A Look at the 2021 Real Estate Market So Far

Its no secret that the pandemic has taken a toll on many industries; some for the better and some for the worse. The real estate market has been no different, but the effects have been much different than what most expected at the start of the pandemic. Let’s take a look at some stats outlining figures for January-June 2020 in comparison to the same figures for January-June 2021 in Cattaraugus, Chautauqua, Wyoming, Warren, McKean, Allegany, and Erie counties.

Its interesting to see the average sale prices of homes significantly increased across most of the counties in the report. For example, there was an average YoY increase of 31.81% in the average sales price of single family homes across New York counties (Chautauqua, Cattaraugus, Allegany, Wyoming and Erie), with Cattaraugus County seeing the largest increase of 55.76%. Notably, the town of Ellicottville, which is one of Cattaraugus County’s largest vacation home markets, saw an astonishing 105.72% YoY increase in average sales prices of single family homes which was a major contribution to the county’s large increase.

The Pennsylvania counties also saw a spike in average sale prices. McKean County had a 31.90% YoY increase in the average sale price of single family homes, while Warren County had a 23.07% YoY increase.

When it came to the average number of days on the market, each county saw a decrease, meaning homes sold quicker than they did this time last year. The largest decrease took place in Allegany County, with the number of days on the market decreased by 32 days. Take a look at the stats for all of our New York counties:

The Pennsylvania counties saw an even more dramatic difference! In McKean County, the average days on the the market fell by 113 days in comparison to 2020, while in Warren County, the average was decreased by 63 days; proving once again that homes are selling much more quickly than this time last year.

Its very apparent that the overall trend in all markets shown is that homes are selling for more money in less amount of time, creating a great time for homeowners to consider listing their home for sale. Of course, this does create a much more competitive market for buyers, but with the help of a knowledgeable real estate agent and solid financing, buyers can still get into their dream home. For more information about the current real estate market, contact ERA Team VP today!

What Does it Mean to be in a ‘Seller’s Market’?

According to the National Association of Realtors the inventory of homes for sale in our nation is still very low, while the demand of buyers continues to climb. The current housing inventory is sitting at just a 2 month supply, while a typical, “neutral” threshold is a 6 month supply. What does this mean for you if you’re thinking about selling? It means that due to the astonishingly low inventory and increase in competition amongst those looking to purchase, buyers must step up their game when it comes to submitting offers, putting more money in the pockets of home sellers.

In addition to the already high demand of buyers, mortgage interest rates are at an all time low – making it even more affordable and attainable for them to make their purchase dreams come to life. This makes the pool of buyers seeking a home even larger, while market inventory has continued stay low.

Overall, this has lead homes to appreciate, allowing sellers to get top dollar for their property in today’s competitive market. With the increase in competition, its common to see multiple offers, bidding wars and cash deals when possible. Therefore, now more than ever, its crucial to team up with an experienced real estate agent to help navigate this process, whether you’re looking to buy or sell! For more information about ERA Team VP or to connect with an agent, head to www.erateamvp.com.

Overcome your home selling fears

Remember when you learned how to use the jungle gym rings in grade school? If you wanted to get anywhere, you had to build up enough courage, motion, and strength to let go… and trust you would be able to grab onto the next ring, getting you one move closer to your goal!  

Buying and selling a home can be a lot like learning how to get across the jungle gym. You might miss your next ring, but you won’t get better if you don’t try again. You might dangle for a bit, until you have the right help come along and give you a nudge in the right direction. You might, however, get it the first time and ‘nail the landing’!  

The Repair Dilemma:

Sellers have never been more fearful to try their luck at the real estate ‘jungle gym’, and here are three major reasons why: 

We understand that putting your homes best ‘foot forward’ is to ensure it is looking its absolute best when a potential buyers walk through! Also, people don’t want to put a lot of money into fixing up their home just to turn around and sell it again… Especially knowing what kind-of a market their walking into! Let’s review a couple of different approaches that could be taken. 

  • Sell as is: If you are at peace with selling your home as is, then do it! Fix the basic items (replace lightbulbs, repair screens that may be ripped, tighten hinges on cupboard doors, etc.) and make sure your home looks cared for. Potential buyers will still see the love you have given your home even though you might not want to splurge to have that big deck put on for someone else to enjoy. Also, if you’re looking for a few affordable and fun projects, check out 5 easy ways to upgrade your home.  
  • Pick your investment: While you might not be interested in fixing every little item, you might want to invest in the most important ones. If you have spoken with a real estate agent…, they know what to look for. They will be able to advise you on what will have the biggest impact on your home’s sale price. The greatest agents will have terrific advice that will not break the bank but will get your house ready for the market! 

