Q&A: The Evolving Real Estate Landscape

Last week, I provided an opening explanation of The National Association of REALTORS® (NAR) settlement and the industry changes taking effect this month. Since then, I've received numerous questions from readers and clients, and I'll do my best to address the most frequently asked ones now:

Do buyers have to sign a broker agreement to look at properties?

  • Yes. Brokers are now required to have a signed Buyer Representation Agreement in place before showing any properties to a customer or client. This agreement may outline the broker's responsibilities, the range of services they will provide, and the buyer’s home search criteria, but it must clearly define the compensation the…

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Visual of the Week 

Consider the Long-Term Wealth-Building Benefits

Homeownership isn't just about having a place to live — it's a key to building wealth. As you pay off your mortgage, your equity grows, and any increase in your home's value adds to your net worth. According to the Federal Housing Finance Agency (FHFA), home values have increased by 315.7% since 1991.


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Kenneth Cole Lists his Estate of 37 Years for Sale

Introducing one of New York's most prestigious estates: a rare opportunity to own a historic piece of history elegantly nestled atop 14+ park-like acres in Purchase. This illustrious and stately turn-of-the-century residence, was the setting for the blockbuster film "Goodbye Columbus." For the last 37 years it has been the treasured home of Kenneth Cole and his family. A quiet country manor that's exceptionally private and secure, the estate is a stunning work of art, beautifully situated behind a gated entry at the end of a long, meandering driveway. Read more


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CoreLogic: First-Time Homebuyers at Higher Risk of Overpaying for Homes

Courtesy of CoreLogic

First-time homebuyers are at a higher risk of overpaying for homes due to appraisal gaps, according to a new report by CoreLogic. Appraisal gaps occur when the appraised value of a home is lower than the agreed-upon sales price. These gaps often lead to delays, renegotiation, additional payments from buyers to cover the shortfall, or even the cancelation of the sale. In June 2024, 8.6% of U.S. home sales were appraised below the contract price, down from 10.7% a year earlier. Here's the breakdown:

  • Starter Homes: 9.6% had appraisal gaps, down from 12.1%.

  • Homes of 3,500sf or More: 7.1% had appraisal gaps, down…

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How the New Rules of Real Estate Will Impact Buyers and Sellers

The National Association of REALTORS® (NAR) recently settled lawsuits regarding real estate commissions, agreeing to pay $418 million and implement nationwide changes to Multiple Listing Services (MLS) while denying any wrongdoing. Here’s what you need to know:

Sellers are prohibited from offering compensation on Multiple Listing Services.

  • Sellers still have the choice of offering compensation to buyer brokers, which can serve as a way of marketing the home or making the listing more attractive to buyers, but it cannot be included on the MLS.

Buyer representation agreements are required before touring homes.

  • The agreement…

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Mortgage Rates Plunge to Lowest Level in More Than a Year

Mortgage rates fell to 6.34% on Monday, the lowest since May 2023. Today, they’re at 6.54%, still showing a notable shift from last year’s peak of 8% in October and November, which significantly affected the housing market last year. The Mortgage Bankers Association’s (MBA) Weekly Applications Survey reports that mortgage application volume has now reached its highest level since January 2024. The Market Composite Index, reflecting mortgage loan application volume, increased by 6.9% on a seasonally adjusted basis from the previous week.

  • The 10-year Treasury yield dipped to 3.76%, the lowest since June 2023.

  • The 2-year Treasury yield slid to 3.88%, raising…

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Visual of the Week

Trying to decide if you want to sell or rent out your house once you move?

There’s a lot to consider – especially when it comes to figuring out if the profit is really worth the potential pains you might come up against. Pro tip: Talking to another landlord plus professionals (like me) can help you decide what’s best for you and your situation. Read more


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Westchester’s New Listings Have Likely Peaked for 2024

Westchester County: The peak for monthly new listings has likely already been reached this year. Excluding 2020, the majority of new listings typically come on the market in April or May. This year’s peak occurred in April, one month earlier than last year, and with approximately the same numbers (727 down from 731). Here’s the data I gathered from OneKey MLS®.

2013: 1,322 (April)

2014: 1,334 (May)

2015: 1,395 (April)

2016: 1,163 (April)

2017: 1,224 (May)

2018: 1,292 (May)

2019: 1,280 (May)

2020: 1,261 (June)

2021: 1,116 (April)

2022: 952 (May)

2023: 731 (May)

…

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The Dramatic Shift of New York's Home Prices Since March 2020

Shift in New York's Home Prices Since March 20020

Bronx: -15.3%

Dutchess: 48.5%

Nassau: 28.6%

Orange: 54.6%

Putnam: 43.4%

Rockland: 47.4%

Suffolk: 35.8%

Westchester: 30.8%

Ralph’s Take

The pandemic initially brought uncertainty and a brief market slowdown, with Westchester County brokers unable to show properties from March 22 to June 10, 2020. However, this was soon followed by a significant surge in demand. As lockdowns and remote work prompted people to seek more space, our area saw an influx of buyers relocating from New York City. Coupled with historically low mortgage rates, these factors drove a rapid…

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New to Market: 10,000sf English Georgian Masterpiece on 83 Acres

Welcome to an exquisite replica of "Salutation," an English Georgian masterpiece originally crafted by Sir Edward Lutyens in London. Located on an 83-acre estate in North Salem, NY, this luxurious home offers over 10,000 square feet of living space, including 10 bedrooms and multiple baths. The property features an infinity pool and an indoor pool with a spa for relaxation. Equestrian facilities include paddocks, grooms quarter, 11 stalls, a tractor barn, and a jumping field. The English-style garden, fruit trees, lily pond, and reflecting pool enhance the beauty of the grounds, which also include open fields and a large pond for fishing.  Read more courtesy of OneKey…

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