Brenda Sigurdson, Author at Houlihan & O'Malley Real Estate

March 6, 2024March 6, 2024

Condo vs. COOP

Empty nesters are often thinking of their next move and the question comes up – condo vs. co-op? I thought I would provide some of the basics.

When you purchase a condo, you are purchasing real property that is recorded with a deed much like a house. Owners of a condo get their own real estate tax bill as well as a monthly charge to cover their share of the cost of running the condo association. Co-ops are owned by a corporation, and when you purchase a co-op, you are buying shares of that corporation. Co-ops are run by a Board of Directors, and have a monthly maintenance fee to cover building expenses such as heat, hot water, building staff, insurance, elevator maintenance, and the debt service on the property.

The approval process to purchase a co-op is much more thorough and time-consuming than with a condo. Co-op boards often do not allow subletting at all and, if they do, the rules are very restrictive, as co-op boards want most of the building to be owner-occupied. It is much easier to purchase a condominium, and the rules are generally more relaxed. Lastly, Co-op ownership provides shareholders tax deductions that are similar to the deductions that homeowners, including condo owners, are permitted. They can deduct the interest on their mortgage and the portion of their monthly maintenance that pays for the real estate taxes and debt service on the property.

In southern Westchester County, co-ops are much more common than condos. Condos tend to be properties that were built as condos as opposed to being converted from a rental to a condo and are generally younger than co-op buildings. Co-ops are a highly cost efficient way to live since there is a collection of owners sharing the cost of operating the property.

January 10, 2024

It is a Great Time Be a Seller

Simply put, it could not be a better time to be a seller in the current real estate market.
Here are the facts as they pertain to the market for ‘single family’ homes in Westchester County:

There is a lack of competition – with so few properties being offered for sale, the ones that do come on the market get a lot of attention
The ever-shorter marketing periods each year indicate very strong demand for homes. This is shown by the median DOM (Days on Market)– days from listing to contract, the median marketing period of only 21 days for both 2022 & 2023
Interest rates have retreated from their peak of 7.75% and are now hovering around 6.5%
The median price has steadily increased as a result of the imbalance between supply and demand — although the rate of increase has cooled

The 5-year chart below is very telling from year to year, as the number of sales shrink, the selling prices increase and the days on market shorten:

	# of Sales	Median Price	Median DOM*	Price Change
2023	4,680	$850,000	21	+1.8%

2022	6,132	$835,000	21	+4.0%

2021	7,436	$800,000	31	+8.0%

2020	6,665	$740,000	54	+10%

2019	5,837	$675,000	56	0%

*DOM – Days on Market

Although the current market is a sellers’ market, it does not mean that pricing well in excess of the market will result in a successful transaction. In fact, in this environment, pricing your home at its correct value can result in receiving multiple bids, and a sale price above asking. This strategy requires a detailed careful analysis. Many experts predict a gradual improvement in interest rates in 2024 which will encourage more sellers to list their homes. One thing for sure, we are in unusual times in real estate—I guess we’ll have to sit tight and see where the future of this market leads us.

But, if you are looking to buy or sell a home, our team is always on top of what is happening in the real estate market in Westchester County and will be glad to guide you through the process. Our real estate agents know how to help you successfully sell your home or buy that dream home your looking for.

November 27, 2023

Good News

Dr. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently gave a presentation at the Hudson Gateway Association of Realtors (HGAR). He summarized what’s been happening in both the residential and commercial markets. He wound up his presentation with a positive forecast 2024.

As an economist, he gave a lot context for his prediction, that mortgage rates will slide back to the mid 6% range by the second quarter of ‘24. This will bring back some of the buyers that were shut out when rates were higher. Many home owners have put off selling their properties due to the higher rates; some even holding onto property they no longer need or use. These sellers are looking for a drop in rates to motivate them to get back into the market.

His message for the Feds – “Stop Raising Rates”. He said NAR & the National Association of Home Builders sent a letter to the Federal Reserve requesting a pause in interest rate hikes in order to see if inflation will fall on its own. Just give it time.

He pointed to the pending commercial mortgage market reset that is coming over the next year. There are approximately 2,000 smaller community banks whose balance sheets are largely commercial mortgages with five-year terms. The properties that secure these mortgages have been hurt badly by the pandemic as the need for office and retail space has fallen tremendously.

I am looking forward to the market Dr. Yun predicts as the current one is quite difficult for most.

