Buffalo Housing Market to Remain Stable Despite Rising Mortgage Rates
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Zillow predicts Buffalo market will have flat home prices this year (-0.2%) due to affordable housing providing stability.
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Homeowners with low mortgage rates are staying put rather than sell and take on a more expensive mortgage.
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Shortage of homes for sale is propping up housing market and prices.
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Buyers having to be aggressive with offers due to low inventory of homes for sale.
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Mortgage rates have nearly doubled in the last 2 years, creating economic disincentive for homeowners to sell.