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Bear or bull, buy or sell, here’s what you need to know about the ever-evolving Westchester real estate landscape, as told by one of the county’s successful real estate agents.
Every day, it feels like there’s a new directive being given about real estate: buy, sell, wait, scoop something up when the mortgage rates dip, etc. Deborah Valentino has been in the real estate industry for more than 30 years and was a featured Realtor on HGTV’s House Hunters. She is also the number-one agent for Houlihan Lawrence’s Yonkers brokerage. We chatted with her about what home-seekers can expect of this market and what sellers should consider.
What trends are you currently seeing in the housing market?
In Westchester County, available inventory was down approximately 21% and sales were down almost 16% year over year at the end of May.*
How does the Westchester housing market differ from the national market? Is it more competitive?
The National Association of Realtors reported declining home sales nationally, but real estate is local. I work in Yonkers, where we see many first-time homeowners still making offers.
What can first-time homebuyers expect in this market?
They may still be dealing with multiple offers where the house is priced right. I never recommend waiving the inspection. I do recommend that the buyers have a new conversation with their lender and refresh their preapproval. The interest rates may be quite different than when they began looking four to six months ago. Buyers should be aware that their monthly payment could be substantially higher.
By Bmak/ Adobe Stock
What’s the most important thing sellers should know right now?
Prepare your house for sale inside and out. Condition and presentation are everything! Light staging, repairs, paint, and decluttering should not be overlooked as the very best way to get top dollar.
Where do you see the market going within the next year?
Likely a bit more stabilized, but there are still more buyers than homes for sale, so this could be seen as an opportunity for some. —CC
“I never recommend waiving the inspection.”
— Deborah Valentino
*Source: OKmls, MHmls, CGNDmls, SMARTmls active, pending, sold and median sale price of single family homes as of 5/31/22 and 5/31/21 in Westchester County. Information deemed accurate, but not guaranteed.
Related: Westchester’s Real Estate Market Stays Hot, and Will Only Get Hotter