Find Out More About the Larchmont, Mamaroneck, New Rochelle and Rye Area Economy & Job Market  Q3 2009. Many communities in southern Westchester County New York have residents that work in the financial and insurance industries. Larchmont, Mamaroneck, New Rochelle and Rye are no exception and in fact, probably have more employees in these industries than other local towns. Click here for a population profile. Given this reality, the turbulence on Wall Street has and most likely will continue to directly and indirectly impact local residents and their real estate activities. Some residents are losing jobs while others are concerned they might. This had given many buyers and sellers pause in the first quarter of 2009 which carried over into the following months to a lesser degree. A few short sales and foreclosures have occurred although to a very limited degree right now. There are more commercial property vacancies as well. The overall sales volume has picked up in the mid to later part of 2009 although it is primarily in the lower price ranges under $1.5mm. The $1.5mm and above price tier has continued to be slower due to ongoing buyer concerns and the fact that the ability to secure jumbo loans is more challenging; however, The one potentially positive aspect about the financial sector is that some areas within the industry are predicted to secure bonuses in 2009. This cash infusion has the potential to create more activity in the upper end of the market, although not consistently. Wall Street bonuses article A recent poll by the Wall Street Journal reveals that many Americans are more pessimistic as we head into the fourth quarter. As this article is being written, unemployment rates have exceeded 10%. This news and the uncertainty of what actions the government with take with regards to interest rates, first time buyer programs and other incentives suggests that the local economy and real estate market will continue to be in transition into 2010. Updates and information will be posted here regularly so check back often.
Want the inside scoop on the local economy? It's my job to know! Ask me any question. Or request my FREE Larchmont, Mamaroneck, New Rochelle and Rye relocation package. I promise to get back to you quickly...
About Appraisals >Best Interests of the Buyer
Who represents the homebuyer in the transaction? The most common scenario is for homebuyers to purchase a home with the help of the seller's listing agent. In this case, known as "dual agent representation," the real estate agent assists both the sellers and the buyers. However, it is also possible for the buyers to ask another realtor to represent their interests exclusively, acting as the "buyer's agent," a service which is available at no additional cost to the homebuyer.
Any licensed real estate agent can act as your buyer's agent, helping you to locate and look at properties in your price range. However, if that real estate agent works for the same brokerage that is listing a particular property, dual agency or designated agent rules will then apply. The buyer's agent will advise the buyer if issues arise such as termite damage or significant material defects appearing on the home inspection report. If the home appraisal comes in at less than the asking price, the agent will represent the buyer's interest, working with the seller and the lender to negotiate a satisfactory resolution.
|
| Q |
What country of the world has the highest percentage of private housing?
|
| A |
Mongolia, where 100% of all properties are owner-occupied. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT™ 
