Buffalo Real Estate Market during COVID

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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
5y

@Jordan Knight lots of activity in Buffalo. The sellers market is more on the single family houses than it is on the doubles.

It really depends on what your goals are, and what you are comparing available housing too.

I have talked to some local buyers that stopped buying 5 years ago because they thought the market was over bought.

I have been continually buying for 10 years and just got another property under contract last week.

More investors are looking for value add properties these days then in prior years.

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  • Jim Peckey
    Rental Property Investor · Buffalo, NY · Member since 2018 · 37 posts · 6 votes
    5y

    What's the question here??

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Jordan Knight lots of activity in Buffalo. The sellers market is more on the single family houses than it is on the doubles.

    It really depends on what your goals are, and what you are comparing available housing too.

    I have talked to some local buyers that stopped buying 5 years ago because they thought the market was over bought.

    I have been continually buying for 10 years and just got another property under contract last week.

    More investors are looking for value add properties these days then in prior years.

    Irish Jones Realty4.947 Reviews
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  • Jordan Knight
    OP
    NY · Member since 2019 · 6 posts · 0 votes
    5y

    @Jim Peckey

    Is buffalo turning into a sellers market during COVID? And are investors more active in this region as of late.

    0Reply
  • Jordan Knight
    OP
    NY · Member since 2019 · 6 posts · 0 votes
    5y

    @Matthew Irish-Jones thanks for the response.

    0Reply
  • Jesse OttesenPro Member
    Investor · Staten Island, NY · Member since 2016 · 31 posts · 23 votes
    5y

    @Jordan Knight

    I closed on an SFR in Kenmore in July. I made an all cash offer with no contingency based on a video tour of the house. I kept missing bills and the prices were going up so I had to get very aggressive.Closing took longer than expected due to Covid and getting the title search done. The house is in rougher condition then it appeared on the zoom tour. It's such a busy market up there that I couldn't get any contractors in to help with the renovation.. I worked on it for five long weekends with some family help. A month after the closing I had tenants in it.  I think it's a good town with potential.

    I would really like to purchase something in North Tonawanda. It reminds me so much of red Bank New Jersey 20 years ago. I think North Tonawanda has a huge upside.

    As far as the Buffalo billions are concerned there’s more money headed into the Buffalo area with a $250 million interchange currently in design. At some point this huge influx of cash should take hold.

    @Jesse Ottesen

    1Reply
  • Reh N.
    Specialist · New York, NY · Member since 2019 · 29 posts · 3 votes
    5y

    Why do you think the Buffalo Billions is a bust? 

    0Reply
  • Jon Lilley
    Rental Property Investor · Buffalo, NY · Member since 2018 · 14 posts · 2 votes
    5y

    @Jesse Ottesen just saw your post and am selling a 2 family property in North Tonawanda in next few weeks if you’d like details

    0Reply
  • Sarah Ho
    Buffalo, NY · Member since 2020 · 7 posts · 0 votes
    5y

    @Jon Lilley if you still need buyers on NT let me know...

    0Reply
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