Westchester County New York Real Estate Blog

What Does "For Sale" Mean?

Putting a house on the market for sale can really be an inconvenience. Agents make appointments and don't show up or are late, buyer's want to come back more than once before they make an offer, buyers work and want to come at night and so it goes.

Following is a link to a blog post by Lenn Harley A Broker in Maryland who outlines some of the issues with being a seller and why it is in your best interests to let us do our job even though you might find it a pain.

 

"What does "FOR SALE" mean?   

"It means that the home is listed FOR SALE by the owner with the understanding that interested home buyers will be visiting the home to walk through it to help them, the home buyers, determine whether or not the property will be considered as a future home.  Often, after trying to get access to a home listed for sale, I come to believe that the seller wishes to sell but doesn't want anyone visiting.  Fact is, many home buyers need to visit a home for sale more than once before making an offer.  This is particularly true of first time home buyers, which is a huge percentage of our market today"

Lenn's post here.

Difficulties with Jumbo Mortgages....

 

For borrowers with household incomes between $250,000 and $500,000, however, mortgages are not as easy to get, Mr. Adamo said. “These people are living in places where starter homes might be $1 million,” he said, “and it’s really affecting them.”

Fannie Mae and Freddie Mac will accept only loans below $729,500 in the highest-cost markets like New York City and northern New Jersey. For mortgages larger than that, mortgage brokers and bankers must find other investors who want to take the loans. (Mortgage brokers process the applications on a lender’s behalf, while mortgage bankers will finance the loan and sell it shortly thereafter.)

To read complete article from the New York Times, here.

What Price to Start with?

Each month I distribute a Newsletter to individuals who sign up on my sites to receive this newsletter.  One of the articles this month is "What Price to Start With" and I like what this article says and it answers a lot of the questions that I get from my buyers. 

"When a decision is made to make an offer to purchase a home, be sure to go back and take a second look. It is so much easier changing your mind about a home before a contract offer is made than after a contract offer is accepted and signed by the seller. This second appointment would be a perfect time to bring along others who may have an impact on a buying decision, such as parents, friend, contractor, etc.

Go through the home a second time and look beyond the owner’s décor, whether it was the home just previewed, the first one seen earlier in the day or the one previewed last week. Why? There are many reasons, but most importantly is seeing if the second look creates the same good feeling as the first, and then taking a closer look to see if there are aspects of the home missed during the first preview which may alter the decision to submit a contract offer" to read the rest of this article and much more please click, here.

Westchester Philharmonic July 3th Concert - Check it Out!

Guest conductor Constantine Kitsopoulos will lead the Philharmonic in a program that will include pops and patriotic favorites, including Stars and Stripes Forever and The Star-Spangled Banner.

Pre-concert entertainment begins at 6 p.m. with the Stages band, performing music from past decades. The Philharmonic takes the stage at 8 p.m.; fireworks will follow the concert at approximately 9:15 p.m. Admission and parking are free.

 

July 4th Events in Westchester County

“Independence Day 1809,”
Costumed parade,  patriotic speeches and children’s activities.
July 4, 10 a.m. to 6 p.m. $6 to $12.
Van Cortlandt Manor, 525 South Riverside Avenue. (914) 631-8200; hudsonvalley.org, Croton on Hudson

“Pops, Patriots and Fireworks.”
July 4 at 8 p.m. $34 to $74.
Caramoor Center for Music and the Arts, 149 Girdle Ridge Road, Katonah; caramoor.com; (914) 232-1252. “Independence Day at John Jay Homestead,” featuring a fife and drum band and a reading of the D

Declaration of Independence. July 4, 11 a.m. to noon.
Free. John Jay Homestead Historic Site, 400 Route 22. (914) 232-5651; johnjayhomestead.org.

“Independence Day Concert,”
featuring the Westchester Chamber Orchestra and Adam Kent, piano. Friday at 7 p.m.
Free. New Rochelle Public Library, 1 Library Plaza. westchesterchamberorchestra.org; (914) 654-4926.

