Buying a Home in Westchester, New York
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Are you looking to buy a home in Westchester County? Are you thinking about selling your home? Select a Realtor from our List of Real Estate Agents in Westchester County, NY. If you're going to buy a house or sell your house, find a Real Estate Agent with whom you are comfortable and can work successfully.
When looking for a new house, be sure your Real Estate Agent understands the criteria that are important to you. A good Real Estate Agent will understand your selection criteria for buying a new home. Using your selection criteria for your new house, your Realtor will find the house that is right for you and your family. Your Realtor should not try to "convince" you into buying a house that you are not comfortable with and that does not meet the goals you've set. Your Real Estate Agent can find a new home for you while keeping your interests uppermost. Before selecting the town in which you want to live, review the demographics of a location by zip code or town name.
If selling your home, it is very important to find a Realtor that understands and represents your interests. Before listing your home, have one or more Realtors compare your home with others on the market and determine a fair and competitive price for your house. You and your Realtor should agree on a price range in which you can sell your home. Use our comprehensive Directory of Realtors in Westchester, NY to find a Real Estate Agent by location.
Once you've selected a Realtor to buy a house or sell a home, plan a meeting to discuss what you (the buyer or seller) need to be aware of during this important process.
Buying a Home
Is this your first real estate purchase? The decision to buy a house is one of the most important financial decisions you will make. Narrow down your search by selecting one or more towns and neighborhoods in which you are interested. If you have school age children, you probably want to check school ratings and statistics.
Drive around the area(s) in which you are interested. Stop and have lunch at one of the many wonderful restaurants available in Westchester County. Select a restaurant from the Westchester Restaurant Guide and just relax for a while. You may be in a local cafe or a busy Starbucks in a more populated area. Whichever appeals to you, it's worth exploring the town in which you are going to live.
Go to the local town Library or just take a stroll down Main Street. Take the time to explore a town before selecting the neighborhood for your new home and real estate purchase.
Upon deciding where to buy, select a Real Estate Agent that is familiar with the real estate in your area.
A good Real Estate Agent will understand your house needs. For many buyers the priorities in buying a home are: location, property, and house. If you have school age children in the family, the school district is an absolute priority. If you are commuting to a job in the city, you may want to purchase a home near the metro or near major highways and routes that can shorten your commute. The last and perhaps most important consideration is to establish a price range for your new real estate property. Think about mortgage options, property taxes, homeowner's insurance, utility bills, and other important factors affecting your monthly costs. Speak to your accountant and other professionals before deciding the best type of mortgage: Adjustable Rate Mortgage (ARM), Fixed Rate Mortgage (FRM) and dollar amount of the mortgage.
Once you have established where you want to live, create a list of features that you want in your new home. Are you looking for a ranch, a colonial, a cape, or that special one-of-a-kind home? Do you want a new home, or an older but "move in condition" home? Or would you consider a real estate property that needs work so that you can renovate your house and make it the perfect home for you and your family? Do you want a fireplace, gardens, privacy, pool, waterfront property? Prioritize the features that you want in a home. You may not be able to find everything that you want in a new house that is in your price range - decide which features you are willing to give up. In summary, define your requirements and then choose a Realtor that understands your real estate needs.
Before You Purchase a House
Before deciding on the house you want to buy, think about the things that are important in your decision to buy a home. Make a list of the things you can and cannot change. There are many important "features" that can be changed. However, there are also many things that cannot be changed. Before you buy a home decide what is important to you and your family.
You cannot change
The cost of your house: What can you afford to pay for your new home? Don't over extend yourself! Select a price range that you can afford to pay for your new home. Don't forget to include recurring maintenance costs and property taxes.
Is there a particular part of the town that you prefer?
Are you going to commute to work by car, bus, train? If you need to commute by train - how far can you live from the train station? Public Transportation in Westchester County.
Do you want an older home, an antique home, or a new construction? If you are considering homes that are not new, would you be open to renovating? How much renovation would you consider?
Do you have children that are in public school or will be in school in the next few years? If you answered yes, review the elementary, middle, and high schools within each district at Westchester School Districts
Do you want a private home or are you open to looking at condominium style? If you prefer a private home, do you prefer contemporary homes, colonial homes, ranch style homes, a "unique" that does not fit into a category? Even if you are open to different style homes, there may be a particular style that you want to eliminate from your search for a home.
Do you have any animals that need to be considered in your decision?
What type of property do you want? Do you prefer the privacy associated with a wooded property? Do you have children and need an open space for your children to play? Do you want to see this area from your kitchen window?
You can change
There are many things that can be changed in a home through renovation. If you're willing to give the time, expense, and (possibly) aggravation to changing the home you've just bought, many issues can be addressed.
