Local Real Estate Market Overview from ERA Insite Realty
The spring real estate market is fast approaching and if you’re thinking of buying, selling or investing in real estate this year, what should you expect? Here’s a quick rundown so you can capitalize on current and upcoming opportunities.
The local housing market is already heating up. We do seem to be moving toward a steadier, less-frenzied pace for sales in 2019 versus the past few years. As we ended 2018, both multi-family houses and co-ops were showing strength; both the number of sales and prices were up in those segments. So far in 2019, both housing categories continue to be in strong demand. Neither property type is as seasonally sensitive as single-family homes usually are, so it’s logical that they would see high activity even in winter. Condo sales also continued strong in 2018. Some of the factors behind the momentum in these property types are attributed to affordability, lower taxes, and the conveniences these properties typically offer such as walkability and proximity to transportation.
Single-family home sales saw an overall uptick in prices, but slower sales in 2018. The most desirable homes are in the more moderate price ranges by area; those still sell more quickly and with little room for buyers to negotiate. Luxury home sales lagged in 2018 and will likely continue that trend in 2019, especially with the uncertainty of the new tax law changes. Once property owners file their 2018 taxes over the next couple of months, some of those uncertainties should flush out and at least remove part of the mystery.
There are already plenty of buyers out in the market, educating themselves about home prices and value! If you are thinking of selling this year, don’t wait to list, do it now. As we get closer to the blooming of the tulips and daffodils, there will be more homes competing for the attention of buyers. To get prepared, meet with one or more local Realtors who can research your property, educate you about the market, and provide professional advice regarding pricing strategies, timing and suggested preparations so you can sell quickly and for the most money.
If you are a buyer looking to purchase a property that will be in high demand, make sure you’re well prepared! That means having a solid pre-approval from a local lender, as well as a ready-to-go team consisting of a qualified home inspector, local attorney, and knowledgeable Realtor to help you navigate the process. Be willing to be flexible and consider all options. Everyone wants to find that ideal home at the right price, but sometimes considering that “misfit” home that needs some TLC to make it perfect can be an even better solution. You don’t even need to have the extra cash to do the repairs if you qualify for a renovation loan where the cost of the renovations and improvements is built into the mortgage.
For more tips on buying or selling in the Westchester market, contact any of ERA Insite Realty’s offices in Pleasantville (914-769-2222), White Plains (914-949-9600) or Bronxville (914-337-0900) for your individual complimentary Buyers Guide or Sellers Guide.
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