Why Buy Investment Properties in WNY?

Buffalo is an up and coming city and the 2nd largest in NY. Economically, Buffalo has seen major improvements in the past decade. Money from New York State Governor Andrew Cuomo through a program known locally as "Buffalo Billion" brought new construction, increased development, and hundreds of new jobs to the area. With affordable housing, overall low living costs, and an economically diverse population, the real estate market is booming. People love living in Buffalo: there is always lots to do, delicious food, and friendly residents.

Niagara Falls has huge potential. The housing market has not seen the same jump as Buffalo has, thus, from an equity standpoint, there is a lot of room to grow. The owner to rental ratio is higher in Niagara Falls than Buffalo meaning that the neighborhoods and homes are generally better-kept. Right now you can buy Niagara Falls homes in a better neighborhood than Buffalo houses at a better value. With many stores and restaurants, Niagara Falls is also a great place to live. It is within walking distance to a gorgeous wonder of the world: Niagara Falls. The city is pushing to improve their living conditions and deteriorated houses (see the article below). As this project progresses, this will cause an increase in home prices. We believe that Niagara Falls is going to see significant economic improvement in the coming years.

See Licensed Real Estate Salesperson Danielle Pruitt with Blue Eagle Realty talk to Eyewitness News 7 about the Niagara Falls foreclosure auction, economy, and housing market here: https://www.wkbw.com/news/niagara-falls-auctions-hundreds-of-properties

The millennial generation and some older baby boomers are increasingly looking to rent instead of buy. “When we show houses, we can get upwards of 30 applicants,” ABC Property Management told us. This push towards leasing means higher rents and better tenants. Because the rental market is competitive, tenants know how hard it can be to find a nice place. These tenants stay longer, maintain the house, and pay on time. The chart below, posted by Buffalo Rising shows the increase in rents in Buffalo compared to other NY cities.

For Sale By Owner or Real Estate Agent?

One of my favorite nondescript answers to any questions is: it depends. While this may irk you hear me out. If you already know someone who will buy your property for what you know to be a good price then by all means sell it yourself. If you know what your property is worth and know how to market the property well enough to sell it for that price then again, by all means sell it yourself. Now if you are like most people where you only have a guess on how much your property is worth and don’t know the first thing about marketing a property then you might what to consider using a real estate agent. Depending on the area and type of sale, Realtor® fees can be between 5 and 6 percent of the sale price. That means if a real estate agent can get you just 5 or 6 percent more than what you can get on your own, then it is worth it! You could easily misjudge the value of your home by that and if you cannot find a buyer on your own then that’s no good either. Generally realtors can find many more potential buyers which means that you can sell with more confidence knowing you got the best possible price for your home. Furthermore, real estate agents sell properties all the time so they know their way around negotiations and contracts. So just call a real estate professional unless you really know what you are getting into, I promise they don’t bite.