Page 46 - 2024 Westchester Relocation & Moving Guide

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LIVING IN WESTCHESTER AND THE HUDSON VALLEY | RELOCATION & MOVING GUIDE
REAL ESTATE
T Tips for Buyers and Sellers
ight inventory and sky-high mortgage rates are ruling the roost in today’s real estate game. It’s a seller’s market — but sellers are
not eager to let go of their low rates to become buyers, so they are staying put. This tug-of-war between supply and demand makes for interesting times for parties on both sides of the transaction. How best to navigate this challenging environment?
We asked two Westchester real estate experts, Leah Caro, President
& Principal Broker with Park Sterling Realty in Bronxville, and Amy Via,
Real Estate Salesperson with Houlihan Lawrence in White Plains, for insight.
What is it like to be a homebuyer in Westchester today?
Leah Caro: The inventory of homes to buy throughout Westchester, the Hudson Valley region, and across the country is at an all-time low. Since mid-2020, prices have gone up and buyers have been forced to compete
to secure a new home, but the number of sales is drastically down as there
are so few homes to buy. Examining the buyers’ perspective of this market is key. First-time homebuyers aren’t scared of the interest rates, as
they’re often paying sky-high rents and they know the key to wealth- building is owning a home. Seasoned homebuyers know the value of the right home for their family, and that “time in” far outweighs “timing.”
Amy Via: Lack of inventory continues to make the market more competitive. Buyers need to be on top of the inventory and make viewing homes
a priority. Good homes can still sell quickly, and buyers must be prepared to bid accordingly to secure a home in this environment. Also, buyers need to be flexible with their housing needs. Being willing to do renovations or expand one’s search radius will open more possibilities in securing a home.
What are the challenges for sellers in Westchester today?
LC: The high mortgage interest rates are keeping homes off the market. Ultimately sellers will have to decide
how long they’re willing to put off the life-stage move they want; interest rates are just not going to be as low again as they were recently. Another piece of the low-inventory puzzle is the domino effect; sellers are ready
to sell if only they could find the next home first – they’re now part of that competitive buyer pool.
AV: The lessons for sellers are twofold: First, homes in better condition will sell faster and at a premium. Cleaning and decluttering are two basic musts for any home being brought to market. Dollar for dollar, a fresh coat of paint has a huge impact on a home’s desirability. Secondly, price it right! Research the market, know what homes are selling for, and check the current inventory.
What can buyers and sellers do to increase their chances of success in today’s market?
LC: The most sought-after properties are priced right, with the right amenities, and in the best condition. Sellers should not assume that buyers will pay any price for a home that doesn’t fit their needs/wants.
Clean, neat, and orderly is a must.
AV: Do your homework and be prepared! Buyers, make sure to have
a pre-approval or proof of funds available. Work closely with your agent to be on top of inventory as it hits
the market. For sellers, spending the time getting your home prepped and in showing condition will ultimately result in higher profits.
Quick staging tips for sellers
Our experts recommend the following:
Declutter!
Clear off kitchen and bath counters entirely, get rid of excess knick-knacks and furniture.
Walls and baseboards should be free of scuffs and dings. (Magic Eraser is fabulous!)
Fresh paint works wonders and should be in warm whites.
Scrub the grout, dust the ceiling fan, polish the doorknobs.
Stage the outside!
Plant flowers, cut the grass regularly, clean the deck/patio, and set out decent furniture.
Paint your front door and get a new mailbox.
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