What’s Shaping New York’s Housing Market

The New York housing market continues to show dynamic changes, with the latest data from July 2024 revealing significant trends. Whether you are a potential homebuyer, a seller, or an investor, understanding these trends is crucial to making informed decisions. The latest report from OneKey MLS sheds light on how the real estate landscape is evolving in the Hudson Valley and the broader New York metro region.

Housing Market Overview In July 2024, the regional single-family home market experienced a strong uptick, with the median sale price increasing by 8.9% year-over-year to $718,750. This reflects the continued demand for single-family homes despite fluctuations in inventory levels. The condo market also saw growth, with a 3.9% increase in the median sale price, bringing it to $480,000. Co-ops saw more modest growth, with the median price rising by 1.5% to $279,750.

On the transaction side, closed sales for single-family homes and condominiums were up by 4.4% and 6.8%, respectively, while co-op sales saw a 6.4% decrease. The inventory played a pivotal role in shaping these figures. While new listings for single-family homes increased slightly compared to last year, listings for condos and co-ops decreased significantly.

Market Insights According to Richard Haggerty, CEO of OneKey MLS, the rise in median sale prices highlights the strong demand, particularly in the single-family home segment. Despite inventory fluctuations, the market remains resilient. Haggerty also mentioned that potential decreases in mortgage rates could reignite buyer enthusiasm, further boosting activity across various property types.

So the July 2024 housing market data suggests that New York's real estate market is still competitive, especially for single-family homes. With changes in mortgage rates on the horizon, the coming months could bring even more activity. Whether you’re buying, selling, or investing, staying informed about these trends can help you navigate the market successfully.

New York City Housing Market: Slowdown or Strategic Pause?

The New York City housing market, known for its intensity and high prices, appears to be entering a new phase. After years of rapid growth and fierce competition, the market is showing signs of cooling. This shift offers both opportunities and challenges for buyers and sellers alike. In this post, we’ll explore key indicators of a cooling market, the factors driving these changes, and what they mean for real estate professionals.

Key Indicators of a Cooling Market

Several trends suggest that the NYC housing market is slowing down:

  1. Rising Inventory: The number of homes available for sale is increasing, giving buyers more options. While inventory hasn’t fully recovered to pre-pandemic levels, it has grown significantly, making it easier for buyers to find a suitable property​

  2. Slower Sales: The pace of sales has decreased, with homes staying on the market longer. This is a clear sign of reduced competition, as fewer buyers are able to jump into the market​

  3. Stabilizing or Decreasing Prices: After a period of soaring prices, the market is beginning to stabilize. In some neighborhoods, prices are even showing slight declines due to the pressure of higher mortgage rates​.

  4. Longer Time on Market: As competition wanes, homes are lingering on the market for longer periods, giving buyers more negotiating power​

Factors Contributing to the Cooling Market

Several key factors are influencing this shift:

  • Rising Interest Rates: Mortgage rates have risen sharply, making borrowing more expensive. This has priced some buyers out of the market and slowed down transactions​ .

  • Economic Uncertainty: Concerns about inflation and potential recessions have made buyers more cautious, impacting their willingness to invest in real estate​ .

  • Remote Work Trends: The ongoing trend of remote work has led many to reconsider city living, with some opting for larger homes in suburban areas instead of pricey urban apartments​.

Implications for Buyers and Sellers

The changing market dynamics create different implications for both buyers and sellers:

  • Opportunities for Buyers: With more homes on the market and less competition, buyers may find better deals or more favorable terms. Now could be an opportune time to buy for those who have been waiting for the right moment​

  • Challenges for Sellers: Sellers may face a tougher market, needing to be more flexible with pricing and terms. Patience and a willingness to negotiate will be crucial as homes stay on the market longer​

The New York City housing market is evolving, offering a mix of opportunities and challenges depending on whether you're buying or selling. For real estate professionals, staying informed about these shifts is essential for advising clients effectively. By understanding the factors driving these changes and adjusting strategies accordingly, you can navigate this transitioning market with confidence.

NY Enforces Rent Laws: Surge in Registered Apartments

New York drone view

The New York real estate landscape has recently seen significant changes, particularly concerning rent-regulated apartments. With new legislation in place, landlords are now facing stricter penalties for failing to register their rent-stabilized units. This move aims to combat the decline in registered rent-stabilized apartments and ensure compliance among property owners. Let's delve into the details and implications of this new enforcement.

Landlords across New York have registered tens of thousands more rent-regulated apartments than in previous years. This increase follows the enforcement of a law signed by Governor Kathy Hochul in 2023, which imposes heavy penalties on landlords who fail to file their rent-regulated apartments with the state. The law was enacted after investigative reporting revealed a sharp decrease in the number of registered rent-stabilized apartments. Some landlords were found to have removed apartments from regulation and rented them at market rates without proper state approval.

The Division of Housing and Community Renewal (DHCR) is now actively reminding landlords who missed the July 31st registration deadline that they could face fines of $500 per month per apartment—an increase from the previous one-time $10 surcharge, which was rarely enforced. As of the 2024 cycle, around 919,500 apartments have been registered with the state, a significant rise from the 750,000 to 800,000 on-time registrations in past years. The DHCR has also issued 11,300 notices to building owners who missed the deadline, urging them to comply with the new regulations.

While the majority of rent-stabilized property owners have complied with the new registration requirements, some discrepancies remain. The Community Housing Improvement Program (CHIP) has reported that some delinquent notices were sent in error, citing non-existent units. These errors are expected to be resolved promptly with DHCR.

One of the most pressing issues uncovered by investigative reporting was the shrinkage of the state's rent-regulated apartment roster, especially after the passage of the Housing Security and Tenant Protection Act in 2019. This legislation closed many of the loopholes landlords had previously used to deregulate apartments. Despite the challenges in enforcing rent regulations, recent efforts indicate a shift towards more stringent oversight and accountability.

The new enforcement measures for registering rent-regulated apartments in New York represent a significant step towards protecting tenants' rights and ensuring that rent stabilization laws are upheld. While there are still challenges to address, the increased registration numbers demonstrate progress. Property owners are now more aware of their responsibilities, and tenants can feel more secure knowing that the state is taking action to safeguard affordable housing.

NY Metro Leads Q2 2024 Home Price Surge

The U.S. real estate market continued to show resilience in the second quarter of 2024, with nearly 90% of metro areas registering home price gains. According to the National Association of Realtors' latest report, 199 out of 223 tracked metro markets (89%) experienced price increases during this period. Notably, the New York metro region emerged as a leader in this upward trend, with two of its market areas ranking among the top 10 for price increases.

