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Region's housing market is booming despite COVID-19

"We're booming"
Posted at 6:40 PM, Jul 15, 2020
and last updated 2020-07-15 18:55:29-04

“We’re booming — I mean I’m busier than busy,” declared Donna Littlefield, real estate agent & president, Buffalo Niagara Association of Realtors.

The Western New York housing market is ‘red hot’. Homes are selling fast despite during the pandemic. But while home sales are up, so are prices.

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Donna Littlefield, real estate agent & president, Buffalo Niagara Association of Realtors, has a house listed in East Amherst.

Littlefield showed off a five bedroom, five bath home in East Amherst is selling for a little over a half-million dollars. Littlefield said despite the pandemic, COVID has had a positive effect on the local housing market.

“It has had an amazing effect on our market,” Littlefield explained.

Littlefield said sellers are experiencing multiple offers on homes. One seller she represented had 34-offers.

“It’s a sellers market all day long. If you want to put your house on the market. We're getting tens of thousands of dollars over the asking price,” Littlefield remarked.

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Donna Littlefield, real estate agent & president, Buffalo Niagara Association of Realtors.

Housing inventory remains low in the region, but mortgage rates are at record lows at a little more than 3-percent to help buyers who are shelling out more to buy their dream home. Littlefield says as soon as the state lifted restrictions, allowing house showings under new safety guidelines, her listings since March have doubled.

She recently put in an offer for a client $50,000 over the asking price.

“But what’s the best advise right now to that buyer and that seller?” asked Buckley. “To the buyer — is to be really well qualified, as best as you can possibly be. To the seller get your house on the market now,” Littlefield replied.

Littlefield said from the suburbs to the city of Buffalo, the housing market is hot.