“Buffalo Real Estate Market: Average Home Price Exceeds $230,000, Making it Tough for First-Time Buyers”

The housing market in Buffalo, NY is proving to be a challenging environment for first-time home buyers, with the average home price exceeding $230,000. Real estate agent Mary Jacobs of Howard Hanna acknowledges the difficulty of navigating this market, emphasizing the importance of being pre-approved for a mortgage before beginning the home-buying process. Jacobs recommends working with local banks for pre-approval and advises buyers to be realistic about their finances.

To assist first-time buyers in Buffalo, Jacobs and financial advisor Allen Dembski of Buffalo First Wealth Management offer seven key tips for purchasing a home. These tips include getting mortgage pre-approval, finding grant programs for closing costs and down payments, working with a reliable real estate agent, avoiding major purchases before closing, getting the home inspected, and ensuring that buying a home aligns with the buyer’s family needs.

Dembski highlights the importance of not overspending based on pre-approval amounts, cautioning buyers to consider additional costs such as property taxes that can significantly impact monthly payments. He also notes the limited equity available to first-time buyers in Buffalo, urging patience throughout the home-buying process.

Jacobs emphasizes the value of grant programs that can assist buyers with closing costs and down payments, suggesting that some banks may even match buyer deposits. She stresses the importance of finding a knowledgeable real estate agent to guide buyers through the complex home-buying process and recommends against making large purchases before closing to avoid potential credit rating issues.

In terms of property selection, Jacobs advises buyers to prioritize structural integrity over cosmetic features, as cosmetic changes can be made easily after purchase. Dembski underscores the need for buyers to ensure that purchasing a home aligns with their overall financial planning goals to avoid disruptions.

Overall, the Buffalo housing market presents challenges for first-time buyers, but with careful planning, financial preparation, and expert guidance, navigating this market can lead to successful home ownership. By following the tips provided by Jacobs and Dembski, buyers can make informed decisions and secure a home that meets their needs while safeguarding their financial well-being.