NY Metro Region's Strong Performance

The New York-Jersey City-White Plains, NY-NJ area and Dutchess County-Putnam County, NY, secured the 7th and 9th spots, respectively, on the list of metro areas with the largest year-over-year price gains. These regions saw substantial home price growth, reflecting the ongoing demand for housing in the greater New York area despite the challenges posed by rising mortgage rates.

Nationwide Trends: A Mix of Gains and Challenges

While the New York metro area showed significant growth, the report highlighted a nationwide trend of slowing price gains. Only 13% of metro areas experienced double-digit price increases in the second quarter, a decline from 30% in the first quarter. The national median single-family existing-home price grew by 4.9% year-over-year, reaching $422,100.

Among U.S. regions, the South continued to lead in single-family existing-home sales, accounting for 45.5% of the market with a year-over-year price appreciation of 2.3%. Meanwhile, the Northeast saw prices bounce by 9.8%, followed by the Midwest at 5.5% and the West at 5.4%.

The Impact of Rising Mortgage Rates

The increase in home prices has been accompanied by rising mortgage rates, which ranged from 6.82% to 7.22% in the second quarter. This has led to a significant rise in monthly mortgage payments. For instance, the monthly mortgage payment on a typical existing single-family home with a 20% down payment increased to $2,262, up 11.1% from the first quarter.

First-time homebuyers have been particularly affected, with affordability conditions worsening as inventory remains limited. The monthly mortgage payment for a typical starter home rose to $2,218, up 11.1% from the previous quarter, making it increasingly difficult for first-time buyers to enter the market.

Looking Ahead: Will Affordability Improve?

Despite the current challenges, there is some optimism on the horizon. NAR Chief Economist Lawrence Yun predicts that housing affordability may improve in the coming months. As mortgage rates have started to decline and more supply reaches the market, the income required to purchase a home is expected to decrease, potentially easing the burden on prospective buyers.

The second quarter of 2024 has been a dynamic period for the U.S. real estate market, with significant price gains in many metro areas, including the New York region. However, rising mortgage rates and affordability challenges continue to shape the landscape. As we move into the latter half of the year, all eyes will be on how these factors evolve and influence the market.

Luxury Buys and Affordable Struggles: The Dual Nature of NYC’s Housing Market

As we navigate through 2024, New York’s real estate market presents a strikingly complex landscape, characterized by both opportunity and challenge. The market is currently facing high mortgage rates, with averages hovering around 7%, which has significantly impacted affordability. Despite these financial pressures, New York has witnessed an 11th consecutive month of rising home prices, with the median sales price hitting a record $448,000 in June—a substantial 8.5% increase from last year​.

The Affordability Crisis

These rising prices, coupled with declining inventory, are squeezing out potential buyers, particularly first-time homebuyers. New listings have dropped by 5%, and the number of homes sold has plummeted by 17.4% year-over-year. This tightening of the market has led to an increasingly competitive environment where many are struggling to find affordable options. The overall slowdown in sales is reflective of the broader national trend, where high mortgage rates have created a barrier for entry for many would-be homeowners​

A Luxury Market Boom

On the other end of the spectrum, the luxury segment of the market continues to thrive. In Manhattan, neighborhoods like SoHo, TriBeCa, and Hudson Square are seeing a surge in high-end property sales. Wealthy buyers, often insulated from the effects of higher interest rates due to their ability to make cash offers, are capitalizing on the availability of prime real estate. This segment of the market remains robust, with luxury properties continuing to attract significant interest despite broader market challenges​

Future Outlook: A Mixed Bag

Looking ahead, the market could see a slight shift. Some experts predict that while certain areas, particularly coastal regions outside of New York, might experience price declines due to increasing risks like climate change, New York’s more affordable metros such as Albany and Rochester might see a rise in home values. This could provide a window of opportunity for buyers looking for long-term investments outside the high-priced core of NYC​

Moreover, local governments are increasingly focusing on policies aimed at improving housing affordability. Efforts like inclusionary zoning and land-value taxes could begin to make an impact, offering some relief to those struggling to enter the market. Additionally, there’s speculation that the Biden administration might introduce new housing policies to address these affordability issues ahead of the upcoming election, which could further influence market dynamics​

What This Means for Investors

For investors, this environment presents both challenges and opportunities. High-end properties in desirable locations continue to offer strong returns, particularly for those able to navigate the current interest rate landscape. However, for those looking at more accessible price points, staying informed on market shifts and local policy changes will be key to making strategic investments.

New York's Single-Family Home Market: A 2024 Overview

The New York real estate market for single-family homes is currently experiencing notable trends. As we progress through 2024, various factors such as rising home prices and fluctuating mortgage rates are shaping the market landscape. This blog post delves into the latest developments and statistics, providing a comprehensive overview of the current state of the single-family home market in New York.

Market Trends and Statistics

Rising Home Prices: Home prices in New York have been on an upward trajectory for 11 consecutive months. As of June 2024, the median sales price for single-family homes has reached $448,000, marking an 8.5% increase from the previous year. This continuous rise in prices reflects a strong demand for housing in the area.

High Mortgage Rates: Mortgage rates have been a significant factor impacting the market. In June 2024, the average rate for a 30-year fixed-rate mortgage was around 6.92%. These high rates have made it more challenging for potential buyers to afford new homes, subsequently slowing down the market.

Decline in Sales: The high mortgage rates have led to a noticeable decline in both closed and pending sales. Closed sales have dropped by 17.4%, and pending sales have seen a 5.8% decline compared to June 2023. This slowdown indicates that buyers are becoming more cautious, possibly waiting for more favorable financial conditions.

Decreasing Inventory: Inventory levels for single-family homes are also on the decline. There has been a 4.5% reduction in available homes, with new listings falling by 5.0%. This decrease in inventory further tightens the market, making it more competitive for buyers who are actively searching for homes.

High Competition: Despite the challenges posed by high mortgage rates, competition in the market remains intense. Many homes are selling quickly and often above the asking price, indicating that demand, while tempered by financial factors, is still robust.

The single-family home market in New York is currently characterized by rising prices, high mortgage rates, declining sales, and shrinking inventory. While these factors present challenges, the high level of competition suggests that there is still strong interest in home buying. For buyers, navigating this market requires careful consideration of financial conditions and a readiness to act quickly when suitable opportunities arise.

From For Sale to For Rent: How Homeowners Are Adapting

The real estate landscape has shifted significantly in recent times, prompting many home sellers to reconsider their options. With rising rents and high mortgage rates, more sellers are choosing to rent out their properties instead of selling them. This trend is particularly notable in cities like New York, where market conditions have made renting an attractive alternative for many property owners.

