Irvington NY Real Estate Market Report May 2016

Sales

There were 5 unit sales in April. This is up 25.0% from 4 in April of 2015. This is the highest unit sales have been since 6 in November, 2015. Sales/list price ratio in April moved down to 97.2% from 100.1% in March. 

Prices

Median price in April was $770,000. This is down 26.1% from $1,042,500 in April of 2015. This is the lowest median price has been since February, 2014. 3-month median price of $955,000 in April was down moderately from $1,350,000 in March and down slightly from $1,017,000 in April of 2015. Price per square foot in April was $325. This is down from $341 in March and down from $501 in April of 2015. 

Inventory

Inventory of 53 in April was up 15.2% from 46 in March and up 10.4% from 48 in April of 2015. New listings of 16 in April were up considerably from 11 in March but down moderately from 22 in April of 2015. Months of supply of 9.5 in April was up slightly from 8.4 in March and up considerably from 7.4 in April of 2015. This is the highest months of supply has been since September, 2015. 

Market Time

Days on market of 85 in April was down substantially from 181 in March but way up from 61 in April of 2015.

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Rye Brook NY Home Sales Are The Highest Since August 2015

Sales
There were 13 unit sales in April. This is up 225.0% from 4 in April of 2015. This is the highest unit sales have been since 16 in August, 2015. Sales/list price ratio in April moved down to 96.3% from 97.9% in March.

Prices
Median price in April was $600,000. This is down 4.2% from $626,250 in April of 2015. 3-month median price of $658,750 in April was down modestly from $805,000 in March but up marginally from $640,750 in April of 2015. Price per square foot in April was $308. This is up from $299 in March but down from $378 in April of 2015.

Inventory
Inventory of 57 in April was up 9.6% from 52 in March but down 6.6% from 61 in April of 2015. New listings this month are 22, the same as last month. Months of supply of 5.6 in April was up marginally from 5.5 in March but down a little from 6.3 in April of 2015. On a year-over-year basis, months of supply has been rising for 4 months. This is the highest months of supply has been since June, 2015.

Market Time
Days on market of 111 in April was down moderately from 142 in March but up somewhat from 84 in April of 2015.

Click here to search for Westchester County Real Estate.

Bright Contemporary Home With Outstanding Entertainment Value For Sale In Armonk NY 10504

Contact info:
Christopher Pagli | 914-406-9023 | chris@legendsrealtygroup.net

3Bd/3Ba Single Family House

31 Byram Hill Rd, Armonk, NY 10504

$699,000

KEY FEATURES
Year Built: 1972
Sq Footage: 2506 sqft.
Bedrooms: 3 Beds
Bathrooms: 3 Baths
Floors: 3
Parking: 2 Garage
Lot Size: 1.24 Acres
Property Type: Single Family House

DESCRIPTION

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Nestled amongst the trees in Northern Westchester awaits a contemporary style home with outstanding entertainment value. If privacy and modern convenience are what you?re after then look no further. Enter from the front door or garage to a ground-level family room and access to all utilities. A few steps up to the main living area you?ll find a generous eat-in-kitchen that flows effortlessly into the formal living room with vaulted ceilings. Thoughtful window placement enables you to enjoy the nature setting from every angle. Glass doors take you onto the spacious deck with plenty of room for large gatherings. The master suite is a home within the home and offers new bamboo flooring, a full bath, ample closet space, vaulted ceilings, and comforting views. Travel down the hall and a few steps up to the additional two bedrooms. A two-car garage, over-sized driveway, and side yard complete the exterior.

PROPERTY FEATURES

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• Living room
• Dining room
• Master bath
• Family room
• Recreation room
• Balcony, Deck, or Patio
• Yard
• Double pane / Storm windows
• Hardwood floor
• High / Vaulted ceiling
• Skylights

COMMUNITY FEATURES

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• Security system
• Garage - Attached

ADDITIONAL LINKS

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• Website: http://www.WestchesterCountyRealEstateMarket.com

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Contact info:
Christopher Pagli
914-406-9023
chris@legendsrealtygroup.net

White Plains NY Real Estate Market Report March 2016

Sales

There were 14 unit sales in February. This is down 6.7% from 15 in February of 2015. This is the lowest unit sales have been since 8 in April, 2015. Sales/list price ratio in February moved up to 99.6% from 99.0% in January.

