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Westchester's Residential Real Estate Market Sees a Leveling off in a Softening Market

by John Spanos 11/10/2019

Here's what to expect from the industry in 2019. 

Multi-family properties in urban areas are the bright spot in residential real estate. Multi-family properties in urban areas are the bright spot in residential real estate.

Single-family home sales have emerged as one of the few slow spots in the Westchester economy, although there are positive indicators in some segments of the market. “In 2018, we saw a leveling off in a softening market, “Last year, we saw an an increase in inventory, and the number of transactions declined, with single-family home sales down about four percent. Then, inventory shrunk in Q4 so buyers realized that properties were selling, “Scarsdale kindergarten enrollment was down about 20 percent in 2018, indicating not as many families were relocating from New York City.

“Many of the Millennials coming into the market have student-loan debt, and their entire outlook is different than people had 20 years ago. “Prices were at an all-time high, so it’s only natural that the ebb and flow of prices will happen.” One major unknown, is the impact of changes in the property-tax deductibility. “The tax-law change has kept people on the sidelines as they wait to see how it impacts their tax bills in April.” The mindset of first-time buyers.

“Many of the Millennials coming into the market have student-loan debt, and their entire outlook is different than people had 20 years ago,”. “They are very value-conscious and tend to buy below their means. They don’t care about how big the property is, because they want to keep their expenses down, so they can enjoy their lifestyle.” Some types of homes are selling briskly. “Multifamily homes throughout the county have continued to show strength, as there are many buyers chasing fewer top-notch properties,”There’s also a fast-paced market in the single-family $500,000 to $999,000 range.”  “The Rivertowns are selling really well, but the higher-priced market is a little bit slower no matter where you are. Anything under $1 million, though, goes very quickly.” “Westchester real-estate prices also follow the stock market somewhat, so a prolonged sell-off could impact prices further,” Harrison observes.  “I am very optimistic about 2019. Single-family home sales are pointing to be strong. Since the new year, relocation has picked up. So far, there has been tremendous activity, with buyers coming off the sidelines.”

About the Author
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John Spanos

    In today's market, whether you are selling or purchasing a new home. Preparation is not just the 'standard' for making correct decisions. The Preventative Formative Information, becomes absolutely 'Priceless'.

     There are so many factors relating to Value, Costs, and Expense's. It becomes imperative, prospective buyers and sellers understand as many of the factors as possible. These factors relate to the market, inspection conditions, and overall operating factors.

       As a broker who has conducted transactions locally to globally. From regionally to nationally. Facilitating all transaction with correct research and experience. Can make the difference between making your decision the correct decision.    

       As an experienced agent, my work becomes a collaboration of the clients requirements, with thorough research. So each client makes the decision that become best for the buyers and sellers I represent.

        So please take a look through my video blog on understanding the Westchester Real Estate experience and give me a call at your earliest convenience.

        All the best.