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Is it a good time to purchase a Buffalo home?

November 29, 2008

In Western New York, the housing and mortgage markets are doing fine and will continue to be ok.  We just have to turn off the national news.  With the bail out finally being settled and the threat of a credit crunch, and I do mean threat, being behind us. 

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We need to focus on the future.

In terms of the mortgage options, there are still a variety of historically sound mortgage options from Conventional to FHA and the New York SONYMA.  While credit and income requirements have been tightened, they have not become restrictive but rather more realistic.  The market has corrected itself from the overly aggressive products that allowed buyers to purchase a home in which they really could not afford.   All of this was due to the political pressure on HUD to direct the lenders to provide more options to low to moderate-income households. These policies forced lenders beyond their normal comfort ranges as it pertained to income and credit guidelines.

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Thus at this time we are back on a course with sound underwriting decisions and still being able to provide many options to western New York buyers.  Unlike the rest of the country, whose markets are locked in fear as they continue to follow the national news, we have a stable housing market with appreciating values.

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This is still an excellent time to purchase a home in Western New York!  The local banks are sound and the mortgage options are solid.  We are nearing an end to the negative effects of the housing/mortgage issues working there way thru our national economy.  As we move forward, we as consumers need to make the right choice for each of our families.  With this comes financial responsibility to insure we do not over reach as we continue to invest in our future.

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