Homes in Larchmont, New York, whose sweet spot is around the $1 million mark, have low inventory and lots of buyers. Multiple offers on the same property are not out of the ordinary, but accepted offers have been within the range of list price. Yes there was the feeling of exuberance in the Larchmont area, but the buyer’s desire for value prevailed.
In the few instances where multiple buyers have bid up the price significantly, often times the deal falls through. One hypothesis is that the excitement of having “won” the home over other buyers is tempered when the buyer tells friends and colleagues they purchased a home over asking price. Instead of congratulations, their quizzical response makes the buyer question their actions. Remorse kicks in and the buyer withdraws his over asking price bid.
Houlihan Lawrence’s Scarsdale, New York real estate market remains active within all price ranges from the mid $700s to multi-million dollar properties. New listings are consistently coming to market and deals are being made with equal vigor. As with Larchmont real estate, well priced homes in Scarsdale have multiple bids, and occasionally go over asking.
The past 4 months have provided substantive data and sufficient volume affirming that the market has indeed re-set at prices anywhere from 20 to 30% below the peak, even in the desirable towns of Larchmont and Scarsdale. See both the Scarsdale Market Report and the Larchmont Market Report for a detailed view of the real estate market. Visit the Houlihan Lawrence website for Market Reports of home sales in other market areas.