The Hudson Valley 'mortgage gap,' bidding wars and more: This is your Week in Real Estate

Ashley Catherine Fontones, Rockland/Westchester Journal News

Whether you're struggling to qualify for a mortgage, or even stand out in a bidding war, this week's crop of stories shine light on real estate issues that impact buyers in the Lower Hudson Valley on a daily basis. Welcome to the third installment of This Week in Real Estate, where we take a second look at stories on the essential beat reported on by our expert journalists. Look for this page to post on Fridays.

This week in Real Estate, we feature a relevant story from The Journal News and Lohud.com enterprise journalist Peter D. Kramer on the Hudson Valley "mortgage gap", our latest Ask a Realtor column from growth and development reporter Helu Wang, and others. Take a look at this week's features, as well as a few stories you may have missed from the week before.

The Hudson Valley 'mortgage gap' is an uphill battle for families

As part of his ongoing series on affordability in the Lower Hudson Valley, journalist Peter D. Kramer interviewed CEO and president of Hudson Valley Pattern for Progress Adam Bosch on just how difficult it is for local families to afford a mortgage.

The issue? Families may earn a median income in the Lower Hudson Valley, but they may not even come close to qualifying for mortgages on homes in the area's median price range (they can fall up to $280,000 short of qualifying).

"There's not a single county where the median earning family qualifies for a mortgage for the median-priced home," Bosch told Kramer.

Read Peter Kramer's story on the mortgage gap Lower Hudson families face here. (And in case you missed it, check out Michael P. McKinney's story on how Mamaroneck village residents are rent and cost burdened from April.)

Related: Hudson Valley real estate: One number shows how difficult housing market is to crack

A home at 126 Autumn Drive in Tappan that was listed for sale for $629,900 as of April 23. According to local Realtor Michael Casarella, buyers in bidding competitions over choice properties should present themselves as serious buyers, and get creative.
A home at 126 Autumn Drive in Tappan that was listed for sale for $629,900 as of April 23. According to local Realtor Michael Casarella, buyers in bidding competitions over choice properties should present themselves as serious buyers, and get creative.

Pleasantville realtor talks bidding wars and standing out

If you're lucky enough to be able to pursue purchasing your dream home in the Lower Hudson Valley, your battle is just beginning. Bidding wars, a situation where multiple buyers are placing competitive offers on the same property, are becoming more common, and will continue to do so as the spring buying season picks up.

Reporter Helu Wang spoke with realtor Michael Casarella of ERA Insite Realty Services based in Pleasantville to talk about ways you can stand out when making an offer on your dream home.

Check out what Casarella had to say for this installment of Ask a Realtor here, and if you've got a question you'd like to see answered by an expert, let us know by emailing Helu Wang at hwang@lohud.com.

Read the story: Found your dream home? We asked a realtor for ways to stand out in a bidding war

Sam Ash at 178 Mamaroneck Avenue, which opened in 1966, invites customers to come in and play music.
Sam Ash at 178 Mamaroneck Avenue, which opened in 1966, invites customers to come in and play music.

In case you missed it: Sam Ash to close White Plains store; petition in Mamaroneck village opposes affordable housing proposal

After 100 years of history in New York state, music retail giant Sam Ash has announced it is going out of business and closing all of its stores, including its location in White Plains. Growth and Development reporter Michael P. McKinney came through with the news last week.

All eyes were on both the village of Mamaroneck and the town of Mamaroneck last week as the two areas grappled with affordable housing issues. We saw two sides of a coin: a petition circulating throughout the village in opposition to an affordable housing development, and County Executive George Latimer announcing millions in funding for affordable housing in the town of Mamaroneck. Read the story from McKinney here.

Learn more: Petition in Mamaroneck village opposes Hunter Tier affordable housing proposal

More: Music giant Sam Ash closing stores, including White Plains location

A sign opposing the construction of affordable housing on the site of the Hunter Tier parking lot on Prospect Ave. in Mamaroneck, in front of an apartment building next to the parking garage, photographed April 29, 2024. A petition is circulating in the village to stop the conversion of the garage into affordable housing.
A sign opposing the construction of affordable housing on the site of the Hunter Tier parking lot on Prospect Ave. in Mamaroneck, in front of an apartment building next to the parking garage, photographed April 29, 2024. A petition is circulating in the village to stop the conversion of the garage into affordable housing.

Contact the Growth and Development team

  • Have a question for a Realtor? Email Growth and Development reporter Helu Wang (hwang@lohud.com).

  • Have a tip on a unique listing? Reach out to Growth and Development reporter Michael P. McKinney (mmckinney@lohud.com).

  • Ashley Fontones is the Emerging Audiences Editor at The Journal News and lohud.com. Got an idea for a poll or a story? Email her at afontones@lohud.com.

This article originally appeared on Rockland/Westchester Journal News: Qualifying for a mortgage is getting harder for Hudson Valley families

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