Sunday, November 18, 2012

Home sales picking up on West Side

According to the Commerce Department, home sales have climbed 5.7 percent in the past few months nationwide, the fastest rate in two years.
Home sales on the West Side have seen this same jump in sales as well over the past few months.
“There has been a tremendous increase on the West Side,” said Richard Fontana, real estate agent for MJ Peterson Real Estate. “There is quite a bit of investment and local ownership moving to the West Side”
With mortgage and interest rates at record lows coupled with the many benefits the West side has to offer, more people are moving into the area.
“ We show people all the finer points of the West Side like the affordability, the closeness to downtown, the quality of homes and the good schools in the area,” said Fontana.
One area in particular that has seen an added boost in sales over the past couple of months has been around Richmond Avenue because of the reputation of the neighborhood and its affordability compared to other wealthier areas, according to Fontana.
But, a challenge to any area experiencing a housing boom is keeping the sales rates high and according to Wayne Malcomb, real estate agent at Niagara Frontier Funding and Reality, rates should continue to increase.
“ If we can keep proper houses in decent shape continually in the market, the housing market in general should do well,” said Malcomb. “With the affordability and the rates what they are, housing should continue to pick up.”  By Max Borsuk and Maria Yankova