October 10, 2023

Mortgage Rates & Low Inventory

Higher mortgage rates have knocked some buyers out of today’s housing market. Those same rates are keeping some people in their houses longer than they might have chosen to stay. Most property owners that have a mortgage on their home, have interest rates hovering in the 3% or lower range. Making a move up or even downsizing means trading that very attractive mortgage rate for one that is more than double. This fact is keeping owners in their homes and keeping those homes off the market.

The result is a very palpable reduction in the number of homes being offered for sale or LOW INVENTORY. This term is being used by every media source out there to characterize today’s housing market.

Even though there are fewer buyers, there are still buyers on virtually every level of the housing market and they have accepted the higher rates as a fact of life. There are still bidding wars happening since so few houses are being offered for sale. It is particularly difficult for first time buyers.

How can we see the effect in our market?
Here is a snapshot of several local markets, using data through September 30.

	Sold Properties			Median Sold Price
	YTD			YTD
	Q3 2023	Q3 2022	% Change	Q3 2023	Q3 2022	% Change
Bronxville Village	46	54	-15%	$ 2,592,500	$ 2,832,500	-8%

Bronxville PO	34	53	-36%	$ 1,115,000	$ 847,000	32%

Eastchester	74	97	-24%	$ 897,500	$ 880,000	2%

Pelham	73	95	-23%	$ 1,175,000	$ 1,175,000	0%

Scarsdale	165	234	-29%	$ 2,005,000	$ 2,080,000	-4%

Tuckahoe	34	49	-31%	$ 887,500	$ 879,000	1%

The low inventory has caused the volume of transactions to tumble significantly this year from the same time last year as shown on the table above. Prices are mostly holding steady but some markets are showing gains over the previous year. For the foreseeable future, we will have a solid sellers’ market. The game changer will be if inventory starts to build but there is nothing pointing in that direction at this time.

Key take away- the real estate market is always fluctuating. People still want to own their own place. Feel free to call and chat with one of our experienced real estate professionals – 914-337-7888

August 2, 2023

Mortgage Rates & Low Inventory

Higher mortgage rates and the resulting higher monthly payments is not the only issue affecting today’s housing market. The much bigger effect of the higher mortgage rates is the decrease in the number of homes being offered for sale. Most property owners are keeping their homes ‘off the market’ because they cannot afford to give up the mortgage that is financing their home.

The result is LOW INVENTORY. This term is being used by every media source out there to characterize today’s housing market.

Even though there are fewer buyers, there are still buyers in virtually every level of the housing market and they have accepted the higher rates as a fact of life. There are so few houses being offered on the market right now, that there is often lots of competition – the listing goes to “Highest & Best” and many first-time homebuyers get outbid.

How can we see the effect in our market?
Here is a snapshot of several local markets.

Sold Properties
				Median Sold Price
	6/30/23	6/30/22	% change	6/30/23	6/30/22	% change
Bronxville Village	28	38	-26.3%	$2,552,500	$2,850,000	-10.4%

Bronxville PO	20	38	-90.0%	$1,014,599	$ 832,500	+21.9%

Eastchester	30	55	-45.5%	$ 855,000	$ 830,000	+3.00%

Pelham	45	56	-19.6%	$1,085,000	$1,111,250	-2.40%

Scarsdale	76	123	-38.2%	$1,975,000	$2,050,000	-3.70%

Tuckahoe	17	33	-48.5%	$ 859,000	$ 835,000	+ 2.90%

The low inventory has caused the volume of transactions to tumble significantly from the first half of 2023 compared to the same period last year as shown on the table above. At the same time, some buyers that bought homes in 2023 paid higher prices than the prior year. For the foreseeable future, we will have a solid sellers’ market. The game changer will be if inventory starts to build but there is nothing pointing in that direction at this time.

Key take away- the real estate market is always fluctuating. The constant is, is that people still want to own their own place. Feel free to call and chat with one of our experienced real estate professionals.
914-337-7888

May 17, 2023

Let’s Talk About Interest Rates

As a real estate agent, one of the things that people talk to me about are interest rates.

In April 2022, the Federal Reserve started their now infamous policy of raising the ‘Fed Funds’ rate. The rate has been increased nine times in the past twelve months. What is the ‘Fed Funds’ rate? It is the rate that the Federal government charges banks when banks borrow money from the Federal Reserve. Every bank gets charged the same rate.

