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Rivertowns Real Estate Turning Into A Sellers Market

Courtesy: National Association of Realtors

Courtesy: National Association of Realtors

A recent article in the Wall Street Journal appears to confirm some of the more hyper-local activity that we have been noticing here in Westchester and the Rivertowns. Sellers are gaining the upper hand once again in the sale of their homes. Due to a low inventory, which can be traced to a number of reasons, homeowners are often picking and choosing between multiple offers on their homes. It goes without saying that if you have multiple offers on your home, within two weeks of listing, some of those offers are likely at or above the full asking price. I have had experiences in the past two weeks, of my clients bidding against other buyers, where the  full asking price was just not enough. In these cases, buyers who have the full purchase price or more available in cash, are able to forgo the mortgage process and are often the winners. These are not foreclosed, short or otherwise distressed sales. Simply homes which show very well to prospective buyers and are perceived to be a good value in a given price range, currently well over $1,000,000 in that market. This trend is not unique to any particular price point though. In the village of Dobbs Ferry, in the Rivertowns, I have another listing at a significantly lower price point of the market, currently in contract for just slightly less than full asking. Back up offers have come in, even after it is made clear to prospective purchasers that binding contracts of sale have already been signed with other buyers. These back up offers are at full asking, hoping for a failure of the current buyers, so they may gladly take their place in the process. There are other accounts of this at all levels of Rivertowns real estate.
Whether this is a  temporary blip in the market, until inventory or interest rates rise or a more prolonged phenomena remains to be seen. The short story for sellers though, may be to not wait until the traditional spring market starts in April and instead to list now while this situation still exists. Read the full Wall Street Journal article at: http://blogs.wsj.com/developments/2013/02/21/housing-its-becoming-a-sellers-market/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fdevelopments%2Ffeed+%28WSJ.com%3A+Developments+Blog%29

Related Articles:

The Housing Bust Is Over


According to the Wall Street Journal: “The housing market has turned—at last.The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing, according to David Wessel on The News Hub. Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006″.
Read the full article at the Wall Street Journal webpage: http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html

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