“Old-Fashioned Fourth of July,” games and ice cream churning.
Bring a picnic lunch. All ages. July 4, 1 to 3 p.m. Free. Muscoot Farm, Route 100, Somers
westchestergov.com/parks; (914) 864-7282.

“Independence Day 1859,” 19th-century baseball,and ice-cream-making demonstrations.
July 4, 10 a.m. to 6 p.m. $6 to $12. Washington Irving’s Sunnyside, 89 West Sunnyside Lane, off Route 9. hudsonvalley.org; (914) 631-8200.

Westchester Market Statistics, June 2009

The sales statistics for Westchester County have just been published in two places.  One is the New York State Assocation of Realtors and the other is Realist a company that the Westchester Board of Realtors uses to compile public market data.  Let's start with the State numbers.

For existing single family homes in May, 2007 there were 401 sold, May, 2008 there were 306 sold.  The percentages tell the story.  From May, 2007 to May, 2009 there were 21.7% less homes sold in Westchester County.  According to the state the median price has dropped significantly as well.  In May of 2007 the median was $675,000, in May, 2008 the median was 703,750 and in May, 2009 the median dropped to $568,000.

 Realist picks up stats from public records.  This snapshot says 6/3/2009 but when you consider that the sales are not recorded immediately these numbers do not correctly state the market at the current time.  There is a lag.  Overall however it gives you an indication of what is going on with the market but is not accurate if analyzing the market statistically.

It's Good to Poke A Little Fun Sometimes! Or Why You Need A Buyer's Agent!

It's Raining, It's Pouring

  Normal Rainfall in Westchester County In June is 2.5"

  Rainfall June, 2009 so far 7.50"

Saturday evening, it's pouring

  Forecast for tomorrow Sunday, rain

  Forecast for Monday, rain

  Forecast for Tuesday, rain

                                                           

Great time to check a basement for any water!

Westchester County Assessment Commission - Ok!

Westchester legislators will move to adopt a resolution which will establish a county assessment commission at Monday’s upcoming Board meeting. The proposed legislation creating the Westchester County Assessment Commission, due for a vote at Monday’s Board of Legislators meeting, would be responsible for the development of a regional model for the collection and maintenance of property data that would be used by local assessing units as the new standard for recording the characteristics of every parcel of property within the county.    “It is crucial to the commission’s work that parameters are in place to create a more uniform, transparent, equitable and efficient assessment practice,” said Board Chairman William Ryan (D, I, WFP-White Plains).   “This measure will save taxpayer dollars.” 

To read the complete press release, here.

Armonk, New York Housing Statistics, June 2009

Armonk is a Hamlet located in the Town of North Castle which has three distinct geographical areas.  Armonk is located in the central part of the town. It is the seat of town government and town library. Banksville known as the "Eastern District of North Castle", located in the eastern part of the town, close to Connecticut and North White Plains located in the southern part of the town. It is south of the Kensico Reservior Dam, west of the White Plains Reserviors, and east of the Bronx River although the name generally refers to any portion of North Castle south of the Kensico Reservior. 

Some statistics for the Byram Hills School District:

there are 173 active single family homes on the market (12 are in contract but are considered active until financing is in place);
there are 11 pending sales (financing is in place and they are ready to close);
7 houses sold during the past month.

The absorption rate stands at 107 weeks.  An absorption rate is the length of time it will take to sell the current inventory at the current rate of sale.  Less than six months indicates a seller's market and great than six months indicates a buyer's market.

Buyer and Seller Closing Costs, Single Family Homes, New York

Below is an overview of closing costs in New York State for a single family house. This is just a guide.  The estimated costs are subject to change depending on the bank, the price of the property, which bank attorney, etc.  Please don't quote these numbers but rather compare one estimate to another.

