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Bitcoin and Real Estate: How Cryptocurrency Is Changing the Way You Can Buy a Home

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This blog is about how Bitcoin is entering into the real estate market, which we find interesting and are following.  You know that Bitcoin and other cryptocurrencies are more popular than ever. However, did you know they’re also starting to change how people buy real estate?

It might sound strange, but using Bitcoin to purchase a home is becoming more common, even in markets like Westchester and Bronxville.

At its core, buying property with Bitcoin works a lot like a traditional sale. There’s still a contract, the need to do your due diligence, and you still have to go through closing. However, the way funds move is different.

Instead of wiring U.S. dollars, a buyer and seller agree to transfer value through cryptocurrency. That can happen directly (if both parties agree to accept Bitcoin) or through cash conversion right before closing.

So, why would you consider it? For one thing, crypto transactions move faster than traditional bank transfers, and for investors who already hold Bitcoin, it’s a way to diversify assets without converting everything to cash first. Some buyers also like the privacy and security that blockchain technology brings to the table (it records every transaction transparently).

Of course, using Bitcoin in real estate comes with some unique hurdles, too. The value of Bitcoin can fluctuate a lot in a very short time, which means your timing matters more than if you were going the traditional route.

You may also face some challenges with the loan and titling aspects. Lenders and title companies may have specific requirements or limitations when it comes to cryptocurrency, so it’s important to work with a real estate agent who understands how to navigate those details.

It’s always interesting to see how the real estate market evolves.  And, we like sharing information to our clients and prospective clients

If you’re looking to buy or sell a home, contact us and see why our clients’ love working with us!

 

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Bronxville Real Estate Market: What You Need to Know About Bronxville Homes for Sale

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If you have been keeping an eye on the Bronxville homes for sale, you already know Bronxville is one of the most desirable and competitive spots in Westchester County. Just 15 miles north of Manhattan, Bronxville offers a small-town feel, excellent schools, beautiful natural spaces, and easy access to the city.

Whether you are a first-time buyer, trading up, or just curious about what makes this community tick, there is plenty to explore when it comes to Bronxville homes for sale. Let us start by breaking down the two main areas people talk about when they say “Bronxville”: Bronxville Village and Bronxville PO.

Bronxville Village

Bronxville Village was developed around the Metro-North train station and measures just one square mile. The business district is incredibly charming with an array of unique offerings.  Bronxville is often labeled the prettiest village in Westchester. Most importantly, living in the Village translates to being in the highly sought-after Bronxville School district.

Living in the Village puts you close to everything: the Metro-North station, boutique shops, cafes, and top schools. All this comes with a substantial price tag as far as housing costs go. The median price for single family homes sold in 2024 was $2.8 million. Several townhome communities provide a more affordable way into the housing market. There are also co-op, condo and rental options.

Bronxville PO

This refers to the area of the City of Yonkers within the Bronxville postal district.    Neighborhoods such as Cedar Knolls, Lawrence Park West, Armour Villa and Longvale have high-quality housing stock and access to everything that Bronxville offers, except that their municipal services, including the school district, are provided by Yonkers. This area is perfect for those who want to use private schools. Real estate taxes are markedly lower than the Village. Homes for sale here offer a little more space and, for many buyers, a more approachable price point. The median price of homes sold in the PO in 2024 was $1,150,000.

Both areas provide a variety of housing options, including rentals, co-ops, condos, and single-family homes. No matter where you land, buying in Bronxville puts you in one of the most in-demand communities in New York State. The market here moves fast, so having a local expert who knows each neighborhood can make a big difference.

When you are ready to start exploring Bronxville, Houlihan & O’Malley will help you find the right fit.

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

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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

  1. 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.
  2. 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.
  3. 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.
  4. 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!

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CURB APPEAL – Part One

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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:

  1. 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.
  2. Remove dead leaves, branches and weeds. Prune trees and shrubs.
    And, while you’re at it, clean off your outdoor furniture.
  3. 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.
  4. 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.
  5. 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

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Real Estate Recap – Westchester County – 2024

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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!

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New practice changes for Realtors in the USA By Joe Houlihan

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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.

 

 

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More of the Same

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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.

Yonkers Real Estate Market

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!

 

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Joe’s Corner – Thoughts on Recent Settlement with NAR

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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

 

 

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Condo vs. COOP

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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.

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It is a Great Time Be a Seller

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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.