2021-Westchester Real Estate-One for the Record Books

Unprecedented Times – 2021

The global pandemic remains in full swing as we bring the year to a close. There have been ebbs and flows as we seem to conquer one variant and then succumb to another. The residential real estate market has had quite a ride this year as well. In the early part of the year, as vaccination rates increased, the market was ‘jubilant’ with buyers scrambling for almost every property that became available. Bidding wars dominated and first-time buyers were frustrated even if they had more than a 20% down payment.

As we got to the summer months, things got less hectic but contracts continued to get signed. In terms of the numbers — here they are hot off the press. This information is for the single-family home market in five (5) specific areas in lower Westchester.

Bronxville, Bronxville PO and Crestwood did not have a huge difference in sales volume, although the median price went up substantially. As you can see the larger impact was felt in Eastchester with a substantial increase in both volume & sales price. Tuckahoe showed a nice increase in the number of sales but the median price went down a bit.

Looking ahead-2022 should be another interesting year in real estate.

HAPPY NEW YEAR!

May 27, 2020

Fleetwood, NY-Small Town Feel

When it comes to New York State, people need to be reminded that there is so much more to this incredible state than just New York City. In the past, we dove into the benefits of living in Westchester County and here we take an even deeper look into a specific and completely unique area – the Fleetwood neighborhood. Fleetwood is located on the north side of Mount Vernon closer to Bronxville.

Fleetwood’s affordability is a huge draw for those looking to purchase their first house or COOP, or just downsizing. And the taxes are low. It has a small town feel with modern conveniences. Residents of Fleetwood remark that it is a safe and fun suburb, a great place for kids. And the business district on North Gramatan has much to offer with many lovely restaurants and shops.

The whole area covers about one and half square miles with a population of fewer than 20,000 people and is known for its diversity.

Fleetwood is also a very accessible area, driving-wise as it is super close to many major roadways. It has its own Metro-North station and it only takes about 30 minutes via express train to get to Grand Central Station in Manhattan. If you’re in Westchester, check out Fleetwood.

Houlihan & O’Malley’s real estate agents are seasoned experts in Westchester County and the Fleetwood neighborhood. Contact us if you are ready to buy or sell your home!

Joe Houlihan
Broker/Owner
Houlihan & O’Malley

April 14, 2020

Low Interest Rates Make It a Good Time to Buy

Home Buying Market

The world is currently going through an unprecedented series of events with the pandemic. For many, it’s a time to shelter in place and to be thankful for the things that they have. Things are changing for the time being, but the world will come through on the other side wiser and stronger than before.

Some of the changes that have occurred in the past few weeks from a buyer’s perspective, are actually beneficial right now.

Low Interest Rates Make It a Good Time to Buy

Although the world is in uncertain times, those who have the means may find that buying a property right now could be a very good option. This is because the rates today are lower than they have been in a long time. The rates are at record lows, so buying a property has the potential to net you a great deal.

The Federal Reserve is buying unlimited amounts of mortgage-backed securities and U.S. Treasury securities. This is helping to provide more protection than what was available during the 2008 recession. In light of what’s happening currently, this will be needed. The government is also acting faster today than it did in 2008, which means the benefits could be seen sooner. By creating a greater demand in mortgage bonds and with rates low, buying could be a smart choice for those who have already been considering buying.

If you have the money available to buy a property, it simply makes sense to take advantage of the changes that are happening with the rates. While it is certainly a scary time for the world, and you might be wondering whether you should make the purchase, it’s time to consider the low rates. If you were already going to buy a home, and you are in a financial situation where you will be able to make the purchase safely, consider getting in touch and moving forward.

Of course, with the current pandemic, there is no longer such a thing as “business as usual”. During these times, you will want to consider other ways of shopping for and buying your property. Fortunately, we have plans in place that can make it much easier for you.

Joe Houlihan
Broker/Owner
Houlihan & O’Malley

April 6, 2020

Find New Properties Using Virtual Connections

With so much of the world in lockdown, getting out and finding the real estate that you want to buy right now can seem difficult. In fact, it can be next to impossible to move forward with “business as usual” in the coming weeks. However, we can work with our clients virtually. If you are interested in a property, or if you have questions, we can connect online. In fact, much of what you will need to know about the property, including looking at the photos and taking a virtual “tour” can be done over the Internet.

You can learn more about the property, the building, the neighborhood, and more. By connecting online, it limits actual contact, while still providing you with all of the information you will need when it comes to the property. It’s very easy to work with clients virtually, so you can get started on your home search right away.

