Recently, The Buffalo Niagara Association of Realtors held an Economic Summit outlining the state of Real Estate in the WNY area.
According to Dr. Lawrence Yun, Chief Economist and Senior Vice President of the National Association of Realtors, National home prices had about a 2.5% drop in 2007 where WNY incurred approximately an 2.75% increase in value. WNY also saw and existing home sale volume of almost 20,000 units.
Mortgage rates continue to be good. In January of 1982, the interest rates were close to 20%. We are currently hovering steadily around 6% according to Freddie Mac statistics. We need to continue to remember that WNY continues to stand strong economically and we need to encourage clients and customers to look at the statistics and make an educated decision to buy or sell under great conditions in WNY.
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