This Year's Best Opportunity for Buyers

The Village of Scarsdale in New York

Last week I gave local examples of why I expected this fall to be the best time to buy a home in 2024. This week Realtor.com offered their opinion that the best time to buy a home in our metro area is next week. Buyers can expect up to 37% more active listings compared to earlier in the year and potential savings of over $14,000 compared to the summer peak for a median-priced home of $445,000. Here’s their findings for the New York / New Jersey Metro Area:

  • The best week to buy is Sept 15th - 21st

  • Active Listings vs. Average: +14.0%

  • Views per Property vs. Peak: -29.5%

  • Days on Market vs. Peak: +13 Days

  • Median List Price vs. Peak: - 5.6%

  • …

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Is Now the Best Time to Buy in 2024?

Real Estate Showing Activity

Fall is typically a quiet period for real estate but as we transition into this fall, we could see a shift in the market. Historically, home tours peak in the spring, but with interest rates set to drop in the coming months, experts are predicting we might see buyers and sellers act sooner. This year could bring a unique inversion with buyers actively shopping as mortgage rates hit their lowest levels since May 2023.

  • The average 30-year mortgage rate hit a 52-week low today, at 6.27%.

  • Buyer traffic is down -1.3% compared to the first week of the year, according to ShowingTime®.

  • New Inventory: 103 single-family homes have been listed in Westchester since 9/1. In…

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Rare Townhouse For Sale in The Lofts at City Center

The Lofts at City Center in White Plains

Discover unparalleled living in this custom 3,512 sq ft, 4-bedroom, 4.5-bath corner townhouse at The Loft's at City Center in downtown White Plains. Enjoy a sunken living room, renovated kitchen with Quartz countertops, a luxurious primary suite, hardwood floors, and elevator access. Top amenities include a rooftop pool, fitness center, concierge, and proximity to shops and transportation.  Read More

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Single-Family Production Up; Multi-Family Down

Single-family home construction surged in the second quarter of 2024, driven by a shortage of resale homes and strong demand, according to The National Association of Home Builders. Meanwhile, multifamily construction dropped due to financing challenges and high inventory. Suburban and less urban areas led single-family permit growth, while multifamily projects declined across all regions. Additional findings:

  • Single-family permits rose in all regions (+17.6%).

  • Telework trends and demand for affordable areas supported growth.

  • Second home construction increased significantly over the past decade.

Ralph’s Take

This is a positive…

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Back-to-School: Home Values in Your District 

As kids head back to school, it's an ideal time to examine local real estate values within each school district. School quality plays a crucial role in home buying decisions, often driving up demand and property prices in top-rated districts.


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Mortgage Watch 

Since reaching a high of 7.52% in April, the average 30-year fixed mortgage rate has continued to drop. Today’s rate is a new 52-week low, at 6.27%.

Source: Mortgage News Daily

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.


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The "Mortgage Rate Lock-In Effect”

A recent Redfin article delved into the "mortgage rate lock-in effect”, where homeowners are reluctant to sell their homes due to their advantageous low mortgage rates - which is intensifying the housing shortage. As we mentioned in July, 86% of mortgages have an interest rate below 6%, but that has been gradually decreasing over the past two years (93% in 2022, 91% in 2023, 86% this year).

Current percentage of mortgages with:

  • Rates Below 6%: 85.7% (down from 92.8% in 2022)

  • Rates Below 5%: 76.1% (down from 85.6% in 2022) 

  • Rates Below 4%: 57.4% (down from 65.3% in 2022) 

  • Rates Below 3%: 22% (down from 24.7% in 2022)

Ralph’s Take

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