Be Grateful For What You Have, Things Can Change...

We don't often realize how well off we are.  I'm not talking about money, just the simple things that are usually taken for granted.  I volunteer with a charity called Midnight Run every month.  We load up a van with clothing and food, drive down to NYC, and spend the night feeding and clothing the less fortunate. 

 What's interesting is the people we help aren't all homeless, some have just enough to rent a room but need money for food and other things.  Or people that have money coming in but it's not eought to rent a room.  I make sure that I engage these folks in meaningful conversation and treat them as I would any other person I encounter, with respect.  I've met people that have degrees from NYU that now live on the streets. 

You think you have an idea what it's like to be homeless, eat from garbage cans, and sleep on the streets but you have no idea until you witness it first hand.  Be grateful for what you have because things can change in an instant.

From Park Ave to park bench we are all human...

How's The Real Estate Market In Hastings, NY?

We should see inventory levels start to rise in January and most likely a large buyer pool to go with it.  We have had a shortgage of inventory over the past two years and the large buyer pool helped to drive up prices, good news for sellers.  

Hastings Single Family Home Sales

Sales

Unit sales in November were 6, unchanged from the same month last year. Sales/list price ratio in November moved down to 95.5% from 96.5% in October. 

Prices

Median price in November was $855,000. This is up 5.9% from $807,500 in November of 2013. 3-month median price of $848,000 in November was up slightly from $785,500 in October and up a little from $737,438 in November of 2013. Price per square foot in November was $411. This is up from $352 in October but down from $444 in November of 2013. 

Inventory

Inventory of 27 in November was down 6.9% from 29 in October but up 17.4% from 23 in November of 2013. New listings in November were 3, unchanged from the same month last year. Months of supply of 4.9 in November was down a little from 5.3 in October but up substantially from 3 in November of 2013. 

Market Time

Days on market of 82 in November was up somewhat from 66 in October but down a little from 89 in November of 2013. This is the highest days on market has been since April, 2014.

How Much Is Too Much When Renovating A Home In Westchester County NY?

Over the years I have had many clients buy, plan to renovate, but decided to hold off because they were comfortable in the home.  Then, when it came time to sell they seriously considered making improvements just to get a higher dollar amount for the home.  A home owner never see's a dollar for dollar increase, just overall improvement and some added value.  Some of my clients bought in 2006 and shortly after the market started to head downward.  

A few years later they wanted to sell and couldn't even ask what they paid for the home due to the declining market.  The homes needed some improvement and even if they put those dollars into the home they still wouldn't come out ahead.  At times, improvements will simply justify your asking price not command a higher one.  I've had this conversation with too many clients and don't enjoy delivering the bad news.  

Buying a home is a major investment as we all know and having a knowledgable agent guide you from the very beginning is paramount.  I sit with buyers all the time and talk about the home they have interest in, what their plans are for the home (and future) , How long they plan to stay, the benefits of certain improvements, and the current state of the market.  

I'm definitely a believer in improving a home for your enjoyment because after all, our home should be our castle.  There is definitely value in the enjoyment of the project.  You will have to seriously consider how long you plan on staying in the home.  If only a short time then you are probably better off leaving it as, unless you got the home for a great price and certain improvements will help you get a higher dollar amount when it comes time to sell.  Kitchens and bathrooms are typically a smart improvement but be careful not to over imporove.  You can spend $10,000 or $100,000 on a kitchen renovation, it depends on your taste and the quality of the finishes.  

Finished basements are another big topic of conversation.  Finished basements are a great way to have additional space for the family and entertaining.  There is definitely value in that but in terms of legal square footage it should only be counted if the basement is above grade and has a legal egress.  You can always call a local appraiser in to talk about how they determine value and adjust where necessary.  It's always wise to do your research in the beginning then to wish you had later on.

Let's pull into the driveway of the nicest home on the block.  Many buyers shy away from the nicest home on the block due to the fear others not following suit.  Before buying the home pay close attention to the neighbors and look for pride in ownership.  This is most likely the most important purchase you will ever make, take as much time as you need to do your research.  An informed decision is a sound decision.

Please feel free to contact me Christopher Pagli, directly on 914.406.9023 or chris@LegendsRealtyGroup.net to discuss this topic and any others in more detail.