Prices

Median price in February was $586,690. This is down 36.6% from $925,000 in February of 2015. 3-month median price of $627,500 in February was up slightly from $570,000 in January but down moderately from $821,250 in February of 2015. Price per square foot in February was $280. This is down from $293 in January and down from $299 in February of 2015.

Inventory

Inventory of 81 in February was up 22.7% from 66 in January and up 39.7% from 58 in February of 2015. New listings of 33 in February were up considerably from 11 in January and way up from 17 in February of 2015. Months of supply of 4.1 in February was up moderately from 3.3 in January and up considerably from 3.3 in February of 2015.

Market Time

Days on market of 105 in February was way up from 70 in January and up moderately from 84 in February of 2015. This is the highest days on market has been since April, 2015.

Click this link to search for Westchester County Real Estate www.westchestercountyrealestatemarket.com 

Are You An Effective Negotiator?

Everybody has his or her own interpretation of what it means to be an effective negotiator. Some believe that they need to possess a killer instinct, a win-lose attitude, or place what they perceive as their clients best interest in front of reality. While negotiating, the true person comes out or the person you think you need to be. Viewing a negotiation as a win-lose game creates a competitive atmospherethat is based on our behavior rather then focusing on the goal. All parties involved should benefit from a successful negotiation. 

Some keys to a successful negotiation are understanding the importance of effective communication, focusing on the goal, and not letting emotions or personalities cloud the process. When a buyer or seller client hires us to work on their behalf the very first meeting tends to be a negotiation until we are actually hired. Once they sign an agreement our role shifts from participant to advisor.

The initial consultation we have with a prospective client will also help determine what type of negotiating partner they will be when it comes time to make or receive an offer to purchase. Listening, clarifying, setting expectations, and a full explanation of the home buying or selling process, will give you all the answers you need in order to help that client.

By taking the time to discuss the above from the beginning, you are preparing the client for what could come. We want to keep the playing field as calm as possible and by adhering to the above; the client has had time to absorb the many possible scenarios in advance of any real-life action. The beginning of the negotiation process is NOT the time to prep a client. 

As real estate agents we are acting as client advocates and part of our duty is to educate and guide our clients. We help set the tone for the negotiation with the buyer, seller, and the other real estate agent. It is absolutely imperative that we remain professional and calm otherwise we run the risk of tainting the process. Once one party gets a bad taste in their mouth about the other party it can be hard to reverse.

The other side will also most likely remember your initial interaction down the road when you ask for repairs, changes, or flexibility in a term.

I believe that many things in life are preventable. Choosing to properly inform clients from the start will yield far greater results then just closing a real estate transaction. 

The Westchester County Real Estate Market Needs Your Help!

Westchester County Real Estate Market Report 2015

The spring and summer Westchester County real estate market has come to a close and fall is moving quickly.  Despite the current spring-like temperatures we are still seeing a shortage of Westchester single family home and condos.  Tight inventory levels have been a hurdle we all have had to face in the past two years, hence the reason for numerous multiple bid situations.  I avoid using "bidding war" because it carries such a negative tone.

The Westchester County real estate market has made an obvious shift from a buyers market to a sellers market and it's not going to change anytime soon.

The winter is fast approaching and typically a time where decisions are made about buying and/or selling a home.  I often tell clients that the holidays are a time for families to get together and make these decisions.  People don't just wake up one day and decide that today is the day they are going to buy or sell a home in Westchester County.  These decisions are long in the making and once the holiday season comes to an end those decisions are implemented.

