Buffalo, NY (WBEN) The housing market is cooling off around the country, but in Western New York, the president of the Buffalo Niagara Association of Realtors says the market is changing but not necessarily cooling.
Joel Husvar says there is a change in the housing market, not necessarily cooling. "The properties are selling in three days, while we are still getting multiple offers on some, and maybe the house might take a week or two to sell now," explains Husvar. He says there's good news for those looking to buy a home: inventory is up. "Buyers do have an opportunity to actually shop now and just have not have to put offers on whatever house they can get their hands on," says Husvar.
Cash offers seem to be all the rage, but are they king? Husvar says not necessarily. "Cash, says, hey, you know what, I'll take the house, and there's nobody in the way of me being able to buy it," explains Husvar. But other considerations do come into play, such as qualified buyers with a strong bank, home inspections, and even FHA buyers.
Husvar notes 25 percent of recent home sales at his brokerage have been cash offers.
