Items That Impact Homes For Sale Westchester County NY

Items That Impact Homes For Sale Westchester County NY

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There is a lot of uncertainty when buying and selling a home but there are some sure things to think about that impact the homes for sale Westchester County NY. The interest rates seem to be going up at the moment, but not enough to be a big impact on the bottom line and certainly not enough to deter anyone from borrowing money. Most real estate is at the local level and if you are looking for impacts that effect homes for sale Westchester County, NY, than its essential you understand the market. Understanding your market allows you to become a more savvy buyer and know when to enter or exit a market. Here are a few things to watch out for:

  • Demographics

Every market is unique in and of itself. Demographics has a very important role in your local area. If you have homes for sale Westchester County NY, you may want to first look at the specific demographics of each town within the county. This can includes the school district, the crime rate, or the average household income. To see how strong your town is in relation to other towns and how much housing goes for, take a look at the demographics and I can bet they correlate with each other. Westchester’s government page can give you be your first stop to finding more information.

  • Inventory

Check how much inventory there is in the area. This can also differ from town to two. But if you want to see an impact for homes for sale Westchester County NY, the amount of inventory is a big factor. As with anything, more supply will drive the prices down while less supply will do the opposite. At a time when there is low inventory, it is something to keep in mind. Make sure to ask your realtor or do your research on dips and peaks of inventory of the area. This will help determine when you would like to buy or when you would like to sell.

  • Quality of Homes and Vacant Homes

Westchester County is full of pristine and beautiful neighborhoods, but that does not mean people do not get in financial trouble or the bank does not possess houses. The condition of neighborhoods and vacant homes impacts homes for sale Westchester County NY. Because foreclosed properties and vacant homes are typically distressed, they sell for less and bring down the value of other houses in the neighborhood. Make sure to keep an eye on what is in the neighborhood and what is going on with your neighbors!

  • Price and Days On Market. 

All of these characteristics are going to affect the price and the days that a property will sit on the market. But to be able to predict homes for sale Westchester County NY, take a look back at what was happening in the area a year from when the house hits the market. Spring season is typically very different than the winter months in home prices and days on market, so make sure you compare apples to apples.

Look at trends. See if a neighborhood is in the incline or decline. When you look at the comparable houses, make sure you are looking at the average and not the most expensive or the least expensive that will skew your number.

But most importantly, it is important to not only pay attention not only to the sale price but also to days on market because in the end, it may be worth a lower price for a shorter time on market.

So before you decide to buy or before you decide to sell, it is important to do your research! Use these tips to determine what could affect your home sale. For more information, contact E2F Properties, LLC.

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