New Listings Surge. Is Westchester Back on Track?

The number of newly listed single-family homes in Westchester County surged by 56.8% from August to September. This increase in inventory is seen as a positive development for active homebuyers and those returning to the market, especially as mortgage rates have decreased recently. While August saw a historically low number of new listings YOY — the fewest in over a decade — the more significant trend may be the September increase, which aligns with patterns seen in pre-pandemic years.

Ralph’s Take

The key question is — how will the upward trend of new listings between August and September impact the market this month? Westchester County has typically had a significant drop in new listings during October, with an average decrease of 25.0% between 2013 and 2019. Since 2020, however, the decline has been marginal, averaging just 9.85%.

Best Places to Live in Westchester

Westchester Magazine just published their annual feature, “The Best Places to Live in Westchester for 2024.” Their list is based on the following factors: safety, walkability, recreation programs, vibrant downtowns, top-rated public schools, parks and playgrounds, proximity to water, sense of community, affordability, and access to Metro-North and New York City.

Ralph’s Take

The beauty of Westchester County lies in the fact that no city, town, or village is exactly the same, offering a unique experience depending on where you look. From the picturesque river towns of Hastings-on-Hudson and Tarrytown to the bustling urban center of White Plains, every community has its own charm. Whether you’re drawn to the historic appeal of Irvington or the scenic, rural vibes of Bedford, Westchester offers a mix of settings to fit diverse preferences and lifestyles. Search homes by community here.

Interested in exploring homes or market trends in a specific area? Let me know

What is My Home Worth? 💰 Part 3

In today’s edition, we’ll wrap up my three-part series on pricing a home for sale. We explored how to assess your property’s key details and how to find the right sale comps. Now, in Part 3, we’ll dive into crafting the perfect pricing strategy.

3. Developing a Pricing Strategy

Pricing is crucial in any market for attracting the right buyers. Our goal is to set an asking price that is competitive, attractive, and psychologically appealing to buyers. Here are a few strategies we use:

• Pricing slightly below market value: This strategy works best when there’s a high demand for homes similar to yours and when you expect multiple interested buyers. However, it should be used cautiously in slower markets to avoid setting a price point that may be difficult to recover from.

• Pricing for Search Brackets: If the home’s market value is around $505,000, pricing it at $499,900 can attract buyers searching under the $500,000 threshold and create a perception of a better deal. This psychological pricing makes the home feel more affordable, even though the price difference is small.

• Anchor Pricing: Sets buyer expectations based on the initial price, which influences their perception of the home’s value. Pricing at $499,000, for example, makes small reductions seem reasonable, while starting at $525,000 and lowering it later can create negative perceptions.

Ralph’s Take

Overpricing in any scenario will risk extended time on the market which invites lowball offers. A well-set initial price avoids the need for future reductions and maintains the home’s perceived value.

Considering selling your home? Discover how much more you could earn with professional guidance. Reply to this email to learn how we can help maximize your profit. It’s never too early to start planning.

Developers Celebrate 247 North Ave.

Developers Celebrate as 247 North Ave. in New Rochelle reaches its full height. The building will include 307 residential apartments, ground-floor commercial space, and parking facilities through its 28 stories. The project received a $94 million construction loan and includes 31 affordable units for those earning 80% of the area median income. Amenities will include co-working spaces, a fitness center, and a rooftop sky lounge. LRC Construction, an affiliate of the Cappelli Organization is the general contractor for the property.

Reader Q&A 🙋‍♂️

Question: If I list my house, can I still decorate my house for Halloween?

Answer: Yes, of course! You can decorate for Halloween but keep it simple and tasteful. Minimal decorations can create a welcoming atmosphere without distracting buyers. Avoid overly large, scary, or gory items - we don’t want your buyers thinking your home is a haunted house attraction - and be prepared to adjust decor if needed for showings.

This Week’s Events

Friday, October 4th:

• 10/4: DeCicco & Sons Oktoberfest

Saturday, October 5th - Sunday, October 6th:

• 10/5: ArtOberfest

• 10/5: Elmsford Day

• 10/5: Fall Food and Whiskey Bash

• 10/5: Hispanic Heritage Festival

• 10/5: Larchmont Day Fall Festival

• 10/5: Oktoberfest at Goosefeather

• 10/5: Sleepy Hollow Street Fair

• 10/5: Mac & Cheese Festival

• 10/5: Yonkers Comic Con

• 10/5 - 10/6: Harvest Moon Fall Fest

• 10/5 - 10/6: Outhouse Orchards Fall Festival

• 10/5 - 10/6: Salinger’s Fall Festival

• 10/6: Bicycle Sunday

• 10/6: Castles of New Castle Tour

• 10/6: Scarecrow Making Contest

• 10/6: Yonkers Columbus Day Celebration

• Ongoing thru 11/2: Scared by the Sound

• Ongoing thru 11/17: The Blaze

Upcoming Farmer’s Markets:

• Wednesday: White Plains

• Thursday: Scarsdale

• Saturday: Bronxville, Chappaqua, Greenburgh, Hartsdale, Hastings-on-Hudson, Katonah, Larchmont, Ossining, Peekskill, Pleasantville, Sleepy Hollow / Tarrytown

• Sunday: Irvington, Mount Kisco, Rye, Somers, Tuckahoe
  

Mortgage Watch 📉

Today’s average 30-year fixed mortgage rate is 6.53%, up 42bps since the 2024 low on September 11th (6.11%). Today’s rate in 2023 was 7.70%.

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.

Real Estate Guides - Fall 2024 🍂

This market is not perfect. I'm here to help.

Schedule a consultation to develop your end-of-year or 2025 game plan.

Reply to this email or call / text message me at (914) 202-1101.

Thanks for reading and enjoy the weekend!

-Ralph 🫡