The Shift to Renting

The allure of high rental prices has become a significant factor for many sellers. According to Corcoran agent David Palmieri, sellers are eager to capitalize on the record-high rental prices and are testing the market to see what they can achieve. This shift is not only a response to high rental yields but also a strategic move to maintain client relationships and generate ongoing income.

For instance, Corcoran agent Kunal Khemlani managed to rent out an Upper West Side condo for $3,150 per month after struggling to sell it. Despite the lower commission compared to a sale, the rental transaction helped preserve the client relationship, which is essential for future business opportunities.

Challenges and Considerations

Renting out properties, especially co-ops and new developments, can come with its own set of challenges. Co-ops often have strict rental rules, but these have loosened in light of market conditions to avoid devaluing units building-wide. For example, Palmieri's client listed a co-op on the Upper East Side for $1.5 million, failed to get acceptable offers, and eventually rented it out for $7,500 per month.

New developments face different challenges. A 25-story project at 100 Vandam Street, initially projected to sell for over $400 million, has turned to rentals due to slow sales. The developer, Jeff Green, has been able to list multiple units for rent due to minimal debt and no external partners, allowing flexibility in navigating a soft market.

Market Outlook

While the rental market is currently robust, this trend might not last long. Jonathan Miller, a New York City-based appraiser, anticipates a shift once the Federal Reserve cuts interest rates, which could lead to a decrease in rents and an increase in housing market activity.

The shift from selling to renting is a strategic response to current market conditions. For sellers facing slow sales, renting offers a viable alternative to generate income and maintain property value. However, it's crucial to stay informed about market trends and be prepared for changes that could affect rental yields and property values.

By understanding these dynamics, sellers can make informed decisions that align with their financial goals and market conditions.

The Housing Crisis in the Hudson Valley

Hudson Valley Pattern for Progress has released a new report, "Out of Reach 2024," highlighting the escalating housing crisis in the region. Here are the key findings and implications:

Rising Costs, Stagnant Wages

  1. Surging Rents: Over the past year, rental prices have increased significantly, while wages have barely budged.

  2. Wage-Rent Gap: Single workers on average wages cannot afford fair-market rent in any of the nine counties in the Hudson Valley.

Homeownership: A Distant Dream

  • Mortgage Qualification: The majority of households cannot qualify for a mortgage to purchase a median-priced home in any county.

    • Example Gaps: Sullivan County: $99,665 short , Rockland County: $280,410 short

  • Middle-Class Struggle: Even middle-class families are finding it increasingly difficult to afford homes, prompting many to move to more affordable areas.

Key Data Points

  • Columbia County: Mortgage gap: $215,876

  • Dutchess County: Mortgage gap: $153,024

  • Greene County: Mortgage gap: $118,436

  • Orange County: Mortgage gap: $143,624

  • Putnam County: Mortgage gap: $251,730

  • Ulster County: Mortgage gap: $131,710

  • Westchester County: Mortgage gap: $249,470

Broader Implications

  • Workforce Impact: The housing shortage is contributing to a regional workforce shortage, as residents leave in search of affordable living.

  • Gentrification: The influx of wealthier households during the pandemic has driven up housing costs, making it harder for low- and moderate-income families to stay in the region.

  • Population Decline: The region has experienced significant out-migration, losing more people than it has gained for 25 of the past 26 years. This trend has led to a shrinking workforce and fewer students in public schools.

The Way Forward

  • Housing Development: To address this crisis, the Hudson Valley must allow and encourage more housing development.

  • Policy Change: Leaders need to prioritize creating affordable housing and supporting wage growth, particularly for renters.

  • Regional Cooperation: Collaboration across counties will be essential to develop comprehensive housing policies that ensure long-term affordability and stability.

By understanding the current market conditions and preparing accordingly, you can make informed decisions and find a home that meets your needs and budget. Despite the challenges, with the right approach and resources, achieving homeownership in the Hudson Valley is still possible.

Long Island City Rezoning: A New Chapter for Queens

Long Island City (LIC) is on the cusp of a dramatic transformation. A proposed rezoning plan aims to reshape the neighborhood, promising a surge in housing, commercial development, and public spaces. This sweeping initiative has ignited a fervent debate among residents, businesses, and policymakers alike.

A Bold Vision for the Future

The heart of the rezoning plan is to accommodate a projected population increase of 14,000 new residents. This growth will be fueled by the development of approximately 14 million square feet of residential space, including a significant portion dedicated to affordable housing. The proposal also encompasses plans for commercial expansion, with a focus on office, retail, and cultural spaces.

A key component of the rezoning is the creation of new public parks and open spaces. These green areas are intended to improve the quality of life for residents and visitors alike, while also mitigating the environmental impact of increased density.

Balancing Growth and Community

While the rezoning promises economic growth and job creation, it also raises concerns about the potential strain on infrastructure and the character of the neighborhood. Critics argue that the influx of new residents could lead to overcrowding, increased traffic congestion, and a loss of the area's unique character.

To address these concerns, the city has proposed a series of measures to mitigate the impact of development. These include investments in transportation, schools, and other public services. Additionally, the rezoning plan includes provisions to protect historic buildings and landmarks.

What's Next?

The LIC rezoning plan is currently undergoing a public review process. Residents and stakeholders have an opportunity to provide input on the proposal before it is finalized. The outcome of this process will shape the future of Long Island City for generations to come.

Analysis of the Westchester Real Estate Market in June

The real estate market in Westchester County and its neighboring areas experienced notable shifts in June, reflecting broader economic trends. The Hudson Gateway Association of Realtors (HGAR) report, leveraging OneKey® MLS data, highlights these developments amidst high mortgage rates, limited inventory, and strong demand.

Detailed Analysis:

  • Westchester County: Westchester County set a new record with its median single-family home price reaching $1,031,500, a 12.7% increase from the previous year’s $915,000. Despite this price surge, sales declined by 13.3%. The condo market saw a 7.7% drop in sales but a 3.3% rise in median prices to $511,000. Co-op sales fell by 13.0%, though prices increased by 15% to $215,000. New listings across all housing types fell, with co-ops experiencing the largest drop at 27.4%. Overall inventory decreased, leading to a 10.3% reduction in months of supply to 2.6 months, while pending sales decreased by 9.4%.

  • Putnam County: Putnam County posted the highest annual price increase of 19.2%, raising the median single-family home price to $590,000. Sales, however, fell by 16.9%. The median condo price decreased by 3.7% to $375,500. Despite the sales drop, new listings for single-family homes and condos increased by 24.5% and 10%, respectively. Pending sales rose by 19.5%, recovering from the previous month’s decline.

