Inman News, a prominent real estate and technology based website, has named Buffalo the #2 Real Estate "market to watch" in 2011.
The article cites Buffalo's very low foreclosure rate as a major reason why the real estate market is ready to flourish. If you think about it, this makes perfect sense. Less foreclosures equals less discounted or vacant property equals higher demand and higher appreciation.
Foreclosure rates dropped 43.5% in 2010. Buffalo's foreclosure rate of 1 in every 332 homes is dramatically lower than the national average of 1 in every 45 homes.
The key to Buffalo's continuing market upturn is that the bubble market that burst in 2007 never made it to Buffalo. Housing prices did not dramatically spike and then dramatically fall. This allows Buffalo to be one of the very few major markets to actually see price appreciation in the last several years. The economic and job recovery in the region has helped spur the real estate market recovery too.
Obviously, this trend is expected to continue in 2011...
This article spotlights why investing in income producing real estate in Buffalo is such a good strategy. Let's face it, investing in speculative real estate appreciation in not in play anymore in the US Market. It's a buy and hold for income market now. And with all of the good market news coming out of the region today, Buffalo is a prime location to build your investment portfolio.
