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Housing Market Recovery in Westchester County, NY
Most noticeable during the first six months of this year is the heightened potential buyer activity. Beginning in January, therehave been more people looking at houses with agents, attending public open houses, making inquiries about mortgages andseriously considering a move. This renewed market energy has contributed to a general feeling of optimism about housing in ourarea that is a key component for a sustained housing recovery.
Prices have stabilized for most homes, the exception being those in thinly traded markets where supply and demand remain outof sync. The importance of pricing stability cannot be overestimated as a contributor to the improved housing performance inWestchester County.
There are myriad over-arching factors influencing our local housing. The positive influences include historically low interestrates, an excellent supply of inventory and a general sense that the housing market in Westchester County has bottomed. Thenegative influences are the uncertainty created by the global economic issues and our upcoming national election. Given ourproximity to New York City and the financial markets, area buyers have a heightened awareness of and sensitivity to these factors.
Once the economic and political pictures are clearer, we expect our housing recovery to gain further momentum.