Despite an April that’s starting out with snow that cancelled the Yankees home opener, spring is indeed here as evidenced by the local real estate market. Buyers are pounding the pavement looking for that perfect home to buy before other buyers get to it!
Inclement weather prevailed through most of March, setting back the calendar for many home sellers who were reluctant to list with snow on the ground rather than crocus and daffodils. In both Pleasantville and Mt. Pleasant, March’s active listings were at the lowest levels in at least 10 years. As the weather improves, local Realtors at ERA Insite Realty are working hard to ensure that the inventory of homes for sale will follow suit.
Statistics for the first quarter reveal that prices were relatively flat in Mt. Pleasant versus one year ago, while Pleasantville saw a solid increase in sale prices over the first quarter of 2017. Mt. Pleasant single-family homes sold for a median price of $683,750, while Pleasantville homes sold for $735,000 median, up almost 30 percent from one year ago when it was $568,750. Current price appreciation is directly related to the basics of Economics 101, supply and demand.
Contrary to some predictions, the tax reform changes don’t seem to be deterring home buyers from purchasing. If anything, the improving economy, strong employment levels and fear of rising interest rates are propelling buyers forward, as they are hoping to purchase something before increasing home prices and mortgage rates push them out of the market completely. This has led to competition from multiple buyers for each home that is properly priced and presented.
Homes garnering the most attention are priced appropriately for the market, maybe even slightly below value. Pricing above market value to leave some “negotiating room” isn’t the most successful strategy in this market. Homes also need to present at their best, with attention to detail and condition being paramount to generating strong offers. No matter what, don’t miss the peak selling point of the market!
If you are a homeowner looking to sell in this market, or a buyer hoping to gain a competitive edge, ERA agents offer complimentary consultations and property valuations. Contact the Pleasantville office, 370 Manville Road, next to the Jacob Burns Film Center, at 914-769-2222, or stop by any time.