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Local housing market indicators seemed to be moving toward a steadier, less-frenzied pace for sales as we ended 2018 and moved into 2019. The strongest markets as 2018 came to a close were in multi-family houses and co-ops. Both the number of sales and prices were up in those segments. Condo sales also continued strong. Some of the factors behind the momentum in these property types are attributed to affordability, lower taxes and the conveniences these properties typically offer.
Single-family home sales saw an overall uptick in prices, but slower sales. The most desirable homes are in the lower to mid-point price ranges by area; those still sell more quickly and with little room for buyers to negotiate. Luxury home sales continue to lag, especially with the uncertainty of the new tax law changes. Once property owners file their 2018 taxes, some of those uncertainties should flush out and at least remove some 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 spring, 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 of a home inspector, attorney and knowledgeable Realtor to help you navigate the process. Be willing to be flexible and consider all options. Everyone wants to find that absolutely perfect 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 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 at (914) 769-2222, White Plains at (914) 949-9600 or Bronxville at (914) 337-0900 for your individual complimentary Buyers Guide or Sellers Guide.
