Westchester’s Top 3 Housing Styles

 

 

While working with plenty of buyers and sellers in the Westchester County area, we have compiled a list of what we believe is Westchester County residents top three favorite housing styles and their descriptions. Curb appeal is huge when you are selling your home, and in our opinion these three styles are some of our buyers favorite homes!

3. Cape Cods

 

 

 

cape cod-2

 

Typically consisting of one and half stories, Cape Cods have dormered ceilings on the second level and were adopted from Britain’s single family housing style that were ultimately built to create mid priced homes. They stand out due to their prominent dormered second level and windows on the second story. Typically they are not oversized, so generally they fall into an affordable and cute style for many first time home buyers.

 

2. Tudors

Tudor

 

Another adoption of an English style home which is known for prominent gabled roofs that have a sharp pitch and the interiors are known for timber support beams. The exterior is a mixture of this timber and classical brick. These homes in England were considered ones of prominence and are known to be able to withstand several different climates, which is why they are really popular along the east coast. Many neighborhoods within Westchester can be seen flooded with Tudors, especially Crestwood section of Yonkers or Fleetwood Mount Vernon.

  1. Colonials

 

351marbledalerd-2

 

Westchester Counties favorite style home is no doubt the center hall colonial. The original American style home which began being built as early as the 1600’s by our first settlers in America. Colonial homes are known for their perfect symmetry, with evenly spaced out windows, a center hall staircase leading to the upper level, and perfectly rectangular dimensions of the floor plan and exterior walls.

 

Feel free to comment below on your favorite home style!

 

As always, if you are thinking about buying or selling Real Estate in Westchester County, give us a call today!

 

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

O: 914-337-1312

C: 914-500-9194

 

Town Of Eastchester Market Data

The first quarter of 2017 has ended and the market statistics are in!

 

Here is the most recent single family data in the Town of Eastchester specified by village and their respective School Districts (Eastchester, Tuckahoe, and Bronxville). For comparison we will be looking at March 2016 numbers in each of the School Districts. All of the data will be followed by a summary of what each School District is reflecting and what the trends tell us.

Eastchester School District:

MARCH 2016 AVERAGE SALES PRICE: 722,500

 

MARCH 2017 AVERAGE SALES PRICE: 807,783

INCREASE OF 11.8%

 

HOMES FOR SALE MARCH 2016: 32

HOMES FOR SALES MARCH 2017: 32

 

PRICE PER SQUARE FOOT 2016: $367

PRICE PER SQUARE FOOT 2017: $404

REFLECTS A 10.1% INCREASE

 

DAYS ON MARKET 2016: 75

DAYS ON MARKET 2017: 85

 

MONTHS SUPPLY 2016: 3.1

MONTHS SUPPLY 2017: 3.5

LP/SP 2016: 98.4%

LP/SP 2017: 97%

 

The Eastchester School District is the best performer of the three School districts when we compare it to last year. We see about an 12% increase in the average sales price in the market, while the exact same amount of inventory for sale is on the market. We also see an increase in the price per square foot up about 10% since last year. A slight increase in the supply of inventory from 3.5% (This means that at the current rate of sale, all inventory will be sold in about 3.5 months). The average list price to sales price has decreased to about 97%, meaning sellers are getting on average about 97% of what they are asking for. We can attribute this to the sellers and brokers tendency to price aggressively while the prices are trending upward and supply is low. The amount of inventory has increased slightly but we still see a lack of inventory for sale and a lot of activity in the average price range (about 800k) for Single Family in the Eastchester School District.

