s market is crazy. My sister’s just purchased her house finally in this craziness. She put in about 5 different offers on different places. Some weren’t even on the market long enough for her to go see after work.

Bjorn Ahlblad · Answer

The tree counties I am investing in inventory is shrinking and prices are going up accordingly. Nothing stays on the market long; even total dogs that have no hope of returning a profit, are being picked up in weeks. ;))

Khaled Morad · Answer

Spot on with what Caleb said above. Also, prices were somewhat artificially inflated and lenders have become more conservative, effectively moving prices back down to a more authentic level.

Prices dropping over the past month?

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