The media loves to take everything to the National level, especially Real Estate and home values. If that were true everyone could purchase a home for the same amount of money. Niagara Falls home owners cannot compare their home prices to that of Long Beach CA or Chicago IL or Miami FL. Even comparing home values in Orchard Park or Depew in Erie County is comparing apples to buttons. True data can show national trends, but Real Estate is local folks! In Niagara Falls Home Values can be as local as streets and blocks.
Think about the factors that go into why a Niagara Falls home sell or do not sell:
Economic factors distinguishing each; even within individual areas in the Niagara Falls real estate markets are very diverse. LaSalle vs. Downtown Niagara Falls vs. DeVeaux in the city of Niagara
Falls. In Downtown Niagara Falls you could pick up a lovely completely renovated home for $39,900, In LaSalle you could pick up another charming home for $59,900 and in DeVeaux you could pick up a home for a lot more than either of the other communities in Niagara Falls. Each area has pros and cons and each are priced far differently than one another.
The Emloyment base is quite different in Niagara Falls than Orchard Park.
Dynamics within a region will also cause demand anomalies - where people want to live will create a demand, meanwhile those living in the lesser demand areas have to price accordingly.
Don't forget Real Estate is all about Location! Location! Location!
Thinking of selling your Niagara Falls home? Or perhaps you have been thinking of purchasing a Niagara Falls home and have been waiting for the perfect time to do so. Remember to look to a specific neighborhood's performance rather than national statistics to decide whether to sell and/or buy a home right now.
Interested in your home's value? Call our office today for a free, no cost, no obligation Market Analysis. Or check out our Market Reports!