  • Orange County: Orange County experienced a significant 26.9% decline in single-family home sales, while the median price rose by 11.4% to $479,000. Condo sales remained flat, but the median price fell by 7.6% to $317,500. New listings for condos increased by 8.7%, and single-family home listings rose by 3.5%. Inventory dropped, but months of supply increased by 9.1%, while pending sales fell by 5.7%.

  • Rockland County: Rockland County saw a 12.5% decline in single-family home sales, with the median price increasing by 7.9% to $720,000. Condo sales decreased by 16.3%, though the median price rose by 5.8% to $399,000. Co-op sales dropped by 55.6%, but the median price increased by 5% to $126,000. New listings for co-ops surged by 275%, while single-family home listings increased by 13.7%. Inventory levels for condos decreased by 9.3%.

  • Sullivan County: Sullivan County was an outlier with a 5.1% decrease in the median single-family home price to $299,060 and a 16.9% decline in sales. Inventory increased by 7.2%, and pending sales grew by 2.5%. Sullivan continues to have the highest months of supply at 7.1 months, a 22.4% increase from the previous month.

  • Bronx County: In the Bronx, single-family home sales decreased by 10.9%, but the median price increased by 12.5% to $675,000. Condo sales rose by 14.3%, while the median price dropped by 18.7% to $333,250. Co-op sales fell by 20.6%, but the median price surged by 37% to $253,500. Overall inventory for all housing types decreased significantly, with single-family homes experiencing the largest drop at 35.1%.

The real estate market in the Hudson Gateway region exhibited mixed results in June. While prices continued to rise due to strong demand and limited supply, sales activity generally declined. As economic conditions improve and mortgage rates potentially decrease, the market may see increased stability and sales volume in the coming months. The current dynamics underscore the importance of monitoring economic indicators and market trends closely for strategic decision-making in real estate investments.

The Decline of Rent-Stabilized Property Values in NYC

In a surprising turn of events, another rent-stabilized apartment building in New York has sold at an astonishingly low price, raising concerns about the future of such properties. Held by a family since the 1950s, the building at 610 West 204th Street in Inwood was sold for a mere $3.8 million, which equates to just $79,000 per unit. This is significantly lower than the already modest average of $88,685 per unit for similar properties in the area, as reported by Baxter Realty Advisors in the first quarter.

Not Distressed, Yet Still Low

Despite the low price, the building was not distressed, noted James Parker, the broker for the deal. The 48-unit building had a low level of violations, making the sale price even more surprising. The sale price reflects the market’s perception of rent-stabilized properties, compounded by the high mortgage rates currently being offered.

“There’s so much bad news and negativity,” Parker remarked. “All buyers are trying to use that to get a fair price.”

The seller, Robert Thompson, identified in property records, was a third-generation owner looking to retire, which may have provided the buyers with additional leverage.

Strategic Exits from Rent-Stabilized Market

Karen Johnson, head of Baxter Realty Advisors, noted that many owners are making strategic decisions to exit the rent-stabilized market. They either sell due to an upcoming mortgage maturity or to leave the business altogether. However, Parker mentioned that an upcoming mortgage maturity did not influence Thompson’s decision to sell.

Impact of High Interest Rates

For the buyers, an Albanian couple, the heightened interest rates were a significant factor limiting their bid. While Thompson took out his final mortgage at 3 or 4 percent interest in 2021, the new buyers had to borrow at 7 percent interest. The higher cost of capital translates to lower sale prices and higher cap rates—the annual returns demanded by investors. The Inwood deal’s cap rate was 9 percent, not because rents are high, but quite the opposite.

Rent vs. Market Reality

Units at 610 West 204th Street rent for an average of $1,283. In contrast, Inwood’s average rent, including free-market apartments, was $2,899 in March according to the Levin Report—an 18 percent increase from the previous year, second only to SoHo. However, rent-stabilized apartment owners can only raise rents by up to 2.75 percent on one-year leases starting in October.

The sale of 610 West 204th Street for such a low price underscores the challenges facing rent-stabilized property owners in New York. With high interest rates and capped rent increases, the market is forcing many to reconsider their investments. As more owners opt to sell, it remains to be seen how low prices can go and what the future holds for rent-stabilized properties.

Westchester's Competitive Housing Market: Navigating a Seller's Paradise

The Westchester County, NY housing market continues to be a hotbed of activity in 2024. While national trends may hint at a cooling market, Westchester remains a seller's paradise characterized by low inventory and persistent buyer demand.

Inventory Dwindles, Competition Heats Up:

Compared to last year, available properties in Westchester have shrunk significantly. This limited supply, coupled with steady buyer interest, has created a competitive landscape for potential homeowners. Bidding wars are becoming increasingly common, with homes frequently fetching prices above the asking amount. Data from the Westchester County Association of Realtors confirms this trend, showcasing a decrease in available properties and a rise in median sales price.

Challenges for Buyers in a Fast-Paced Market:

Navigating this competitive market can be frustrating for buyers. Properties often receive multiple offers, many exceeding the listed price. To be competitive, buyers may be forced to waive crucial contingencies like inspections or appraisals, potentially exposing them to unforeseen issues down the line.

Sellers Enjoying a Prime Opportunity:

For sellers, however, the current market presents a prime opportunity. The low inventory and high buyer demand create a strong seller's advantage. Homes are likely to sell quickly and potentially for a premium, making it an ideal time to list a property.

Looking Ahead: A Seller's Market for the Foreseeable Future:

While future market trends are always subject to change, current indicators suggest that Westchester's seller's market is likely to persist in the near future. Existing homeowners looking to capitalize on the strong market conditions may find success in listing their properties. However, potential buyers should be prepared for a competitive landscape and may need to adjust their strategies to be successful.

Westchester Approves Rent Increases: A Closer Look

The Westchester County Rent Guidelines Board has approved rent increases of 2.5% for one-year leases and 3.5% for two-year leases, effective from October 1, 2024, to September 30, 2025. This decision, finalized with a 6-1 vote, has sparked diverse reactions from both landlords and tenant advocates.

The Rent Increase Decision

The Building and Realty Institute (BRI), a landlord advocacy group, expressed dissatisfaction with the new rent hikes. They argue that the approved increases do not adequately cover the rising operational costs due to inflation, increased material expenses, and soaring insurance rates. "The system is flawed and might only be fixed after a major crisis," said Lisa DeRosa, President of the BRI and a property owner in White Plains.

Currently, the average rent for rent-stabilized apartments in Westchester is $1,473 per month. Tenant advocates, however, are not pleased. Genevieve Roche, former tenant representative on the Rent Guidelines Board and current director of operations and finance for Mount Vernon United Tenants, called the decision "outrageous," pointing out that many tenants are severely rent-burdened, spending between 55% and 64% of their income on rent.

