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Between the 2008 Market Crash and the 2016 election, I couldn't help but think that there were sudden spikes from how aggressively bullish/bearish the market was handled between mortgage and pricing for property and real estate, especially when it comes to taxes.
Like, I recall that our house in 2016 noticed an extreme spike in mortgage payments from $5,000 to $8,000 per month in July. And I just want to know what could've caused that from how interest was handled (we also had high costs for gardening, gas, electricity, car payments, etc.).
Can any homeowners fill me in on the housing situation in Westchester County (particularly with places like Rye, Bronxville, Mount Vernon, Mamaroneck, Scarsdale, Eastchester, etc.) and why it's like this? Ty.
Maybe it's just me but I can't really figure out what your question is. Are you asking why your monthly payments jumped 6 years ago? There is no way for us to know, did you have an adjustable rate mortgage? Did your house get reassessed for property taxes? But that doesn't have anyhing to do with the housing market being "aggressive" as you put it. And I have no idea what you're asking about the "housing situation" more generally in Westchester.
What I meant to say was that yes, payments did jump 6 years ago. But I guess you could say that we did have something like that. Although for me, it's more a matter of concern on how expensive housing can be in Westchester rather than why housing is so expensive as a general rule of thumb.
I say aggressive from an economic standpoint in terms of spikes in interest or the amount of spending that's accrued towards inflation.
I hope this clarifies what I said at the present juncture. I didn't mean to confuse you there. Just that I'm trying to research based on my family's behalf who, according to my mother, said that we were living "above our means" and I wanted to gain some insight on how home ownership, however expensive or inexpensive it can be, can affect a person or family's income.
It's been nuts for the past couple years but just in the past 1-2 months it's starting to drop. We've been casually in the market in the Byram Hills district and we're finally seeing two things- price decreases, as well as new listings that are coming in lower than they would have a few months ago.
Between the 2008 Market Crash and the 2016 election, I couldn't help but think that there were sudden spikes from how aggressively bullish/bearish the market was handled between mortgage and pricing for property and real estate, especially when it comes to taxes.
Like, I recall that our house in 2016 noticed an extreme spike in mortgage payments from $5,000 to $8,000 per month in July. And I just want to know what could've caused that from how interest was handled (we also had high costs for gardening, gas, electricity, car payments, etc.).
Can any homeowners fill me in on the housing situation in Westchester County (particularly with places like Rye, Bronxville, Mount Vernon, Mamaroneck, Scarsdale, Eastchester, etc.) and why it's like this? Ty.
Your question is still baffling, and I do not think what you are asking about (market conditions) are directly related to your family's particular situation.
Yes, as someone else pointed out it sounds like your parents either had an interest only loan that suddenly had the principal applied- or they took out a second mortgage. I doubt it was an ARM (adjustable rate mortgage) since rates dropped in 2016- so I cannot see how the payment would go up $3K in that time frame.
Westchester property recovered much slower than NYC did from the 2009 downturn. Pre covid demand was fair to moderate at best- it was not uncommon to see houses selling below or just at what they sold for in 2003-2007. NYC property on a whole started greatly increasing in value around 2015 and kept rising.
In 2020 that all changed- Westchester exploded (as well as every suburb in the NYC Metro Area). Houses that had sat on the market for years were suddenly in bidding wars.
Inventory has been low since 2020, and that coupled with low interest rates fueled the market. The frenzy to move out of the city also added fuel to the fire.
Rising interest rates are pricing many people out of the market in 2022. People were getting under 3% less than a year ago and now APR for people in the 750+ range is in the low to mid 4% range.
Rising taxes are also a factor- but I doubt taxes on your house went up $36K in one year. Home values stagnated and/or dropped during that time frame- so I also doubt rising taxes were much of a factor.
Nah, forget about it. It's kind of a weird enough question to ask as it is.
Basically, I just meant to ask why is the real estate/housing situation so complex in Westchester? Or why is housing so expensive besides location towards a high demand area?
Nah, forget about it. It's kind of a weird enough question to ask as it is.
Basically, I just meant to ask why is the real estate/housing situation so complex in Westchester? Or why is housing so expensive besides location towards a high demand area?
I really think you answered your own question. Its not complex. Demand drives prices.
Real estate agents are still aggressively pricing coastal Westchester. Our neighbor just had a bidding war on his house and sold it for $50,000 above the asking price. Demand is so hot we're getting cold calls from brokers asking about the availability of our home
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