When a real estate appraiser called John Hofstetter a few weeks ago, she had a question: why had one of his listings sold for $100,000 above asking price last year?
"She wanted an idea of how that had happened because she was researching comparable houses in the area," he said.
Hofstetter, a Realtor who works out of Coldwell Banker Residential Brokerage's Larchmont office, was the buyers' agent when they bought the colonial 18 months earlier for $1.45 million.
"The couple had several other homes in different parts of the country and had hoped their extended family would relocate to the Larchmont area," Hofstetter explained. But the family's plans changed and the couple turned to Hofstetter to help them sell.
"I knew that we had negotiated to a very fair price when they bought, even in this market," Hofstetter said. And he knew that activity in the real estate market was heating up. The home is located in Larchmont Manor, a desirable neighborhood close to the water. Several similar homes in the neighborhood had sold quickly and had received multiple offers. He knew there was demand in the market for the house. He advised them to list the home for $1.55 million.
Hofstetter held a broker's open house on a Friday and by Saturday morning he had a full price offer. His clients were thrilled but wanted to wait a while to see what happened. Hofstetter went back to the buyers' agent, who immediately asked what it would take to do the deal.
After conferring with his clients, Hofstetter made a counter offer: $1.65 million and the buyers could have the house. They agreed.
Hofstetter says it's not all doom and gloom in the housing market, especially in the Mamaroneck area. More houses are coming on the market every day.
"People have been waiting for the market to improve to sell their homes," he said. "And now both buyers and sellers are feeling more confident."