"Home sellers across Upstate New York are closing sales for more than their asking prices, according to data from Redfin, a national real estate brokerage. The Rochester, Buffalo and Syracuse metro areas were all in the top 15 in the nation in December when measuring how much over list prices people received when selling their homes. Rochester ranked No. 1 in the nation. Sellers there averaged a closing price of more than 8.2% more than their list prices."
"Buffalo was No. 3 nationwide at 3.5% and Syracuse was No. 13 at 1.1%. Albany ranked No. 23 in the U.S at 0.2%. The residential real estate market in much of Upstate New York has been red hot in recent years. A historically low number of homes for sale has helped fuel intense competition among buyers. That has pushed prices higher. It has also caused bidding wars, cash offers and waived inspections to become more common."
Rochester, Buffalo and Syracuse ranked among the nation’s top metros for selling above list price in December, with Rochester averaging about 8.2% over list, Buffalo 3.5% and Syracuse 1.1%. Albany averaged roughly 0.2% above list. Low inventory across much of Upstate New York intensified buyer competition, driving higher prices, bidding wars, cash offers and waived inspections. Some signs indicate the situation may be starting to improve for buyers, but meaningful relief will take time. Nationwide, only 25 of 501 metros averaged closings above list price in December, including seven in New York. All figures reflect single-family home sales.
Read at newyorkupstate
Unable to calculate read time
Collection
[
|
...
]