The interest rates that people are talking to me about are the 30-year fixed rate mortgage rates. These are two very different things. Most people believe that every time that the Fed Fund rate increases, the mortgage rates increase at the exact same rate. This is categorically incorrect.

When the first Fed Fund rate increase happened in April of 2022, the mortgage rates started to climb. In fact, for the next 7 times that the Fed Fund rate increased, the banks did increase mortgage rates. However, the market reaction to the mortgage rates increasing resulted in a stark drop in mortgage applications. Lenders realized in a very short period of time that their ‘pipeline’ of mortgage applications had come to a screeching halt. As a result, lenders modified their mortgage rates downward even though there was no decrease in the Fed Fund rate. Since then, mortgage rates have fluctuated as the economy reacted to interest rate increases.

See the chart below that tracks both the Fed Fund Rate and the Freddie Mac monthly average 30-year Mortgage rate. It is very interesting to track how these two economic indicators differ.

For more information on interest rates, the real estate market and helping you buy or sell a home, give us a call, 914-337-7888.

April 28, 2023April 28, 2023

HOULIHAN & O’MALLEY REAL ESTATE – Q1 ‘23 ACTIVITY

In this market, it is important for your home to be advertised to its fullest potential and that inquiries be handled as close to real time as possible. Houlihan & O’Malley has the know-how to create ads online and in print to effectively and successfully market your home.

SOLD:

38 Archer Drive, Bronxville PO/Eastchester

Sold for: $792,000

Details: 3 Bed/1 Full Bath/1 Half Bath

Square Feet: 1,928

Comment: Sun drenched colonial in the center of Chester Heights

44 Revere Road, Ardsley

Sold for: $781,000

Details: 4 Bed/3 Bath

Square Feet: 2,534

Comment: Fixer upper with good floor plan

7 Tanglewylde Avenue 5C, Bronxville

Sold for: $745,000

Details: 3 Bed/2 Bath

Square Feet: 1,480

Comment: Lovely, spacious unit in the heart of Bronxville

72 Pondfield Road #3F, Bronxville

Sold for: $690,000

Details: 2 Bed/2 Bath

Square Feet: 1,510

Comment: Bright & spacious unit with enclosed terrace with scenic views; close to Metro North

9 Brooklands #1D, Bronxville PO/Yonkers

Sold for: $340,000

Details: 2 Bed/1 Bath

Square Feet: 1,024

Comment: Light filled unit in the highly regarded Brooklands complex. Enjoy gardening in the community garden

3 Tanglewylde Avenue #6C, Bronxville

Sold for: $330,000

Details: 1 Bed/1Bath

Square Feet: 750

Comment: Top floor living at its finest in coveted Bronxville Towers. Apartment faces west and sunlight streams through the very generous windows that also capture amazing views of the Village.

35 Parkview Avenue 2K, Bronxville PO/Yonkers

Sold for: $250,000

Details: 1 Bed/1 Bath

Square Feet: 950

Comment: Spacious, elegant one bedroom co-op that has been tastefully updated. The building is located within an easy walk to Bronxville Village and the Metro North.

20 William Street 2A, Mt. Vernon

Listed for: $155,000

Details: 1Bed/1 Bath

Square Feet: 808

Comment: Melissa Court is a charming brick Tudor co-operative with a lovely courtyard and a large communal rear lawn with garden, BBQ and tables.

781 Palmer Road 4A, Bronxville PO/Yonkers

Sold for: $140,000

Details: 1 Bed/1 Bath

Square Feet: 700

Comment: Centrally located with easy access to Bronxville Metro North. Bright corner unit.

Elevator Building.

PENDING:

93 Parkway Road, Bronxville

Listed for: $985,000

Details: 3 Bed/1 Full Bath/1 Half Bath

Square Feet: 1,652

Comment: Home has been lovingly maintained. Great location a two-minute walk to the Bronxville Metro North Station.

793 Palmer Road #3F, Bronxville PO/Yonkers

Listed for: $190,000

Details: 1 Bed/1 Bath

Square Feet: 750 SF

Comment: Sunny and bright unit. Fully renovated kitchen. Move in ready.

19 William Street #3H, Mt. Vernon

Listed for: $189,000

Details: 1 Bed/1 Bath

Square Feet: 750 SF

Comment: A pre-war Tudor-revival, elevator co-op building ca. 1935. West & south facing exposures onto quiet Linden Avenue.

