Here is another house we closed on for our investor. 89 West Ave closed at $195,000. Our client was very happy with the services that he received from our company. We pride on making our transactions close smoothly. Are agents will admit to there clients that they are not perfect but they are perfectly honest and we strive to be perfectly honest throughout the whole company! If you are looking to buy/sell/invest reach out to Irish Jones. We would love to tell you more about our company and how we can help you on the next chapter of your life! #irishjones #realty #wny #buysellinvest #notperfectbutperfectlyhonest

This house was listed by Irish Jones Realty. It closed at $155,000. If you are looking to list your home reach out to Irish Jones Realty. Our agents are here to help you with your next adventure. #irishjones #realty #anotherhousesoldbyirishjones #wny

 Most rentals in WNY were built before 1978. Lead based paint was used on almost all these homes and today lead poisoning is still an issue when not taken care of correctly. Below you will find a link that talks about ways to keep your family safe from lead poisoning. If you are a renter or if you own a home that was built before 1978, take a look at the pamphlet and keep yourself educated on how to prevent any lead poisoning. #irishjones #rentals #builtbefore1978 #beinformed #leadbasepaintknowledge

Lead Base Paint Pamphlet

 So when you are in the market to buy a home, having a few extra tips is always a good thing. Below is an article that provides 3 tips for buying a home. Take a moment to read. Its always good to have extra knowledge in your back pocket. As always reach out to Irish Jones for your Real Estate needs! #irishjones #wny #knowledgeiskey #realestate 

3 Tips for Buying a Home Today

By: KCM

If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.

1. Understand How Mortgage Rates Impact Your Homebuying Power

Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.

As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search

The supply of homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.

And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance

Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line

Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, partner with a local real estate advisor.

 Many people wonder if completing a home inspection when buying a house is necessary. Below is a chart that explains why you should get a home inspection. If you are buying your forever home you don't want to have any surprises when you close on the contract. Take a look and when speaking with a Real Estate agent let them know your thoughts for a home inspection. #irishjones #wny #realestate #foreverhome #buyers

 Take a look at this update in regards to home price projections for 2022. In Real Estate there are always changes happening and it is good to keep up to date on those changes. Even though this article is not specific to the WNY area, if you are looking to get further information specific to the WNY area, reach out to Irish Jones. Our agents are here to help. #irishjones #wnyrealestate #knowledgeiskey #notperfectbutalwaysperfectlyhonest

Experts Increase 2022 Home Price Projections

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):

As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:

“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”

Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.

Bottom Line

If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in your local area, connect with a real estate professional.

 This house was an amazing deal for our client! This home located in a nice part of Buffalo SOLD at $210,000. Our client was very happy with the services that he received from our company from finding this home all the way to closing the deal! Great team work across the board! If you are looking for a real estate agency for your buying, selling, or investment needs then look no further than Irish Jones! We are not perfect people but we are perfectly honest! Reach out today to schedule a time to talk and hear more about our company from our agents! #irishjones #realty #wny #notperfectbutperfectlyhonest #buysellinvest 

 Here is another sale Irish Jones completed! Our buyer was very happy with our services and even hired our construction crew to do renovations to the home! Now you can find this multi-family home listed under our Rental Listings on our website at irishjones.com. If you are looking to buy, sell or invest reach out to Irish Jones! We would love to help you on the next chapter of your journey! #irishjones #realty #investorhappy #wny

 Take a look at this nice upper-lower double for sale in South Buffalo. The exterior of the house has maintenance free vinyl siding with windows wrapped in aluminum. Updates have been made to the interior as well.  If you are in the market to buy come schedule a showing call 716-768-4915 or email info@irishjones.com. Showings are currently available Wednesday, Thursday, Friday and Saturday from 12-7pm. #irishjones #realty #checkoutourlisting #greatforinvestors

 Below is an article that talks about recessions in the housing markets and what that means. I know that hearing about a possible recession is scary and makes a lot of people question buying or selling, but a recession does not always mean something bad. Take a moment to read this article, it can help put your mind at ease. And as always, talk to a professional Real Estate agent. #irishjones #knowledgeiskey #realty #wny #irishjonesagentsforyou

Article by KCM

What Would a Recession Mean for the Housing Market?

According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.

And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there’s a recession?

Here’s a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession would mean for the housing market today.

A Recession Doesn’t Mean Falling Home Prices

To show that home prices don’t fall every time there’s a recession, it helps to turn to historical data. As the graph below illustrates, looking at the recessions going all the way back to 1980, home prices appreciated in four of the last six recessions. So, historically, when the economy slows down, it doesn’t mean home values will fall.

Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession would repeat what happened then. But this housing market isn’t about to crash. The fundamentals are very different today than they were in 2008. So, don’t assume we’re heading down the same path.

A Recession Means Falling Mortgage Rates

Research also helps paint the picture of how a recession could impact the cost of financing a home. As the chart below shows, historically, each time the economy slowed down, mortgage rates decreased.

Fortune explains that mortgage rates typically fall during an economic slowdown:

“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

And while history doesn’t always repeat itself, we can learn from and find comfort in the historical data.

Bottom Line

There’s no doubt everyone remembers what happened in the housing market in 2008. But you don’t need to fear the word recession if you’re planning to buy or sell a home. According to historical data, in most recessions, home price gains have stayed strong, and mortgage rates have declined.

If you’re thinking about buying or selling a home, you can make the best decision by working with a trusted real estate professional. That way you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.

 Take a look at this beautiful updated Cape-cod style home Irish Jones Realty has listed. Many updates including: eat-in kitchen area, roof, gutters and windows. Talk to a real estate agent today and make an offer! #irishjones #339traverseblvd #contactanagent #wnylisting

Below is an article that talks about what the rest of the year holds for home prices. I found this to have good information on what you can possibly expect but if you would like to know what is going on directly in the WNY area, you will want to speak with an agent. Reach out to Irish Jones if you are looking to buy/sell/invest and would like a little more information on what to expect with home prices for the remainder of the 2022 year. #irishjones #wnyrealty #reachout #heretohelp #notperfectbutperfectlyhonest 

What Does the Rest of the Year Hold for Home Prices? By: KCM

Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your homeownership goals.

Last Year’s Rapid Home Price Growth Wasn’t the Norm

In 2021, home prices appreciated quickly. One reason why is that record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make a purchase than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps explain how unusual last year’s appreciation was:

“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”

In other words, the pace of appreciation in 2021 far surpassed the 6% the market saw in 2020. And even that appreciation was greater than the pre-pandemic norm which was typically around 3.8%. This goes to show, 2021 was an anomaly in the housing market spurred by more buyers than homes for sale.

Home Price Appreciation Moderates Today

This year, home price appreciation is slowing (or decelerating) from the feverish pace the market saw over the past two years. According to the latest forecasts, experts say on average, nationwide, prices will still appreciate by roughly 10% in 2022 (see graph below):

Why do all of these experts agree prices will continue to rise? It’s simple. Even though housing supply is growing today, it’s still low overall thanks to several factors, including a long period of underbuilding homes. And experts say that’s going to help keep upward pressure on home prices this year. Additionally, since mortgage rates are higher this year than they were last year, buyer demand has slowed.

As the market undergoes this change, it’s true price appreciation this year won’t match the feverish pace in 2021. But the rapid appreciation the market saw last year wasn’t sustainable anyway.

What Does That Mean for You?

Today, the market is beginning to move back toward pre-pandemic levels. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that’s more typical for a normal market.

So, despite what you may have heard, experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.

If you’re worried the house you’re trying to sell or the home you want to buy will decrease in value, you should know experts aren’t calling for depreciation in most markets, just deceleration. That means your home should still grow in value, just not as fast as it did last year.

Bottom Line

If you’re thinking of making a move, you shouldn’t wait for prices to fall. Experts say nationally, prices will continue to appreciate this year, just at a more moderate pace. When you’re ready to begin the process of buying or selling, partner with a real estate professional so you have a local market expert on your side each step of the way.

 This was a steal in North Buffalo for this sale! 230 N Park Avenue closed at $310,000. We were working with the Buyer and they were very happy with our services. Helping build an investors portfolio is a great feeling for our agents at Irish Jones. We are not only here for investors though. If you are looking to buy your forever home or list your current home so you can start a new adventure, reach out to Irish Jones Realty! Our agents are here to help and will be completely honest with you. We would love to be part of your next adventure! #irishjones #wnyrealty #notperfectbutperfectlyhonest #buyersellerinvestor #irishjoneshereforyou

 Closed on another transaction. We were on the buyer side for the sale of 174 Saint James Place and our client was excited to start this new chapter in their life. We hope our client will enjoy many memories to come in this Single Family Home. If you are looking to buy/sell/invest in WNY reach out to Irish Jones. We are not perfect but we are perfectly honest. #irishjones #realty #happytohelpourclientonthenewchapteroftheirlife #buysellinvest #honestforyouhonestalways

 

Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]

By KCM