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Home Buyers Expected to "Fall" in Love with Pelham

PELHAM, N.Y. – Buyers looking to purchase a home in Pelham may want to start their search in the upcoming weeks, said Lester Kravitz of Kravitz, Realtors Ltd.

“The market picks up a week after Labor Day,” Kravitz said, noting that people who take summer vacations are usually away during August.

“Right now, families are involved with back to school,” he added. Once the frenzy of returning to school ends, more people will look into buying in the neighborhood."

Kravitz, who runs his real estate agency on Wolfs Lane with his wife and employs 20 agents, described the real estate market in Pelham as a seasonal phenomenon, with business surging at the beginning of each season.

The next seasonal uptick in real estate business occurs just after the holidays, he said.

“The day after Christmas, there's a lot of activity on our website and a lot of people showing interest,” Kravitz said. “The time of the year gets people thinking ‘next year is going to be the year we move.’ They want to jump ahead of time so they don’t miss out on any deals.”

For buyers looking for a bargain, Kravitz said that a foreclosure or “short sale” will come on the market every other month. He cautioned against them though, saying the undertaking can be made frustratingly long by the special loan process needed to purchase a foreclosed home.

“We used to get a lot more people moving from house to house,” Kravitz said.

Buying and selling habits have changed to reflect a need for sustained home value. Whereas

Pelham residents could move more frequently before the recession, Kravitz said they must now consider higher down payments and loans that have become harder to obtain. Before the recession, market values would rise year after year, according to his observations.

“Ten or 20 years ago, you could buy a house in Pelham and within five years it would double in value,” Kravitz said.

Now, Pelham residents are facing a market where homes are no longer appreciating at the same rate.

The typical Pelham resident remains the same though. Kravitz described the quintessential Pelham homeowner as a professional, whether an executive in Manhattan or someone working in neighboring towns in Westchester.

Properties for sale currently vary from $200,000 for a condominium to $3.3 million for a waterfront home on Shore Road.

Kravitz said he is about to close a $1.16 million sale to a family from Manhattan.

"We would like to have a lot more of those," he joked.

Are you looking to purchase or sell your home in Pelham in the upcoming weeks? Comment below, on our Facebook page or on Twitter @DailyPelham.

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