We realtors have a few “tricks” up our sleeves to help optimize your return on investment when selling your home. One strategy I recommend is getting my clients’ homes into the Spring market early. Why? They get the jump on the playing field. Housing inventory is low, and buyers are awakening from their holiday slumber.
This year is remarkable, in that January inventory is substantially lower than in previous years, even going back a decade. On New Year’s Day, only 18 houses were for sale in the 10538 zip! This is compared to 50 houses in 2013, and 34 in 2014. Consider listing your home on February 1 instead of May 1!
I expect that 2015 will be a happy year for our 10538 housing market. I anticipate that home sales and housing prices will be on the increase. Continuing low interest rates (30 year fixed is below 4%), lenders easing their standards, 3 million new jobs in 2014, and the decrease in unemployment (falling to 5.6%) will all help bring about increased confidence in housing consumers.
Find out what's happening in Larchmont-Mamaroneckfor free with the latest updates from Patch.
So that’s my opinion on what’s up for this year.
Now, a brief summary of 2014 for your review.
Find out what's happening in Larchmont-Mamaroneckfor free with the latest updates from Patch.
Market Snapshot: 10538 Single Family Homes, November 1 – December 31, 2014
Traditionally a quiet real estate period, this year was no exception.
Five single family houses came on the market during this period, two of which went swiftly to contract by year’s end. The “bargain” was 25 Cherry -- which in 1903 was the gatekeeper’s house to a Larchmont Avenue estate around the corner. With 1,904 square feet, this charmer was offered at $1,199,000 and quickly claimed. At the other end of the price spectrum, at $2,699,000, 16 Byron reemerged as a new listing again.
Thirteen houses went to contract during this time. 8 Cabot, listed at $550,000, has three bedrooms and two baths. Topping the charts, 15 Park Avenue, $4,950,000, went to contract in 83 days. This 1897 beauty boasts 6,450 square feet of living space, 1.2 waterfront acres with a dock, and estimated taxes of $109,127 annually.
Twenty three houses sold between Halloween and New Years. 23 Elkan Road was listed at $409,500, went to contract in 82 days, and sold for $400,000. On the other end, 14 Pryer Lane, listed at $5,200,000 went to contract in 112 days, and sold for $4,850,000.
Want more info about a house, or a complimentary study of your own home? Megan McCarthy is a licensed real estate professional for Larchmont, Mamaroneck, New Rochelle, and Rye Neck, with Coldwell Banker Residential Brokerage in Larchmont, New York, and may be reached by email at megan.mccarthy@cbmoves.com or by cell: 914-309-4648.
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