One of the most common questions I am asked by buyers and sellers alike is “How is the market in Westchester” ?

My answer today : “The housing market in Westchester is split”…

What does that mean?

It’s not split between buyers and sellers, by north or south, or even town versus town. The market is split based on value.

The market for homes in Westchester with listing prices under 1.5 million is hot. We see homes selling in weeks and sometimes only days. We are seeing bidding wars and homes sell for over asking price. It’s a seller’s market.

Examples:

  1. 16 Colony Row in Chappaqua sold for 98% of its asking price ($937,500) and was on the market for 29 days
  2. 74 Brown Road in Scarsdale sold for 104% of its asking price ($860,000) and was on the market for 15 days
  3. 581 Shore Acres Drive in Rye sold for 100% of its asking price ($1,200,000) and was on the market for 9 days

The market for homes in Westchester with listing prices over 1.5 million is cold. We see homes sitting on the market for months and sometimes years without even seeing bids. We are seeing multiple price reductions before homes sell and prices that are sometimes 25% less than the original price.

Examples:

  1. 46 Carolyn Place in Chappaqua sold for 82% of its original asking price ($2,125,000) and was on the market for 412 days
  2. 107 Mamaroneck Road in Scarsdale sold for 78% of its original asking price ($3,350,000) and was on the market for 565 days
  3. 35 Howard Place in Rye sold for 72% of its original asking price ($2,821,000) and was on the market for 323 days.

So what’s the lesson here?

For buyers, if you are shopping on a budget of below 1.5 million, you need to know the market very well, be ready to pounce and bid aggressively. For properties above 1.5 million, take your time, bid low and force sellers to concede.

For sellers of properties below 1.5 million, my recommended strategy is to price the property at the expected market value and try to attract multiple bidders for a quick sale. For properties above 1.5 million, price the home realistically, near recent comps and not above. And to save a considerable chunk, use a broker who charges as low as 3%.