With an increase in the number of buildings and homes that will be available, coupled with the low interest rates, it could be the right time to start thinking about buying. Check out some of the properties we have available and then get in touch to learn more. It couldn’t be easier to find the home of your dreams, and you might even be able to save some money thanks to those low rates. It’s nice to have a bit of good news during these trying times.

Just because the world is wisely social distancing currently doesn’t mean that you have to forego looking for a new property to call home. Check out all of the different options that are available, consider the state of your finances, and get in touch to learn more about those properties. This could be an ideal time to find a property that you like.

Joe Houlihan
Broker/Owner
Houlihan & O’Malley

November 25, 2019

Why Determining the Best Price for Your Home is so Important

Pricing your home correctly is the single most important decision you will make when selling your home. As the market fluctuates, one must fluctuate too.

There are many aspects to consider when setting the price-

age of the house, location of the house, condition of the house, condition of the property, quality of upgrades (if applicable), etc. Reviewing these outcomes can be an emotional journey, so having an experienced agent working with you throughout the process is extremely helpful.

Also, if a homeowner needs to sell their home quickly, it is even more critical to set the right price. This is the time to be honest and evaluate what your home is truly worth. At Houlihan & O’Malley, our trusted advisors are there to ensure that you price your home appropriately and at a price you are comfortable with. When you hire an experienced agent, this process becomes significantly easier.

The first 2-3 weeks on the market is the most critical time for a listing. An appropriately priced house will get lots of activity and peek the right buyers interest. If your home is not selling at the price you want, you may want to consider other factors. This is where a great agent can help you out.

Remember-it is not personal, it is business and that business is getting your house on the market for the right price.

Ready to get your home on the market? Give Houlihan & O’Malley a call today to see how we can make this possible for you.

July 25, 2019

Financing and Closing – The Final Step

The past few months we have shared tips on purchasing a home. This month we will cover the final steps – financing and closing.

After you have found the house, Condo or Co-op that is perfect for you, it is time to get your finances and mortgage options in order. It is actually very smart to have a pre-approval ready to go. Once you have a fully executed contract of sale, it is time to go back to your lender to formally apply for the mortgage. There is quite a bit of documentation to be provided to the mortgage lender, but don’t let it intimidate you. These documents are provided to the lender so they can properly underwrite the loan. Some documents you will need are your last two years’ tax returns, recent pay stubs, brokerage statements, etc. For a full list, contact your lender to ensure you have all the proper documentation on hand.

Lastly, it is time to close! First you want to order a title search. This is a historical review of all legal documents relating to ownership of the property. Typically, your attorney will order the title report for you. You must also obtain a homeowner’s insurance policy. And don’t forget New York State has a ‘mansion’ tax, this is a one percent tax on homes selling for $1 million or more. Once these items are in place, it’s time for the ‘final walk through’ of your new home. Your Realtor will do this with you. This is very important as it is the last chance for you to review any issues right before or at the closing such as a drippy faucet or cracks or patches left uncorrected. The closing is usually held the lender’s attorney’s office and is attended by the seller’s and buyer’s attorney, the mortgage banker, and of course, the sellers and buyers and their respective Realtors. All this just to make sure all the appropriate paperwork is signed off on. Once that is completed, it’s time to move in so don’t forget the keys!

At Houlihan & O’Malley, we offer lots of insight right on our website and various blog posts regarding this topic and lots of other info. So, feel free to do a little web browsing. It’s important to make sure you have the most up-to-date information regarding the home buying process and it can be overwhelming. If you still have questions, our highly qualified team is available to assist you directly. Give us a call. We are happy to help!

September 28, 2018September 28, 2018

Why You Should Consider the Fleetwood Neighborhood

Fleetwood, New York

When it comes to New York State, people need to be reminded that there is so much more to this incredible state than just New York City. We previously dove into the benefits of living in Westchester County and here we take an even deeper look into a specific and completely unique area – the Fleetwood neighborhood.

This neighborhood was recently named the county’s ‘best kept secret’, but The New York Times and other reviews speak for themselves. Fleetwood is located on the north side of Mount Vernon closer to Bronxville.

Affordability is a huge draw for those looking to purchase their first house or COOP apartment or just downsize. And the taxes are low. It has a small town feel with modern conveniences. And the business district on North Gramatan has much to offer with many lovely restaurants and shops.

The whole area covers about one and half square miles with a population of fewer than 20,000 people and is known for its diversity.

Fleetwood might be more of an open secret as the last couple of years, builders have begun planning luxury rentals and looking into other development projects. If you’re in Westchester, check out Fleetwood.

Houlihan & O’Malley’s real estate agents are seasoned experts in Westchester County and the Fleetwood neighborhood. Contact us if you are ready to buy or sell your home!