Buffalo Real Estate Market over the last 10 years
by
Jim Warren
of Morgan Homes of W.N.Y.
(
2-Apr-2009
)
There has been a lot of change in the Buffalo Real Estate market in the past decade. Having worked as custom home builders in WNY for over 20 years, we've seen Buffalo ride the real estate appreciation wave that swept the country over the last decade, though not to the extent that it did in California, Nevada, Florida, and some other areas. Since the late 1990's the region has experienced a comfortable level of appreciation in real estate values. The more affluent community's in areas such as Clarence, Williamsville, and Orchard Park saw a disproportionate share of those increases.
With the new millennium came a stock market bubble and a recession. Many people in Western New York saw this as an opportune time to pull savings from the stock market and invest in Buffalo real estate. As peoples appetite for property grew along with that came an increase in values.
Fortunately local residents and lenders did not get caught up in the craze that swept the country. Most home buyers continued the practice of sizable down payments and conventional mortgages that have helped shield the area from falling real estate values that has consumed much of the country.
The real estate boom fueled by low interest rates and relaxed lending rules, increased home ownership dramatically. Often thought to be a good thing economically has since back fired. Now the nation must deal with a financial train wreck that most of us have never seen the likes of.
Since the recession began in December of 2007 Western New York has seen prices edge up some, but when compared to most markets across the country local property owners are satisfied.
Jim Warren is a Finance major from Canisius College with almost 25 years in the real estate industry. He specializes in custom built homes and additions with a strong emphasis on detail.