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        <title>Westchester County NY Real Estate Blog</title>
        <link>https://www.ragette.com/blog/2024-11/</link>
        <description>Westchester County NY Real Estate Blog featuring Westchester Real Estate News, Market Trends, Community Information, and more. #blog-headings#</description>
<item>
    <guid>https://www.ragette.com/blog/nar-settlement-approved-what-comes-next.html</guid>
    <link>https://www.ragette.com/blog/nar-settlement-approved-what-comes-next.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>NAR's Settlement Approved: What Comes Next?</title>
    <description> <![CDATA[ 


NAR's Settlement Approved: What Comes Next?









The proposed commission settlement by the National Association of REALTORS (NAR) was approved on Tuesday; however, the U.S. Department of Justice (DOJ) has expressed concerns about certain provisions, particularly the mandatory buyer representation agreements. The DOJ warns that these agreements could limit competition among brokers, indicating that further scrutiny and potential adjustments may occur. As the real estate industry adapts to these changes, both buyers and sellers should stay informed of the evolving landscape.






Ralph’s Take






Expect more changes ahead. While buyer representation agreements are intended to serve the best interests of everyone involved, I completely understand the public's hesitation to sign a broker agreement before even touring a home. Instead of making these agreements an immediate requirement, brokers should have the opportunity to educate their clients on their value without creating pressure to sign upfront. This approach would not only respect consumers’ right to make informed decisions but also foster stronger, more transparent relationships between brokers and buyers — ultimately benefiting everyone involved.






In the coming weeks, I’ll delve deeper into the changes from the settlement and share my thoughts on how the industry as a whole has misinterpreted its outcome.







 ]]> </description>
    <pubDate>Fri, 29 Nov 2024 07:41:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/is-wall-street-buying-all-the-homes.html</guid>
    <link>https://www.ragette.com/blog/is-wall-street-buying-all-the-homes.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Is Wall Street Buying All the Homes?</title>
    <description> <![CDATA[ 


Visual of the Week 









Is Wall Street Buying All the Homes?






Here’s the truth: investors only bought about 17 of homes sold in Q2. That’s down from the 20 high just a few years ago. And on top of that, most investors aren’t big corporations at all. They’re everyday people like your neighbors who just happen to own a second home or rental property.







 ]]> </description>
    <pubDate>Wed, 27 Nov 2024 10:04:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/new-home-construction-sending-mixed-signals.html</guid>
    <link>https://www.ragette.com/blog/new-home-construction-sending-mixed-signals.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>New Home Construction Sending Mixed Signals</title>
    <description> <![CDATA[ 


New Home Construction Sending Mixed Signals









October's new home construction data presents a mixed perspective on single-family home building. While home completions rose 16.8 year-over-year, housing starts and permits declined, signaling reduced future inventory. Building permits dropped 0.6 from September and 7.7 from last year, while housing starts fell 3.1 month-over-month and 4.0 annually.






Ralph’s Take






The increase in home completions is a promising sign, offering some relief to current supply pressures. However, the drop in housing starts and permits raise concerns about a slowdown in future inventory, potentially worsening long-term housing shortages if left unaddressed. The National Association of Home Builders (NAHB) is confident that significant regulatory relief may be on the horizon, which could boost the construction of homes and apartments.







 ]]> </description>
    <pubDate>Tue, 26 Nov 2024 07:00:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/2025-sneak-peek-housing-sales-to-rebound.html</guid>
    <link>https://www.ragette.com/blog/2025-sneak-peek-housing-sales-to-rebound.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>2025 Sneak Peek: Housing Sales to Rebound?</title>
    <description> <![CDATA[ 


2025 Sneak Peek: Housing Sales to Rebound?









As 2024 comes to a finish, the year is set to close with around 4 million transactions — our lowest level since the 2008 financial crisis. For additional perspective, annual home sales over the past 20 years have averaged 5.15 million, peaking at 7 million in 2005. This year's decline was driven by higher mortgage rates, potential sellers holding off and limiting inventory, the Presidential Election, and affordability challenges for buyers. As housing forecasts for 2025 begin to emerge, the chart above highlights some of the current predictions for next year.






Ralph’s Take






Most experts anticipate roughly a 5 growth in home sales next year, though this remains below historical norms. While repeat buyers have shown hesitancy due to higher mortgage rates, life events and changes will eventually drive activity back into the market. The ongoing challenge of limited inventory defined much of 2024, but forecasts suggest an increase in active listings and sales next year.







 ]]> </description>
    <pubDate>Mon, 25 Nov 2024 09:45:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/older-buyers-are-dominating-the-market.html</guid>
    <link>https://www.ragette.com/blog/older-buyers-are-dominating-the-market.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Older Buyers Are Dominating the Market</title>
    <description> <![CDATA[ 


Older Buyers Are Dominating the Market














First-time homebuyers now represent only 24 of the market, a historic low compared to 32 last year, according to the newly released 2024 Profile of Home Buyers and Sellers report. Additionally, the average age of homebuyers has reached an all-time high of 59, up from 49 in 2023. First-time buyers are now, on average, 38 years old (up from 35), while repeat buyers are averaging 61 years (up from 58). The report covers transactions from July 2023 to June 2024. Key insights include:










90 of sellers used a real estate agent (up from 89)






17 of buyers purchased a multigenerational home (all-time high)






Median down payment: First-time: 9, Repeat: 23 (Overall 18)






26 of buyers paid cash for their home (all-time high)






Average seller age: 63 (all-time high)










Ralph’s Take






This year's data underscores the widening income gap between first-time and repeat buyers, with new buyers now needing significantly higher incomes to enter the market. As a result, older buyers are making up an increasingly larger share of the market. The baby boomer generation owns about 38 of the homes in America.







