It’s sure been a great start to the early spring market. The snow is finally gone, birds are chirping and lots of buyers are seriously considering making Northern Westchester their home. Houlihan Lawrence has just published its market report for the first quarter. Here is my recap for Northern Westchester:
We see new buyers are coming to our communities searching for homes to raise their families. But we are waiting for new inventory to invigorate the market. Inventory is holding steady in the luxury markets above $2.5M. The highest demand remains in the under $1m range.
Sellers should see this for what it is: the opportunity they have been waiting for. Rates will rise and could impact the amount buyers can spend. With agent expertise, there is enough movement in the market to determine a list price that will bring together buyers and sellers.
Here are some trends we are observing:
Our luxury markets continue to face headwinds. Many of the new buyers looking for homes are focused on the most affordable properties.
Millennial buyers are looking for homes that have been updated and move in ready. The trend of staging your home to show it in its best light is an investment worth making.
Low inventory levels only work to seller’s advantage if they price correctly from the start. Well-priced homes, that don’t get reduced, sell on average in just 60 days. But if a home comes on the market at too high a price and has to be reduced, sellers are facing an agonizing wait to lock in that sale.
With interest rates at attractive levels, the future looks strong this spring. If you are looking to sell your home, talk to me about getting a competitive market analysis. If you’re looking to call Northern Westchester home, please contact me to learn more.
To access the full report, please click here.