Rising Costs and Financial Pressures

Landlords are facing significant financial pressures. Insurance premiums for rent-stabilized properties have increased by an average of 26% annually, with the average cost to insure an affordable apartment rising to $1,770, up 103% from four years ago. This increase in premiums, coupled with fewer insurers willing to cover multifamily housing, has made it increasingly challenging for property owners to maintain their buildings.

Since 2019, nearly 5,000 rent-stabilized units have been taken off the market due to these financial challenges. The 2019 Housing Stability and Tenant Protection Act (HSTPA) has further strained landlords by limiting funding programs for essential upgrades and renovations. Despite recent legislation raising the Individual Apartment Improvement cap to $30,000, this amount falls short of the $100,000 to $150,000 typically needed for comprehensive apartment rehabilitation after long-term tenants vacate.

A recent BRI survey found that most landlords have refrained from applying for Major Capital Improvements (MCI), such as boiler replacements, window installations, electrical rewiring, plumbing, and roofing. MCI applications have dropped by 83% in the past five years, as landlords wait for a more favorable economic climate.

Future Outlook: The Rent Guidelines Board will hold another public meeting in September 2024 to finalize the rent guidelines for leases starting between October 1, 2024, and September 30, 2025. This ongoing dialogue underscores the complexity of balancing tenant affordability with the financial viability of maintaining rent-stabilized housing.

In conclusion, the approved rent increases aim to address both tenant and landlord concerns. However, the rising operational costs and financial pressures on property owners highlight the need for a more sustainable and balanced approach to rent stabilization in Westchester County.

Fireplace Mantels To Warm Any Space

Nothing warms a home quite like a fireplace, and of course we mean that in every possible respect. Working flame features into an interior can be an art form unto itself, and a unique one in that it’s the frame, not the contents, that make the masterpiece. Our properties north of New York City are a diverse bunch representing just about every epoch, style, shape and color, giving our inventory an endless diversity of that covers everything from Colonial-era hearths and cast iron stoves to gas-plumbed modernist walls of fire. We went on the hunt for the most standout mantels snuggling up by the fireplaces of our current listings:

LARCHMONT 9 Locust Avenue | $2,795,000

Larchmont Manor is best known for its stock of Queen Annes, Colonials and Shingle Styles with wraparound porches and few-blocks walk to the beach, making this Spanish-style manor all the more exceptional. A towering carved limestone mantelpiece and overmantel anchors a dreamy sunken living room, soared over by coffered ceilings with hand-painted insets and accented with wrought iron railings, columns and Mission arches.

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SOMERS 413 Route 202 | $2,495,000

Built at a time when country homes effused simple elegance, the stone mansion of circus entrepreneur Gerard Crane captured uniquely urban sensibilities, with grand proportions more akin to Brooklyn Heights brownstone. The Cranes’ cosmopolitan tastes are fully apparent in the ornamentation found throughout the lower level. In the library and formal living room, a duo of hand-carved Italian marble mantelpieces complement plaster moldings, pilasters, friezes and cartouches, playing to a shared theme of talons and the heads of great literary figures.

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CHAPPAQUA 48 Haights Cross | $17,900,000

Kitchen fireplaces aren’t incredibly out of the ordinary, but Chappaqua’s Rosewood estate, composed of 86+ prime acres in northern Westchester, possesses exceptional mastery. A brick arch and millwork mantelpiece sits flanked by booth seating on both sides. We’re pretty sure the aroma of fireplace coupled with whatever is cooking off the designer appliances throughout this lavish cucina is bonafide olfactory nirvana.

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WAPPINGER’S FALLS 8 Turner Mews | $1,499,000

A Colonial-era tavern walked into a house. That’s not a one liner that isn’t; it’s our most accurate description for the heart of this 1743 Hudson Valley farmhouse, authentically restored by the family of none other than fireside music legend Bing Crosby. The original stone farmhouse portion of the structure (which predates amazing fireplace peer The Beekman Arms) was expanded into a center hall Colonial in the the 1770s. The spacious great room, bolstered by hand-hewn posts and beams, is complete with a robust hearth framed by a solid hardwood mantelpiece, set just a few steps past the bar.

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RYE 15 Hilltop Place | $7,500,000

Hand-carved marble mantelpieces occur twice in this Mediterranean-inspired estate on Rye’s exclusive Apawamis Club golf course, designed by renowned architect Grosvenor Atterbury.  The elegant manse is walking distance to downtown Rye and Metro North, making it a truly unique offering.

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SCARSDALE 35 Birchall Drive | $6,950,000

This circa 1950 stone residence in Scarsdale boasts elegance well beyond its years, and the elaborate wood-paneled study, accented by a fireplace with illustrative etched mantelpiece, is truly a sight.

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WACCABUC 19 Schoolhouse Road | $2,150,000

Behold, the hot seat you want to be in. The facade of this oversized block fireplace at this Tudor in Waccabuc plays two roles: bench seating and curio display.

 

 

article from: http://www.houlihanlawrence.com/blog/fireplace-mantels.html 

5 Surprising Home Buyer Incentives

In up markets and down, there are always motivated sellers — those who want a quick or painless close, or just want to move the home. Incentives are common in buyers’ markets to make a seller’s home more desirable than their competition, but sellers also have to get creative in slower times of the year or in parts of town where homes don’t move quickly.

If you have a home to sell, and you think it might be a tough sale, consider offering buyers something to sweeten the pie. Here are a few ideas you might not have considered. You can either offer these out of the gate and advertise them as incentives, or keep them in your back pocket to use as a negotiation tool.

Buy down their interest rate

Most home buyers today need a mortgage to make a purchase. Banks typically offer buyers an interest rate based on the market at the time they apply. If they want to lock in an even lower rate, buyers can always pay an upfront fee, called a point. Paying upfront is called “buying down the rate,” and sellers can do it for the buyer.

If a bank offers a buyer three percent today on a 30-year fixed mortgage, the buyer (or seller) can pay one percent of the loan amount to get something like 2.75 percent. For buyers, this means lower monthly payments locked in for many years, which is more valuable than a small reduction in the purchase price.

And the savings from, say, a five-percent price reduction built into a loan and amortized over 30 years won’t come close to matching the monthly savings that buying down the rate will accomplish.

Include furniture or window coverings

Buying furniture and some finishes post-closing can be a huge hidden or soft cost to real estate. Owners who have renovated their home often chose furniture that matches the home’s new look. Some homes show so well, buyers might want to purchase the house and all the furniture in it.

If you have a home with custom furniture that might not fit so well in your new home, you might consider offering the furniture with the sale. In addition to helping sell the home, it might alleviate the future headache of trying to get rid of the furniture.

