I’ve been looking a lot, though still just casually, and i am curous if things are going above asking price in WNY right now or no?
I keep seeing very respectable, though smaller or rural, properties for pennies compared to what they would be over here. literally half to 1/3 the price of what we would see around me.
Just some samples from today. Your thoughts?
the outbuildings on that one are crazy. its rural but big. this would be probably 3x - 5x that price up here.
regular family home but that would be 2x up here.
this is one of a couple in Newstead that are neat for the $.
Reason i am looking at this price range is because it wouldnt require me to have to sell any of my canadian properties. i could just buy, hold, rent, or move in to one
you cannot get even a 1 bed condo for $300k around me, let alone a decent family home like this. Is this something that is listed for $309k and goes for $400k though?
A lot of this depends on the areas you are looking in. More in demand areas like Amherst/Williamsville are going to have a much higher chance of over asking selling prices. My co-worker has been looking in Williamsville for a while now. He had an offer in $50k over a couple weeks back and it went for $90k over. That’s not the case every time, lots of little factors play into that as well. I think those homes in the $250k-$350k are the sweet spot for aggressive over bidding. Over $350k the pool of prospective buyers shrinks and there’s not as much competition by comparison, but still expect multiple offers on anything you look at.
1st one is nice, price makes sense based on how far away it is from everything. Not much work or money around there.
2nd one is in the hood. You’d be better off buying something a couple blocks away for <100k and hoping the neighborhood turns.
3rd one I wouldnt touch because it looks like a bunch of bad additions.
In general “good” houses around here are selling in days for well over the asking. Anything you find that has been on the market for any period of time is on the market for a reason.
I had three contractors quote me for a parking pad in concrete, all three said 8-12 months out and they all varied by thousands. One was $2k, the other was $10k.
All these people shooting over asking must have cash piles. Banks will approve of what they say it’s worth. Buddy bid over asking and bank said he would have to come up with the difference because the house wasn’t worth the price.
Not sure how big a pad you want but I just DIY’d a pad and retaining wall for my hot tub for about $500. 4" thick, 10’x10’ and the retaining wall was 18" tall on two sides. Rent a mixer and have the pallet of concrete delivered.
30%+ of all transactions are not for primary residential purposes (investors, second home, commercial buyers). foreign buyers (Chinese in particular) are also big players but they fit into the former categories usually.
