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Hot Western New York real estate market cools down

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Posted at 2:00 PM, Nov 03, 2021
and last updated 2021-11-03 14:00:15-04

SNYDER, N.Y. (WKBW) — Mike Kochcznski and his wife, Andrea have been in the market for a new home for about the last six months.

“We want to see what’s out there and if we can possibly do better than what we’re doing right now.”

Like most buyers, the family of three from Kenmore has some must haves for their future home. “The size of our house could improve. Someone here has a lot of stuff. So, fitting all that stuff would be nice,” Kochcznski explained.

Kochcznski said they’ve put in several offers on homes, including well over the listed price. But so far, their attempts have been unsuccessful.

Buyer relief may be on the horizon. Real estate agent Josh James said the local market is slowing down. “We are getting less showings on our listings and less offers per listing,” he explained.

James said some of it is seasonal. Traditionally, there’s less inventory in the winter. Currently, there’s 697 single family homes for sale in Erie County. That’s compared to one month ago when there was roughly 750-800 homes.

“Because inventory is still low, most areas are still very very hot. It’s just, instead of getting 10 to 15 offers on homes, we might be getting two or three offers.”

Reporter Ali Touhey: National experts say that the market is slowing down because first time home buyers are getting pushed out because they can’t afford it. Is that the case locally?

James: Not so much locally, no. A lot of buyers we work with are first time home buyers. Our price point in the WNY area is still very low compared to other parts of the country.

The median home sale price in Erie County has increased since last year. In October 2020, it was $190,000 compared to $221,000 in October 2021. However, recent data shows that’s still well below the national home price average of $356,000.

James said that’s one reason why it’s still a great time to sell. “Some of the buyers have taken their foot off the gas, but the ones that are still looking need to get into something. They want to find a house to get into.”

He said it’s also a better time to buy than it has been the last several months. “Instead of going against 15-20 offers sometimes, you might be only going against two or three,” he added.

That’s good news for hopeful buyers like Mike and Andrea Kochcznski who said they’re taking the process in stride. “We’re in a position where we have less leverage than we normally would. But, that’s okay.”