Recently, I’ve had several inquiries from would be home sellers about whether now is the time to consider downsizing their home. Scaling back is never easy and should not be undertaken lightly as it means a significant change in your lifestyle, but from a financial standpoint, I would have to say that the answer would be a very strong “YES!” if you are a Larchmont homeowner.
In the midst of a national housing crisis many would-be sellers are sitting on the fence asking whether now is a good time to scale back into something smaller. This is particularly true of empty nesters or soon-to-be empty nesters. With real estate – as with all large ticket items – it is best to buy low and sell high.
Of course the devil is in the details. If someone is looking to scale-up or scale-back they usually end up on the losing end of one transaction and the winning end of the other. So it is small wonder that many would-be sellers are stalled in this market, afraid to put their toe in the water.
But in Larchmont NY – there is a unique opportunity for sellers who wish to stay local by downsizing into the Larchmont condo or coop market. In this unique time Larchmont homes have enjoyed brisk appreciation since the 2008 crash. A home seller in Larchmont may not be able to get what they got at the peak of the market – but some of the prices are very, very bullish. Median sales price for the 10538 zip code was $1,068,000 in Q3 of 2011 up about 6% from the previous year. Just look at the sales data from the MLS for homes in Larchmont Village and the Larchmont P.O. Prices are recovering nicely. Just look at the pricing history from 2006 to the end of September 2011…The red bars represent years before the crash and the green bars represent the years following the crash. The current year is in purple: There are two charts below. The Larchmont P.O. (10538) and Larchmont Village.
But just as important are the drops for cooperatives. 1 and 2 BR coops have really struggled over the past year. This market is still a buyers market. Just look at the sales price history. It’s hard to believe this is in the same location. The condo market is similar -but too small to offer up reliable statistics. Once again, the red bars represent years before the crash and the green bars represent the years following the crash. The current year is in purple.
So right now there is a rare win-win opportunity for home owners who would like to exchange their large single family home for something more manageable. Its hard to determine just how long this type of a trend will last, but if you are thinking that the house is just a bit much to keep up and that it is time to think seriously about scaling back – this is truly a unique and rare opportunity to create a win-win on both sides of the buying/selling equation.
If you are thinking about making a change, I can help by giving you a reliable and free market analysis of your home while showing you what your money can buy on the purchasing side. I also offer a discounted commission on those who choose to complete both transactions through me.
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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