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

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!

Selling your home in the winter

real-estate-expert

 

Should you put your property on the market in the winter?

 

While it is true that the spring is the time of year that most people shop for homes due to the convenience of timing while kids are out of school and easier moving preparation in warm weather, studies show that putting your home on the market in the winter is not such a bad idea after all.

Think of it this way, most homeowners will wait until the spring to put their home on the market, therefore, if you do decide to put your home on the market in the winter, there will be less supply on the market. That equates to two positives for you, the seller:

  1. Less supply on the market reflects a stronger demand.
  2. There will be less homes that your home will have to compete against during the spring shopping season.

 

The other factors that you may want to consider is that the buyers who are shopping in the  winter season are typically seriously interested in buying a home, as there is more of a sense of urgency (The winter is a big time of year for job transfers).

 

The winter market does not attract the buyer that is just looking at your home to take a look, the winter market typically has buyers that are seriously interested in purchasing.

Things to consider when listing in the winter:

There will be some downsides to listing in the winter no doubt, though you will have to meet them with proper preparation as a homeowner to overcome these objections from buyers.

  1. Curb appeal- the property will lose a bit of curb appeal when it is on the market in the  winter, sometimes it does pay to have a photographer get a shot of what the property shows like on the exterior in the spring time if you have the time to prepare, or at least get a fall shot of the foliage. You will have to manicure the exterior properly and maintain general upkeep to hold some curb appeal, you don’t a second chance to make a first impression
  2. Buyers in the colder season are more likely to thoroughly inspect the utilities of the home such as the heating system, roof etc. due to the impending weather, so as the seller make sure that your utilities and structural components are well taken care of for the buyers in the winter season.

 

Other then these slight modifications, follow the instructions on my home staging tips post and make sure you adhere to standard home sale preparation guidelines such as de-cluttering, getting rid of odors, thorough cleaning, and fresh coats of paint. Always remember that brighter is better!

 

 

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