ON THE MARKET
"Concerns about inflation can drive renters and first time buyers to acquire a home sooner rather than later. Northern Westchester will continue to be a great value due to quality of schools, commutabilty and affordable prices relative to lower Westchester and New York City."
-Roselyn Harburger, Katonah
"Millennials will be the talk of the town in 2017. Looking for affordable and safe, they will flock to the suburbs in search of their first homes. As a result, I think there will be a shortage of inventory of more reasonably-priced homes, driving increased bidding wars."
-Deborah Doern, Larchmont
"Even though there could be a multitude of unknowns associated with a new administration that could easily affect the real estate industry, I see inventory constraints as the driving force. 2017 will see a more normalized housing market—one that still boasts a healthy number of sales but with a moderate rate of price growth. Mortgage rates could accelerate a slowdown even further but even without rising interest rates, I think enough markets are now experiencing affordability and inventory problems that could affect demand. As demand slows, inventory will gradually increase throughout the year thus paving the way for a more balanced market."
-Geoff Berry, White Plains
"Private Brokerage sold a record number of luxury listings this year, and the prediction is 2017 will continue the upward trajectory. Wealth creation and net worth are increasing for many, but the mindset of the luxury buyer remains cautious. They use technology to make informed, deliberate decisions that integrate risk and desire, and this attitudinal shift shows no signs of abating. For sellers, this means correctly pricing your home is the most important decision. Though inventory levels are high, especially over $5M, listings priced to showcase their worth will rise to the top and capture the buyer's attention."
-Gay Prizio, Director of Luxury Marketing
"Yonkers has seen a tremendous upward trajectory in its housing market when comparing 2015 to 2016 and there is no reason to think this trend will not continue. During that time, the number of single family homes sold in the city of Yonkers increased by 14% to 527 homes sold. Additionally, the number of Days on Market decreased by 14% to 78 DOM. That sort of growth rivals if not surpasses most areas in the entire county. With a single family home selling for an average of nearly $500K, I think the affordability factor will continue to push that growth trajectory upward."
-Aaron Velez, Yonkers
"All eyes will be on Northeastern Westchester as a viable second home market. We will see increased buyer demand at many price points as buyers believe this might be their very last chance to get in before rates skyrocket."
-Brendon DeSimone, Bedford
"I predict lower Westchester will have a great 2017 as job prospects in the financial sector improve."
-Judiann Smith, Rye