Do you prefer patios or decks?
How many bedrooms, bathrooms and fireplaces do you want? Do you want a lot of closet space? Do you want a family room or a library room?
Do you want the family room adjacent to your kitchen or more privately situated?
Can you easily renovate to create more closets, a bathroom, a bedroom?
What size home are you considering? Does your new home need to be around 1200, 2000, 3000, over 5000 square feet?
Find a Real Estate Agent:
Whether you are buying or selling your home, select a professional Realtor that knows the housing market. Interview several Real Estate Agents to be sure that you've found the one that understands your needs and the criteria you have set for your new home. You may want to try a large real estate agency such as Century 21 or Coldwell Banker or you may want to try a group of smaller, but highly professional Realtors affiliated with a group such as Westchester Real Estate. If you are a first time buyer, you may want to speak with an exclusive buyer’s agent such as Buyer’s Edge Realty. Review the above Real Estate Listings and press "Blue Button" to explore a Realtors' website.
Once you have found the home that you want to buy, hire a house inspector. Your home inspection is extremely important. Hire a reputable Home Inspector to provide a "General Home Inspection". Inspections should cover: Water Quality, Plumbing, Radon, Septic Tank, Oil Tank if applicable, Termites, Lead, and more.
Your Real Estate Agent should be able to guide you through the Mortgage Pre-approval process; the Down Payment process, Mortgage Options and finally, Closing Costs.
Sell Home
Once you have decided to sell your house, you need to prepare your house and property. First impressions count! Remove clutter, apply fresh coat of paint, clean up the outside, the inside, and the garage. Even if you are selling an "as is" property - looks are everything! When your home is looking its best, you are ready to price your home. Get a few estimates from reputable real estate brokers. Once you've selected a Real Estate Agent and agreed on the listing price, you are ready to put your home on the market.
You can try to sell your home without a Real Estate Agent. You may get lucky, but the right Real Estate Agent will probably find the right buyer at the best price. A good Realtor knows the current inventory in the real estate market in your town. A good Realtor also knows how to correctly price your home for your area.
Once you've selected a Realtor, you will need to prepare your home for sale. Be sure you are aware of all the federal, state, and local disclosure laws. Your Real Estate Agent should be able to guide you through this process. If your house is overpriced, agents are going to show similar homes that are priced more attractively. Your listing may not be shown as often. However, if your house is a "unique" or "one of a kind" and you can wait for the right buyer, you may be able to demand a higher price for your home.
Disclaimer
The above is intended as a brief guide and summary. Consult a real estate professional throughout the process of purchasing or selling your home.
Buying a Home in Westchester
Buyer's Agent and Seller's Agent
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If you are thinking of buying a new home, it is in your best interest to know the difference between seller, buyer and dual real estate agents. Using the wrong style of agent could affect the financial terms of the deal and have material legal implications. Read on to arm yourself with an understanding of the difference and how to use it to your advantage when buying a home.
There have been frequent discussions over the past couple of years about buyer's agents and seller's agents. Real estate law now obligates an agent to indicate who they are representing. This is normally done when you first meet with an agent through a written disclosure document that you must sign that identifies whether the agent is working for the buyer or seller. A seller's agents represent the seller. Most real estate agents who show and market houses are seller's agents. They may be friendly to you as a potential buyer, show you multiple homes and help you prepare an offer on a home. However, the agent is typically working for the seller and looking out for the interests of the seller. On the other hand, buyer's agents actually work for the buyer and have an obligation to look out for the interests of the buyer. There are also dual agents, but we’ll come back to that in a moment.
More often than not, this has little to do with who actually pays the agent. So, why does it matter? If you are the buyer, it is important for you to use a buyer agent because of the financial, legal and ethical implications. A seller's agent has a fiduciary alignment to the seller not to you as the buyer. Accordingly, during the negotiations a seller's agent will be aligned with the seller. Here's a real life case in point to help clarify. Suppose an agent realizes that the seller must relocate for a new job, has become highly motivated and is now willing to accept $25,000 under the home's list price. If the agent is a buyer's agent - working for you - he/she will be obligated and very likely excited to tell you this information. However, if the agent is the seller's agent aligned with the seller - he/she does not have to disclose this news to you and may not tell the essential fact initially in an effort to get the higher offer from you.
Now, back to dual agents. Every so often your will find an agent that says they are performing in a dual role; meaning they are serving as a buyer and seller agent. Be careful in this situation. As a buyer you may want to stay clear of a dual agent. Realistically, the dual agent is unable to fully negotiate the buyer's interests without adversely affecting the seller and visa versa. There are some admirable agents that can operate effectively in the dual role. However, as a buyer, you should be conscious of the prospective conflict. If you want the bottom price on a home, seek a reliable buyer's agent whose loyalties are aligned wholly with you.