The Market:

In the housing market, the seller and the buyer are, in many cases, the same person – the existing homeowner. To buy a new home, you must sell the home you already own, and then find a home you like better. With the market being as tight as it is in today’s housing market, the risk of selling, if others do not, prevents many existing homeowners from selling. The result? Prices are further bid up by competition for the increasingly short supply. 

Sellers also think their home might not be worth as much as what they need in order to buy a home in a market like this. This is the ‘nudge part’ of the jungle gym analogy. The hesitation is understandable, but that is why relying on a great support system, for example, the agents at ERA Team VP Real Estate will give you the nudge in the right direction. With a free CMA [Comparative Market Analysis], these professional and knowledgeable agents can help capture the value of your home, which in this market will likely sell for more than you would expect! For a free valuation of your home, contact one of these qualified agents in your area. 

The complexity of the process is overwhelming:

There is no doubt that this process is complex….and at times overwhelming! From the beginning of packing up your house, going through the emotions of excitement and sadness to the elatedness of finding your dream home and looking forward to moving in… it is a lot to process, a lot to do, and a lot to keep organized! The right Real Estate Agent is key to eliminating stress and complexity while providing peace of mind throughout the entire process. Finding an agent who recognizes the value of your home, who communicates well and genuinely cares for your needs is crucial in making an overwhelming process a walk in the park. 

7 Things to do this Fall in Western NY and Northwest PA

Fall is officially here and there’s no better place to spend it than right here in Western NY and Northwest PA! Here are a few of our favorite socially-distancing safe spots to visit this Fall.

  1. Visit Pumpkinville in Great Valley, NY.

With a little more added each year, Pumpkinville offers Fall entertainment for all ages at a reasonable price. Known for their famous pumpkin donuts and apple cider, there’s a variety of other yummy treats available as well. There’s also plenty of kids’ games, photo opportunities, , a petting zoo, corn maze, and of course… pumpkins! Pumpkinville is open 7 days a week, 9AM – 7 PM through October 31 and is located at 4844 Sugartown Rd. Great Valley, NY 14741.

2. Go apple picking at Whittier Apple Farm in Ashville, NY.

Located in Ashville, NY, Whittier Apple Farm offers over 12 varieties of apples for your family to pick this fall. Fresh pressed apple cider is available for purchase as well!

3. Take a chairlift ride at Holiday Valley Resort in Ellicottville, NY.

Although Ellicottville’s iconic Fall Festival has been cancelled due to COVID-19 this year, Holiday Valley is still offering weekend chairlift rides through the autumn touched woods this October. Rides are available on weekends only from 12-4PM for 10$ per rider (ages 6 and under are free).

4. Enjoy the Fall foliage at the Pfieffer Nature Center in Portville, NY.

Situated on over 600 acres of gorgeously landscaped lend, the Nature Center is a wonderful way to unwind and enjoy the foliage!

5. Pick out mums at Peaches & Cream in Randolph, NY

Located at 19 Main Street in Randolph, NY, Peaches & Cream offers a variety of fresh goods and locally made syrups, sauces, and jams throughout the summer, but they’re also well known for their beautiful selection of mums in the fall! They’re open 7 days a week through the Fall.

6. Stop by Pumpkintown in Busti, NY.

Offering a variety of fun fall themed games and activities, Pumpkintown is open weekends now through October 27, weather permitting. Fresh cider, a corn maze, and pony rides are a few of the items Pumpkintown is most known for!

7. Enjoy the views from the Kinzua Bridge Skywalk in Mt. Jewett, PA.

Beautiful is truly an understatement when it comes to the Skywalk, no matter the season, but our favorite time of year to visit is the Fall. Take the family and enjoy the phenomenal views and foliage from above and be sure to bring the camera!

ERA Team VP Welcomes 3 New Real Estate Agents

ERA Team VP is proud to announce the addition of three new real estate professionals to its team. Jesse Harmon, Lynn Case, and Patricia Collier all join the brokerage each with unique backgrounds.

Jesse Harmon joins the team with a background in nursing, yet has always had an interest in real estate. “My two kids and I enjoy spending time outside together. I also spend some of my free time volunteering for various organizations and giving back to the community.” Jesse says. She plans to serve Cattaraugus, Allegany, and Southern Erie Counties and is looking forward to helping friends, family and future clients with all of their home buying and selling needs. Jesse will be working out of ERA Team VP’s Allegany location. To reach Jesse directly, call 716-904-1456 or email jesseharmon02@icloud.com.

Lynn Case, who resides in Jamestown, NY, also joins ERA Team VP as a new agent, however, she has over 20 years of working with the public. Lynn is eager to dive into her real estate career and begin helping those looking to buy or sell a home. “I’m looking forward to serving clients in Chautauqua, Cattaraugus, Allegany and parts of Erie county. I have a passion for helping people and look forward to supporting my clients with one of the biggest steps in their lives!” Lynn will be working out of ERA Team VP’s Chautauqua office. To reach her directly, call 716-640-9393 or email lynn.case1@yahoo.com.

