Brenda Sigurdson, Author at Houlihan & O'Malley Real Estate

May 1, 2025

Tips for Enhancing Your Home’s Curb Appeal This Spring, Part II

The first article in this two-part series focused on tips to improve the look of your home’s exterior, this article will highlight additional steps to enhance your property’s curb appeal in order to attract potential buyers

Fix stone walkways and retaining walls as well as the Belgian blocks lining your driveway that may have been damaged by snow, road salt, or careless plowing. The best way to find a top-notch mason is to check with colleagues and friends or ask your Realtor friend as they often keep lists of trusted vendors.
Clean out garden beds and top them with natural mulch, which will help the soil retain moisture and give the beds a neat look. And reseed where necessary.
Plant annuals and perennials to create an inviting setting where homebuyers can imagine themselves living. In addition, position pots of flowers on the front and back porches/decks to add more color. Even fragrance can have a big impact on a person’s experience when walking up to your house. Consider sweet-scented roses, lilacs, honeysuckle, and jasmine or fresh herbs to line the front walk.
If your driveway has taken a beating over the years, it could be dragging down your home’s curb appeal. So, repair/reseal cracks in the blacktop or consider other possibilities, such as adding brick, masonry or stained concrete, which can all make for a beautiful, durable driveway.

Adding curb appeal to your home is great for making your home more appealing for selling but it is also personally satisfying-sit back and admire the fruits of your labor.

Call us for more advice on selling or buying a home and find out why client’s love to work with our staff!

March 7, 2025

CURB APPEAL – Part One

Tips for Enhancing Your Home’s Curb Appeal This Spring, Part I

With the winter blues and cold weather hopefully behind us, now is the perfect time to turn some attention to the outside of your house. This spring, why not give it some extra curb appeal? The goal is to make the home’s exterior look crisp and clean and stand out.

Here are some helpful hints to get the ball rolling:

Get the dirt, moss, and cobwebs off your home’s exterior by using a power washer or a regular hose with a power washing attachment. Don’t forget the fences/gates and mailboxes.
Remove dead leaves, branches and weeds. Prune trees and shrubs.
And, while you’re at it, clean off your outdoor furniture.
Wash your windows — a hose with a window washing attachment can get windows shiny and clean. And remember to clean inside windows, too, for the most sparkle. Don’t want to do it yourself? Get references and hire a professional window washer.
Clean out your gutters to prepare for spring rains. You might not realize it, but the roof plays an important role in curb appeal. Is your roof missing any shingles? Is it dingy and streaked? If so, a good cleaning or, if necessary, new roofing will go a long way toward improving your home’s appearance.
Clean and polish the outdoor fixtures, especially the hardware on the front door. Metal polishes do a great job in making your hardware gleam.

Lastly, take a step back and enjoy your clean and refreshed home.

Joe Houlihan

February 5, 2025

Real Estate Recap – Westchester County – 2024

It is Still a Great Time to be a Seller. The market conditions that existed in 2023 remain firmly in place in 2024.

Specifically,

1 — Mortgage rates remain significantly higher than they were for the period from the 2008 financial crisis through 2022.

2 — Property owners who have 3%+/- mortgages on their properties continue to cling to those rates so they stayed in their properties longer than was optimal. As a result, significantly fewer homes came to market. In 2023 and 2024 there were 4,688 and 4,594 homes sold, about 30% fewer than the average number of homes sold per year in the ten-year period 2013–2022 which was over 6000.

3 — Prices continue to rise as more buyers compete with each other for every home that came on the market. The median price in 2024 increased 8.8% from 2023 and the median price jumped 4.3% 2022 to 2023. Also, many of the homes sold over the past two years sold over their asking prices.

4 — The DOM (Days on Market) for 2023 and 2024 were 43 and 39, respectively. The average DOM for the prior ten years was 89, a significant difference.

There are homes that came on the market that did not sell. The most likely reason is that the asking price was excessive and the market judges the seller to be unreasonable. Houses that don’t sell tend to be homes at the very high end of the price range for the neighborhood.

Are you ready to buy or sell a home, the Houlihan & O’Malley team are ready to help! Contact us to see why our client’s are always happy!

November 14, 2024

New practice changes for Realtors in the USA By Joe Houlihan

Realtors are licensed real estate agents who are members of the National Association of Realtors (NAR). There has been much news coverage of the recent (April 2024) settlement NAR reached to settle a lawsuit brought by homeowners in Missouri. The settlement requires Realtors throughout the country adopt new ‘practice changes.’

I thought I would give you a summary of those changes.

First, all of our agreements/contracts with buyers and sellers must include language that states that all commissions are negotiable between the two parties. Furthermore, the NAR rulebook explicitly says that Realtors cannot claim their commission rates are “the norm” or “typical for the area.”

Second, Realtors are required to have a contract with their seller clients that states what that agent is going to be paid at the time of the closing to compensate them for the work they did to facilitate the transaction. That same contract must state that the seller is not obligated to provide any compensation to the agent that brings the buyer. The seller can opt to offer to compensate the buyer’s agent if they choose.

