Karina, Home Buyer in Scarsdale, NY

Are New Rochelle home prices falling? Is it a good time to buy?

Asked by Karina, Scarsdale, NY Mon Sep 10, 2007

Help the community by answering this question:


I believe that the prices have fallen over the past year. It is definitely a buyer's market and a great time to buy because of the low interest rates which have been projected to go up. If you need assistance please call.

Pattie Memoli, Agent, Prudential Wykagyl Rittenberg Realty, 1299 North Avenue, New Rochelle, NY 10804
Cell 914 227 7139
1 vote Thank Flag Link Tue Apr 5, 2011
Hi: It's really easy to do an analysis of New Rochelle house values over the past number of years. I can help you do an unskewed analysis. Create your segment (as tight as you can). Get the average price per square foot for solds within your segment for each year (or half year or quarter year) over the past 5 or more years. You'll see a trend. If the trend is still going down, then we're not at the bottom yet. If the trend has started going up, then we've passed the bottom. It's impossible to hit the exact bottom, because there is no way of knowing when you're there. Just because prices are down 10% or 20% or some other arbitrary number from their recent peak doesn't mean it's the right time to buy now or not. Good luck. Call me at 914-273-9688 if you want to create that type of analysis with me.
0 votes Thank Flag Link Sat Apr 9, 2011
If you consider the prices have fallen steadily since 2007 and 4 years later you see prices generally in New Rochelle anywhere 10 to 20% lower you can safely assume your at or near the bottom. The reason is the Interest rates are more than likely going up this year (2011) and banking regulations are even tighter. The Home Prices even if they were to go down another 5% will never match losing the financial advantage of todays still Low Finance rates. Waiting any longer can be detrimental towards any plan about waiting for the perfect time to buy. I advise my Buyers to get off the fence while all is in such good favor still to Buy.
I am an Associate Broker, ABR,GREEN Designation working at Keller Williams Realty Group, Scarsdale NY. My name is Steven Castellano, C 914-447-7163;email scastellano@kw.com
0 votes Thank Flag Link Sun Mar 27, 2011
The ability to get financing is key. The pressure from the credit crisis will be felt mostly at the entry level and for people who are moving up from the entry level (they need an entry level buyer in order to move up.) At the upper end of the market, financing will be less of an issue.

Having said all that, we won't know if we have hit bottom until prices are on the way up again. Don't try to over time this market. If you are planning to live in your home for more than two to three years, the odds are stacked in your favor. If you are thinking long term - five years or more, it is a very good time to buy.

My contact information is available through my profile on Trulia. I am an agent with Nelson-Vrooman GMAC in White Plains and would be happy to discuss your housing needs with you further.
0 votes Thank Flag Link Mon Sep 10, 2007
It really depends on the area in New Rochelle. I believe that prices have really leveled out and realistic sellers have lowered their asking prices. As long as you can get financing, it is essentially a buyer's market. Hope this helps you out. June Sandberg, e-PRO, CBR, Keller Williams Realty, 120 Bloomingdale Road, White Plains, NY (914)450-0514 (cellular), (914) 437-6261 (office).
0 votes Thank Flag Link Mon Sep 10, 2007
It depends on the neighborhood. I was looking at some of the expired listings in New Rochelle over the weekend and saw that they did not sell due to overpricing. If homeowners choose to re-list will they price their home accurately or wait? Some neighborhoods are thriving while others are not.
0 votes Thank Flag Link Mon Sep 10, 2007
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