Credit for non-recurring closing costs

Buyers often come back to the seller after inspections and request repairs to the home. The wish list can include anything from patching roofing to replacing windows and repairing dry rot.

Most sellers don’t want the hassle of repairing these items. If not done right or to the buyers’ specifications, the repairs can hold up the closing — or even haunt everyone post-closing.

One way to incentivize buyers to continue with the purchase is simply to offer them a credit for non-recurring closing costs. This credit goes to the buyer as cash in their pockets at the closing.

Many buyers ask for credits and may not do the repairs for months. It’s better to give them cash and let them do as they see fit with it.

Offer buyers’ brokers higher commission

Listing agents often market their properties to other agents who have buyers. While a good buyers’ agent should advocate for all homes for their buyer, no matter the commission, sometimes a bonus brings some necessary awareness to a stale property.

It’s not uncommon for a seller to offer a half-percent or even one-percent bonus commission to the buyers’ agent for a property that won’t move. Agents make these offerings by interoffice communication and word of mouth in the community. (Don’t forget, a good agent is well connected and keeps tabs on what’s happening in the market.)

Credit for “Close By” date

A motivated seller might have a variety of reasons for wanting a quick closing, such as tax purposes or a deadline for a job transfer. Sometimes the consequences of the sale date justify offering a small bonus or credit to a potential buyer for meeting a closing date.

For example, a seller may have claimed residence in another state, and faces a giant tax bill if they don’t sell by a certain deadline. The tax liability may have larger consequences outside the real estate transaction.

If a seller wants a quick closing, they should offer a credit to the buyer — and maybe even a bonus commission to the buyers’ agent. For a buyer who rents and can be flexible, a quick closing is simple. Offering an incentive to do so would only be icing on the cake.

Sellers can offer incentives and promote them in a number of ways — some more strategic than others. Putting incentives out there as part of your marketing will surely get buyers in the door. So if you’re having a hard time selling or know up front that your home will be a tough sell, advertise the incentives implicitly. If you have a buyer, and you’ve come close to negotiating but are stuck, these incentives, pulled out at the eleventh hour, can help move the deal over the finish line.

article from: http://www.zillow.com/blog/home-buyer-incentives-187706/ 

5 Ways To Enhance Curb Appeal Through The Holidays

You don’t have to pretend the holidays don’t exist if your home is on the market this time of year. 

Selling a home during the holidays can be tricky. Decorations could turn off potential buyers, who may have been interested in buying that home for sale in Sioux Falls, SD — if they hadn’t been distracted by the huge collection of inflatable decor in the front yard.

Curb appeal is an important element of real estate at any time of the year,” says professional home stager Krisztina M. Bell of Virtually Staging Properties Inc. in Atlanta. During the holiday season, curb appeal often takes on a new meaning as people decorate their homes and landscapes to reflect the joy [of the season]. There is a fine line between attractive outdoor decorating and pushing the limits, especially when staging a home during the holidays.”

The good news is that you don’t have to completely avoid holiday decor. In fact, says Justin Udy, a real estate agent with Century 21 Everest Realty Group in Midvale, UT, “homes can actually show better during the holidays.”

Here are five ways to enhance your home’s curb appeal during the holidays.

Light it up

“A well-lit entryway provides a charming invitation for guests or potential homebuyers,” says Bell. “Use LED candles or lanterns with globes to light entryway steps and walkways. If there is a wreath or arrangement on the door, place a spotlight on that area to highlight the festive accessory and create a warm, welcoming glow.”

If you must decorate with string lights, white lights are best, adds Bell. “White outdoor lights on the outside of a home are recommended, and are inspiring and beautiful,” Bell says.

Skip the kitsch

While you may adore that waving Santa inflatable in your yard or shrubs covered in colored lights, rethink bold statement decorations when your house is on the market. “Avoid the blowup snowman, reindeer, and the like strewn about on the front lawn, as you don’t want to distract and take away from the features of the home,” says Bell. “Less is best.”

Keep it minimal

Similar to when you’re getting your home ready to sell when it’s not the holiday season, the concept of less is more also holds true this time of year. (So keep the tchotchkes to a minimum.)

“It is key to maintain a very clean and crisp appearance,” says Josh Myler, a real estate agent with The Agency in Los Angeles. “Buyers want to feel comfortable but also have the room to envision their own belongings and decorations in what might just be their new home. Clutter is never a good thing, and the holidays have a tendency to bring out more of it.”

Create vignettes

Focus on simple yet eye-pleasing holiday vignettes throughout your home. “Create a vignette in a wheelbarrow, or use a small section of patio,” suggests Bell. “Use simple holiday decorations, plants, and other items to create an attractive scene to spruce up outdoor spaces.”

Fashion a welcoming entry

If you decide to rid your home of all holiday decor except for a few key items, make it a wreath on your door. “One of the great things about wreaths is that they can easily be customized to match the personality of the home,” says Bell. “A simple live wreath on the front door is classy. Add a big bow for major impact.”

 


article from: http://www.trulia.com/blog/winter-curb-appeal-beyond-christmas-decorations/ 

5 Ways to Jump-Start a Whole-House Decluttering Effort

It’s a common problem. You know you have way too much stuff for your available space, but you become paralyzed at the thought of decluttering. One solution is to start with something that takes minimal effort but makes a big impact in your home right away. From carving out a bit of breathing room in your closet to making a dent in the junk drawer, these five ways to begin the decluttering process are relatively painless. You can do this!

Where Not to Begin

Don’t plan to start with a major weekend-long purge. Plan to start being the key phrase. A big decluttering weekend can be a great way to make progress, but carving out such a large chunk of time may not be easy to arrange — and if you keep putting off getting started because you’re waiting for a big space to open up on your calendar, you could be waiting a very long time.

Don’t start with other people’s stuff. Oh, it is so tempting, I know! But although you may be dying to bag up your least favorite items from your spouse/significant other/kid/housemate’s space, resist the urge — it’s not likely to go over well. Even if you have way less clutter than the other members of your household, it’s important to take responsibility for your own part. If you’re lucky, the clutter-clearing bug will be catching!

Don’t start at the front door. In theory, the entryway is a wonderful place to begin decluttering. But guess what tends to accumulate around the front door? Stuff you actually use a lot. That means that while there could be a few things to get rid of in this area, it’s more likely that the stuff just needs to be put away. But if everywhere else in the house is packed, there’s nowhere for the entryway clutter to go.

Where to Begin

1. Discard a few clothes. Removing some of the clothes and shoes you don’t wear from your closet and drawers is a good first step. By clearing out a bit of space in your bedroom closet, you can then tuck away some of the extra items (jackets, scarves, shoes) cluttering up your entryway, in effect clearing two areas of your home at once. If you’re following the Marie Kondo method of tidying, this is also where she recommends beginning.