 

 

 

TUCKAHOE SCHOOL DISTRICT

MARCH 2016 AVERAGE SALES PRICE: 1,115,369

 

MARCH 2017 AVERAGE SALES PRICE: 773,156

DECREASE OF 30.7%

 

HOMES FOR SALE MARCH 2016: 21

HOMES FOR SALES MARCH 2017: 18

 

PRICE PER SQUARE FOOT 2016: $366

PRICE PER SQUARE FOOT 2017: $314 REFLECTS ABOUT A 14.2% DECREASE

 

DAYS ON MARKET 2016: 82

DAYS ON MARKET 2017: 97

 

MONTHS SUPPLY 2016: 5.3

MONTHS SUPPLY 2017: 5.2

LP/SP 2016: 93.1%

LP/SP 2017: 95.1%

The Tuckahoe School District shows some interesting data when compared to March of last year. It must be taken into consideration that the Tuckahoe School District encompasses a small amount of homes and can be influenced greatly by sales in their luxury markets, such as Bronxville Manor situated alongside of the Siwanoy Country Club. This is why we notice such a drastic decrease in the average sales price from about 1.1 million to 773,156. We notice a slight drop in the inventory for sale there. Along with a slight drop in the price per square foot. The days on market has increased, again most likely due to aggressive pricing due to the market trending upwards. The list price to sales price average has increased to sellers getting about 95% of what they are asking, most likely due to minimal luxury sales this year which is also reflected in the average sales price.

 

BRONXVILLE SCHOOL DISTRICT

 

MARCH 2016 AVERAGE SALES PRICE: 2,007,222

 

MARCH 2017 AVERAGE SALES PRICE: 1,541,488-

 REFLECTS A 23.2% DECREASE

HOMES FOR SALE MARCH 2016: 36

 

HOMES FOR SALES MARCH 2017: 47

 

 

PRICE PER SQUARE FOOT 2016: $367

PRICE PER SQUARE FOOT 2017: $404

REFLECTS A 10.1% INCREASE

 

DAYS ON MARKET 2016: 122

DAYS ON MARKET 2017: 82

DECREASE 29.5%

 

MONTHS SUPPLY 2016: 6.8

MONTHS SUPPLY 2017: 10.2

INCREASE 50%

LP/SP 2016: 93.5%

LP/SP 2017: 96.8%

 

Bronxville School District is the slowest performer of the three school districts, which is not a surprise as we have seen a lag in recent years in the luxury sector. We have seen a 23% drop in the average sales price, not surprising as the very high end homes at the top of the market have had little movement. We have also seen an increase in the amount of inventory on the market, making Bronxville generally a buyers market with 10.2 months supply of inventory on the market, with the exception of the homes in the market place that are priced around 2 million and below. Sellers on average are obtaining more than they were this time last year at 96.8% of the listing price, this we can attribute to brokers and sellers gaining a good education of where they need to be on pricing to actually sell their home over the last couple of years.

Scarsdale Country Estates

Scarsdale Country Estates is one of the premier buildings in the Westchester County Area, its elegant Pre-War style along with well maintained grounds makes it a private sanctuary that is still close to all the amenities such as public transportation and Shopping on Central Park Avenue. The building is located within the Edgemont School District and is pet friendly, so when these apartments come to the market, they are gone in a flash. The Complex is divided into two sections, one on Campus Place and the other on Sentry Place, with some units facing Underhill Road near the intersection of Underhill and Central Park Avenue.

Some of these units, such as the one pictured above, feature private patio spaces where you can enjoy some peace and serenity with a glass of wine, truly a spectacular building. Each apartment comes with a separate storage unit with much space for excess belongings, decorations, bicycles, or even furniture. The complex is comprised of about 175 units and only a few come on a year, so you can imagine the activity that they get when they finally reach the market, as most owners at the complex are here to stay!

We have personally represented several homeowners at Scarsdale Country Estates and it is truly a pleasure to do so. We currently hold the record for the highest selling 1 bedroom w/o a patio space since the height of the market in 2006, it sold for 195,000 dollars! Being that we also manage the property, we truly get the full picture of the building and all the ins and outs, and this enables us to be the true experts of the marketplace at the building for our homeowners. Our services include a first weekend Open House event, that is usually attracts many purchasers and offers! Our last one brought along 40 people, along with professional staging and photography. These are simply amenities we provide along with being market experts and negotiating the highest net price for our sellers with the least hassle.