4380 Vireo Avenue 5P, Bronx

Listed for: $139,000

Details: 1 Bed/ 1 Bath

Square Feet: 800 SF

Comment: Spacious unit in the heart of Woodlawn Heights.

ACTIVE:

7 Central Drive, Bronxville PO/Eastchester

Listed for: $925,000

Details: 3 Bed/1 Bath/1 Half Bath

Square Feet: 2,089 SF

Comment: A meticulously maintained spacious brick Colonial in the heart of Chester Heights on a tree-lined street with sidewalks.

22 Linden Place, New Rochelle

Listed for: $785,000

Details: 7 Bed/ 3 Bath

Square Feet: 3,727 SF

Comment: Grand Victorian built in 1890 has many period details including wood moldings, coffered ceilings, six fireplaces, stained glass windows, window seats, and pocket doors. Lovely.

126 Hoover Road, Yonkers

Listed for: $525,000

Details: 3 Bed/ 1 Bath/1 Half Bath

Square Feet: 1,290 SF

Comment: A wonderful Tudor with low taxes in the Homefield area of Yonkers. This home has been lovingly cared for and updated by the same family for the past 54 years.

294 Bronxville Road 6H, Bronxville PO/Yonkers

Listed for: $366,000

Details: 2 Bed/ 1 Bath

Square Feet: 1,050 SF

Comment: This top floor unit features a renovated kitchen and bathroom giving it a sophisticated feel.

900 Palmer Road 8A, Bronxville PO/Yonkers

Listed for: $239,000

Details: 1 Bed/ 1 Bath

Square Feet: 981 SF

Comment: Lovely, well maintained, sunny apartment in The Winchester. Close to everything in Bronxville.

1111 Midland Avenue 3B, Bronxville PO/Yonkers

Listed for: $159,000

Details: 1 Bed/ 1 Bath

Square Feet: 795 SF

Comment: This spacious and sunlit unit at The Devonshire has a convenient circular driveway. Great location.

Are you ready to buy or sell your home? Call us or email us for all your real estate needs.

914-337-7888
info@hom-realestate.com

May 15, 2018

Living in Tuckahoe, New York

For those New Yorkers looking for a short commute, easy access to restaurants, culture and possibly a yard for your dog, we have found the right place for you-Tuckahoe, NY. This .6-square-mile village is located in the Town of Eastchester, in southern Westchester. This idyllic location is about 20 miles from Midtown Manhattan and boasts a diverse community with its population of about 7,000. Developers have recently taken an interest in the area and some new projects include a 19-unit luxury condominium, along with a 153-room Marriott Hotel complex. Although, there are new developments happening, the charm of the village still remains.

Here are some of the things we love about Tuckahoe:

Community – Most of the village is residential, except for Marbledale Avenue and the downtown areas. Homes include a mix of Colonials, Capes and Tudors; mostly on small lots with tree lined streets. Tuckahoe’s size makes it a great walking village with regulars frequenting the shops and downtown area daily.

Restaurants and entertainment – Tuckahoe residents enjoy many of the family-owned restaurants, farmers markets & community events that are organized regularly. Every season brings a new flurry of happenings!

NY Commuting – Commuters can catch Metro-North’s Harlem line at the Tuckahoe or Crestwood stations; trains to and from Grand Central Station average an easy 28 to 38 minutes.

If you’re looking to buy a home in Tuckahoe, contact our team of experts to help you!

May 1, 2018

How To Stage Your Home

If you want to get the best selling price for your home it’s very important that your first impression is strong. The better maintained, clean, and clutter-free the house looks, the easier it will be for potential buyers to imagine themselves there. Here are some helpful tips on how to stage your home.

The Exterior: First Impressions count!

A lot of people will just do a quick drive by to decide if a house is even worth considering. Catch their eye by creating an inviting exterior with these tips:

Fix or replace anything damaged or worn such as gutters, windows, and light fixtures.
Touch up all exterior paint
Fix doorbells, tighten loose doorknobs, and all squeaking hinges
Clean and or paint the front door and replace the “Welcome” mat, if necessary
Green-up dry lawn patches, plant extra flowers for color, and place potted plants beside the front door
Mow and rake the lawn, trim hedges and shrubs, weed and edge gardens
Power wash the porch, siding, deck and patio
Clean your air conditioner
If you have a pool, make sure it’s clean and functioning properly in season and closed properly in the off-season

Minor repairs that go a long way

There are few things that put buyers off more than viewing a home that appears to be neglected. Maximize your chances for getting top dollar by making these minor repairs:

Fix or replace cracked molding or floor tiles, loose door knobs, squeaky door hinges, closets or screen doors that are off their tracks, bathroom lighting and hardware, toilet seats, loose caulking or grout
Fix and touch-up walls, ceilings, windows and doors
Brighten interiors with a new coat of paint in light, neutral colors
Shampoo carpets and rugs; replace if necessary
Make sure major appliances are in good working order
Replace switch and outlet plates and heat/cooling vents with new ones if they are discolored or cracked
Clean and paint basement concrete floors and walls
Clean water heater and drain sediment; change furnace filter

Get organized and get rid of clutter

For most buyers, cluttered homes tend to appear smaller, darker, and somehow in need of more maintenance. Follow these tips to make your house seem brighter, open and spacious, cleaner, and require less work:

Tidy the entrance, keep stairs and halls clear
Create space by storing all excess furniture
Remove from closets, cabinets and shelves- any clothes or items you won’t need until after moving
Organize kitchen counter tops. Remove small appliances to make the counters seem more spacious.
Apply air freshener to add a pleasant scent
Throw out any unnecessary items in an unfinished basement.

Make market-smart renovations

Resisting renovation work because you’re afraid you won’t recoup the cost? Well, in many cases, minor renovations will more than pay for themselves.

Here are some we recommend:

Kitchens – Consider putting in new flooring, counter tops, appliances and lighting, as buyers typically look for updated kitchens.
Bathrooms – Opt for good lighting, large mirrors, attractive fixtures and materials, and plenty of storage. Repaint using neutral colors.
Energy-Efficient Improvements – Think “green”! Energy-saving upgrades and repairs that reduce fuel bills can be a real selling point.

Need help getting your home ready to sell? Contact Houlihan & O’Malley today. We can help you determine the smartest decisions for your particular home and budget.

April 18, 2018April 18, 2018

Here’s what happened in March at Houlihan & O’Malley!

We signed 4 new listings:

793 Palmer Road Unit#2F, Bronxville, NY – this Move in ready one bedroom, one bath co-op, located on the second floor is newly renovated and listed for $159,000. Just a short walk into the Village of Bronxville, Metro North train station, shopping, bars/restaurants and sidewalk cafes.

14 Somerset Drive, Yonkers, NY – split level home with so much to offer listed at $510,000. With 5 bedrooms and 2 and a half bathrooms, there is room for any family. Recent improvements include a new roof (one layer), freshly painted interior and a new awning for the rear patio.

307 Scarsdale Road, Tuckahoe, NY – gorgeous 3 bedroom 2 bath 1928 Tudor home listed for $569,000 in desirable Crestwood. The large open floor plan features a lovely sun-filled living room, wood burning fireplace, renovated kitchen, open to dining room, full attic with lots of storage, fully finished basement and classic hardwood floors throughout. A NYC commute is less then 30 minutes from Crestwood to Grand Central Station.

17 Carver Terrace, Yonkers, NY – 1917, 3 bedroom 3 bath, Dutch Colonial situated on a peaceful dead end street in sought after Colonial Heights is offered at $749,000. From the entryway to the third floor, this house portrays the true essence of classic charm. Beautifully landscaped yard features mature plants and a lawn sprinkler system.

We had 2 new contracts:

14 Westview Avenue Unit#206, Tuckahoe, NY – sun-filled 2 bedroom 1 bath co-op with a western exposure, conveniently located less than 2 blocks from the Metro North and Downtown Tuckahoe, asking price $250,000. The huge living room opens to a private balcony overlooking the building’s manicured grounds.

23 Chittenden Avenue, Tuckahoe, NY – 3 bedroom 1.5 bath charming side hall colonial in ideal Crestwood location asking price $459,000. This bright and cheery home boasts a living room with large windows, a substantial dining room, a sun filled den, a walk up attic and a partially finished basement with a one car garage. Had unprecedented interest resulting in multiple bids and a contract price far in excess of the asking price.

We also had one closing:

192 Crestwood Avenue, Tuckahoe, NY – this charming 4 bedroom 2 bath with inviting front porch in central Crestwood had an asking price of $639,000 sold for $650,000. The house features large windows throughout, two fireplaces, a spacious eat-in kitchen, and a basement with a rec room, laundry, storage and utilities.

Ready to buy your dream home or sell your current home? Contact the team at Houlihan & O’Malley and let’s get started!