Third, Realtors are required to have a Buyer’s Agent Compensation Agreement with any potential buyer signed before that buyer sees any property. That Agreement is a contract and it must include the amount of compensation the agent will receive if a deal is accomplished. The compensation can be determined in several ways, for example a percent of the purchase price, an hourly rate, or a flat fee. The compensation must be calculable, not vague. The compensation to the buyer’s agent can be paid by the seller, by the buyer or by both.

This particular requirement is a significant departure from the way Realtors in our market engaged with buyers. However, it should be noted that this requirement has been in place in several states for a number of years.

The thrust of the practice changes is that members of the public need to be informed and engaged in purchasing real estate services and Realtors’ need to be 100% transparent about their fees.

The Houlihan & O’Malley team is always staying on top of the real estate market and we’re here to help you with your real estate needs, buying or selling. Just give us a call.

September 5, 2024

More of the Same

I thought it would be interesting to do a monthly analysis of the local Real Estate market in different areas of Southern Westchester.

This month, let’s take a look at the Bronxville PO section of Yonkers.
Here is brief table with basic data.

To give some context, for the five-year period 2015-2019 we had an average of 54 sales per year with a median number of days on market of 51. The median price for this period was $698,000 to $820,000. The high end of that range reflects the median price for 2017 which was a stunning 20 year high.

Covid hit and our market shifted dramatically with high demand from people fleeing cities. Then, the interest rate increases shifted our market further. We are now entrenched in a post Covid market with low inventory and a median price that continues to inch up. I note that 13 of the 28 sales already closed in 2024 sold for more than the asking price. That is a strong indication of a solid market.

The single biggest factor keeping our inventory low is the low mortgage rates that homeowners are loath to give up. Pundits continue to speculate that if rates come down, inventory will improve and sellers will surrender their properties to the market. From where I am sitting, I do not think that mortgage rate drops are going to be significant enough to shake loose enough properties to have the effect of changing our general market conditions.

As I said in a previous article “It is a great time to be a Seller”. I believe that remains the case.

*Days on Market-from list date to contract

The team at Houlihan & O’Malley Real Estate is ready to help you navigate the real estate market and buy or sell your home! Call us to talk with a real estate expert!

May 2, 2024

Joe’s Corner – Thoughts on Recent Settlement with NAR

Here are my thoughts regarding the recent settlement between homeowners and the National Association of Realtors (NAR) that has been much publicized in the media.

It is important to understand that neither NAR nor any state or local Realtor associations ever set a standard commission. They definitely do not encourage their members to charge a minimum commission. In fact, the NAR rulebook explicitly says that Realtors cannot claim their commission rates are “the norm” or “typical for the area.”
Commissions have always been negotiable, and they remain negotiable.
The NAR rule in question was that a listing agent entering a property for sale into an MLS had to state in the listing what commission the seller was offering to pay to the buyer’s agent. NAR never stated or suggested what that commission should be.
The settlement still allows sellers to offer a commission to the buyer’s agent. However, the amount of the commission can no longer be shown in MLS.

What has come out of the lawsuit is that Realtors will now be required to enter into contractual agreements with buyers before showing them any properties. And that agreement will state the buyer’s agent commission.

If you’re planning to purchase a home soon, you need to find out from your agent if the seller is offering compensation to the buyers agent. If not, you will be responsible for any commission not paid by the seller.

It is still advisable for people to use an experienced agent — someone who will help guide them through every step of their purchasing or selling process.

Houlihan & O’Malley is here to help you with your real estate needs and questions.

Joe Houlihan

March 6, 2024March 6, 2024

Condo vs. COOP

Empty nesters are often thinking of their next move and the question comes up – condo vs. co-op? I thought I would provide some of the basics.

When you purchase a condo, you are purchasing real property that is recorded with a deed much like a house. Owners of a condo get their own real estate tax bill as well as a monthly charge to cover their share of the cost of running the condo association. Co-ops are owned by a corporation, and when you purchase a co-op, you are buying shares of that corporation. Co-ops are run by a Board of Directors, and have a monthly maintenance fee to cover building expenses such as heat, hot water, building staff, insurance, elevator maintenance, and the debt service on the property.

The approval process to purchase a co-op is much more thorough and time-consuming than with a condo. Co-op boards often do not allow subletting at all and, if they do, the rules are very restrictive, as co-op boards want most of the building to be owner-occupied. It is much easier to purchase a condominium, and the rules are generally more relaxed. Lastly, Co-op ownership provides shareholders tax deductions that are similar to the deductions that homeowners, including condo owners, are permitted. They can deduct the interest on their mortgage and the portion of their monthly maintenance that pays for the real estate taxes and debt service on the property.

In southern Westchester County, co-ops are much more common than condos. Condos tend to be properties that were built as condos as opposed to being converted from a rental to a condo and are generally younger than co-op buildings. Co-ops are a highly cost efficient way to live since there is a collection of owners sharing the cost of operating the property.

