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How is it that there are good houses available in Buffalo New York for under 10K?In: Real Estate |
Property prices are based on the demand in the market.
It is a classical supply and demand situation. If few people want to live in an area, but there is a large stock of housing available, then prices are driven down. Sometimes house prices go so low that owners give up trying to sell and simply abandon their houses.
In the same way, if many people want to live in an area but there is a small stock of available housing, then prices are driven up.
Clearly, at this time Buffalo, NY is not a very desirable address.
If you look at the population figures for Buffalo you will see the population has been going down for a long time. Too many homes, too few people.
First answer by Craigle. Last edit by JohnCorey. Contributor trust: 17 [recommend contributor]. Question popularity: 22 [recommend question]
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