Home buyers and sellers always hear "now is a great time to buy or sell"  at times it is and others may not be.  The Westchester County real estate market will never come to a screeching halt.  Many sellers question whether listing a home in Westchester County during the winter months is a good idea.

Everyone has their own thoughts and scenarios that play out inside the neighborhood between their ears.  Take it from a full-time real estate agent that has worked in the field for the past ten years, winter is a great time to list!

The reasons are clear-cut and fact based;  Inventory is still tight as we mentioned earlier in the post.  Many of the Westchester County buyers that lost a home to another buyer still need one.  Some of these homes had as many as 8 (sometimes more) offers.  What do you think the remaining buyers will do?  Keep looking!  Occasionally we'll lose a buyer to renting if they are in a real time crunch.

Redfin conducted a study based on information between 2010-2014 that determined February is the best month to list.  An average of 66% of homes listed sold within 90 days.  I agree February is a great month to list but personally feel the second half off January is equally as good.

In Westchester County we tend to see inventory pick up greatly during this time along with the amount of competing buyers. Once the spring market is in full swing the competition will be far greater, good for sellers and not so good for buyers.   Read how to win a bidding war

Buyers these days are very savvy and have been keeping a close eye on the market.  Once that property they want enters the market they will jump on it, I've experienced it in the summer market.   Mortgage rates are still hovering around 4% and will remain that will for the foreseeable future.

Sales are up and there have already been 217 single family homes placed under contract from November 1-12, 2015.  During the third quarter of 2015 there was a 10.3% increase in Westchester County single family home sales compared to 8.4% in the second quarter.  The total home sales in the county for the third quarter were up 294 from last year to 3,157.  The median sales price in the 3rd quarter was $676,500 down $6,000 from this time last year.

If you would like real estate statistics for your town please feel free to contact me directly on 914.406.9023, email - chris@LegendsRealtyGroup.net or visit my website www.WestchetserCountyRealEstateMarket.com

Rye Brook NY Single Family Home Statistics September 2015

Sales 

There were 12 unit sales in September. This is up 50.0% from 8 in September of 2014. Sales/list price ratio in September moved down to 96.5% from 97.2% in August.

Prices 

Median price in September was $660,500. This is down 17.2% from $797,500 in September of 2014. This is the lowest median price has been since April, 2015. 3-month median price of $827,500 in September was very slightly up from $820,000 in August and up marginally from $815,000 in September of 2014. Price per square foot in September was $341. This is down from $342 in August and down from $346 in September of 2014.

Inventory 

Inventory of 54 in September was up 14.9% from 47 in August but down 10.0% from 60 in September of 2014. New listings of 17 in September were up substantially from 8 in August and up considerably from 13 in September of 2014. Months of supply of 5.3 in September was up slightly from 4.8 in August but down modestly from 6.5 in September of 2014.

Market Time 

Days on market of 63 in September was down a little from 65 in August and down slightly from 68 in September of 2014.

There's Value In A Neighborhood, Do You See It?

I spent the first 18 years of my life on living at 19 Elm Hill Drive in Rye Brook.  In the beginning we were still part of Port Chester and in 1982 a rally was held in Crawford Park to change our section to Rye Brook.  I distinctly remember hearing the chants of "Rye Brook" coming through the trees of my best friends house at the end of the street.  From that point on things slowly started to change and eventually, all of the folks that bought into the neighborhood will have made the best investment of their life.  

My parents bought our home for $28,000 in the sixties, sold it in 1991 for $330k, it was renovated and a few years later sold for $1,075,000.  Aside from obvious reasons, I wish my parents were still alive so I could tell them how smart of an investment they made!

As kids we walked everywhere, to Ridge St Elementary and Blind Brook High School, Rye Ridge Shopping Center, the Rye Town Hilton game room (Bagatelle), Crawford Park, and Pine Ridge Park.  I recently visited Pine Ridge Park with my daughter and noticed that my name is still etched into the bleachers (seen in the picture below) by the baseball field.  This was done when I played little league there approximately 32 years ago!   

