Single-family home costs dropping across nation, WC
A national report due this week is expected to reveal an unprecedented drop in the median price of a single-family home, and buyers and sellers across the area are wondering what this could mean for them.
In the first quarter of 2007, the median cost of a single-family home in Westchester County was $635,000, which was down $15,000 from the same period last year.
Officials with the Westchester-Putnam Multiple Listing Service say homebuyers seem to be waiting longer to get better deals on houses. According to mortgage broker Robbie Geneels, that trend might not translate to fewer sales.
?New York is still thriving. I have not seen a slow down in home sales to this date, and I don't anticipate one either,? Geneels said.
Some people are moving into new homes before selling their old ones. According to experts, those who do may face high bridge loan rates, which can put individuals at a financial risk.