Low Selling Prices, Good Time To Buy Home In Greenburgh

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Home selling prices in Elmsford and Hartsdale have depreciated by 40 percent over the past five years, according to real estate data.
Home selling prices in Elmsford and Hartsdale have depreciated by 40 percent over the past five years, according to real estate data. Photo Credit: Flickr user ImagesMoney

GREENBURGH, N.Y. — Low selling prices in Greenburgh have created an upturn in the number of home sales over the past few months, real estate data shows.

Selling prices in Elmsford and Hartsdale have depreciated by more than 40 percent over the past five years, according to Trulia.com.

From Oct. 12 to Dec. 12, 2012, the median selling price for homes in Hartsdale was $343,750 — marking a 40 percent decrease in prices compared to the same period in 2011.

Selling prices for Elmsford homes are not much better, with a 28 percent decrease in prices over the past year leading to a median selling price of $267,500.

Debra Tricarico, a Houlihan Lawrence, Inc. associate broker in Greenburgh, said that while certain neighborhoods in town have been hit harder than others, the depreciation is mostly due to rising taxes.

"I think one of the biggest reasons are that Greenburgh's taxes are so high" said Tricarico of low selling prices. "People can't afford the taxes, so home prices have to come down."

Tricarico recently sold a house on Landers Manor Road for $1.5 million, which was half of the price it was bought for in 2004 at $3 million, she said.

However, low selling prices have caused the number of home sales to rise over the past few months — meaning it's a good time to buy a home in Greenburgh. 

Like the rest of Westchester County, the number of home sales have increased gradually in both Hartsdale and Elmsford. Many upstate residents want to move somewhere that's near the city without the expenses of living in Manhattan, Tricarico said.

With the number of buyers hoping to snag a spot in the Greenburgh area, the number of sales activity should continue to increase over the next few months, she added.

"It's in close proximity to the city, and has a lot of nice programs, activities, parks, things to do, nice senior centers," Tricarico said.

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Puff pieces? On the GDV, really? Although the heading should have included the word Advertorial, I can't really add anything as Halmarc45 has nailed it.

Now here's a truly absurd and self-serving article that should not have appeared without The Daily Voice advisory that it is paid advertising. Consider the misleading "information":

"However, low selling prices have caused the number of home sales to rise over the past few months — meaning it's a good time to buy a home in Greenburgh."

Because prices can't resume their downward spiral or because once a bubble has burst real estate salespeople can't resist huffing and puffing.

""I think one of the biggest reasons are that Greenburgh's taxes are so high" said Tricarico of low selling prices. "People can't afford the taxes, so home prices have to come down."

Unless the rules have changed, buyers still have to pay these taxes.

"Selling prices in Elmsford and Hartsdale have depreciated by more than 40 percent over the past five years, according to Trulia.com."

Since when did "depreciation" become a synonym for "dropped" or "fallen"?
These often used in conjunction with "dropped like a rock" or "fallen through the floor" to denote that previous prices (higher) are no guarantee of future performance. Perhaps the shift in syntax occurred around the same time when "used cars" became promoted as "previously owned". Otherwise, "depreciation" is used mainly for income tax reporting purposes to denote that an asset has decayed over time and that the government should provide some relief to the owner in recognition of this. No such depreciation is provided to those peddling "previously owned" homes.

"However, low selling prices have caused the number of home sales to rise over the past few months — meaning it's a good time to buy a home in Greenburgh."

Try that advice on for size when trying to sign up a listing. Is that what salespersons are telling sellers: Hey Mr. and Mrs. homeowner, now is a good time to get that low selling price you have been looking for.

"However, low selling prices have caused the number of home sales to rise over the past few months — meaning it's a good time to buy a home in Greenburgh."

The reality of a zero sum equation is that it nets out to zero. Buyer meet Seller.
So if someone is buying it only happens because someone is selling. Whatever reasons are cited to buy; you can be assured that sellers have equally good reasons to sell. Real estate salespersons thrive from practicing "doublespeak (George Orwell) and inciting action from whichever party's ear they have gained entrance. Real estate salespeople have little interest in the value of the transaction, their marketing expenses are little changed for asking prices within $700,000 tolerances (it cost the same to market a home selling for $300,000 as it does for $1,000,000). Only in some homes selling for several millions will the Agency choose to go overboard for those it thinks are salable. Thus in an era of the MLS, the difference in commission is not enough incentive to warrant particular emphasis other than newbies to the trade. If ever an industry was dependent on "making it up by volume" it is the retail home sales force that requires large numbers of transactions (not selling price) to make a go of it. Unlike the "garment" trade where the phrase originated, real estate salespersons do not own the inventory and the salesforce is paid by commissions earned from completing transactions. So without inventory or payroll, the business becomes profitable not from going the extra yard and seeking the best price (for either side) but by completing a transaction.

This is why when sellers (former buyers in the last ten years) who have paid more than the market will return (much less profit from) are loathe to sell while new buyers are exhorted to buy because prices will only rise from here. Or so "they" say. Be on guard for seeing similar articles appear here and elsewhere -- all counseling buy now. One might reasonably question why sell now if the market is headed higher?

Such reasoning might put a damper on transactions, something that won't appear as sage advice in these puff pieces.
Hal Samis