  

It has been a pleasure to watch the transition in this great town over the years.  The best part is working as a real estate agent and sharing the magic of Rye Brook with my clients.  There is no other town in Westchester like it.  You feel a certain sense of calmness when you drive through the neighborhoods.  In fact, when I need to get centered I enjoy driving through and visiting my favorite places.  

Beyond school rankings, which according to Newsweek are #9 in the country, the sense of community and convenience to everything are un-paralleled.  Many of the people we grew up with have moved back with their families, that say’s it all!  

My most recent sale was 9 Pine Ridge Road, two blocks from Pine Ridge Park for $770,000.  It is a modest split level home with modern flare and a serene backyard.  If you are considering a move to Rye Brook, NY then please take the time to drive, walk, and absorb all this great town has to offer.

The Anatomy Of A Good Home Purchase Offer

As easy as making an offer on a home seems it can be very difficult for some to do. As an agent I get asked all the time "what do you think we should offer"? I technically cannot tell you what to offer just provide you with market data and support in order for you to make an informed and comfortable decision.

My approach is simple; we need to make an educated offer. An educated offer is one where we have analyzed the most recent, comparable sales data to the subject home. It is very important to compare Colonial homes with Colonialsbecause you won't compare them to a ranch. If a ranch is the only comp then you will have to adjust a bit because Colonials typically bring a higher dollar due to popularity. Another very important factor is how close to the subject home the comps are, sometimes you have to extend beyond the 1/2-1 mile radius.

This is the same data a bank appraiser is going to use and hopefully the listing agent when determining a price for the home. The reason we use sold data is the price a home actually sells for determines value. In regards to active listings, the seller can ask anything they want for a home but if there isn't a buyer that's willing to pay that price then guess what, your home isn't worth that price. The active listings will just be your competition on the market if you are a seller. In that case you will want to position yourself as the best value amongst the competing homes.

We take the sold comps and couple them with your level of interest in the home, supply levels, and what you truly feel it's worth to YOU. With that we formulate our offer. When presented we can let the listing agent know how we came to our number and that will give us ground to stand on. Sometimes this means paying the asking price and above. In a market like we have in Westchester at the moment, supply levels are low, competition is swift, and homes are disappearing quickly. So many Westchester County home buyers are willing to pay above ask in order to get that home they love.

Lastly, a good offer isn't always about the price, the terms can make or a break a deal as well. As a Westchester County Buyers Agent I always advise the buyer make an offer contingent upon a satisfactory home inspection and their ability to obtain a mortgage. In some cases buyers do waive one if not both of these in order to "sweeten" the offer a bit. You have to feel comfortable doing this and if you aren't then that is how it will be. Having nothing to sell, the ability to break a lease at any time, and being flexible with the seller on closing timeframe can also help you.

Lastly, make sure you team up with an agent that understands the multiple bid climate and can provide you with sage. This means discussing options before you encounter a multiple bid scenario so you are fully prepared and know what you are willing to do. Acting quickly is paramount. 

I love giving my buyer clients the knowledge and tools they need to make a comfortable decision. After all, I want you to love the home you purchase!

7 Reasons Every Home Buyer Needs Representation In Portland Maine

I find more and more that buyers are calling the listing agent of a property and expect them to have their best interest in mind. The listing agent represents the seller in a transaction, and should always have the sellers best interest in mind. Anything you say to the listing agent can, and will most likely be used against you in a negotiation.

Your Greater Portland Maine Buyers Agent will know what to tell the sellers side without weakening your negotiating position. Here are some questions I want you to consider the next time you are on the fence about whether to use a Buyers Agent...

1) Do you know how to comprehend all of the local market data to best understand what is a good value, current trends, and absorbtion rates?

2) Are you familiar with a common residential real estate contract and how to interpret various clauses to protect yourself from making common buyer mistakes?

3) Do you know what not to say to the seller in order to avoid weakening your negotiating position?

4) Do you know the zoning regulations, building codes, and any other laws pertaining to real estate in the area you desire?

