Yonkers Real Estate

This Week 07/26/2022
Many realtors believe the boom market of 2020 - 2021 with soaring prices has ended due to rising interest rates, 9% inflation, and the falling stock market. While real estate sales volume is down home prices have not consistently fallen as inventory has been reduced.
It is noted that Westchester County has received an influx of over 15,000 NYC residents over the last two years as a result of pandemic migration.
Daybase, a hybrid workspace company, held an opening ceremony in July for its first Westchester location in Harrison, NY. Daybase provides work and conference space for businesspeople in Westchester County as well as New Jersey at reasonable and flexible rates.

This week 07/10/2022: The U.S. Labor Department Jobs Report reported that the U.S. economy added 372,000 jobs in June 2022.

It is noted that the stronger than expected labor market may soften the worries of an up-coming possible recession. The Unemployment rate of 3.6% remained unchanged from May 2022. Although the US Federal Reserve Bank continues to increase interest rates to quell inflation the jobs report bodes well for consumers and home buyers.

Yonkers Real Estate Transaction
It is also noted that The City of Yonkers and Westchester County will acquire and develop close to 4 acres of additional water-front space in the Yonkers Ludlow Park area bordering with Riverdale Bronx to develop as park land and a boat ramp in Southwest Yonkers along the Hudson River.

“With the purchase of this land, southwest Yonkers will once again regain access to our most precious asset, the Hudson River,” said Mayor Spano. “Plans are being developed now to create a new park that will feature an additional boat launch, playground, open green space and more.

How Do Interest Rates Affect House Prices? - Week of 06/27/22
There is typically an inverse relationship between Interest Rates and House Prices. When the Federal Reserve raises interest rates, home buyers can’t afford expensive houses, so the prices will start to drop. And the reverse is also true – when mortgage rates are low, buyers have more money to spend, so home prices will start to rise. However, the market is constantly changing, so this is more of a guideline than a hard rule.

Over the past couple of years, we’ve seen historically low interest rates while housing prices have hit an all-time high. In 2022, the Market anticipates that both will start to stabilize – interest rates will continue to rise and home price increases will likely be less drastic.
Frank Pastirchak

This Week 06/19/22: Down Payment Options. Depending on your credit history and other factors, you'll need to make a down payment ranging from 3 - 20% of the purchase price of your home. Facebook Message us and we’ll be glad to explain more about down payment options, Private Mortgage Insurance (PMI) and down payment assistance programs for First Time Home Buyers.