Page 48 - 2023 Westchester Relocation & Moving Guide

46
LIVING IN WESTCHESTER AND THE HUDSON VALLEY | RELOCATION & MOVING GUIDE
REAL ESTATE
Tips for Buyers and Sellers
What a difference a year makes! The whirlwind housing market that we saw at this time in 2022 was one of bidding wars at sky- high prices and rock-bottom interest rates. Not surprisingly, the market is in correction mode now, with prices coming back to earth and Fed-induced mortgage rates increasing dramatically, putting the brakes on what had been a scorching sellers’ market. What do homebuyers and sellers need to know as we move forward? We asked two Westchester real estate experts, Lainee Steinberg, Licensed Real Estate Salesperson with Compass in Rye Brook, and Amy Via, Real Estate Salesperson with Houlihan Lawrence in White Plains, for insight.
What are the top challenges for buyers in Westchester today?
Lainee Steinberg: Low inventory, and high prices —including high taxes — are the biggest challenges. Affordability is tough. First-time homebuyers are competing with downsizers who want to be near their adult children in Westchester. Rising interest rates have also dampened buyers’ purchasing power. As for the condition of homes, we’re seeing prices drop on moderate homes and homes that need TLC, but move-in-ready homes in excellent locations are still very much in demand.
Amy Via: Buyers in today’s market need to contend with an ever-changing landscape. Gone are the crazy bidding wars experienced over the height of the pandemic, yet inventory is still scarce, and many buyers still face competitive bidding scenarios. Coupled with rising interest rates, affordability in cer tain price ranges may have shif ted. What was possible to purchase at a 3% interest rate may have to be readjusted when paying 6%. It is critical for purchasers to understand their buying capability and to work with a lender who can guide them as interest rates fluctuate.
What do today’s Westchester home sellers need to know?
LS: Home sellers need to manage their expectations regarding what buyers really want today. Setting the right selling price requires a delicate balance right now: not too low to leave money on the table, not too high to dissuade prospective buyers from touring the home. Af ter the recent housing volatility, sellers need to be open-minded moving forward. Contingencies aren’t being waived like they were before and knowing where to go next helps to mitigate the stress for sellers. My advice to sellers is: Move-in ready rocks; if your home is not at that level, price accordingly. Declutter and provide as clean a palette as possible to present your home to the market.
AV: It is critical for sellers to be realistic in pricing their proper ties to reflect changing trends. Inventory is still tight, which is a positive for sellers as there are more buyers than current inventory. Yet higher interest rates, a volatile stock market, economic concerns, and unsettling world events all can impact a buyer’s willingness
to purchase. The key for any seller to be successful is to understand their current value, trust their realtor and price their home accordingly.
What are the current trends/ oppor tunities in today’s market? LS: A lot of Westchesterites who bought homes using mor tgage rates as low as 5% or even 3% are feeling the “rate lock-in effect.” If they sell their homes now, they will give up their historically low mor tgage rate. Another interesting trend is the demand for a second primary bedroom with ensuite bathroom on the main floor. This is driven by the fact buyers are searching for homes for their primary family members as well as their elder parents
because senior living is so expensive. AV: Broadening one’s expectations may open new possibilities. Consider a home that needs work as opposed to purchasing a home that is in move-in condition. Look in areas originally not considered. Being very clear on needs versus wants may present homes originally overlooked. The wider a buyer’s criteria, the more oppor tunities
may present themselves.
© ADOBE STOCK