5) Are you familiar with the various loan types and special programs that you may qualify for?

6) Do you have the expertise to negotiate on your own behalf, especially if the seller has an agent negotiating for them?

7) Are you familiar with all of the documentation that is needed to complete a transaction in your desired area?

There is typically no fee for the expert services of a Greater Portland Maine Buyers Agent, the seller almost always pays the commission. There are times that a buyer can pay a commission if it is mutually agreed upon when signing an "exclusive right to represent contract". Many of the items can be negotiated in the contract; length of time, specific areas, specific homes, to name a few.

Don't be afraid of the agreement. the purpose is to protect the buyer and the agent. Make sure your Buyers Agent properly explains the agreement in its entirety, along with the process, so that you fully understand what you are agreeing to. Setting expectations upfront is critical.

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.

This Is Not Your Average Open House...

The debate on whether open houses are effective or net seems to never end.  Quite often I hear valid reasons why they are or are not worth the time.  Here is my perspective...I hold open houses for all of my properties, period.  I have been hired  by a seller to sell their home.  That means I will market the property in every way possible to bring a ready, willing, and able buyer through the door.  Marketing a property is like a puzzle, all the pieces and avenues come together to complete the sale.  

Many say that open house are a way for agents to pick up buyers or a chance for nosey neighbors to come through and snoop.  So what if an agent picks up a buyer at an open house?  The buyer willingly showed up to the open house and was obviously impressed by the agent.  In NY, we are technically supposed to ask the sellers permission to work with the buyer since they came to the open house, did you know that?  Meeting a buyer at an open house doesn't necessarily mean they are going to work with you, YOU have to be able to convert them.  

As for nosey neighbors, I don't mind if they come through because you never know who they know looking to move into the neighborhood.  I sold a home to a neighbor's mother who had been looking in the neighborhood for the right property to come on the market, it was mine.  

I try to be as creative with my open houses and never, ever, hire clowns or give away TV's.  I don't want the focus to be taken away from the home, that is why we are all here.  If they have to be enticed by fluff and carnies, they aren't real buyers.  That's just me, others may have success with it but I stick to marketing and great sign placement.

As agents we should travel down every avenue of marketing because WE never know when or how we will meet that ONE buyer for a property, all we need is one.  

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023

Chris@LegendsRealtyGroup.net

How To Reduce Your Property Taxes In Westchester County NY

I hope this video on how to reduce or grieve your property taxes in Westchester County NY acts as a guide to your success!

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023

chris@legendsrealtygroup.net
mrwestchester.blogspot.com

Real Estate Market Trends In Tarrytown NY July//August 2014

Inventory remained tight in Tarrytown this spring and we saw 4 single family closings in the month of July.  These numbers are down 55.6% from 9 the same time last year.  The sales/list price ratio moved up to 102.6% from 99.3% in June.  The median price in July was $970,393, up 104.5% from $474,500 last year.  This means that the homes that sold this month were of higher value.  inventory levels were 24 and down 20% from 30 in July 2013.  The average days on market of 130 was up substantially from 35 in June but down from 160 in July 2013.  

The summer months tend to slow as the market usually peaks in June.  Many purchasers want to be in by the summer so they can prepare for the school year.  Typically the market picks back up after Labor day for those that want to be in before the holidays.  This doesn't mean that there won't be any summer activity, just not as robust as the spring market.

The condo market saw 5 sales this July which is down 37.5% from 8 in July 2013.  The sales/list price ratio moved up to 99.3% from 91.9% in June.  The median price was $458,000, down 4.6% from $480,250 the same time last year.  Inventory was down to 22 units which is 45% less then July 2013.  The average days on market were 65, down substantially from 146 in June and considerably from 120 in July 2013.

Coop activity was also light with only 3 units sold and a sales/list price ratio in July of 91.3%.  The median price was $144,000 which was down a little from $170,000 in July 2013.  Inventory of 12 was down29.4% from 17 in July 2013.  The average days on market was 127.

