Jill Miller: William Raveis Katonah on Real Estate in the COVID Age

admin Posted OnSeptember 23, 2020

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21 Old Logging Rd., Bedford

Jill Miller: William Raveis Katonah on Real Estate in the COVID Age: The great COVID-19 urban exodus is on. Or is it? Are New Yorkers really giving up the city life for homes in the country? What’s really happening in the local real estate market? We sat down with Jill Miller, Licensed Associate Real Estate Broker and Manager of the William Raveis office in Katonah, for her take on the markets in Bedford, Katonah/Lewisboro, Somers and North Salem.

Early in 2020, local real estate began to rebound from effects of SALT legislation and then the Coronavirus hit…

Jill Miller of William Raveis Katonah

With New York on Pause we were in a complete shut down starting in mid-March. But even before restrictions were lifted in June we began feeling a real restlessness in the market. It started with the “AirBandB’ers” fleeing New York for short term rentals until the rental inventory was depleted.

And then…

And then the floodgates opened up. What we’ve seen since June was caused by a combination of factors. There was pent-up buyer demand from Q1 and Q2, inventory was at an all time low because sellers were reluctant to list their homes due to lingering COVID concerns, and anxious about finding something new for themselves. Mortgage rates are low and then there was the tremendous lifestyle shift. Urban families living in cramped city quarters were now working at home, with kids playing and learning at home. Many of them began spending time with friends or family outside of the city and they found comfort “in the country” with air to breathe and room to move.

What features are buyers looking for?

Almost anything well priced and presented as ready for buyers, especially properties with a water feature – a pool or pond or lake. Even those that had languished on the market for years sold quickly after bidding wars, and many, over the asking price. It’s all about amenities and experience now. We used to sell by and because of school district or proximity to town and train. That all went out the window with Covid. Now, home has become everything. The place to live and work, play and learn. The other trend we are seeing is a move toward more traditional spaces… rooms with doors that close. People need privacy.

Take us through some of the numbers

Home sales in Westchester plummeted 27% in Q2 on weak April and May sales. But rebounded in June with a 50% increase over May. Diminished supply and increased demand helped increase Median Sale Prices in Q2 in Westchester overall +3.6%. Third quarter closings will be up sharply from last year based on pending sales. We expect September will likely be the biggest closing month in history in Northern Westchester. It will certainly be for my office. As far as my office stats go, we are headed to doubling our closed sales volume by the end of 2020.

How long do you expect this to last?

Data from William Raveis Mortgage showing home purchase applications up 30+ percent over last year indicates there will be continued buyer demand into 2021. However, more inventory is needed to prevent prices from spiking too much and locking out first-time homebuyers. All predictions are that by the middle of 2021, we will have more semblance of a balanced market.

What advice would you give to buyers?

Patience is important. Don’t get frustrated, and don’t think of real estate first and foremost as investment. Think of your life and how you want to/have to live it now. How much is too much to pay? That answer never changes: The price at which you’re willing to let it go…

What advice would you give sellers?

Don’t make the mistake of thinking that buyers are desperate and will pay too much because of the lack of inventory. And don’t go halfway. Presentation and condition matter! Use an MLS agent who can get your house out to the broadest possible pool of buyers and in this market, three weeks should get the job done.

Some Active Listing from William Raveis Katonah

31 Pheasant Rd., Pound Ridge, $1,100,000: This renovated front porch colonial offers 4 bedrooms, 3.5 baths and 3,290 square feet on 2+ acres of flat yard with an oversized, heated pool on a quiet Pound Ridge street. It boasts a new top of the line kitchen open to family room w/fireplace and sliders to a large sunroom and a private back yard. This home has a great floor plan that includes spacious, generously sized rooms and layout that is ideal for the entire family for work, online school, or relaxation. Extra 1215sf in 3 season screened porch. Full house generator. Listed by Nikki McMann, 917.349.4763

277 Mount Holly Rd., Katonah, $2,250,000: Set on 9.1 magnificent acres this Custom 5,000 s.f. Contemporary offers a spectacular setting with endless views and stunning sunsets. Its a 5 bedroom/5-bath that lives comfortably in an open floor plan w/ 22’ ceilings, floor-to-ceiling windows & walls of glass. There’s a 7-stall barn w/heated tack room & hay loft, sand riding ring, IG gunite pool/spa, tennis court, a solar array and 25 KW automatic generator. If you’ve had a lifelong dream of owning a place in the country, close to town & train, here’s the chance to transform that vision into a reality. Listed by Hope Mazzola, 914.714.0090

21 Old Logging Rd., Bedford, $3,395,000: This stunning reproduction of an 1890’s Stone & Shingle colonial in a private setting is offered FULLY FURNISHED. It’s smart, flexible floor plan includes a family entertainment rm, garden, hobby & fitness rms, 2 home offices, addt’l 1600 sqft in lower level & over 1500 sqft of under-roof outdoor patio & deck spaces that provide true indoor/outdoor living. With absolutely top grade construction & materials, and specialty finishes throughout. Outdoor living incl landscaping/lighting, heated pool, BBQ. Automatic generator. Low taxes. Listed by Eric Rosenfeld, 914.262.9628