U.S. Mortgage Rates soar to 7.23% - highest in 22 years - as of August 24, 2023
Westchester County NY real estate is unlike any other housing market! We have the highest property taxes in the country and the bubble that burst a decade ago did not hit us as hard as other states and markets.
I would invite you to educate yourself about real estate in Westchester County NY before buying or selling. We just happen to be the firm that prioritizes our client's education and comfort before anything!
$100,000 over ask and you still lost the bidding war?!? Why isn't the seller accepting your offer? The issue becomes the appraisal of the subject property. The buyer's mortgage company will hire a third party appraiser to assess the value once they visit it in person. This helps them decide how much the property is worth in case they have to sell it in case of a foreclosure. In markets like the one we are experiencing today, this can cause a lot of issues when there is a huge difference between the agreed upon sales price and the appraised value. If you are put in a situation like this, then your realtor should be guiding you on all of your available options. If they aren't guiding you the right way then what can happen is everyone moves on with the seller moving on to find another buyer and you (back at square one!) trying to find another home!
Are you struggling with trying to buy a home in 2021? So is everyone! Here at Astor Lane Realty, we educate our buyers before they step foot in a home to ensure they are educated on the entire home buying process. With that said, here are 3 things that you need to make sure are happening to help get your offer accepted.
1) Your realtor is working with your mortgage professional to ensure you are fielding the best possible offer. Knowing how much you can afford and the appropriate loan program will help you compete with other buyers.
2) Your realtor has educated you on the buying process to ensure you understand everything from beginning to end? Just because you bought a house 5 years ago or in another state does not mean you have up to date info on how things operate in our area.
3) Your realtor is communicating with the listing agent to ensure your offers are aligning as much as possible with the seller's goals? Not all realtors will prioritize building rapport with the listing agent. This can often lead to missing out on information that can help you and the seller. If these things are NOT happening then you need to reassess your approach.
Leave a comment if you have any questions or if there are other real estate topics you want to know about.
This home is completely updated and has tons of natural light. The stylish kitchen goes well with the hardwood floors and modern bath that complete this spacious unit. Close to all shops, restaurant and transportation along Central Ave.
In a market where there is so much competition, there is one group of homeowners that are finding it even more difficult to purchase a home in the Hudson Valley, NY. Parts of the region like Westchester County NY, Rockland County NY, Putnam County NY, and Dutchess County NY are seeing significant increases in demand for home buyers looking to move up north from New York City. The pandemic has caused a spike in demand for extra space and, more importantly, outdoor space to assist those that are home a majority of the time due to remote situations. This has caused a supply issue since demand increases daily. The byproduct of a massive buyer pool means those that are using VA and FHA financing are losing out in multiple offer situations due to being at the bottom of the hierarchy. The graphic below (obtained from MY KCM Page) displays the small percentage of homes that are being sold where buyers are using VA loans.
As a homeowner fielding multiple offers, you owe it to yourself to ensure you are educated on all the different types of loan programs that are available to buyers. This way, you will feel good knowing you are not relying solely on your local real estate agent to advise you which offer is best.
This home has it all! Manicured lawn on a corner lot, this house has an updated upper level spa like master suite with walk in closets!
This 3 bedroom, 2 bath ranch has it all! Level manicured lawn on a corner lot, this house has been updated with exquisite finishes from top to bottom.
Location, Location, Location! This 3 bedroom, 2 bath home is move in ready! The updates in this property was made to satisfy the most discerning buyer. Renovated from top to bottom with hardwood floors, two modern baths, and a stylish kitchen complete with white shaker cabinets, stainless steel appliances, and quartz countertops.
This is your solution if you are looking to "househack”! One of the great things about this home is the fact that it was built in 2003. Being as young as it is, the home is now looking for its lucky second owner. (2) 3 BR, 1 BA units make this the perfect home for someone looking to move into one unit and rent out the other. This home has also been outfitted with modern use Baxi Combo boilers for heat and hot water for each unit separately making heat and hot water output efficient and immediate.