• A compilation of timely information regarding matters of interest to homeowners, buyers and sellers of real estate in Dobbs Ferry, the Rivertowns and the Westchester County, NY area in general.

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  • Park Hill Terr, Dobbs Ferry SOLD!

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  • Secor Road, Hartsdale SOLD!

  • Draper Lane, Dobbs Ferry SOLD!

  • Virginia Ave, Dobbs Ferry SOLD!

  • Division Street, Hastings SOLD!

  • Crescent Ln, Dobbs Ferry SOLD!

  • Alkamont Ave, Scarsdale SOLD!

  • Temple Rd, Dobbs Ferry SOLD!

  • 17 Kent Avenue, Hastings SOLD!

Some Homes Are Selling In Less Than Two Weeks

4th Quarter Home Prices Up

Westchester Home Sale Prices Up 14% Over Last Year

In what can only be described as a remarkable turnaround in the US housing market, homes in some parts of the country are going from active status to accepted offer status in an incredible two weeks or less. This, coming on the heels of a housing market which had typical selling periods of 6 months or more. The primary driving force behind this phenomena is an extremely low inventory of homes for sale. Many sellers appear to be waiting out the bottom of the market, preferring to sell their homes when values go up. Concurrently, banks remain very tight on financing, requiring a borrower to have a virtually blemish free credit history and FICO scores of 740 and above. This has resulted in super high quality buyers converging on the few remaining houses for sale. Not only is this resulting in fast marketing periods, it is also starting to drive prices up, for reasons of supply vs. demand.
Even here in the Rivertowns, I am experiencing multiple bid situations with buyers winning out, based not only on the highest offer, but also on the best terms available, sometimes with down payment amounts of 50% or even all-cash purchases. If you bought your home 5 years ago you will still perhaps be losing money, based on your original purchase price, but any available homes for sale are also equally devalued. If you were thinking of selling this could be a great time to cash in on this unique set of circumstances, particularly if you were planning on downsizing to a smaller home or moving out of the area. Interest rates remain at historic lows and assuming a good credit history, your chances of getting a great value in another purchase would seem ideal.
More information on this trend as it relates to the Westchester housing market can be found in the BHG Rand 4th Quarter Market Report. Additionally, an interesting story on this trend in the US housing market can be found at Bloomberg News: http://www.bloomberg.com/news/2013-02-05/homes-sell-in-two-weeks-with-low-supply-for-spring-buyers.html

Mortgage Rates Are Lowest In 60 Years

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In what can only be described as a continuous decline, mortgage rates have reached the lowest point in 60 years, dropping to a record of 3.49% for a fixed rate product.
The real problem now, is not how small your monthly mortgage payment will be these days, but what it actually takes to qualify for one of these rates to begin with. Typically, lenders will require a truly blemish free credit history, FICO scores well over 700, significant cash reserves and a perfect appraisal on any property you are considering buying.
While some would laud the banks for tightening the very same mortgage guidelines that helped to cause the housing crisis in the first place, financial institutions also seem to be understandably concerned about the future profitability of themselves and whomever they are selling their mortgages to. Who wouldn’t want to limit the pool of borrowers by any means possible, to as few people as possible, when the prospect of loaning money out, over 15 – 30 years, becomes a losing proposition once bank savings rates go above 3.49%. Some of us are old enough to remember when a passbook savings rate was over 6%. Common sense would say that this will happen again, sometime in the next 15 – 30 years. What bank or investor wants to be stuck with a borrower paying only 3.49% then? Read more at:
http://www.usatoday.com/money/economy/housing/story/2012-07-26/home-sales-mortgages/56499092/1

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