I love that house
I was just talking to a buddy about this. The last few houses he lost out on the winning bids were all cash no contingencies. As long as there are all cash buyers in the market interest rates aren’t going to matter. Both houses on my street that sold in the last year were all cash offers.
I think you’re seeing a lot of all cash offers because you’ve got an influx of remote workers in the market right now that are selling their grossly overpriced homes in places like NYC, SanFran, Toronto etc and moving to more reasonable cost of living places now that “the office” is anywhere with stable internet. Are there enough of these people to really upend the housing market for a typical mortgage backed buyer? Probably not… unless there is a shortage of homes compared to buyers like there is right now.
This trend is reversing as well though. If the news it to be believed, I read yesterday something like 75% of employees are in-office only now. Work from anywhere is possible, but not ideal for employers.
Yeah, but at least in IT right now you’re not hiring someone new if you’re not offering full remote. We met with our recruiters again yesterday and while we would like someone in the office we were told flat out the chances of them filling the position with that as a requirement are really slim. The IT job market is a lot like WNY housing… way more jobs than qualified candidates (especially local candidates) so the candidates are really driving the conversation. Google and FB laying off people like crazy will help some. I also heard from a pretty reliable source M&T canceled pretty almost every new position they were recruiting for right after SVB went under, which will be huge for the WNY IT market.
M&T has been hemorrhaging employees since the pandemic, they refuse to compete with Citi and other banks as far as salary goes and they were the first bank to return back in hybrid against all the wishes of the employees, it didn’t sit well with many people.
My brother-in-law just mentioned another wave of layoffs at M&T. He’s been fully remote for the most part though, by choice. I know not everyone had that luxury of choosing, but still kinda crazy how many waves of layoffs I’ve been hearing about there.
It’s really just a lot of call center people and remote workers they hired from out of state. That’s the biggest bullshit part is during the pandemic they hired a ton of remote workers from out of state, for good money too, and when they decided everyone needed to return to the office to “bring back community” the out of state remote people didn’t have to, so it begged the question, why does ANYONE have to? That didn’t go over well. So people jumped ship to Citi, who pays much better or got out completely.
I have certainly noticed that Buffalo is not really correcting other than in the larger family home part of the market ($600k+) which is similar to up here. most of the market is driven up here by sub $800k (CAD) homes whereas everything over $1m (CAD) is sitting or being reduced.
The most comparable home to ours in our neighbourhood has been for sale for 3 months now. It needs a full gut but the property itself is beautiful. But it’s $1.4m (CAD) so it’s sitting.
Have seen many WNY homes on the market for over a year in the $700k - $1.2 (USD) range, some are posted here, but they do appear to be selling after reductions. Are there sites to see the final sale price of WNY homes? we have apps like that up here that anyone can use to see the selling prices of homes. I am sure everyone within 10 blocks of me knows exactly what i sold our other place for in the fall.
Florida is definitely not correcting at all yet.
I definitely need to wait for the US/CAD to drop (currently 1.4 USD to CAD) or the market to correct a bit before getting something down there. All of the older dudes i roll with that bought in 08/09 bought when the market took a 30-50% hit and the dollar was par… BLAAAARG!!
I believe they eventually make it to print in the home finder publication. Otherwise I usually see Zillow updates shortly after closing. Keep in mind, average time in NY from contract to close is 2 months. House in my neighborhood that was listed at $590k recently sold for $575k, which I thought wasn’t too bad and it was only on the market for maybe a couple months before it went to contract.
I can’t believe this is sustainable in WNY. The history of the house across the street from me that has sold three times since 1998. And I’m sure this recent sale will close over the $330k based on the traffic from the open house and how quickly it went to pending after the open house.
Think about how much your salary has gone up since 1998, or even 2007. Has your salary gone up 135% since 2007, because that’s what this house did.
I’ll be honest, teacher salaries haven’t gone “up” since the 1970s (adjusted for inflation) soooo…
I’m lucky I bought my house in 2015, or else I’d be shit out of luck for home buying.
Stop relying solely on a single salary.
Become an entrpreneuer or lose.
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The Buffalo News usually has a real estate thing that comes out probably monthly, but maybe weekly? I can’t remember exactly. It pops up in my feed.
Fixed. (at least once anyway)
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Correct, I don’t know anyone who has fun in life that has one source of income. Almost everyone I hang with has a side hustle of some sort.
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I ordered a 3D printer…
Who wants 3D printed plastic genitals?
I want to save up for a 3D scanner. (don’t ask why)
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Which printer did you buy??
ender 3 s1-pro $379 shipped