Spring Real Estate: Armonk, Bedford & Chappaqua

What’s up with local Real Estate. There was a lot of buzz last spring about a market rebound. Ted Holmes of Douglas Elliman and Michael Levy of Grand Lux Realty in Armonk give us their take. 

Was the 2013 Real Estate market what it was cracked up to be? In Chappaqua single-family home sales rebounded to their historical peak of 218 in 2005 after dropping to 114 in 2009. Byram Hills also returned to near peak levels with 153 transactions (162 in ’05) after bottoming at 82 in ‘09.  Sales prices, of course, did not rebound to peak levels (Byram Hills $1,167,338 vs. $1,410, 695 in ’05; Chappaqua $995,996 vs. 1,123,266 in ’05) but for the first time in 5 years there was competition and multiple bids. Sellers were realistic with pricing and confident they could sell their home. – Ted Holmes, Douglas Elliman

Ted Holmes Douglas Elliman

Zillow lists New York as one of the 10 best buyer’s markets in the country. How does the 2014 market look? In general inventory is low in the competitive price ranges. Mortgage rates are still historically low and buyers want to get in at the lower rates. New listings in January went to contract quickly. Buyers came out early but the weather in February and low inventory put a damper on some of the activity. Now we are getting more listings and the buyers who are still interested are coming out to see homes. A house in good condition and location that is priced right will sell quickly. – Ted Holmes, Douglas Elliman

With only 8 months of inventory on the market in Chappaqua and 9 month in Armonk we consider both towns to be seller’s markets. In addition, both towns show strong price stickiness with Chappaqua at 5% and Armonk at 8% in our  “Negotiability” index.  Bedford is more of a balanced market with 11 months of inventory and a wider “negotiability” of 13%. – Michael Levy, Grand Lux Realty

What advice would you give buyers looking to move into our towns? Get your affairs in order. Get a pre-approval or bank commitment before you start looking. Work with an agent who is respected in the real estate community, is knowledgeable about values, market trends, knows how to analyze data, is a skilled negotiator and can provide the information that is important. You don’t need an agent to find a house but you need an agent to get the house. Drive around neighborhoods and areas at different times of the day. If you will be working in the city, take the train and get a feel for the commute. – Ted Holmes, Douglas Elliman

Michael Levy Grand Luxe Realty Armonk

Explore the 3 towns and the downtown areas.  Decide which town and school district you like best.  Figure out how much you can afford.  Don’t stretch your budget.  Work with 3 different mortgage consultants and shop around to find the best rates.  Don’t buy anything that has a fatal flaw: such as high tension power lines, a steep backyard, wetlands, a busy street or road noise.  Be aware that houses may not increase in value as much in the next 5, 10 or 20 years as they have in the past. – Michael Levy, Grand Lux Realty

What advice would you give sellers? Be a motivated seller – don’t test the market. Have a plan of where you are going and when you want to get there. Work with an agent who has a team of professionals and provide the services to prepare the house for market! You only have 1 opportunity to list your house and make the best first impression. Once a house is listed you need to present the best. Proper preparation means less time on market and a better sales price. – Ted Holmes, Douglas Elliman

Declutter. Fix broken items. Stage your house well for all the senses.  Depersonalize your house.  Price properly to attract lookers and bidders.  Remember that sellers and agents don’t make the value, buyers make the value.  If you overprice, lower your price until you start getting showings and bids.  If you can’t get your price and need to move, consider renting.  Incentivize buyers and buyer’s agents properly.  Do not be present during showings. – Michael Levy, Grand Lux Realty

(Ted Holmes, Douglas Elliman, 101 King St, Chappaqua, NY, 914.548.6179; www.edwardholmes.elliman.com)

(Michael Levy, Grand Lux Realty, 428 Main St., Armonk, 914.273.9688; www.grandluxrealty.com )