While I have lived in New Rochelle for over 38 years, I am privileged to represent clients in the lower Westchester area, and so I actually cover Larchmont, Mamaroneck, Rye, Scarsdale, Pelham, and Bronxville.
In covering the different areas, has given me a better perspective of what is happening in each area on a first hand basis, and I would like to feel it better serves my clients. For example, the market has been softer in Larchmont with fewer sales to-date (2017 in Mamaroneck compared to 278 of 2016), and then we have the lesser
priced homes in New Rochelle selling very quickly with multiple bidding. Each town and city experienced successes and some resistance in different price points as detailed in my reports. I have a link to the Rye and Larchmont Newsletter in the column left!
The Waterfront homes are still slower to sell, or rather when the home owners are more realistic to pricing, then there is movement! Staying in tune with the market trends, and what the home buyers are willing to pay are going hand in hand with success and sales. High taxes are one reason some of the higher priced homes are requiring a market adjustment.
While we all know that real estate is always local, it should be noted that Nationwide, more luxury homes have been sold this year perhaps because there are more to choose from, and prices have come down accordingly. On the whole, per the NAR (National Association of Realtors),
sales were down 1.7%, and pending home sales sank to 2.6% in August.
Potential buyers are very savvy when it comes to choosing the area in which they wish to live. After all, it has been noted that the Millennials could be worth 24 Trillion by the year 2020, and while they are still savvy enough to use an agent (92% of the discerning buyers!!), they will still pay for value.
Buyers are seeking renovated homes or homes that have been updated such as newer kitchens, and basements. They are not afraid to wait for that price reduction should they feel a home is over priced based on market conditions. They are educated, internet driven, value oriented and aware.
That value would include close proximity to the city which has always been desirable, and today’s buyers are seeking lesser property taxes too. They might opt for the smaller home where good school stats abound over larger homes, and I am seeing a trend for larger properties. People leaving the city want land! However, they aren’t seeking further travel to home and work places. One of the reasons I feel the home sales have dropped slightly this year in the Larchmont area as an example has been the increase in property taxes.
However, Westchester is always desirable, and an interesting factor is the mortgage tax. Non existent in Connecticut, but far less in Westchester than the city. As an example, on a $1.5 Million dollar home, it is zero in Connecticut, $12,570 in Westchester and $23,070.00 in the city.
Buyers are discerning, they are fact driven, but ultimately they are seeking a home that ‘speaks’ to them, and in Westchester, we have much to talk about!
I would also be very remiss if I didn’t mention the new developments in New Rochelle. Please see my blog regarding same.