By Bmak/ Adobe Inventory
Bear or bull, purchase or promote, right here’s what you should know concerning the ever-evolving Westchester actual property panorama, as informed by one of many county’s profitable actual property brokers.
Each day, it appears like there’s a brand new directive being given about actual property: purchase, promote, wait, scoop one thing up when the mortgage charges dip, and so forth. Deborah Valentino has been in the actual property trade for greater than 30 years and was a featured Realtor on HGTV’s Home Hunters. She can also be the number-one agent for Houlihan Lawrence’s Yonkers brokerage. We chatted together with her about what home-seekers can anticipate of this market and what sellers ought to take into account.
What tendencies are you at the moment seeing within the housing market?
In Westchester County, obtainable stock was down roughly 21% and gross sales had been down nearly 16% 12 months over 12 months on the finish of Could.*
How does the Westchester housing market differ from the nationwide market? Is it extra aggressive?
The Nationwide Affiliation of Realtors reported declining dwelling gross sales nationally, however actual property is native. I work in Yonkers, the place we see many first-time owners nonetheless making affords.
What can first-time homebuyers anticipate on this market?
They might nonetheless be coping with a number of affords the place the home is priced proper. I by no means suggest waiving the inspection. I do suggest that the consumers have a brand new dialog with their lender and refresh their preapproval. The rates of interest could also be fairly totally different than once they started trying 4 to 6 months in the past. Patrons must be conscious that their month-to-month cost may very well be considerably larger.
What’s a very powerful factor sellers ought to know proper now?
Put together your own home on the market inside and outside. Situation and presentation are every thing! Gentle staging, repairs, paint, and decluttering shouldn’t be missed as the perfect method to get prime greenback.
The place do you see the market going throughout the subsequent 12 months?
Possible a bit extra stabilized, however there are nonetheless extra consumers than properties on the market, so this may very well be seen as a possibility for some. —CC
“I by no means suggest waiving the inspection.”
— Deborah Valentino
*Supply: OKmls, MHmls, CGNDmls, SMARTmls energetic, pending, offered and median sale worth of single household properties as of 5/31/22 and 5/31/21 in Westchester County. Data deemed correct, however not assured.
Associated: Westchester’s Actual Property Market Stays Scorching, and Will Solely Get Hotter