If you have any questions about the Tarrytown Real Estate Market or other trends please feel free to contact me directly.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate associate Broker

William Raveis Legends Realty group

914.406.9023

chris@legendsrealtygroup.net

mrwestchester.blogspot.com

Understanding The Importance Of Working With A Westchester County Buyers Agent - VIDEO

I hope this video enlightens those that don't understand the importance of working with a Westchester County Buyers Agent.  Representation can get tricky but I've taken the time to fully understand all aspects and will interpret them for you.  Have a great day!


Christopher Pagli
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023
chris@legendsrealtygroup.net
mrwestchester.blogspot.com

I'm Selllng My Home, Where Do I Begin?

Selling a home in Westchester County?  Here are some tips that will make your life a little easier when listing, presenting, and showing your home. 

1) Hire A Professional - Most people selling a home don't know where to begin.  Working with a professional will lighten your load and ensure the property will be properly marketed and priced.  Selling on your own can work, and does, but there are many important marketing tools you will miss out on.  Websites such as Realtor.com and the local MLS are extremely important because the local agents will most likely not know about your property if it's not in the MLS.  Another important factor is understanding how and where buyers search.  If you don't know this information how can you effectively market your home?

2) Detach Your Emotions - This is tough because most people selling a home are attached to it.  If you have made the conscious decision to sell then you are halfway through the process of detaching.  Don't be offended if buyers have negative things to say, everybody has an opinion.  Instead try to take the feedback and see if there is anyway to improve the home.  The sales activity in your immediate marketplace plays a big part in what a buyer will most likely offer on your home.  We can't avoid the facts, so hopefully the state of the market will work for you rather then against you.  Keep this in mind and hopefully the next buyer will love the home as much as you do.

3) Take Great Pictures - I can't stress this enough!  Too often I see lousy pictures taken by either an agent or the seller.  I've even considered making a coffee table flip book for terrible home photos ;o).  We laugh but it's really not funny.  As the seller client you should demand to approve the photos before they are officially listed online.  The main idea here is to capture as much of a room as possible, that means including ceiling and floor.  This helps to show depth in a room.  Toilet, shower curtain, and bed close-ups don't do a room justice.  Take a minute to look through the camera lens before tasking the photo.   Make sure anything that doesn't need to be in the photo is out, such as that bottle of glass cleaner on the coffee table or breakfast dishes in the sink.  If you aren't using a wide angle lens then don't include that photo.  If you have captured the essence of the home in the other photos it's ok to leave something to the imagination.  I'm not a fan of wide angle lenses because they make the room  look like it's being viewed through a peep hole.  Remember, buyers formulate their opinion by what they see online, it can cost you a showing.

4) Be Honest & Disclose Where Necessary - Some sellers make the mistake of trying to hide things.  Work with your professional to understand what needs to be disclosed by law and what doesn't.  If you think something might be an issue before listing your home then correct it.  The less you give buyers to gripe about in the beginning the better.  Make sure any and all work permits are in order if you've done work to the home otherwise it will haunt you in the end and could stall your transaction.  I've had a few past clients that didn't do their due diligence prior to buying the home and got stuck fixing the previous owners work, or negligence.  

5) Don't Hover When The House Is Being Shown - Many sellers want to stick around to see what a buyer is saying about their home.  Give the buyer space, if they get uncomfortable it can end the showing abruptly. You want to the buyer to spend as much time as possible getting a feel for your home, buying a home is an emotional experience.  If they feel like they are home then that is what helps sell the property.  

6) Stage Your Home  - You get one chance for a first impression.  When a buyer enters a home they go on how it makes them feel.  If the home has a consistent flow then it will be more inviting.  Keep the senses in mind, pleasant smells, appealing to the eye, and flow are most important.  There are simple fixes that can make a world of difference and cost nothing!  If you have an awkward layout then it will be hard for a buyer to envision how they will set the space up, if it's vacant.

