January 2011 Real Estate Newsletter by
Gay Rosen, ABR, CBR, CDPE, CRS, GRI, SRES
January has ended and we are into the early spring market….. Larchmont entered the year with 33 new (or returning) listings, 8 listings from 2010 went into contract with buyers seeking good value, 45 went pending from 2010 and 18 other properties were sold from 2010 with prices ranging from $480,000 to $1.7 Million. In New Rochelle there have been 28 new or returning listings, 7 properties going into contract from 2010 and one for 2011, 8 properties from 2011 going into pending, and 15 properties were sold that had been originally listed in 2010 with prices ranging from $410,000 to $1,535,000. With regard to 2011, one property had multiple bids on Ervilla in Larchmont Manor, A small 3 bedroom property in Larchmont on Mayhew came on at $699,000 and as I am writing this there are mutliple bids on that home also. Another home entered the market last week at $925,000 in Larchmont Woods (5 bedrooms – 2400 square feet with a gorgeous kitchen)… and there is an accepted offer on that home also….so the buyers are realizing it is a great time to purchase.
With interest rates still low (4.81 30 year fixed) , iand so many different programs, why not? There is an FHA loan – for those potential buyers with a credit score of 500. They would have to place down 5% in lieu of the usual 3.5% and their credit history wil be very carefully scrutinized…. meaning extenuating circumstances would have to exist for their having that low credit score, and to qualify for a mortgage.
Wells Fargo is also offering a construction loan. This can be locked into for a year – at approximately .5% higher than the usual mortgage rate, but it will enable a purchaser to buy a home, renovate and have those costs incorporated into the mortgage structure. There are some wonderful mortgage products out there, and I can always direct you to several great mortgage professionals if you do not have one.
Accordingly, all buyers should be made aware of the Thoroughbred Title Services. If they request that the Title be searched through this company, they will pay less for the service in comparison to other companies Go onto the web site and see for yourself! http://www.thoroughbredtitleservices.com/faq.php
http://guidemehome2westchester.com/2011/1/10/time-to-purchase-the-perfect-home my recent blog for home buyers
With more home sales in 2010 than 2009, it is quite evident that there are buyers looking for their dream home. It is also important to be realistic in pricing your home…
In this blog, I answer many questions a seller might have – BUT there are always more. Please feel free to contact me with any of your real estate questions. Remember that real estate is local so do not pay attention to the news broadcasts… If the properties on your street are selling between say $600 – $800,000 – and if your home presents well, etc.. then your home should be selling in that price range also… It is important not to expect the house to be sold at a higher price than the market is stating.. everything must appraise, and the appraiser will only research back to 3-6 months.
As you can see from above, many properties went into contract that had been listed last year, and there already seems to be some excitement for a brisk spring market…. I will mention that the price per square foot in Larchmont for 2010 was at 2007 prices, and the price for square foot in New Rochelle has been at 2003 prices….let us see what 2011 will bring!