Page 62 - Westchester 2022 Relocation & Moving Guide

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LIVING IN WESTCHESTER AND THE HUDSON VALLEY | RELOCATION & MOVING GUIDE
REAL ESTATE
Tips for Buyers and Sellers
The whirlwind housing market that exploded as a result of the COVID-19 pandemic was one for the record books. With potential buyers fleeing the city for the suburbs in droves, prices skyrocketed while demand shrunk, and realtors throughout the region worked like crazy to keep up. The ensuing effects lingered for some time, altering the real estate landscape in Westchester and the Hudson Valley. Today, it’s essential for buyers and sellers to know what it takes to make that all-important purchase or sale in our always-popular region. Here are some tips from two Westchester real estate experts.
How can homebuyers thrive in Westchester today?
J. Philip Faranda, Broker-Owner, J. Philip Real Estate: “Today’s buyers need to understand that we are seeing a historically competitive market in most price categories. Multiple bids, ‘highest and best,’ and waiving inspections are commonplace because the market is so stiff. What makes Westchester and the surrounding areas different from virtually everywhere else is that lawyers promulgate contracts, not agents. This means that buyers have to do inspections prior to signing, which leaves an uncomfortable window of time for a competing bid to supplant yours. Acting quickly is self-preservation!”
Michael LaMorte, Real Estate Associate Broker, Keller Williams NY Realty: “It’s important to be prepared as a buyer in today’s market. Every buyer should be pre-approved for a mortgage first. Also, buyers should seek education from their agents regarding what to expect as far as competition in Westchester. Buyers need to know that when offering on a home, the terms do matter: things like how much of a down payment they have and if they need to sell a property in order to make the purchase make a difference.”
What are the top challenges for buyers in Westchester today?
JPF: “The rising cost of virtually everything. Values have spiked due to a low supply, but even contractors and other vendors are busy and seldom available in normal time frames. Anyone in high demand has bargaining leverage.”
ML: “Buyers are bidding/competing against many other buyers for the same home. Buyers at times are becoming exhausted from losing opportunities to other buyers that have higher or stronger offers.”
What do today’s Westchester home sellers need to know?
JPF: “A hot market doesn’t mean that who you hire as an agent doesn’t matter. If anything, the need for an experienced agent is more pronounced now because even multiple bid situations can be problematic if handled incorrectly.”
ML: “Presentation
buyers prefer a home that is turn-key. Buyers also prefer wood floors or tiles over carpet. The home should be in ‘showing’ condition: This means belongings should be put away and the house should be clean. Plus, a nice fresh scent doesn’t hurt.”
What are the top opportunities in the current market?
JPF: “With COVID moratoriums likely lifting, more distressed properties will hit the market. These might be people who are behind on their mortgage due to the COVID economy and need to sell to get out from under their mortgage.”
ML: “For buyers, purchasing a home with such low mortgage rates can save them thousands over the course of years. And sellers are receiving offers on their homes that are much higher than expected in many cases.”
matters. Most
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