75-Day Rule Coming Has Home Buyers Mad New York State

There is a new law that is being proposed by Governor Hochul and some people that buy real estate are really mad.

(But, the rest of the us are pretty happy about the news.)

If you are trying to buy a home in New York State it is insane. How many offers have you put in for homes and were then told that you were not even close to winning because there were other offers that were so much over asking and they were in CASH?

The new law would ban private equity firms from buying homes and rental properties for the first 75 days it is on the market.

What does this mean?

• If you are a private equity firm you cannot offer a cash offer until the house is on the market for 75 days.
• If you are a regular buyer, you can put in an offer right away.

The bad side might be for sellers, though.

If you are selling a house and you are trying to get top dollar and do not care who buys it, you might be missing out on those massive private equity firms. Unless you wait the 75 days.

If approved, it is something that has never been done before in the United States and would be an absolute game changer in real estate in New York State.

Houses are selling like crazy still and for A LOT of money.

The numbers just came out for the housing market in Western New York and according to the Buffalo Niagara Association of Realtors, it was the most expensive February of all time to buy a home in WNY.

The average sale price in the month of February was $271,864. That is a 12% increase from the previous February. The most 'expensive months' that people close on houses are in the months of June through September.