Patricia Collier is the third addition to the ERA Team VP Real Estate team. Patricia resides in the Olean area where she has worked as a real estate agent since 2016 and also owns a landscaping company with her husband. She says, “I grew up in a family that loved to buy and restore old homes, so I have a lot of experience in that. I have also worked a Community Outreach Coordinator and had some involvement in marketing while I resided in Maine.” Patricia says, “I intend to serve all over Cattaraugus and Allegany counties and truly enjoy working with military families. I am very familiar with VA loans.” In her free time, Patricia enjoys traveling, knitting, cooking, gardening and spending time with her husband, daughter, and dog, Loki. Patricia will be based in the Allegany, NY office but can be reached directly at 716-696-0259 or patricia.collier20@gmail.com.

“We’re thrilled to welcome Jesse, Lynn and Patricia to our team! Although each of these individuals have different backgrounds and experiences, I’m confident that they all bring a professional, motivated approach to our team,” says Bill Soffel, Broker/Owner of ERA Team VP. “We’re looking forward to providing each of these ladies with the tools and resources they need to succeed in the real estate industry!”

To learn more about ERA Team VP and the real estate or vacation rental market, visit www.erateamvp.com or www.myteamvp.com.

5 Things NOT to do During the Closing Process

Congratulations! You’ve found the home of your dreams and there’s a light at the end of the tunnel with a closing date just around the corner. Although this is an incredibly exciting time in your life, there are a few things you should keep in mind during the closing process.

We sat down with Emily McVay from Homestead Funding to further understand the home closing process and she provided several key “pitfalls” buyers often forget when waiting for closing day; often costing them their mortgage and ultimately their dream home.

  • Do not change jobs. According to Emily, “Change in job status will cause your file to be re-underwritten and reconsidered. This may cause a delay with your loan process or possible denial of your loan application.”
  • Do not use charge cards excessively or make late payments on any accounts. Often times, in order to save the cash reserves buyers have set aside for closing costs, they resort to “living” on their credit cards. “Excessive use of credit cards can have negative effects on your credit rating,” says Emily. “Also, late payments of any type can decrease your credit score, increase your home loan interest rate, delay loan closing, or cause loan denial.”
  • Do not spend money you have set aside for closing. “Most conventional loans require 2 months of reserve money to be verified in your available financial accounts. Once it has been verified for use at closing, spending these reserve funds may result in loan closing delays or loan denial,” according to Emily.
  • Do not originate any inquiries into your credit.
  • Do not make large deposits without checking with your loan originator first. Emily explains, “Abnormal deposits or large deposits…must have money sources verified by Underwriting. Making these deposits could result in loan processing delays or denials.”

For more information about real estate in your area, contact your local ERA Team VP Agent or visit www.erateamvp.com. For more insight about the home buying and financing process, contact Emily McVay at emcvay@homesteadfunding.com or 716-450-7773.

Emily McVay
Licensed Loan Originator (NMLS 1586340)
Homestead Funding Corp. (NMLS 3232)

COVID-19 Update from ERA Team VP

Dear Friends,

At ERA Team VP, there is nothing more important to us than the safety and well-being of our owners, guests, our dedicated staff and the community around us. Now, with the universal concerns regarding COVID-19, that is more important than ever.

The safety of our guests, owners and staff has always been one of our core values.  As we face the challenge presented by the coronavirus (COVID-19), we are taking precautionary steps to insure a healthy experience for all. Please be assured that safety is of utmost importance to us. We are closely monitoring the COVID-19 situation as it evolves. 

Here are some of the precautionary measures we are taking:

  • In-person check in/out is no longer required for arrivals within the next 30 days. Guests can still easily reach us by calling our office Chautauqua office at 716-413-0200 or our Ellicottville office at 716-699-4800.

  • We have always used cleaning products with disinfectant. In addition to normal cleaning procedures, our housekeeping staff will increase focus on “high touch” items like light switches, doorknobs, remotes, etc.

  • Back of the house areas are also being cleaned more frequently.

  • Proper hand hygiene is part of the messaging our team receives on a daily basis.

  • Our staff receives ongoing education on best practices put forth by public health agencies.

  • Team members who can work from home will be doing so.

  • We recommend that guests traveling to the area follow guidelines established by the CDC.

When you are ready to plan your next vacation, be sure to ask about travel insurance. You can book with confidence and give your family something to look forward to.

We are committed to providing you with a fun and safe getaway.

If you have any questions, you can call our office at 716-413-0200 or 716-699-4800.

For the most up-to-date information and current protocols on COVID-19, visit cdc.gov.

We wish all of you the very best for good health and hope to see you again soon.

