The Timeline of a House Sale in Westchester County

Last week, my seller-clients at 207 Manhattan Avenue in Hawthorne accepted an offer on their home of 41 years. We’ve discussed this sale for years, considering market conditions, timing, and the home’s value. Despite the nervousness of moving, a family illness prompted them to act. Here’s how it unfolded:

• March 30th: The sellers gave a tour of the home. We discussed buyer trends, our proposed marketing program, and the steps involved to sell.

• June 13th: Our professional photographer captured still, aerial, and 3D images for use in all promotional materials. Additionally, floor plans and a virtual tour were created.

• June 17th: The advertising campaign kicks off. The home is listed as “Coming Soon” to the MLS, syndicated websites, and on social media.

• June 20th: The first day of property tours begin with 7 showings scheduled on the first day.

• June 22nd: The public open house attracts over 40 visitors, many by signage displayed throughout the community and real estate websites.

• June 24th: By the 4th day on the market, 3 bids are received. Interested buyers are requested to submit their "Highest and Best" offers by June 26th with encouragement to meet some of the sellers' most important terms.

• June 27th: The sellers and I review the Multiple Offer Summary document. After discussion of the pros and cons of each, the sellers accepted an offer that is significantly over asking, with highly favorable terms, from a total of 8 bids.

Ralph’s Take

I couldn’t be more excited for Patty and Lou. Knowing they lived in this home for over 40 years, raising their children, and making countless memories, it’s an honor to be a part of their transition to their next home. The homebuyers with the accepted offer look forward to raising their 9-year-old child in the home. Congratulations to all.

Realtor.com: Upstate New York Home Prices Are Poised to Skyrocket as Big Tech Moves In

The establishment of "Quantum Valley" in the Hudson Valley is expected to significantly impact local home prices, according to a report by Realtor.com. As tech companies and research institutions flock to the area, the demand for housing has surged, driving up property values. This influx is also spurring infrastructure development and increasing competition among homebuyers, leading to a rapid escalation in home prices.

Key Points:

• Increased Demand: The presence of tech companies and research institutions in "Quantum Valley" is attracting professionals, increasing the demand for housing in Hudson Valley.

• Rising Home Prices: The surge in demand has led to a noticeable rise in home prices, with some areas experiencing double-digit percentage increases.

• Infrastructure Development: The influx of new residents and businesses is driving improvements in local infrastructure, including transportation and public services.

• Competitive Market: Homebuyers face intense competition, with many properties receiving multiple offers and selling above asking prices.

• Economic Growth: The development of "Quantum Valley" is contributing to overall economic growth in the region, boosting local businesses and creating new job opportunities.

Ralph’s Take

This is excellent news for Hudson Valley homeowners. A thriving real estate market can help foster a robust economic environment, attracting more potential buyers and investors, and boosting the local economy.

Summer Housing Market Remains in Limbo Despite Falling Rates

Last week, mortgage rates saw a slight dip, with the average rate for a 30-year fixed loan falling from 6.87% to 6.86%, according to Freddie Mac. Despite this drop, the persistently high rates have stalled the housing market, keeping both buyers and sellers on hold, reports Realtor.com.

Experts agree that the market is in a standstill. Bank of America economists noted that the housing market is "stuck," and they are skeptical it will gain momentum before 2026, if not later.

However, there is some optimism. Realtor.com’s Chief Economist Danielle Hale suggests that if the economy continues to improve, conditions for buyers could get better in the latter half of the year. This period typically sees less competition and an increase in inventory, which is expected to hit five-year highs.

Ralph’s Take

While the slight drop in mortgage rates is a step in the right direction, its impact on the housing market is limited. Market conditions require more substantial rate decreases or other economic incentives to encourage both buyers and sellers to engage more actively in the market.

Katherine Zeta Jones and Michael Douglas list Irvington Home, “Longmeadow” For Sale.

Longmeadow, in Irvington's exclusive Matthiessen Park, is a classic Hudson River estate. Set amid 12 acres of open property, the house is perfectly positioned to capture the beauty of the land and water.

Visual of the Week

Should you buy now or wait?

Consider this. If you bought a $400,000 home at the start of this year, you’d be set up to gain roughly $83,000 in equity over the next 5 years based on expert forecasts. So, if you’re ready and able to buy today, remember to factor in the equity that’s at stake as you make your decision. This is why time in the market is better than timing the market.

Mortgage Watch

Today’s average 30-year fixed mortgage rate is 7.03%

> 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.

2024 Summer Real Estate Guides 🌞

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Happy 4th of July! 🎆

The 4th of July has always held a special place in my heart, filled with memories at Candlewood Lake with family. I fondly remember the parties my grandparents hosted and the fireworks my uncles lit as boaters honked and applauded. Growing up, it was also a birthday celebration for yours truly. Wishing you all a joyful and memorable 4th of July Weekend filled with celebration and loved ones.

Thanks for reading!

-Ralph