7) Proper Pricing - This is the most important aspect to selling a home.  Most sellers don't know where to begin when it comes to proper pricing.  Many think they have an idea because they used a home valuation tool on a website.  These tools can be somehwat accurate but the proper way is to have a comparative market analysis done.  Better known as a CMA, this is a compilation of local market data and com parable sales within the past 6 months.  You want to know what similar homes sold for as close tou yours in style, location, and condition.  This is the same data a buyer will use to formulate an offer and the bank appraiser for the loan.  Supply and demand is also another important part.  A seller may be able to ask a bit more then the comps for a home if supply is low and the buyer pool is large.  In Westchester County we saw numerous bidding wars this past spring and the season before.  When a buyer wants something bad enough they may be willing to pay more for the home.

8) Marketing The Home - This is the second most important aspect and goes hand in hand with proper pricing.  Your agent should be an expert in this area and it is your job to inquire about the marketing plan for your home.  We have to think about proespective buyers and how they search, where they search, and what will attract them.  If you don't have a full understanding of all the marketing avenues available and how they work, then don't try to do it alone.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023 cell

914.332.6300 office

Is Westchester County Property Tax Reassessment Really Necessary?

Tax reassessment has become more and more necessary due to the amount of tax grievances many towns are receiving.  These grievances costs the municipalities more then an overall reassessment so this is why they have become more common.  The Town Board must take a vote and if approved the process begins.  The goal is to provide the highest level of assessment equity and fairness to all home owners in Westchester County.

A firm is elected and they begin the arduous task of collecting all the necessary accurate data.  A representative is sent out to visually inspect all of the properties involved and this process can take a year or more.  Visually inspecting a property is the only way to properly assess it in my opinion.

A reassessment address the inequities that have emerged over the years and ensures that each home owner pays their fair share of taxes.  The reassessment doesn't necessarily mean that your taxes will go up, it simply redistributes the goal tax burden more fairly.  This means your taxes may increase or decrease.


Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.332.6300 office
914.406.9023 cell

chris@LegendsRealtyGroup.net
mrwestchester.blogspot.com

FHA Hawk Pilot Program A Biiiiiig Plus For First Time Home Buyers

The FHA or Federal Housing Administration is set to launch their Hawk Pilot Program October 1, 2014.  Hawk, which stands for Homeowners Armed With Knowledge, is geared towards first time homebuyers and provides FHA insurance discounts when they complete housing counseling and education through HUD.  The counseling must be completed before entering into a contract to purchase a home and those that complete additional pre-closing counseling will receive a 50 basis point reduction in the upfront mortgage insurance premium.  This is a win-win for everyone and I applaud the action.  Many buyers have avoided FHA loans lately because the fees have gotten too high for them.  For more information please contact a local mortgage professional or message me for a referral.


Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.332.6300 office
914.406.9023 cell

chris@LegendsRealtyGroup.net
mrwestchester.blogspot.com

The Strategy Behind Making An Offer On A Home

As easy as making an offer on a home seems it can be very dificult for some to do.  As an agent I get asked all the time "what do you think we should offer"?  I technically cannot tell you what to offer just provide you with market data and support in order for you to make an informed and comfortable decision.  

My approach is simple, we need to make an educated offer.  An educated offer is one where we have analyzed the most recent, comparable sales data to the subject home.  It is very important to compare Colonial homes with Colonials because you won't compare them to a ranch.  If a ranch is the only comp then you will have to adjust a bit because Colonials typically bring a higher dollar due to popularity.  Another very important factor is how close to the subject home the comps are, sometimes you have to extend beyond the 1/2-1 mile radius.

This is the same data a bank appraiser is going to use and hopefully the listing agent when determining a price for the home.  The reason we use sold data is the price a home actually sells for determines value.  In regards to active listings, the seller can ask anything they want for a home but if there isn't a buyer that's willing to pay that price then guess what, your home isn't worth that price. The active lisitngs will just be your competition on the market if you are a seller.  In that case you will want to position yourself as the best value amongst the competing homes.

