Patty Canniff, a real estate associate broker with Coldwell Banker Residential Brokerage in Yorktown Heights, is optimistic about the 2012 real estate market in Westchester. “I feel this could be a very good year to make a move in the market,” she says.
For buyers, this year should be excellent since mortgage rates are very low, as are home prices. This combination makes buying homes more affordable than it’s been in years, according to Canniff. This might also be a good time to consider buying a second home or investment property. “Obviously one’s personal finances should be in order," she said. "But assuming they are, prices and mortgage rates are so low that those who are able should jump in now.”
Caniff believes 2012 is a good time to sell, too. “Homeowners who have been in their homes for more than six years shouldn’t experience a negative return when they sell”, she says. With more buyers entering the market, the opportunity to sell increases. Homeowners who need to buy after selling will benefit because they will be buying low, she explained.
Canniff, an agent with more than 20 years in the business, has experienced many market cycles. When first-time buyers make a purchase, the sellers of those houses are able to buy what are called move-up houses. The owners of those homes can then make their move, either downsizing or relocating. “This "trickle up" movement,” as she calls it, “is what gets the real estate market moving again.”
“If prices do stabilize in 2012, it will take several years before we see any kind of price increases again,” she says. “So waiting for a better market may not make sense.” Canniff is confident that the real estate market will do well this this year. “I think now may be a great time for both buyers and sellers to make their moves.”