With Gratitude,

ERA Team VP Vacation Rentals

Three New Real Estate Associates Join ERA Team VP

ERA Team VP is excited to announce the addition of three real estate agents in the Jamestown/Chautauqua office. Erin Reeves, Cindy Sellstrom and Heather Shea-Canaley each join the team with extensive real estate industry background and achievements.

Erin Reeves joins the team with 3 years of real estate background and is a life-long Chautauqua County resident. “I’m so thrilled to be diving back into my real estate business as a part of the ERA Team,” says Reeves. “I look forward to the growth and improvement ahead, and love the family atmosphere!” Erin can be contacted at 716-499-2956 or erinw2384@gmail.com.

Cindy Sellstrom is a long time Chautauqua region realtor with immense insight on the market. Cindy is excited to accelerate her real estate career and continue serving her clients using the industry’s latest tools offered by ERA. She can be reached at 716-485-3498 or soldbycindysellstrom@gmail.com.

Heather Shea-Canaley also joins the brokerage with extensive real estate background and knowledge and is already taking advantage of the ERA Team VP tools, services, and fun culture. She brings many years of experience as a Chautauqua region agent, and is well known in the area. Heather can be reached at 716-708-5000 or soldbyheather716@gmail.com.

“We couldn’t be more excited about what’s ahead for ERA Team VP for 2020,” says Bill Soffel, ERA Team VP Broker/Owner, “The addition of these three remarkable agents not only ensure growth for the company, but more importantly, contribute to our vision and core values as a team.” For more information about ERA Team VP Real Estate & Vacation Rentals and it’s affiliates, visit www.myteamvp.com.

Kacyn Cheney Joins ERA Team VP Real Estate & Vacation Rentals

Jamestown, NY — ERA Team VP recently announced the addition of Kacyn Cheney to its team of real estate sales professionals serving consumers in the Chautauqua County area.

Kacyn is the newest real estate agent to join ERA Team VP Real Estate, and she will be working out of ERA Team VP’s Jamestown location, at 23 E. 3rd St. Kacyn has been a Licensed Real Estate Salesperson for a year, and loves the industry! Kacyn is also a United States Air Force veteran.

“In today’s market, growth is the only option, and attracting top talent is a surefire way to achieve that goal,” said Bill Soffel, Broker/Owner, ERA Team VP Real Estate. “We are thrilled to have a professional of Kacyn’s caliber join our firm.”

“As a newer agent, I feel that I have a fresh, unique perspective on the real estate market and today’s industry,” said Cheney. “My creative outlook, in collaboration with ERA Team VP’s innovative techniques and tools, will allow me to better serve my clients and community. I look forward to the opportunities ahead!”

As part of ERA Team VP Real Estate, Cheney will be able to offer homebuyers and sellers a wide variety of innovative and market-relevant products and services such as the ERA® Sellers Security® Plan and the ERA® Gold Star Property program as well as robust online marketing programs, extensive listings distribution partners, and related services including the American Home Shield Warranty.  

For more information about ERA Team VP Real Estate & Vacation Rentals and the Real Estate/Vacation Rental Market in the Southern Tier of Western New York and Northwestern Pennsylvania, visit www.erateamvp.com or call their main office at 716.413.0200. To contact Kacyn Cheney directly, call (716) 397-4960.

ERA Team VP Serves as Silver Sponsor for 2019 Fire and Ice Celebration

Celeron, NY – ERA Team VP Real Estate and Vacation Rentals is proud to serve as a Silver Sponsor for the 2019 Fire and Ice Celebration at the Chautauqua Harbor Hotel taking place February 14-16. 

“ERA Team VP really values community involvement, and we are honored to serve as a sponsor for this new area event,” says Bill Soffel, Broker/Owner. “The Harbor Hotel has done this event in its other hotel locations, and we are very excited to have this celebration brought to Chautauqua County.”

This ticketed mid-winter celebration has a weekend packed with indoor and outdoor activities. Local restaurants, breweries, and wineries will be featured in the Pier Ballroom offering complimentary tastings. Outdoors will showcase over 25,000 pounds of ice intricately carved into sculptures, martini luges, and bars. Each evening will close out with a firework display featuring Chautauqua Lake as the backdrop. 

As a charity event, a portion of the 2019 Fire and Ice Celebration proceeds will be donated to the Child Advocacy Program of Chautauqua County. Admission for this event is $25, and drink tickets are purchased separately. To purchase tickets, visit brownpapertickets.com. For more information on the 2019 Fire and Ice Celebration, visit TheChautauquaHarborHotel.com or check out the event on Facebook. 

For more information about ERA Team VP Real Estate  and Vacation Rentals  and the real estate/vacation rental  market in the Southern Tier of Western New York and Northwestern Pennsylvania visit  www.erateamvp.com  or call  their main office at 716.413.0200.