We take the sold comps and couple them with your level of interest in  the home, supply levels, and what you truly feel it's worth to YOU.  With that we formulate our offer.  When presented we can let the listing agent know how we came to our number and that will give us ground to stand on.  Sometimes this means paying the asking price and above.  In a market like we have in Westchester at the moment, supply levels are low, competition is swift, and homes are disappearing quick.  So many Westchester County home buyers are willing to pay above ask in order to get that home they love.  

Lastly, a good offer isn't always about the price, the terms can make or a break a deal as well.  As a Westchester County Buyers Agent I Always advise the buyer make an offer contingent upon a satisfactory home inspection and their ability to obtain a mortgage.  In some cases buyers do waive one if not both of these in order to "sweeten" the offer a bit.  You have to feel comfortable doing this and if you aren't then that is how it will be.  Having nothing to sell, the ability to break a lease at any time, and being flexible with the seller on closing timeframe can also help you.  

I love giving my Westchester County buyer clients the knowledge and tools they need to make a comfortable decision.  After all, I want you to love the home you purchase!

Please feel free to contact me with any questions.

Westchester County Real Estate Agent, Westchester County Buyers Agent, 

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative/Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023 office
914.406.9023 cell

chris@legendsrealtygroup.net

mrwestchester.blogspot.com

Pleasantville Real Estate Market Statistics July 2014

Single Family Homes

Sales

There were 13 unit sales in June. This is up 8.3% from 12 in June of 2013. This is the highest unit sales have been since 15 in September, 2013. Sales/list price ratio in June moved down to 97.2% from 98.7% in May.

Prices

Median price in June was $939,000. This is up 59.6% from $588,250 in June of 2013. 3-month median price of $812,000 in June was up slightly from $697,750 in May and up moderately from $615,000 in June of 2013.

Inventory

Inventory of 67 in June was down 6.9% from 72 in May and down 23.9% from 88 in June of 2013. New listings of 14 in June were down substantially from 28 in May and down considerably from 18 in June of 2013. Months of supply of 7.3 in June was down slightly from 7.9 in May and down moderately from 10.7 in June of 2013.

Market Time

Days on market of 82 in June was down considerably from 148 in May and way down from 138 in June of 2013.

Condos

Sales

There were 2 unit sales in June. This is down 50.0% from 4 in June of 2013. Sales/list price ratio in June moved down to 95.3% from 99.3% in May.

Prices

Median price in June was $332,500. This is up 6.7% from $311,500 in June of 2013. 3-month median price of $290,000 in June was up modestly from $268,500 in May but down a little from $300,000 in June of 2013.

Inventory

Inventory of 7 in June was up 40.0% from 5 in May but down 61.1% from 18 in June of 2013. New listings of 4 in June were up considerably from 2 in May and way up from 1 in June of 2013. Months of supply of 2.3 in June was up substantially from 1.6 in May but down considerably from 9.8 in June of 2013. This is the highest months of supply has been since November, 2013.

Market Time

Days on market of 190 in June was way up from 70 in May and up substantially from 83 in June of 2013. This is the highest days on market has been since August, 2013.

Coops

Sales

There were 1 unit sales in June. This is down 50.0% from 2 in June of 2013. Sales/list price ratio in June moved up to 92.7% from 92.3% in May.

Prices

Median price in June was $132,500. This is down 1.5% from $134,450 in June of 2013. 3-month median price of $143,750 in June was down modestly from $155,000 in May but up somewhat from $113,000 in June of 2013.

Inventory

Inventory of 2 in June was down 33.3% from 3 in May and down 71.4% from 7 in June of 2013. New listings this month are 1, the same as last month. Months of supply of 3.4 in June was down considerably from 4.5 in May and down substantially from 12 in June of 2013. This is the lowest months of supply has been since January, 2014.

Market Time

Days on market of 355 in June was way up from 208 in May and up considerably from 202 in June of 2013.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023

chris@legendsrealtygroup.net