Announcement

**aslan** · 03-16-2018, 11:05 PM

Westchester County NY is covered by the HGMLS (Hudson Gateway Multiple Listing Service) so you'll absolutely need access to that if you are going to run comps for a client. I'm really not sure of another way to do it easily out in the suburbs. Zillow maybe? But it doesn't have the same interface that StreetEasy has for New York City. And I'm not sure of a way to pull past sales easily in a neighborhood on any public search website.

Here's an example pricing and offer analysis email from an agent who clearly has access to the HGMLS. This is an offer analysis for a buyer contemplating a purchase of a listed single family home in Bedford Hills (Westchester County NY).

Good morning Goran, great to hear the update on your pre-approval. Yes, some buyers tend to go with bankers they already have an existing/prior relationship with (sometimes with better offers and incentives, already have account with them, etc). Availability, reliability, trustworthiness etc play a role when selecting a lender/attorney in addition to the best rates/offers.

9 single-family detached homes located less than 1 mile from 7 Buxton sold within the last six months from $263,000 to $750,000:

Sold Prop.

MLS

Address

Post Ofc

Bds

Bths

Sq Ft

Lot Sz

Date

$ PPSF

Yr Built

DOM

Orig Price

List Price

Sold Price

SP%OLP

xxx

Averages

xxx

-Majority of the properties were ranch and cape cod styles; while, only 1 property was a colonial style (479 Bedford Road) home most similar to 7 Buxton with a 2 car driveway
-479 Bedford Rd (the only colonial style comparable to 7 Buxton) sold for $480,000, but it is much smaller in size (1570 sf), with 3 bedrooms, 1.5 bathrooms, 2 levels, 0.2 acres; whereas, 7 Buxton has 3 levels all above grade (above ground level), 3 bedrooms, 3.5 baths, built 1993, recently renovated in 2016, 2,906 sf, 0.58 acres and sale will include air filter system, alarm system, awning, ceiling, chandelier(s), door hardware, energy star appliance(s), washer, dryer, indoor speakers, humidifier, light fixtures, etc. Lives like a 4 bedroom
-7 Buxton is the only property out of the 9 properties with three levels that was built in 1993 with 2016 renovations completed. Rest of the properties built from 1930-1960's.
-2 out of the 9 properties sold for $700,000 (4 Fieldwood Drive) and $750,000 (9 Fieldwood Drive). They are the only two properties that have an in-ground swimming pool.
-Average price per square foot is $271.65

Out of the 9 properties sold, 9 Fieldwood Dr (w/ in-ground pool) was the largest home which sold for $750,000 on 10/31/17 (list price originally $775K) which consisted of 4 bedrooms, 3 full baths, 3,200 sf that is 1 bedroom more and slightly larger in square footage than 7 Buxton Rd. 4 Fieldwood Dr (w/ in-ground pool) was only 1922 sf with 2 beds, 2.5 baths listed for $685K yet it sold for $700K. As you can see, purchase price may widely vary and can be based solely on how much someone loves the property and what they are willing to pay for it. A bidding war may have ensued and the best and highest offer could have been $700K for this property.

7 Buxton sold for $680,000 on 05/2/2013, recently renovated 2016 with a current asking price of $769,000 and has been on the market for 41 days.

Depending on exactly what renovations were done on 2016, I conclude that in the current market one can offer somewhere around $720K - $744K for 77 Buxton Road. As I mentioned it will also depend on how much someone wants a property and what they are willing to pay for it and whether they are multiple offers on the property.

Feel free to schedule a call to discuss the data further.

Have a great day!

**aslan** · 03-21-2018, 03:56 PM

This was the buyer's response in blue:

Thank you for the analysis which is helpful. We are also keeping doing research and found a few things that might be potentially negative. Like to hear your professional advice.
1. The yard of this house is backing a church.
2. There is a bus stop a house away.
3. There is an elementary school crossing street.

What impact do you think these can impact the value of the property?

This was the real estate agent's response to the buyer's question:

You're welcome! Glad to hear analysis was helpful.

Regarding the school being literally 381 sf, yes it can definitely increase the home value especially if it is in a sought after school district. Public transportation and school literally footsteps away from the home is a major plus, but that remains to be subjective based on the purchasers of the home and their preferences. Statistics do show that those that want to be near schools and public transportation would be more than willing to pay more than their intended budget.

The church that is 404 sf from 7 Buxton only has church service once a week (10:30 AM every Sunday) and from the size it appears to be a small congregation which means a very small, intimate group of church-goers attend service once a week. If there were multiple church services held per week then that would be an indicator that it is a large community of members that will be in and out of the church at various times contributing to more traffic and noise, etc. The best indicator of how church services may affect home value is to check with the neighbors regarding church activity, see what it is like when service is held at 10:30 AM (amount of people that attend, noise level) as well as check to see how many events are held at church weekly, etc. If the purchaser belongs to the same religious denomination as this church, it would be a major advantage; whereas, a non-church goer or is not a member of any religious denomination may find this as a disadvantage.

It will all depend on your family's day to day schedule, current/future family situation that will determine whether or not this is the right home for you guys.

If you feel that this home still holds major interest, please ensure that you are pre-approved with a lender and have selected an attorney. As you know, pre-approval indicates to seller that you a serious buyer and that will give you an advantage over other prospective buyers when submitting an offer. Upon receiving pre-approval and before submitting an offer, we can arrange to see property together so that we can further evaluate it.

Keep your questions coming! We are here to help =)

Announcement

CMA and home pricing and offer analysis for Westchester County NY

CMA and home pricing and offer analysis for Westchester County NY

Comment

Comment