 ]]> </description>
    <pubDate>Fri, 22 Nov 2024 09:57:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/who-doesnt-love-a-stunning-curved-staircase.html</guid>
    <link>https://www.ragette.com/blog/who-doesnt-love-a-stunning-curved-staircase.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Who Doesn’t Love a Stunning, Curved, Staircase?</title>
    <description> <![CDATA[ 


Visual of the Week 









Who Doesn’t Love a Stunning, Curved, Staircase?






This sweeping staircase is one of the elegant features of Skyline Haven in Rye Brook. This newly built, one-of-a-kind 4,950 sq. ft. residence is thoughtfully crafted with high-end finishes and meticulous attention to detail, providing a sanctuary of sophistication and comfort. Read more







 ]]> </description>
    <pubDate>Wed, 20 Nov 2024 09:55:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/nar-chief-economist-forecasts-9-bump-in-home-sales.html</guid>
    <link>https://www.ragette.com/blog/nar-chief-economist-forecasts-9-bump-in-home-sales.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>NAR Chief Economist Forecasts 9 Bump in Home Sales</title>
    <description> <![CDATA[ 


NAR Chief Economist Forecasts 9 Bump in Home Sales









At the National Association of Realtors® (NAR) NXT conference, Chief Economist Lawrence Yun projected a 9 increase in existing home sales for 2025, followed by a 13 rise in 2026. He also anticipates new home sales to grow by 11 in 2025 and 8 in 2026. Yun attributes these forecasts to expected stabilization of mortgage rates around 6, ongoing job market growth, and an increase in housing inventory compared to the past five years. Additional points:










Household equity at a record high






Expect 6 to 8 interest rate cuts






Mortgage rates to stabilize between 5.5 and 6.5










Ralph’s Take






While Yun’s forecasts are optimistic, I hold a little skepticism. At last year’s event, he projected a 13 increase in existing home sales for this year, anticipating declining inflation and mortgage rates hovering around 6 by spring. Instead, inflation surpassed expectations, pushing mortgage rates higher through March and April, peaking at 7.22 in May. While I’m naturally an optimist, and I remain hopeful for a more balanced market next year, I’ll be closely watching interest rates, inventory, and demand to see how they evolve.







 ]]> </description>
    <pubDate>Tue, 19 Nov 2024 08:51:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/election-aftermath-1-in-5-plan-to-move.html</guid>
    <link>https://www.ragette.com/blog/election-aftermath-1-in-5-plan-to-move.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Election Aftermath: 1 in 5 Plan to Move</title>
    <description> <![CDATA[ 


Election Aftermath: 1 in 5 Plan to Move









22 of U.S. residents are more likely to move now that the election is over, according to Redfin. Among these individuals, 36 are considering relocating to another country, while 26 are contemplating a move to a different state. Conversely, 21 of respondents indicated they are less likely to move post-election. Additionally, a survey conducted in October, found that nearly 25 of first-time homebuyers were waiting until after the election to resume or start their search.






Ralph’s Take






The survey, conducted last Thursday and Friday during a time of heightened emotions across the political spectrum, revealed that about 1 in 5 respondents considering a move said the election results increased their likelihood of buying a home. This aligns with historical trends, as the real estate market often experiences a &quot; Bounce-Back Effect &quot; following the conclusion of a presidential election.







 ]]> </description>
    <pubDate>Mon, 18 Nov 2024 08:48:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/nyc-council-passes-broker-fee-bill.html</guid>
    <link>https://www.ragette.com/blog/nyc-council-passes-broker-fee-bill.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>NYC Council Passes ‘Broker Fee Bill’</title>
    <description> <![CDATA[ 


NYC Council Passes ‘Broker Fee Bill’









The New York City Council has passed the Fairness in Apartment Rentals (FARE) Act, shifting the responsibility of paying broker fees from tenants to landlords. The legislation, approved by a 42-8 vote, aims to alleviate the financial burden on renters by prohibiting brokers from charging fees to tenants when representing landlords exclusively. The bill is set to take effect 180 days after passage, pending any veto from Mayor Eric Adams.










The Real Estate Board of New York, the New York Association of REALTORS®, and The Hudson Gateway Association of REALTORS® have strongly opposed the bill.






The FARE Act does not affect rental policy in Westchester County.










Ralph’s Take






Shifting broker fees to landlords may result in higher rents, as landlords could pass the costs into monthly payments. There are also concerns that the bill could reduce access to rental listings. Prior to the vote, Mayor Adams acknowledged the city was seeking a compromise. I believe brokers should collect fees transparently and allow open negotiation among all parties involved.







 ]]> </description>
    <pubDate>Fri, 15 Nov 2024 08:45:00 -0500</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/todays-housing-shortfall.html</guid>
    <link>https://www.ragette.com/blog/todays-housing-shortfall.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Today’s Housing Shortfall</title>
    <description> <![CDATA[ 


Visual of the Week 









Today’s Housing Shortfall






Real estate economists estimate that the market is short by about three million homes — a classic case of demand outpacing supply. While most homeowners are holding onto favorable sub-6 mortgage rates, making new listings scarce, interested buyers are taking creative steps to stay competitive. Many buyers are using strategies like escalation clauses and partial appraisal waivers, acknowledging the challenge of finding the right home amid high prices and rising costs.







 ]]> </description>
    <pubDate>Thu, 14 Nov 2024 06:17:00 -0500</pubDate>
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