Is it worth getting your home Pre-Inspected Prior to Selling it?

 Is a House Pre-Inspection Worth it?

If you are thinking of selling your house, consider getting a pre-listing inspection for your home before putting it on the market, regardless of its apparent condition. A pre-listing inspection can help identify any issues that might need repair, and prevent any surprises during the buyer's inspection. By doing this, you can avoid losing a sale or incurring costly repairs later on. For example, a home seller of mine in Mamaroneck who had a pre-listing inspection done found out that their house had high levels of radon in the basement, a common issue in the neighborhood. They were able to address the problem before putting the house on the market, and the buyer used their pre-inspection instead of conducting a new one.

To find a qualified inspector, you can ask your agent or trusted acquaintances for recommendations or consult the American Society of House Inspectors website. When selecting an inspector, compare fees and the scope of the inspection, and ask for references. If the inspection identifies any issues, be sure to either fix them or disclose them to potential buyers to avoid legal issues or financial liabilities. Taking proactive measures to inspect and address any problems with your home can help ensure a successful and smooth sale.

If you have a Real Estate need with buying, or selling call me at (914)755-9816.  If you would like an idea of the value of your home please click my Quick Home Estimate  There is never any obligation on your part to use this free service.

My Video Introduction:

The Ultimate Guide to Understanding the STAR Program: School Tax Relief for Homeowners

 What is the NYS STAR Program?

The STAR (School Tax Relief) program in New York State is a state-financed exemption from school property taxes for owner-occupied, primary residences. The program was authorized by section 425 of the Real Property Tax Law and has been in effect since the 1998-99 school year.

The program is divided into two parts: the “enhanced” STAR exemption and the “basic” STAR exemption. The “enhanced” STAR exemption is available to senior citizens whose incomes do not exceed $60,000 a year and provides a $50,000 exemption from the full value of the property. The “basic” STAR exemption, available to all primary-residence homeowners regardless of age or income, will provide at least a $30,000 exemption from the full value of the property once it is fully phased in.

The STAR exemption applies only to school district taxes and does not cover taxes for other purposes such as county, town, or city. The exemption is computed using state equalization rates to reflect the fractional level of assessment in localities that do not assess property at full market value. To be eligible for the STAR exemption, the property must be a one, two, or three-family residence, mobile home, farm home, condominium, or cooperative apartment.

The STAR program also includes a “Property Taxpayer’s Bill of Rights” that provides information on the amount of the STAR exemption and the savings on the school tax bill. Low-income seniors who receive the pre-existing senior citizen’s exemption automatically qualify for the STAR exemption, and the pre-existing exemption and any other applicable exemption must be applied to the property’s assessed value before the STAR exemption.

The STAR exemption can only be applied to the owner's primary residence and is subject to proof of residency by the assessor. If you have any questions or concerns about the STAR program, be sure to reach out to your local assessor for more information.

Links you will need:

1. NYS Senate:

2. ACCESS- NYC

3. Property Tax Consultants

Pelham real estate ends the 4th quarter with a downturn in inventory

The Current Pelham Residential Real Estate Market Q1 2023

Heading into the Spring Market!

The real estate market in Pelham, NY saw a significant downturn in December 2022, with the number of homes sold dropping 45% compared to the previous year. Despite this decrease in sales, the median sales price for homes in the area remained relatively high at $874,750.

One possible reason for the decrease in sales may be the increase in the length of time that homes are staying on the market. In December 2022, houses were on the market for an average of 65 days, a 30% increase from the previous year. This longer market time may indicate a slowing demand for homes in the area.

There is currently a relatively small inventory of homes for sale in Pelham, with only 9 active listings. This equates to a supply of just under one month, indicating that the market may be leaning towards a seller's market. However, the high median sales price per square foot of $463 suggests that buyers may be hesitant to pay top dollar for homes in the area.

Despite the slower sales and longer market time, the majority of homes that did sell in Pelham in December 2022 did so relatively quickly. Two-thirds of the homes sold within 90 days of being listed, and 83% of homes sold within 95% of their listing price. This suggests that there is still some demand for homes in the area, but that buyers may be more selective in their purchases.

Overall, the December 2022 real estate market in Pelham, NY saw a decrease in sales and an increase in market time, but relatively strong sales prices and a low inventory of homes for sale. It will be interesting to see how these trends continue in the coming months.

New Rochelle's Single Family Home Market Booms Despite Decrease in Sales

 

The Current Residential Real Estate Market for New Rochelle Q1 2023

New Rochelle, NY saw a decrease in single-family home sales in December 2022, with a drop of 52.4% compared to the same month the previous year. However, the median sales price for these homes rose to $945,000.

The inventory of single-family homes in the area is currently at 57 houses, a decrease of 24.0% from December 2021. The average house has been on the market for 60 days, an increase of 50% from the previous year. There is currently a 2.06-month supply of single-family homes in New Rochelle, with an average price per square foot of $356.24.

In December 2022, 70% of single-family homes sold within 90 days, and 85% of them sold at 95% of their listing price. This shows that the market for single-family homes in New Rochelle remains strong despite the decrease in sales, with homes selling quickly and at close to their asking price.

If you or anyone you know has a housing need with buying a home selling a home or investing in Real Estate. Please reach out to me.