You have set yourself up to buy your own home. You been online reading dozens of opinions, most not from a trusted, experienced Realtor working for you. Many quickly learned the buying market was very tough. Multiple offers, multiple attempts. Some Buyers kept on the road and many others didn’t. Very hard decisions either way. All this while interest rates were on the rise. In 2022, they went from 5-7% in a very short time. I call that the ‘rate shock’ quarter and shows in the lower 2022 appreciation numbers. Still, prices and value continue appreciation as is the case since 2013.
How did this all work out? Price Appreciation on Single Family Homes Westchester has grown significantly. For those buyers that did procure a home at higher interest rates, your home value is much greater than the added money per month. For those who decided to wait for lower rates, or price drops, or to save a few more dollars for down-payment, please don’t kick yourself but use this as another education tool and start taking the steps below to buy your home this year.
Using the Median Home Sale Price in Westchester County, here is a simple view over the last 4-5 years.
| YEAR | MEDIAN SALES PRICE | APPRECIATION |
| 2020 | $640,000 | |
| 2021 | $710,000 | 10.9% |
| 2022 | $727,000 | 2.4% |
| 2023 | $762,500 | 4.9% |
| 2024-YTD | $837,500 | 9.8% |
Timing the market perfectly is not a reality, not even for Warren. Committing to your circumstances at that time and standing firm in your decision usually works out best.
PLAN- Why do you need or want to buy a home. (Aka, Problem Recognition) What do you need? Where do you prefer?
INFORMATION- What is the process? How do I protect myself? What do I avoid?
PREPARE- How much can you put towards buying a home? How much can you borrow in a mortgage loan. How much is your monthly payment? How much is closing costs? What should I consider once I own a home?
COMMITMENT- Choose an experienced Realtor® you feel in your gut is best for you. Do they ask about you and your needs? Do they provide buying expectations? Do they provide market trends specific to your desired property & location. Do they provide unbiased advice? As of mid-July, when real estate professional fees change across the country, is this the person who provides value that you are ready to pay for?
PATIENCE & PERSISTENCE- the process of buying a home can feel like navigation on a spiral staircase, in the dark. As your trusted agent and advisor, breaking down each step and tackling them one at a time keeps us focused and organized to our successful end.