BUFFALO, N.Y. – It’s a sellers’ market in Western New York right now, which means if you’re on the other end of that trying to buy a house, it could take some time.
With their one-year-old son in mind, John and Julie Sengbusch knew they were ready for a bigger home.
"We want to expand our family, so we wanted to go bigger,” Julie said.
Their Lackawanna house sold in the first week it was on the market at a good price: a seller’s dream.
But as buyers, their experience was the opposite.
"It was just very stressful getting outbid, nothing being accepted,” Julie said.
The Sengbusches went through months of seeing eight to 12 homes a weekend before a bid finally stuck for a new home in Hamburg.
Their story is all too common in a housing market that’s been hot for a few years now. Buying a home in Western New York – especially in the City of Buffalo or its immediate suburbs – is competitive.
Realtor Michael Boland with Howard Hanna Real Estate says this is what homebuyers should expect in the current climate because home inventory is low in Erie County, and therefore prices are very competitive.
"They really have to have all their ducks in a row in this kind of sellers’ market,” Boland said.
Development is happening, but it hasn't caught up with the demand, especially in neighborhoods like North Buffalo and the Elmwood Village.
"It's not unusual for houses, if they're priced accurately where the market would indicate they should be, for them to sell 20, 30, 40, 50,000 over the asking price,” Boland said.
The demand, in some ways, is positive because suggests people feed good about the area, and it’s an economic indicator.
"Buffalo is on the move, Buffalo just keeps getting better and better, and I think people outside the area are realizing that,” Boland said.
But even for those well prepared, it could also mean a headache.
"I kept telling her everything will be fine, but deep inside I was worried that we were going to end up having to rent or live with family members, it was just stressful,” John said.
Boland recommends getting preapproved instead of just prequalified from a local, reputable lender and to work closely with your realtor.
“You want to be looking online really every day to see what's hitting the market,” he said.
Basically, be prepared to get outbid, and be ready to make an offer quickly.