Market Insider - Local Real Estate Market

The success of the Leogrande Team last year was due in part to the shaky stock market which drove many investors into the real estate market in search of stability, value, and better returns. Many of these folks were cash buyers who could make deals happen quickly.

Mortgage rates are still very low and they’re not going to change much in the short term. I always say that we’re very lucky that real estate in Westchester and the New York metro area holds its value very well. I remember back in 1993 when IBM suddenly closed its factory in Poughkeepsie. IBM had been the major employer in town, and laid-off workers had to relocate to find new jobs. They were forced to sell homes fast, which severely depressed the local market.

In Westchester, people don’t face the same job insecurities. We’re fortunate to have a large number of employers, so that one company doesn’t control the entire employment picture. And Stamford, Rockland, and New Jersey employment markets are close by. This gives buyers a sense of confidence that they will have more job options without having to move even if their sector of the economy takes a hit. Another plus for our area is that New York City rents have reached all-time highs causing renters to look at what they can afford to buy in Westchester. Savvy developers are building new rental units in Westchester and redeveloping the Pavilion and the old White Plains Hotel, which is being converted into rental apartments from its current role as senior housing.

Our office is seeing the start of what is almost Spring-like market activity now, with multiple offers by buyers and investors on some well-priced properties. We recently had a listing for a nice condo with views of the NYC skyline in Trump Tower at City Center in downtown White Plains. When the price was lowered we received three offers! Two of these prospective buyers promised to have their pre-approvals and paperwork done over the weekend. But they were beat out by the third one who came in pre-approved, with a solid offer that was accepted. So, that proves two real estate truths: well-priced properties generate offers, and if you snooze, you lose!

You really need to have all your “ducks in a row” before you seriously enter the real estate market today. If we can help you with any of your real estate questions, or if you would like a free market analysis of your home, call the Leogrande Team anytime at (914) 761-7878.