According to the Q3 Housing Report on the housing market in Westchester County, it is now a haven for real estate property sellers to thrive today. The reason for this sudden market haven in the said location is due to the increasing value of most housing properties. This is despite that most realtors and sellers are having a struggle when it comes to the high demand the market currently has.
The Q3 Housing Report in Westchester County Have Shown the Reason As To Why This is Happening
According to Westchester Magazine, the said report came from the well-known real estate giant in the county, namely the Houlihan Lawrence. The reason for the sudden haven status of Westchester County for sellers in the housing market is due to the following: the increase in most prices of listed properties and the current trend of many people leaving both Manhattan and Brooklyn.
Additionally, many are now seeking more spaces in the suburbs and rural areas, no thanks to the threat of the current pandemic. Many are avoiding the major cities in most cases, preferring to live in areas away from the dense population. This has resulted in most sellers in many counties putting up premium prices in most properties for sale. As stated in the report, many housing properties in Westchester County have their prices increased by 16.5%, wherein it translates to a regular selling price of $812,000.
Three months prior to the said report being released, there was a notable sales increase in the sales within the county, amounting up to an overall of 11.7%. This number mostly accounts for most places in the county, except for some towns located northwest (10% down) and the most crowded place in it, the White Plains area (50% down). The northeastern towns and parts of Westchester County have enjoyed significant increase and growth in the housing market sector.
Many Experts Say That the Real Estate Market and Its Sectors Stays Strong in Westchester County Despite the COVID-19 Being Around
Thanks to the housing market sector being stronger than ever, the whole real estate market stays strong in the said county. According to Yonkers Time, thanks to the good standing and status of the housing market sector, it had a positive effect on the whole real estate market.
Since the county in question is just located north of New York City, many have started to move in it the past few months. This sudden drive of many people buying larger homes with spacious insides has certainly changed the wants and needs of buyers of today. Many are looking into the prices of most properties for sale, the convenience, available amenities, and the surrounding culture of the location.
Since many are now opting to work at home, many want new homes that are large enough for them and their family to move around in. Hence, that resulted in the increased home sales within the county, strengthening the whole real estate market in the end.
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