New affordable housing coming to Westchester County
The time for homebuyers to invest in real estate in Westchester, NY, is now. Recently, data from the Empire Access MLS showed the same amount of home closings were seen this time last year, expect there was also a drop in median sale price.
The median sale price of a single family home in the first quarter of 2011 was $551,250 - today, its $505,000. The price differentiation represents an 8.4 percent drop in median price year-over-year, and the lowest median price for a quarter in Westchester since 2002.
Nevertheless, local real estate experts stand by their predictions of a stabilizing market. This period in real estate in the Westchester area may be less than advantageous for home sellers, but homebuyers can find great deals on properties in an area that has traditionally appreciated in value. Getting in when the market is low and prices are competitive may prove to generate a greater return on investment in the coming years.
What's more, Westchester is also in the process of building nearly 740 affordable residences. These homes are in direct response to a settlement with the United States Department of Housing and Urban Development (HUD), which requires the county to create housing that promotes economic and racial diversity in the area. While many critics believe the project is taking too long, it is ahead of schedule and more homes will soon be on the market for various prices, The New York Times reports.
In an attempt to attract diverse residents, Westchester officials agreed to develop its community to be affordable for all walks of life. The county plans to spend approximately $51.6 million to build affordable housing in 31 communities within seven years, reports the news source. The Westchester community construction project includes building rental units available to the average family of four earning up to 65 percent of the area's median income of $70,135.
Homebuyers may be able to find affordable housing in Westchester County and become an active part of the community. Whether a first-time buyer or a working-class American, it may be worthwhile to invest in Westchester real estate while the market is in transition. National housing experts expect the market to rebound in 2012, so it may be lucrative decision to purchase property before national housing costs rise any further.