How to: Try not to get hung up on winnowing down your entire closet right now; just grab a few no-brainer items that obviously need to go (socks without mates, worn out sneakers, ill-fitting pants), toss them in a bag, and get them out of there.

Next step: If there is now enough room to do so, take the extra coats and shoes from the entryway and put them away neatly in your closet, lightening up the entry. If space is still too tight to add anything, make another pass at your clothes and shoes, and fill a bag with items to sell or give away.

2. Sort a pile of papers. For as much talk as there is about offices going paperless, I find that somehow an awful lot of paper makes its way into the house. Seeing piles of unsorted paperwork while you’re trying to relax or enjoy a meal can create a low but persistent level of stress in the house, so this is a helpful place to begin. 

How to: Grab a pile and sort it; if you don’t currently have a filing system set up, just label a few files as you go, keeping the categories broad. When you’re done sorting the first pile, designate one spot to put all incoming paperwork. Place a paper recycling bin beside it and call it a day.
 

Next step: Collect all the unsorted paperwork from around the house and place it in the designated paper spot. Grab a stack and sort it. Repeat.

3. Organize the junk drawer.An overflowing junk drawer is a drag to look at and can really slow you down when you can’t find what you’re looking for. Junk drawers tend to get overstuffed thanks to a) stuff you really should have thrown away in the first place and b) too many extras of things. For now, focus on a) — the stuff that doesn’t belong at all.

How to: Toss out the instruction manuals, broken rubber bands, pens that don’t write and freebies you never really wanted. If you have a ton of extras (pens, batteries, etc.) that you know you’ll use eventually, just neaten them up and try to make a mental note to not buy any more of those for a long time. 

Next step: Separate the useful little items (tape, stamps, flashlight) into a separate drawer or wall organizer so they’re easier to reach and leave the extras (boxes of batteries, stapler refills, lightbulbs) in the drawer. If you need organizers for your neatened-up drawer, jam jars and tupperware are quick (and free!) stand-ins.
 

4. Shed a piece of furniture. Perhaps you have furniture in the house that isn’t really needed but you put it there simply because you have it. Getting rid of just one piece can free up a lot of space. Also, furniture tends to attract piles of clutter, so one less piece also means one less place for clutter to congregate. If your space feels too tightly packed with furniture, see if you can choose a least-favorite piece to sell or donate to charity. 

How to: Take a walk around your home, peeking into every closet and outbuilding, making note of the furniture. Find one piece that’s not being used or isn’t really needed and make a plan to get rid of it. If you plan to give it away, try to drive it to a donation center today. If you want to sell it, place an ad or bring it to a consignment shop today. Don’t wait!

Next step: Follow up with your plan to get rid of the piece of furniture. If you’re having trouble selling it, lower the price or try a different method (Craigslist, eBay, garage sale, consignment shop). Set a reminder on your calendar to take the item to a donation center by a certain date if it doesn’t sell.

5. Give away one thing right now. This is about the power of beginnings: When you have a mountainous task ahead of you, even a relatively small suggestion (like tackling a single drawer or decluttering for five minutes) can feel overwhelming. Instead, go right now and grab one thing you can give away. One thing is not so hard to remove. And even if you removed just one thing each day, after a year that’s 365 things — not too shabby!

How to: Look around the room you’re in and grab the first thing you see that you could give away. It could be a DVD, a book, a candleholder you don’t really like — it doesn’t matter, just grab something quickly! If you don’t see anything, peek in a cupboard or drawer and grab something there. Once you have your one thing, don’t just put it by the door — actually remove it from the house. If you absolutely can’t take it away right now, at least put it outside, or in the car.

Next step: Find one more thing to get rid of and put it in a bag or box to take to a donation center. Each day, add one more item to the container; when it’s full, drop it off. Repeat.

article from: http://www.houzz.com/ideabooks/55288696?utm_source=Houzz&utm_campaign=u2022&utm_medium=email&utm_content=gallery1

Money-Saving Tax Benefits for New & Long-Term Homeowners

Buying and owning a home is not only an important step in life, it’s an area rich with benefits when it comes to filing an annual tax return. Jackson Hewitt Tax Service reminds tax filers not to forget or overlook the many tax credits and deductions that relate to home ownership.

 

“From the special tax credit for first-time home buyers, to the numerous tax incentives for making energy-efficient changes to a home, there are multiple reasons for taxpayers to speak with a tax preparer and ensure they take advantage of all home ownership-related credits and deductions for which they are eligible,” said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc.

Steber reminds homeowners to keep the following tax benefits top-of-mind as they gather their tax-related documents to have their tax return prepared:

 

First Time Home Buyers:

The IRS allows first-time home buyers to withdraw up to $10,000 from their traditional IRA (and even Roth IRAs) penalty-free to help with the purchase of the home. You can also borrow half of your 401(k) balance up to $50,000 for the purchase of a home. But, the interest you pay on that 401(k) loan, unlike a mortgage loan, isn’t tax-deductible.

New Home Energy Credits:

Taxpayers can receive a credit for making their homes more energy efficient by caulking doors and windows, adding new insulation to attics, buying an energy-efficient hot water heater or air conditioner and more. The credit amount is a total of 30% of the cost of qualifying improvements, up to $1,500. 

Tax Deductions and Buying a Home:

Most of the expenses incurred when buying a home are not deductible. Yet there are certain closing costs (such as brokers’ commissions, attorney’s fees, recording fees, abstract fees, surveys, title searches, owner’s title insurance policy and transfer taxes) that are added to the basis of your residence that are important to keep track of. When you sell, the basis is needed to calculate any gain or loss.

Real Estate Taxes:

You may deduct real estate taxes in the year paid. They are generally reported on Form 1098 (Mortgage Interest Statement) or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are usually included on Form 1098, but you can get the total paid at your local tax assessor’s office if they are not reported on your Form 1098.

Local Real Property Taxes and Assessments:

Local taxes are deductible if they are charged uniformly against all property in the jurisdiction and if they are based on the assessed value of your home. Many states and counties also impose local benefit taxes for improvements to property, such as assessments for streets, sidewalks, and sewer lines. These taxes cannot be deducted but you can increase the cost basis of your property by the amount of the assessment.

Mortgage Interest:

The amount of mortgage interest you paid on your principal residence (or second home) is deductible if you itemize deductions. This amount is generally shown on Form 1098 (Mortgage Interest Statement). You can also deduct the points paid to purchase your residence, even though some may have been paid by the seller. Mortgage insurance premium payments that are related to the purchase of your home are deductible annually.