You may be wondering who actually pays for a buyer's agent. Typically the selling agent lists the house in the MLS ("multiple listing service") and agrees to split the commission with the agent who brings the buyer. Frequently, the seller's agent and the buyer's agent split the real estate commission with fifty percent for each agent. This means that although the buyer's agent is representing for you, the seller is funding the commissions to the buyer's agent. At times you may find a house where the selling agent does not agree to split the commission with the agent who brings the buyer and in that case you will have to settle on who will pay for the buyer's agent.
Knowing the financial, legal and ethical implications of buyer, seller and dual agents is important to you as a home purchaser. Prior to engaging in any real estate transaction as the home buyer, find yourself a good buyer's agent with at least 10-12 years of experience in your market. They will have a fiduciary responsibility to act in your best interest and have the experience to help you negotiate the lowest price for the home.
Kristi Cole is a real estate and home improvement expert at www.inhomeimprovements.com.
Selling a Home in Westchester County
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Summary: Factors to Consider when Selling a Home
There are several factors to consider when selling a home. These factors will greatly influence not only the final price you will get for the property, but also how quickly it will sell and how much grief you will suffer through the sale.
Location
Over history it's been said the three things to look for in buying a property are (1) Location, (2) Location, and (3) Location. There are positive and negative factors to almost every location. Let's pretend your property is right next door to a fire station. You need the kind of marketing professional that can sell the benefits of not having to worry about your new home burning down, or perhaps the savings on fire insurance. Seriously, no matter where your property may be located, there is a ready, willing, and able buyer in the marketplace. The "problems" with the location of a property can be overcome, you just need a Realtor who will work hard to do so.
Your Realtor and his/her Company
Not all Realtors are the same. We each take different approaches to the marketing of your home. These range from as basic as placing the home on the MLS system and hoping it will sell, to Realtors who actively market the home through newspaper advertising and the Internet. You will likely have a positive Real Estate experience if you pick a Realtor who meets the following criteria:
Personality
It's hard to work with an agent you don't like. You won't trust him/her, and the entire experience will be a difficult one. You have enough on your mind without having to argue and bicker with your agent. No matter how good a Real Estate agent is… if you don't like each other, then it won't be a good experience.
Availability
Having a full time Realtor (or a team of them) is vital to the successful sale of your home. If your Realtor isn't available to sell your house because he/she's "working a day job", then how committed is that Realtor to you?
Work Ethic
Work Ethic. Just like any other professional in your life, you need a Realtor who is organized, professional, and hard working. Have you ever seen a lawyer show up for a case in sweat pants and a t-shirt? Or a doctor say; "I'm sorry, I can't deliver your baby because I have a 4:00 t-off time"? How about an accountant who can't manage his own finances? You should be able to expect the same level of professionalism from the agent you choose to represent you. By having a professional Realtor working on your behalf, your entire experience will be more positive.
Terms
Are you flexible on possession dates? Is your property easy to show? Are you prepared to negotiate on appliances or other chattels? This flexibility makes your home much more attractive to potential buyers. For example, many out-of-town buyers won't even consider a home if the possession is not flexible. First time home buyers often have to purchase the appliances with the home because they have to put all of their savings into the down payment. Where are they going to get $3000 to buy appliances?
Condition
Making a good first impression is important in getting a property sold. Painting the front door and trim, making sure the doorbell works, putting furniture and clothing in storage, and cleaning off counter tops and fridges are just a few of the little things that can be done to make properties more marketable. Just remember, cleanliness and pride of ownership will get you more money than used dirt.
Price
Determining a price is more than just picking a number. It involves careful analysis of the property. Many things come into account when determining a price. In fact, it is often through price where short comings in the other factors are balanced. For instance, if your home has been damaged from bad renters, is difficult to gain access to, is right next door to a "drug-den", and is located between the city dump and the airport, then the home will have to be priced accordingly. But watch out, while the price can fix almost every short coming, it's not always the best solution.
Having a Realtor who will be honest with you about these factors is important, and could save you several thousand dollars.
John Carle & Sharon Gregresh are Realtors with Royal LePage - ArTeam in St. Albert, AB. They pride themselves on providing more than just real estate sales and listings. Their clients benefit from a much larger spectrum or real estate services. Contact them any time at information@workingtogether.ca or through their website at Property Fusion, Ca.
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Buyer's Edge Realty Bedford and ALL Westchester
Buyer’s Edge Realty - Serving all of Westchester
