The New York State Association of Realtors (NYSAR) just reported a record first quarter for total home sales.
Since the housing market turned a corner in 2012, the New York real estate market has been on a steady roll. This is particularly true of the downstate area which (happily) includes Westchester. But except for certain patches of the market, there has not been a full-blown bull market. That has now changed.
The state-wide sales info for Q1 boasts 25,366 total sales. This is a 6.5% increase over Q1 of 2016. . Duncan MacKenzie, the CEO of NYSAR, to a strong overall economy and the concern over potential interest rate increases. The results are particularly impressive given that tight inventories have actually been a stumbling block to home ownership for some. Multiple offers produce both winners and losers and many buyers have to submit several offers before they are successful. Naturally, since the real estate market is driven by supply and demand, prices are generally heading up.
For the Westchester market, there are several other factors influencing this strong market that indicates this bull has quite a bit of room to run:
So, my advice for home buyers is that although the market is competitive in Westchester, it is an appreciating market. After quite a few years of chugging along quietly, this is healthy increase that is not in bubble territory. If you fall in love with a home, make the best bid that you can. Remember, if you like it, other people probably like it too and there will be competition.
For the home seller, this is great news. But be careful about getting too greedy. Overpriced homes sit on the market and generally end up selling for less than they would have had they been priced competitively from the get-go.
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