In addition, Steber notes that taxpayers should keep records of the cost of improvements made that add value to the home, such as landscaping, patios, swimming pools, decks, room additions and roof replacements, as these items can be added to the cost basis. Repairs such as fixing leaks, repairing roofs and painting are not deductible and are not basis additions. The cost of your own labor is not deductible.

article from: http://blog.realestatebook.com/2015/10/27/money-saving-tax-benefits-for-new-long-term-homeowners/ 

6 Ways to Finance a Renovation

If you’re planning to take on a home improvement project, you’re in good company. A recent report by the Joint Center of Housing Studies at Harvard University predicts that the home improvement industry is expected to post record-level spending this year. As you prepare for your renovation, it’s important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself. Some financing options to consider:

Home Equity Line of Credit (HELOC)

A HELOC can provide ongoing access to funds using the equity in your home, which typically results in lower interest rates than unsecured credit. This type of credit may also provide you potential tax benefits. Consult your tax advisor regarding the deductibility of interest.

Mortgages with Built-In Renovation Financing

These loans help homeowners complete renovations with a loan amount that is based on an appraiser’s estimate of what the property value will be with completed improvements. This is also an option for aspiring homeowners who purchase properties that need repair. Whether a home purchase or a refinance, this option finances the renovations and mortgage in one loan.

Cash-Out Refinance Mortgages

A cash-out refinance replaces your current mortgage with a new and larger mortgage that pays off your current balance and allows you to use the equity in your home to provide additional funds for other purposes.

Credit Card

Credit cards can be used for large or small purchases and may earn rewards, which can add up to significant benefits when you’re making big home improvement purchases. However, credit cards often have higher interest rates than other loan or credit options, which should be taken into consideration.

Personal Loans and Lines of Credit

These personal credit options typically offer quick credit decisions and access to funds in a day. Lines of credit provide ongoing access to funds.

Savings

If you have a do-it-yourself project or a small renovation, accessing your savings might be an option. By paying cash, there is faster access to funds and nothing to repay.

Your bank may not be the best source for what color to paint your room or which walls to move, but it can help you identify your financial options. Each option has its associated benefits and considerations, and your bank can provide valuable information to help you make informed decisions about which options are right for you.

article from: http://blog.realestatebook.com/2015/10/27/6-ways-to-finance-a-renovation/

House Hunting Season Highs and Lows

If you’re serious about buying a home, fall might be the perfect time of year to make it happen. But it has a particular set of challenges too.

There’s a reason people love the fall. After months of oppressive summer heat and humidity, autumn is the welcome relief: cool, crisp air and those colorful oft-changing landscapes. Anything pumpkin-flavored is a bonus too.

But it’s not just the cool weather and football season that you should be excited about. “House hunting in the fall can be very successful,” says Patty Brockman, a licensed real estate broker at Windermere Stellar Real Estate in Portland, OR.

Whether you’re looking at homes for sale in Santa Fe, NM, or New York, NY, autumn can prove to be a great time to buy. That’s not to say it doesn’t have its challenges, though. Here are the ways in which buying a home this season can reward you with big dividends or prove to be somewhat difficult.

Pro: Sellers are serious

As in, serious about selling their homes this time of year. “Even though there typically is less inventory, the people that put their homes on the market this time of year are more serious about selling — otherwise they would wait until spring,” explains Brockman. “Motivated sellers equals more flexibility during negotiations. There is often less competition from other buyers because families don’t like to move in the middle of a school year, people’s lives are caught up in sports and holidays, and generally, there is a cocooning effect that takes place as the days grow colder and shorter.” All of that means buyers are at a huge advantage when house hunting in the fall.

Pro: Inventory is low

So while sellers are likely to be more motivated to sell, when it comes to the amount of homes on the market, it’s slim pickin’s this time of year. However, the upside to low inventory is this: “Since the supply of listings shrinks this time of year, it’s easier to narrow down the list of your top properties,” says Justin Udy, a real estate agent with Century 21 Everest Realty Group in Midvale, UT.

Con: Foul weather

The same way snow and sleet and freezing rain can wreak havoc on your flight to the Caribbean for New Year’s, it can also seriously impede your desire to get out of the car — let alone get out of your sweatpants to go house hunting in the first place. “Who really wants to slosh around in the rain all day, looking at houses?” asks Brockman.

Con: Daylight waning

That whole “fall back” premise can be a little speed bump in the house-hunting process. “Buyers are faced with having to get out early from work to see properties or only look on weekends in order to fully ‘see’ a property,” says Brockman. “If it’s dark out, how can you get a thorough look at the exterior of the property? The neighborhood? Before making the decision to write an offer, you will have to see it in the daylight, so this can mean multiple trips to the same properties. In a competitive market, you could lose your window of opportunity.”

Pro: There’s less competition

While the bulk of buyers rushed to get into their homes before the first day of school, you’re in luck as a small minority of buyers looking to purchase a home in the fall. “This means you have more time to look and the time necessary to properly negotiate a great deal in terms of price and terms that fit your needs,” explains Udy. “This also means you’re not up against as many multiple-offer situations.”

Con: There’s more competition

While locales such as New England and the Midwest see a dip in real estate activity come fall, other parts of the country such as Florida and Arizona where “snowbirds” flock during the cold winter months see an increase in potential buyers.

“Differences in activity levels between seasons are very area-specific,” says Alin Zdroba, president and managing broker of Propertio Real Estate in Hollywood, FL. “I can attest that in south Florida, such differences do not exist. While families go into a frenzy during the summer months, when schools are out and preparing for a new school year, October through April is our high season. Out-of-towners, or what we fondly call ‘snowbirds,’ pack our roads, restaurants, shops, and keep us, the ones in the real estate brokerage business, extremely busy during these months.”

Pro: Move-in dates are (likely) flexible

You probably won’t want to move on the eve of a holiday — or the day after. Which means that instead of having to negotiate a 30-day close, sellers are more likely to work with you on a doable time frame, says Udy. “It makes it easier to negotiate delayed closings or extended occupancy dates. Most people do not want to move during the winter and the holidays and are more flexible with dates and deadlines.”

Pro: Negotiating is easier

When a seller is motivated to sell, they’re more likely to negotiate a bit more with a buyer. “A homeowner listing their home during the fall and winter months is more than likely a very motivated seller on a timeline,” says Ross Anthony, a real estate agent with Willis Allen Real Estate in San Diego. “Listing a home and complying with showing times, open houses, and everything else that comes along with it can be stressful year-round but is even more amplified during the holidays. Buyers can capitalize on this urgency and use it to their advantage during negotiations.”

article from: http://www.trulia.com/blog/house-hunting-seasons-autumn-highs-lows/