January 10, 2024

It is a Great Time Be a Seller

Simply put, it could not be a better time to be a seller in the current real estate market.
Here are the facts as they pertain to the market for ‘single family’ homes in Westchester County:

There is a lack of competition – with so few properties being offered for sale, the ones that do come on the market get a lot of attention
The ever-shorter marketing periods each year indicate very strong demand for homes. This is shown by the median DOM (Days on Market)– days from listing to contract, the median marketing period of only 21 days for both 2022 & 2023
Interest rates have retreated from their peak of 7.75% and are now hovering around 6.5%
The median price has steadily increased as a result of the imbalance between supply and demand — although the rate of increase has cooled

The 5-year chart below is very telling from year to year, as the number of sales shrink, the selling prices increase and the days on market shorten:

	# of Sales	Median Price	Median DOM*	Price Change
2023	4,680	$850,000	21	+1.8%

2022	6,132	$835,000	21	+4.0%

2021	7,436	$800,000	31	+8.0%

2020	6,665	$740,000	54	+10%

2019	5,837	$675,000	56	0%

*DOM – Days on Market

Although the current market is a sellers’ market, it does not mean that pricing well in excess of the market will result in a successful transaction. In fact, in this environment, pricing your home at its correct value can result in receiving multiple bids, and a sale price above asking. This strategy requires a detailed careful analysis. Many experts predict a gradual improvement in interest rates in 2024 which will encourage more sellers to list their homes. One thing for sure, we are in unusual times in real estate—I guess we’ll have to sit tight and see where the future of this market leads us.

But, if you are looking to buy or sell a home, our team is always on top of what is happening in the real estate market in Westchester County and will be glad to guide you through the process. Our real estate agents know how to help you successfully sell your home or buy that dream home your looking for.

November 27, 2023

Good News

Dr. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently gave a presentation at the Hudson Gateway Association of Realtors (HGAR). He summarized what’s been happening in both the residential and commercial markets. He wound up his presentation with a positive forecast 2024.

As an economist, he gave a lot context for his prediction, that mortgage rates will slide back to the mid 6% range by the second quarter of ‘24. This will bring back some of the buyers that were shut out when rates were higher. Many home owners have put off selling their properties due to the higher rates; some even holding onto property they no longer need or use. These sellers are looking for a drop in rates to motivate them to get back into the market.

His message for the Feds – “Stop Raising Rates”. He said NAR & the National Association of Home Builders sent a letter to the Federal Reserve requesting a pause in interest rate hikes in order to see if inflation will fall on its own. Just give it time.

He pointed to the pending commercial mortgage market reset that is coming over the next year. There are approximately 2,000 smaller community banks whose balance sheets are largely commercial mortgages with five-year terms. The properties that secure these mortgages have been hurt badly by the pandemic as the need for office and retail space has fallen tremendously.

I am looking forward to the market Dr. Yun predicts as the current one is quite difficult for most.

October 10, 2023

Mortgage Rates & Low Inventory

Higher mortgage rates have knocked some buyers out of today’s housing market. Those same rates are keeping some people in their houses longer than they might have chosen to stay. Most property owners that have a mortgage on their home, have interest rates hovering in the 3% or lower range. Making a move up or even downsizing means trading that very attractive mortgage rate for one that is more than double. This fact is keeping owners in their homes and keeping those homes off the market.

The result is a very palpable reduction in the number of homes being offered for sale or LOW INVENTORY. This term is being used by every media source out there to characterize today’s housing market.

Even though there are fewer buyers, there are still buyers on virtually every level of the housing market and they have accepted the higher rates as a fact of life. There are still bidding wars happening since so few houses are being offered for sale. It is particularly difficult for first time buyers.

How can we see the effect in our market?
Here is a snapshot of several local markets, using data through September 30.

	Sold Properties			Median Sold Price
	YTD			YTD
	Q3 2023	Q3 2022	% Change	Q3 2023	Q3 2022	% Change
Bronxville Village	46	54	-15%	$ 2,592,500	$ 2,832,500	-8%

Bronxville PO	34	53	-36%	$ 1,115,000	$ 847,000	32%

Eastchester	74	97	-24%	$ 897,500	$ 880,000	2%

Pelham	73	95	-23%	$ 1,175,000	$ 1,175,000	0%

Scarsdale	165	234	-29%	$ 2,005,000	$ 2,080,000	-4%

Tuckahoe	34	49	-31%	$ 887,500	$ 879,000	1%

The low inventory has caused the volume of transactions to tumble significantly this year from the same time last year as shown on the table above. Prices are mostly holding steady but some markets are showing gains over the previous year. For the foreseeable future, we will have a solid sellers’ market. The game changer will be if inventory starts to build but there is nothing pointing in that direction at this time.

Key take away- the real estate market is always fluctuating. People still want to own their own place. Feel free to call and chat with one of our experienced real estate professionals – 914-337-7888