 

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road Bronxville NY 10708

914-500-9194

 

 

Property Negotation 101

All homebuyers want the best deal that they can possibly get, while all sellers want to sell their property for the best possible value. There are a few things that we believe distinctly separate good negotiators from bad ones.

 

  • Many people believe that you must be a ruthless competitor in order to negotiate well, that you must make yours terms clear and present it as a take it or leave it, and you must do it with aggression. In our experience, this is in fact more counterproductive than is widely believed. Aside from the money and terms of the agreement, the relationship aspect is important for negotiation, so it is wise to establish rapport with the party you are negotiating with and show recognition for their position. No one likes to feel dominated during negotiation, and it often drives people away.
  • We recognize that their are some folks who just cant be reckoned with, and who do have that strong personality in which it seems like a deal can never be made. While keeping in mind the tip above to be courteous and considerate of the other sides wants and needs, we have found the old “mirror and match” sales phrase effective when negotiating or communicating with anyone, if you are negotiating with a hard headed individual, you may have to step into character yourself while maintaining composure so as not to blow the deal. People often times have the easiest communication with people who talk or act like themselves, this tactic is very useful.
  • Time. Use time to your advantage, if you are lucky enough to not be competing against other purchasers or sellers you should take your time. The first reason is because usually things become tense during a negotiation, and you want to make sure that you issue a response to an offer with a clear head. As the buyer, you don’t want to seem to desperate, and as the seller, your property sitting on the open market creates buyer urgency to get the deal done. Expect there to be some issues that arise during a negotiation, don’t run from them or try and jump down the other parties throat, take a step back, think over your options, and resume the negotiation. In Real Estate, you often have at least 24 hours to respond to an offer.
  • Keep in mind all of the things that you want out of the deal. The best price, the best terms, closing date, inspection, closing costs. With all the different factors that effect a real estate deal there are many concessions to be made. Perhaps it is more important to you to close quickly rather then obtain your price, if that is the case, then you should offer the buyer or seller “ok your price, but my terms, I need to close this as soon as possible”. Perhaps you may want the buyer to waive the property inspection, or maybe there is a piece of furniture in the sellers home that you would like, this is all subject to negotiation, and should be added by your attorney to the contract of sale.
  • Most people believe they will have to scream their terms at the other party and hang up on them or walk away from the conference table to really get their point across. In fact, we have seen successful negotiators as much more keen to listening rather then doing most of the talking. When the other party is talking, they reveal key information that you can use to your advantage. For instance, if it is revealed during your talk that the sellers must sell the property to purchase another home they have in contract, then it has become pretty apparent that these sellers are highly motivated, and must make a deal quickly. If this is the case, you can offer to expedite the closing as quickly as possible in return for a price reduction.

We hope these basic tips are helpful on your next property negotiation!

 

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

914-500-9194

Property Inspection 101

Whether you are buying a homing, or getting a home prepared for sale, we always strongly recommend that you have the property inspected either pre-sale so there are no surprises to you, the seller, and to have one before you enter in a contractual agreement to purchase the property.

One thing that scares most homebuyers away is water. Although its true that most basements are conditioned to take on some moisture, you want to thoroughly check the land surrounding the property to check for a good slope in the land along with proper drainage. Water damage can lead to more costly repairs such as re-wrapping the foundation and dreaded mold build up. You want to make sure the property was built and landscaped to encourage water to move away from the home, and if is not, that it has proper drainage to deal with the issue of water.

The next line item often worries a lot of home purchasers, and that’s the roof. The roof holds a lot of the integrity of the home as it prevents water leaks and proper run-off for weathering. The age of the roof is one thing to consider, asphalt roofs usually last about 20 years while other styles may last as long as 40 years. Although  at quick glance you can observe any patching that has been done to an asphalt roof by taking notice of the layers of asphalt that have been laid, multiple layers of patching can be a sign of the end of life for an asphalt roof.

