Buffalo Real Estate FAQ

Happy couple outside their new home in Lancaster NY.

How long does it take to close on a house?

In Western NY, the process typically takes 60 days. If no financing is involved (buyer paying cash), the process may be shortened to 30 days.

How much does this cost?

The costs for buyers and sellers differ. Buyers can check out their common closing costs on my For Buyers page. The amounts differ based on whether a buyer is paying cash or taking a mortgage. I explain all costs in detail when I initially meet with a buyer.

Sellers costs revolve around transfer of ownership fees and commission. I explain all costs in detail when I initially meet with a seller.

What’s the difference between a buyer’s market and seller’s market?

A buyer’s market is when the supply of houses (inventory) exceeds the number of buyers. This usually occurs when the mortgage rates are higher. For example, when I bought my very first house, the mortgage rates were about 5% and buyers were abundant, however, the housing inventory was not. When I sold my home a few years later, the rates were over 7% and buyers were scarce. 

A seller’s market is when active home buyers exceed the housing inventory. This usually occurs when mortgage rates are lower. This is when “bidding wars” occur and houses typically sell for asking price or above.

What are the steps in buying a house?

You can view the 11 major steps to buying a house on my For Buyers page. Rest assured, as your REALTOR®, my job is to guide you through the entire process every step of the way.

Couple excited that their house sold in WNY.

What do you do to sell my home?

Take a look under the Sellers tab at my For Sellers and Home Staging pages. This outlines the incredible amount of marketing done to sell your home. As your REALTOR®, I acquire all of the information necessary to list the house, such as:

  • Providing professional advice on any necessary changes/repairs
  • Stage your home
  • Professional photographs of your home
  • Provide all active marketing
  • Guide you through acceptance of an offer(s) and the entire process once under contract

How do I sell my house and buy a new one at the same time?

Most home sellers need the funds from the sale of their current house to buy a new one. This is accomplished one of two ways:

  • Sale Contingent – a seller makes an offer on a new home that is contingent upon the sale of their current home.
  • Reverse Contingency – a seller lists their home for sale and accepts an offer that is contingent upon them finding a new one.

Still Have Questions?

If you have more questions about real estate in WNY, contact Janiene Palmeri. She will be happy to help you!