Buffalo is the second largest city in the state of New York and the 81st-most populous city in the United States. As of July 2016, the population was 256,902, a slight decrease from the 2010 census. It is the principal municipality of the Buffalo–Niagara Falls metropolitan area, a region with 1,134,210 residents in the MSA and 1,213,668 in the CSA. The city serves as the county seat of Erie County. The city is also a major gateway for commerce and travel for the Canada–United States border, forming part of the bi-national Buffalo Niagara Region.
The Buffalo area was inhabited before the 17th century by the Native American Iroquois tribe and later by French settlers. The city grew significantly in the 19th and 20th centuries as a result of immigration, the construction of the Erie Canal, the construction of rail transportation, and its close proximity to Lake Erie. This growth provided an abundance of fresh water and an ample trade route to the Midwestern United States while grooming its economy for the grain, steel and automobile industries that dominated the city's economy during the 20th century. Since the city's economy relied heavily on manufacturing, deindustrialization in the latter half of the 20th century led to a steady decline in population. While some manufacturing activity remains, Buffalo's economy has transitioned to service industries with a greater emphasis on healthcare, research and higher education, which emerged following the Great Recession.
Buffalo is located on the eastern shore of Lake Erie, at the head of the Niagara River, and 16 miles south of Niagara Falls. Buffalo is recognized for its early embrace of electric power, owing to the nickname "the City of Light." The city is also famous for its urban planning and layout by Joseph Ellicott, an extensive system of parks designed by Frederick Law Olmsted, as well as significant architectural works spanning multiple centuries. It is a cultural center blending Northeastern and Midwestern United States traditions, with dozens of prominent annual festivals (including Taste of Buffalo and Allentown Art Festival), two professional sports teams (Buffalo Bills and Buffalo Sabres), and a long-standing music and arts scene.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Buffalo-Cheektowaga-Niagrara Falls, New York. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Buffalo-Cheektowaga-Niagrara Falls, New York, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of New York, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Dutchess County-Putnam County||$274,700||3.80%|
|Nassau County-Suffolk County||$466,700||5.40%|
|New York-Jersey City-White Plains, NY-NJ||$384,500||4.90%|
|New York-Newark-Jersey City, NY-NJ-PA||$414,000||4.70%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in New York.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
Like most former industrial cities of the Great Lakes region in the United States, Buffalo is recovering from an economic depression from suburbanization and the loss of its industrial base. The city's population peaked in 1950 when it was the 15th largest city in the United States, and its population has been spreading out to the suburbs every census since then.
At the 2010 Census, the city's population was 50.4% White (45.8% non-Hispanic White alone), 38.6% Black or African-American, 0.8% American Indian and Alaska Native, 3.2% Asian, 3.9% from some other race and 3.1% from two or more races. 10.5% of the total population was Hispanic or Latino of any race. Since 2003, there has been an ever-growing number of Burmese refugees, mostly of the Karen ethnicity, with an estimated 4,665 now residing in Buffalo.
The median income for a household in the city is $24,536 and the median income for a family is $30,614. Males have a median income of $30,938 versus $23,982 for females. The per capita income for the city is $14,991. 26.6% of the population and 23% of families are below the poverty line. Out of the total population, 38.4% of those under the age of 18 and 14% of those 65 and older are living below the poverty line.
Buffalo's economic sectors include industrial, light manufacturing, high technology and services. The State of New York, with over 15,000 employees, is the city's largest employer. Other major employers include the United States government, Kaleida Health, M&T Bank (which is headquartered in Buffalo), the University at Buffalo, General Motors, Time Warner Cable and Tops Friendly Markets. Buffalo is home to Rich Products, Canadian brewer Labatt, cheese company Sorrento Lactalis, Delaware North Companies and New Era Cap Company. More recently, the Tesla Gigafactory 2 opened in South Buffalo in summer 2017, as a result of the Buffalo Billion program.
The loss of traditional jobs in manufacturing, rapid suburbanization and high labor costs have led to economic decline and made Buffalo one of the poorest U.S. cities with populations of more than 250,000 people. An estimated 28.7–29.9% of Buffalo residents live below the poverty line, behind either only Detroit, or only Detroit and Cleveland. Buffalo's median household income of $27,850 is third-lowest among large cities, behind only Miami and Cleveland; however the metropolitan area's median household income is $57,000. This, in part, has led to the Buffalo-Niagara Falls metropolitan area having the most affordable housing market in the U.S. The quarterly NAHB/Wells Fargo Housing Opportunity Index (HOI) noted nearly 90% of the new and existing homes sold in the metropolitan area during the second quarter were affordable to families making the area's median income of $57,000. As of 2014, the median home price in the city was $95,000.
Buffalo's economy has begun to see significant improvements since the early 2010s. Money from New York State Governor Andrew Cuomo through a program known locally as "Buffalo Billion" has brought new construction, increased economic development, and hundreds of new jobs to the area. As of March 2015, Buffalo's unemployment rate was 5.9%, slightly above the national average of 5.5%. In 2016, the U.S. Bureau of Economic Analysis valued the Buffalo area's economy at $54.9 billion.