What Sellers Need to Know About the 2023 Spring Market
The Spring real estate market is always an exciting time for Westchester County, New York. As the weather begins to warm up and the days get longer, many potential home buyers start to come out of hibernation and enter the market, eager to be their new home in time for summer or in time for the start of the school year. This time of year is a great opportunity for those looking to sell a home, as the real estate market tends to be more active with a wider pool of buyers during the spring months.
SPRING INVENTORY LOW IN 2023
For home sellers, the spring market is also a great time to list your property. Although interest rates continue to climb in 2023, buyer demand is still there for those moving out of NYC with little inventory to choose from. In Westchester County in 2023, inventory of single family homes is down -17.7% as of the end of February (One Key MLS). Looking at the Sound Shore areas, Mamaroneck School District inventory is -22.9%, Pelham inventory is -23.1%, Rye City inventory is -27.5%, and New Rochelle inventory is -16.5%. As a result of lower inventory levels and steady buyer demand, we are seeing multiple offers and rapid sales of new homes prepared for market and priced properly.
PREPARE YOUR HOME FOR SALE
Preparation is the key to achieving your highest possible sales price. Sellers should be sure to properly prepare your home for sale. Consider decluttering, deep cleaning, and making any necessary repairs or upgrades to your home. Staging the home for professional photos is also important. Most buyers begin their home search online, so it's important to have a strong online presentation. Preparation and staging can help your home stand out in the spring market and gain a higher sale price.
SETTING A COMPETITIVE PRICE
Sellers in today's market should set a competitive price. With more homes coming on the market, it's important to set a price that's competitive with other properties in your area. A competitive price will also attract more buyers and possibly create a multiple bid situation. Work with a real estate agent to conduct a market analysis and determine a fair asking price based on the current market.
In conclusion, the spring 2023 real estate market in Westchester County, New York, is a great time for sellers to put their home on the market. With increased activity and more homes available, it's a perfect time to list your property for sale. Be sure to take advantage of the opportunities that the spring real estate market has to offer.
The real estate market is constantly changing month to month, and the conditions in Westchester County are hyper-local. What is happening in one community may not necessarity be universal across the county. It's always a good idea to stay informed and work with a local real estate professional who can provide up-to-date, hyper-local information and guidance.