One of the other costly projects to keep an eye out for is the electrical system. It is pretty easy to take a look at the electrical panel and notice its out of date, those cylinder old-time electrical fuses are a sure sign that the system is outdated. You may also notice if the outlets are updated, and are not the old two prong outlets. Not only can old electrical be hazardous, though depending on the size of the home, re-wiring an entire home can be pretty costly to the purchaser, as much as 15,000 or more.

There are many more components to the home inspection that we haven’t touched, although these are some of the big line items to look out for while you are searching for a home to purchase, or if you are thinking about putting your home on the market and want to determine the value of repairs.

 

We hope this information was helpful, and if you or someone you know is looking to buy or sell real estate, please keep us in mind at Barhite and Holzinger.

 

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

Selling your home in the first quarter

barhite-logoMany homeowners put off selling their home around the holidays for obvious reasons in Westchester County. Between the weather and added stress of the holiday season, it just doesn’t feel like a good time for many homeowners to list their property, besides, the spring market is the strongest, right?

Yes and no, there are benefits to listing your property for sale in the Winter and around the holiday season. Firstly, the first quarter is a big job transfer season for many purchasers, therefore these people are looking around the holidays for a new home. Secondly, you can be sure that the buyers that are looking at homes are motivated, people who go out and look at homes to purchase when there is snow on the ground and with the holidays around the corner are potentially more serious buyers, and there is a less a chance of those buyers that sellers dread coming around and just looking at a home for the heck of it. Lastly, the fact that most homeowners do not put their homes on the market at this time makes for less competition for you when listing your home, the less competition, the better your home shows on the market.

Regardless, most sellers wait until the second quarter to list their home for sale. The sun is shining, and it just feels more motivating to sell and show the home, we can understand this. Although, listing in the first quarter may be more beneficial to the seller. The same principles apply to the holiday season as do the first quarter, and perhaps even more so. Like the sellers, purchasers also fall into the belief that there will be more inventory after the holidays, therefore many buyers are on their toes waiting for January 2nd to come around. This is somewhat true, as inventory does start to come back on the market at that time, although many sellers will still wait until the spring or summer. We believe if you choose to list in the first quarter, you will be able to find those high urgency buyers that have waited for the holidays to end, and you will face less competition then in the spring and summer market.

We hope this makes sense and is helpful to our sellers!

Remember, if you are local to Eastchester and are looking to buy or sell Real Estate, please keep us in mind!

Best,

 

Frank

Barhite & Holzinger Real Estate

Barhite and Holzinger is an exciting company in the 2017 Real Estate market. Traditionally a boutique sales firm in Bronxville, the company has been around since 1935 and is a “full service company”. This means that the company covers the sale, management, and insurance brokerage as it pertains to their properties.

The company currently manages approximately 50 buildings around the county, which is an added benefit to sellers in buyers in the area, as this allows the company to exposes listings to a huge database of local vendors and property owners.

The sales firm has is currently remodeling their storefront in on Pondfield road, and has just added a strong marketing campaign for their sellers to utilize. We currently market towards the ever growing digital consumers for our sellers on Zillow, Trulia, Hotpads, and using Social Media such as Facebook, Instagram, and Twitter. Maximizing the exposure allows us to bring forth the most buyers for our sellers.

Why choose use? We deliver a personalized experience here in our boutique firm, and we know from experience that we no one works harder for our sellers and buyers then us to help them achieve their goals.

The average agent in Westchester County yields their sellers 95.47% of original asking price for their single family home in Westchester, I average listed and sold sale price to list price average is 99.16% of the original listing price! Therefore on average, I have yielded sellers  about 3.5% more for their homes.

While most agents just simply post your listing on the MLS, we take a more pro-active approach by utilizing our contact database in search of a buyer for your home by using our email lists, mailing lists, door knocking and telling your neighbors about the listing, and telemarketing to the neighborhood, all potential buyers will know your home is for sale!

If your are thinking about buying or selling Real Estate, please consider us for the job!

