Oh how times are changing! In 2008 house values plummeted overnight by an average of 20%. Sellers were stuck in their homes because they were “underwater” in their mortgage or could not refinance their high interest rate because their loan to value ratio was no longer acceptable by bank standards. People were in a panic. No one knew what to do or where to go. Foreclosures started happening and banks weren’t lending money anymore.
Currently, in Eastchester and Tuckahoe we are out of the real estate recession. In 2014 the housing market was up 17% in Eastchester from 2013 prices. For most of us we have made a full recovery from the recession. In 2013, in Eastchester the median price for single-family homes was $587,500 while in 2014 the same house went up to $690,000. WOW!!!
The good news for Eastchester sellers is the strength of the market does not seem to be leveling due to inventory and interest rates. The average number of days that a single family house is on the market is 75 days for 2014 compared to 120 days in 2013. As of January 30, 2015, there are only 24 houses on the market, representing a decrease to normal inventory of approximately 30%. Buyers are anxious to lock in on the remarkably low interest rates, as low as 3 3/8 for a 30 year jumbo loan.
Another sign that times are changing is that in 2015, Tri-Crest Realty is in the process of making it easier for homeowners to stay well informed about the local Real Estate environment. In the next weeks, we are rolling out a new mobile app, HomeKeepr, to our clients. HomeKeepr will help our clients get referrals for home improvements, local restaurants, mortgage brokers, attorneys and anything else they could possibly need. HomeKeepr will also enable us to send notifications about recent Real Estate articles, trends, new business openings and even be used to keep abreast of community activities (IE, the Columbus Day Carnival at Lake Isle CC every October). HomeKeepr will be available on the iPhone and Android platform.
The spring market has begun! With the housing marketing on the rebound and all these new technologies now is the perfect time to list your house. Interest rates and inventory are even lower than this time last year which is causing a normal Winter market to feel like a Spring market so don’t be left out in the cold!
For more information contact, Marc Gerber, Licensed Real Estate Associate Broker, Tri-Crest Realty, Inc. at 914-588-0970, or visit http://www.tricrest.com/agent.php?ID=5574 .
* - All data derived from the HGAR multiple listing system