SELLER'S CLOSING COSTS

Transfer Taxes
   New York State .4% (.004) of the sale price;
Property Condition Disclosure Credit
  $500
Real Estate Broker Fee
Loan Payoff
  Pick Up Fee $100-200
   Record Satisfaction $75-150
   Final Water Reading  $35-50
Attorney's Fee - Varies

BUYER'S CLOSING COSTS

Title Insurance (depends on cost of home)
    Title Search $400-600
    Recording $200-400
    Gratuity to the Title Closer $150-250  (recommended)
Mortgage Recording Tax (your attorney will discuss with you)
Survey of the Property 
    New $750-1500
   Survey Inspection $200-400
Lenders Attorney Fee  $500-750
Taxes (depending on the lender property taxes may have to escrowed)
Insurance (liability, theft, fire)
Mansion Tax (over one million dollar purchase price 1% tax to New York State)

 

HUD-1 Form that will be completed at your closing summarizing all of the closing costs, here.  This form is correct today, June 19, 2009 and is subject to change.

Some Chappaqua Market Statistics, June, 2009

As of June, 18, 2009 there are 169 Single Family Homes on the Market
9 Single Family Homes are in Pending Status on the Multiple Listing Service (means mortgages are funded)
23 House Sold and Closed in Chappaqua in the last 6 months
The ratio of Selling Price to Listing Price is  94.52
The average days on the market for those 23 Sold properties is 237

The absorption rate stands at 73 weeks. The absorption rate is the amount of time it will take to sell the current        inventory at the current rate of sale.  Greater than 6 months of inventory (24 weeks indicates a buyers market)

*difference between the chart and my numbers is Chappaqua school districts vs. Chappaqua PO.

Maplewood Swim and Tennis Club, Hartsdale, New York

The Maplewood Swim and Tennis Club is celebrating its' 50th Anniversary.  Located on W. Hartsdale Avenue you may have driven by it loads of times with the only way to know it is there a small sign at the bottom of the driveway.  A private club with only 185 families.  From the Journal News:

"When asked why she continues to come to Maplewood with other options such as a YWCA, a country club and Greenburgh Town Park available to her, Kahn supplied plenty of reasons.

"Everything is the same. It's beautifully laid out and it's a great spot," she said. "It's quieter. It's family-oriented. Families with little kids come, and some of the old-timers are even still here. It's very relaxing, and it's just as beautiful as it was back then."

On West Hartsdale Avenue (Route 100A) and with Central Avenue nearby, the location is in the heart of Westchester. Yet surrounded by woods, Maplewood provides a quiet escape in addition to plenty of shade on a hot summer day" the complete article, here.

http://www.maplewoodswimclub.com/

They Forgot Me!

RE/MAX of New York has been running ads here in Westchester County.  Full page ads congratulating those agents who have sold at different levels throughout the year 2008.  There are different levels of accomplishment. These ads have been running for about a month with the last one being in the local Westchester Board of Realtors newspaper which all members receive each month.  They inadvertently left me off the ad and the list.  I did accomplish the  Executive level of sales in 2008 and received an apology yesterday from the powers that be at RE/MAX.  I knew there was an error because I received a congratulatory plague and am listed on the national REMAX.com site with the accomplishment next to my name.  Originally I didn't think I would say anything but then changed my mind. It does matter.

 

What About Open Houses?

The value of holding Open Houses is a debate now in the Real Estate Community.  There are agents that are holding open houses every weekend, every Saturday, every Sunday until hopefully a house sells.  Is this an effective marketing tool or does it make the homeowner look desparate.   Personally I don't believe that is the way to sell a house.  Each house and each seller is different and the marketing that might work for one house is different from another house.

Some seller's especially those sellers who have been in their home for a very long time remember how they bought their homes and what the agents were doing way back when and believe that is what should be done now. One of the problems with Open Houses is that buyers see a street sign, don't know the price of the home and are simply curious and so they stop by.  Maybe they are looking to buy, maybe not.  Maybe this was just something to do.

Neighbors love Open Houses.  They really want to see your house, compare it pricewise to their house and know what is going on in their neighbohood.  So, they come over and knock.  "I have a relative who is looking, okay if I come through"?  or  "my kids wanted me to see this they are looking for a house".  Mostly neighbors are uncomfortable just saying "I live down the block and I am just curious".

Real estate agents can do well holding Open Houses as well.  All of those drive by's or neighbors may not buy your house but may turn into a client/customer for the agent.  Time well spent.

I do believe that one Open House is a good thing when a property is first put on the market and the rest is a discussion between an agent and a homeowner.