 

 

Fourth Quarter Single Family Home Data, Eastchester New York

As the year comes to an end we look to review the sales data for our single family homeowners in the town of Eastchester.

 

The amount of inventory on the market is down from December 2015, at that time there was 4 and half months of supply on the market in Eastchester. The way this number is calculated is pretty simple, the average days on market for homes is taken, along with the number of homes currently on the market, then it is determined that all the homes on the market would sell in approximately 4.5 months based on the current rate of sale, therefore giving us the 4.5 months supply. 2016 Ended with 4.3 months supply of inventory in the single family home market, which means the market is still leaning in favor of sellers at this time. A completely balanced market is 6 months supply, anything above 6 months of supply on the market would be favorable market conditions for buyers.

At the close of 2015 the average sales price was about 710,000 in the town, December closed out with an average sales price of 702,500, marking a slight decrease in the average. We may attribute this to a seemingly low amount of data to work with, this slight decrease does not necessarily mean that value are dropping, because while the supply of homes on the market remains low, we can assume that values will remain steady for sellers in the market and that prices will continue to increase.

In December 2015 there were 64 New listings on the market in Eastchester, and this December marked 38 New listings to come to the market, many may attribute this decline to shaky market conditions as the interest rates climb knocking some buyers out of the market, and the Presidential election which has had many people on edge.

 

The average days on market last year this time was 87 days, to no surprise we have seen a decrease in this number to 77 days on market, this is not surprising due to the changes we have seen in the inventory on the market as buyers frantically search for the right home, and are often faced with bidding wars against other purchasers.

To summarize, if you are a seller in todays market in Westchester County, your position is favorable, although if you wish to purchase again in Westchester, you may face some of the same issues those who wish to buy your home face, low inventory, bidding wars, and not much room to negotiate.

 

Happy New Year from Barhite and Holzinger!

Home Renovation Tips

351marbledalerd-29Here are a couple of things to look out for when you are renovating your home, whether it be to obtain maximum value on the re-sale or for your own enjoyment.

 

The Lowest Bidder is not always the best, or worst: When selecting a contractor you want to get a few references within your sphere of influence and have each of them give an estimate of the work needed. Remember, the lowest bidder is not always the way to go, you do not want contractors who are using cheaper materials renovating your home, there is something to be said for paying a premium on better quality work and materials to put into your brand new kitchen and or bathroom.

 

Think it through: You have to understand that if you would like to completely renovate an entire portion of your home, or add an addition, you have to think over the many factors that come with this project. For instance, when renovating your kitchen, you have to consider that changing the countertop to granite countertops, getting brand new custom cabinetry, and stainless steel appliances are not the only elements to the project, there are potential plumbing issues that will arise if you need to add a new fixture, how will this new kitchen match up with your current flooring? should you change the flooring as well? how will this new kitchen match up with your current paint job and our wallpaper and or molding. You really need to think of the big picture and understand that there may be more to it then just changing the countertop.

 

Measurements: Make sure that all measurements are taken well and that all fixtures are reflective of adequate space as to where they are going to be placed, nothing is worse then having to return your new refrigerator or stainless steel stove.

 

Timing: you want to time your renovation when the financially it makes the most sense and also when you have enough spare time, summertime is always a good time for parents, the holidays can be a hectic time therefore many people choose not to do major projects over the holidays.

 

Paint: Make sure you choose the right paint to reflect what the room’s energy should be. semigloss paint has more of a flat look for smaller rooms, while the high gloss may give a more grand and open feeling for the rooms that deserve the most attention. Neutral colors are always a safe way to go.

The little things: Some people lose sight of the things that they do not see often that may be important to the life and comfort of the home such as the insulation, the electrical system, or the windows. These things are often ignored, and although they are not at the top of the list, they should be budgeted correctly, as having an adequate heating/cooling system, proper insulation, and updated electrical wiring is important to the life of the home and will save you time and money if cared for.

 

 

 

 

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