Westchester Home Sales Soar

This spring if you want to downsize or upsize, it's a great time to sell. Here are some facts:

Single family home sales in Westchester are taking off.  Per the Hudson Gateway Association of Realtors 2014 First Quarter Sales Report:   720 homes were sold in Q1 2011 730 homes were sold in Q1 2012 775 homes were sold in Q1 2013 925 homes were sold in Q1 2014*  

(*This is a 19.4% increase over Q1 2013!)

What this means for sellers:  If you price your house fairly, it will sell.

The median sale price of single family homes in Westchester increased from $515,000 in 1st quarter 2013 to $600,000 in 1st quarter 2014, a 16.5% increase! 

What this means for sellers: The market has turned in your favor, especially if you bought your house in the down markets of 2009 to 2011. 

Many homeowners who were in marginally distressed situations no longer have mortgages that are "underwater" and houses that didn't sell during the slump are now selling above their original asking price.

On April 14, 2014, Janet Yellen, new Chair of the Federal Reserve, said that interest rates (and therefore mortgage rates) "will stay low for a considerable time."