Recently, we looked at a case where an offer was made on a property in Buffalo and a contract was signed within a day. The property had received an average of two offers shortly after hitting the market, and the buyer prioritized speed over carefully reviewing the terms. Upon later review, it was found that the deadline for repair requests in the contract was set too short, leaving insufficient time to negotiate issues that arose during the inspection.

There are three main things to check in order. First, the various deadlines specified in the contract, especially for inspections, repair requests, and mortgage approval deadlines. Second, whether fixed costs such as property taxes and management fees are accurately reflected in the contract's attached documents. Third, whether the responsibility for closing costs is clearly divided. It can be challenging to verify all three of these in just one day, so it's helpful to create a checklist in advance before making an offer.

The rush to act is driven by a shortage of inventory in the Buffalo market. As of March 2026, the inventory stood at just 404 properties, with a supply period of about 3.5 months, and the average market exposure time was 36 days. The median sale price in January 2026 was $227,000, up 13.3% from the previous year, and it was noted that there were an average of two offers per property. According to Zillow, the average home value in May 2026 was $246,321, reflecting a 3.7% increase over the year.

When checking property taxes, two levels need to be considered. The average effective property tax rate in New York State is reported to be between 1.55% and 1.76%. Erie County, where Buffalo is located, lowered its county tax rate to $3.09 per $1,000 in 2026, maintaining the lowest level among the eight counties in Western New York. However, when city and school taxes are added, the combined tax rate for homesteads in Buffalo rises to about $6.52 per $1,000. If one only considers the low county tax, they may be surprised by the actual bill received.

Closing costs are estimated to be between 2% and 5% of the sale price, so for a property priced around $220,000, one should prepare at least $4,400 to over $11,000 separately. While it can be effective to maximize the down payment due to competitive offers, failing to account for closing costs and reserves can lead to financial difficulties right after moving in.

Managing credit scores and debt ratios continues until the moment of signing the contract. In a market where there are an average of two offers, if one feels secure after getting approved and makes a large expenditure, the lender may reassess the loan conditions just before closing, potentially reducing the limit. It is safer to postpone credit card use and new loans until after closing.

It is essential to approach mortgages with pre-approval in hand and to compare conditions from at least three different lenders rather than just looking at one. If considering school districts, it's advisable to refer to GreatSchools ratings, but be sure to verify the assigned district directly before signing the contract.

Reserves are another aspect that can be easily overlooked. In the rush to maximize the down payment due to competitive offers, one might dip into emergency funds, but in areas like Buffalo, where winter heating and snow removal costs can be significant, it's wise to set aside at least three months' worth of living expenses.

Buffalo has seen an increase in population from other states in recent years, and the resale market is also becoming more vibrant. However, rather than rushing in based solely on immediate price appeal, it is recommended to consider commuting conditions and future resale potential before reviewing the contract. Given the number of older homes, it's also crucial to thoroughly check the condition of the roof and heating systems during the inspection. This article is not investment or legal advice, and it is recommended to consult with a real estate professional and attorney before finalizing any contracts.