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Letter from Cindy Landis on Real Estate Market: Buyers Are Conservative; Sellers Must Woo Them

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Dear Neighbors,


Jan. 9, 2019: Wishing all of you a happy and healthy 2019!

The year 2018 marked ten years since the 2008 financial crisis. Some of the changes in buyer behavior that we see today continue to be a reaction to that event. Today’s buyers are cautious, having watched or experienced the real estate realignment of 2008-09. They tend to underspend their budget “just in case” or to prepare for “a rainy day.” Additionally, millennials consume data of all sorts, using it for analysis and decision-making rather than relying on their hearts and hunches. Technology, as applied to real estate data, has also been a boon for potential buyers. In short, a more cautious and informed generation of homebuyers has emerged.

Other characteristics of today’s buyers are a desire to focus on a move-in–ready home and one that is close to transportation. Convenience and condition rule. Bearing this in mind, steps to achieving liquidity in real estate are thinking like a buyer and behaving accordingly. Stage your home to appeal to buyers: fresh paint (and color schemes), fewer things, and refreshing your home’s look.

Pricing your home correctly is also of the highest importance. Compare your home to similar homes both in the village and in other local areas to make certain that you are competitive; keep in mind that changes to the federal tax code make Westchester taxes less deductible than in the past. Accept that markets move; get ahead of a trend. And above all, use a professional for advice so that you don’t get dragged down in the details.

Highlights of 2019:

The village townhouse market was the big winner in 2018. Sales (although still few) improved by 50%, from 6 to 9 units, and the price per square foot rose 10% from $609 to $668. The median also climbed from $1,052,500 to $1,250,000, +19%.

The coop market also performed well. Sales were off by 7% (really only 3 fewer closings: 38 v. 41) but median rose to $595,000 from $535,000, an 11% increase. Price per square foot rose to $461 from $451.

Single-family detached home sales stalled for part of the year, and the statistics show it. Unit sales declined to 39 transactions from 50, down 22%. The median price was $2,100,000, a decline of 11% from $2,350,000. Price per square foot dropped slightly, by 3%, to $649. The positive news is that 2018 ended with several homes going into contract in the last month of the year.

In summary, the statistics seem to bear out the idea that buyers are very conservative in choosing their new residence, and sellers must woo them. Nonetheless, Bronxville is a community that is "often imitated but never duplicated." The charm, the school, the proximity to New York City, and the convenient yet sophisticated lifestyle have nearly universal appeal.

We will keep you up to date as 2019’s trends develop.

Warmly,

Cindy G. Landis, Brokerage Manager, Bronxville Office of Houlihan Lawrence 

Pictured here:  Cindy G. Landis.

Photo courtesy Ms. Landis



Editor's note: As a public service, MyhometownBronxville publishes articles from local institutions, officeholders, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

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