Buffalo Condos For Sale Market Report – February 2009

Buffalo New York Condos for Sale Market Report as of February 2009

Buffalo New York is a wonderful place to call home.  Living in the city there is a diverse selection of places to call home.   There are some great single-family and multi-family homes in the city, but there are also a great collection of condos for those that do not want to have a yard to take care of.

Current Market Report for Buffalo Condos for Sale

• There are currently 64 active listings for condos in Buffalo NY with an average list price of $320,710 and ranging from $62,000 to $850,000
• There are currently 5 under contract or pending sales for condos in Buffalo NY
• In the prior 30 days there has been a total of 3 closed condos with an average closed price of $129,300 and the condos spent an average of 99 days on the market
• Year to date there has been a total of 6 closed sales with an average closed price of $129,800 and spending an average of 83 days on the market
  • Highest sold $179,000 – 277 days on the market
  • Lowest sold $86,000 – 1 day on the market

Selection of Buffalo Condos for sale

	212 Rebecca Park Buffalo, 14207 NY $ 79,900 Built in 1988 1192 sq. feet 3 Bedrooms, 1 Full Baths , 1 Half Bath(s) MLS Number: 330133(IDX)
	1088 Delaware Buffalo, 14209 NY $ 134,900 Built in 1990 791 sq. feet 1 Bedrooms, 1 Full Baths , 0 Half Bath(s) MLS Number: 330003(IDX)
	731 West Ferry St. Buffalo, 14222 NY $ 159,900 Built in 0 1214 sq. feet 2 Bedrooms, 2 Full Baths , 0 Half Bath(s) MLS Number: 324580(IDX)
	83 Bryant Buffalo, 14209 NY $ 199,000 Built in 1929 1150 sq. feet 2 Bedrooms, 1 Full Baths , 0 Half Bath(s) MLS Number: 326735(IDX)
	33 GATES CIRCLE BUFFALO, 14222 NY $ 199,000 Built in 1978 1800 sq. feet 2 Bedrooms, 2 Full Baths , 0 Half Bath(s) MLS Number: 327029(IDX)
	406 Admirals Walk Buffalo, 14202 NY $ 224,900 Built in 1991 1100 sq. feet 2 Bedrooms, 2 Full Baths , 0 Half Bath(s) MLS Number: 327926(IDX)
	265 LAKEFRONT Buffalo, 14202 NY $ 299,000 Built in 1986 1700 sq. feet 2 Bedrooms, 2 Full Baths , 1 Half Bath(s) MLS Number: 329498(IDX)
	925 Delaware Buffalo, 14209 NY $ 309,000 Built in 1929 1500 sq. feet 3 Bedrooms, 3 Full Baths , 0 Half Bath(s) MLS Number: 324706(IDX)
	1141 DELAWARE Buffalo, 14209 NY $ 369,900 Built in 1910 2012 sq. feet 2 Bedrooms, 2 Full Baths , 0 Half Bath(s) MLS Number: 322371(IDX)

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Is your Buffalo Realtor® telling you what you need to hear or what you want to hear?

What is Buying a Listing? Buying Listings is a term used by many Realtors® when they see overpriced listings on the market. “Oh that Realtor® bought that listing…  There are Realtors® out there that will take an overpriced listing to just put their sign in the lawn and give them the ability to advertise a listing in a specific Western New York community. You need to ask yourself:  “Exactly who does that benefit?” The agent that takes an over-priced listing knows full well that home sellers are influenced by the signs in the neighborhood and will call agents that have homes listed in their area.  They also know that they are not going to sell that home without significant price reductions are ok with that.  Their goal is to break into a new market.  They think that they will get the seller to drop their price after a couple of weeks.  Meanwhile you lose valuable marketing time and start on the slippery slope of Chasing the Market Down. Read also: I just want my home SOLD! Why is it bad when Realtors® Buy Listings? First off the first 30 days are the most important in the marketing efforts of a home for sale.  Today the most important factor in getting a home sold is PRICE.  That is not to say that location is not important, it just means that homes priced correctly are selling quickly and in many instances with multiple offers in Western New York.  Start out too high and you are going to have to do price reductions to come in line with other homes for sale in Buffalo.  Wait too long, you will have to reduce even lower than what other Realtors® may have told you when you first started looking to sell your home. Read Also: My Buffalo home is about to expire! When you overprice your home — you immediately are at a severe disadvantage to the other listings on the market.  As you sit on the market, people ignore your home and the longer you sit on the market, the more people wonder “What is wrong with that home?” Your home becomes stigmatized and you are in the position to Chase the Market Down. Read Also: Do you know the magic three words in Western New York Real Estate? Selecting a Buffalo Realtor® Selecting an Real Estate Agent based on the list price they suggest is a dangerous proposition. Your selection of a Real Estate Professional should be what they bring to the table and the analysis that they do on your home.  For instance, there should be a breakdown of what is for sale, what has sold.   Sometimes it is important to look at the home compared to other homes in several different ways. You may look just at square footage Number of bedrooms/baths You criteria may be to just a small section of town Factors like new construction in your area will affect the value of homes that are 20 or 30 years old Many times there are no comps that come up with so there are many adjustments that are made for the homes you are comparing This type of analysis can take hours if done correctly.  Be wary of agents that first ask you what you think your home is worth and then magically come up with a price that matches your number.  Although it may be hard to hear the potential value of your Buffalo home, believe me it is a lot harder to hear that you need yet another price reduction after you list your home. Additional Reading: Real Estate and your pending divorce… Buy now in Buffalo New York? Preventing Costly Home Selling Mistakes Are you using the right words to attract Real Estate Buyers? You Need to Get Serious to Get Your Home SOLD! Do You have the Credit Score Blues? Why You May Need a Price Reduction on your WNY home Why pricing is so important in the sale of your Buffalo home! My Western New York Home For Sale Is Not Selling! Get Out of Buyer’s Way! Buyer Assistance Programs in Western New York Is this a good time to purchase a home in WNY?

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