Westchester County NY Real Estate Blog - December, 2024

Making Sense of the Appraisal Process

Making Sense of the Appraisal Process

The National Association of Realtors® (NAR) just released a consumer guide called “The Appraisal Process." It provides a comprehensive overview of home appraisals, detailing their purpose, the steps involved, and the rights of consumers during this phase. It also highlights the role of appraisals in determining the fair market value of a property and explains the factors that appraisers consider during evaluations. Key topics include:

• What is an appraisal?

• Do I have to get an appraisal?

• What does an appraiser look at?

• What if the appraised value is different from the purchase price?

• Can I request that an appraiser correct or update the…

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The Resilience of Luxury Real Estate

The Resilience of Luxury Real Estate

The luxury housing market has shown significant growth in 2024, diverging sharply from the broader housing market, which faces stagnation due to high mortgage rates. According to HousingWire, homes priced at $1 million or higher saw a 5.2% sales increase and a 14.2% median price rise, compared to a 12.9% drop in overall home sales. In addition:

• Nearly half of luxury sales in Q1 2024 were cash transactions.

• The S&P 500 and Dow Jones rose by 26.9% and 17.9%, enhancing buyers' wealth.

• $31 trillion in generational wealth transfers are expected over the next decade.

Ralph’s Take

Affluent buyers, often paying in cash, remain largely unaffected by rising…

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The Pandemic Buyer Ready to Drive 2025

The Pandemic Buyer Ready to Drive 2025

Younger Americans who purchased homes during the COVID-19 pandemic are expected to be the primary home sellers in 2025 according to a Bright MLS survey. These homeowners, particularly those in their 30s and 40s, are motivated by family and career changes, despite current mortgage rates averaging above 6%. Many secured mortgages with interest rates below 4% during the pandemic and have accumulated significant home equity due to a 37% increase in national median list prices over the past five years. In contrast, only about 6% of homeowners aged 60 and above plan to sell in 2025, with the majority owning their homes outright and expressing little interest in moving.

Ralph’s Take

…

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Decor Trends Disappearing Next Year

Decor Trends Disappearing Next Year

When were teal-colored rugs cool?

Here are the five home decor trends expected to fade in 2025, according to Elle Decor. Key trends on their way out include all-white kitchens, overuse of open shelving, and industrial-style interiors. Additionally, minimalistic and starkly modern styles are being replaced by cozier, layered designs that prioritize warmth and personality. Additional points:

• Maximalism shifts to designs emphasizing craftsmanship and storytelling.

• Bold, colorful, and authentic designs replace neutral tones.

• Home offices give way to creative spaces like art studios.

• Modern, functional kitchens are replacing rustic, nostalgic styles.

• …

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Top 10 States Gaining and Losing Residents

Top 10 States Gaining and Losing Residents

With high home prices and rising interest rates dominating the 2024 housing market, many homeowners stayed put. For those who moved, their destinations were surprising.  Atlas Van Lines' 2024 Migration Patterns Study analyzed nationwide moving trends between Nov. 1, 2023, and Oct. 31, 2024. By tracking mover shipments, states were categorized as “outbound” (more people leaving), “inbound” (more people arriving), or “balanced” (nearly even inflow and outflow). Here’s what they found:

Top Inbound States

1. Arkansas

2. Rhode Island

3. North Carolina

4. Maine

5. New Hampshire

6. Montana

7. Washington

8. Arkansas

9. Florida

10. …

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Introducing "The Lighthaus" - 162 Drisler Avenue, White Plains

Introducing "The Lighthaus"

Welcome to "The Lighthaus," a stunningly reimagined mid-century modern ranch in Worthington Estates. Designed by architect Nicolas Faustini and inspired by the visionary James Turrell, this home is a masterpiece of light and modern design. Featuring 6 skylights, a solar tube, and an expansive open-concept layout, the space is bathed in natural light. The kitchen boasts a 129" island, Monogram appliances, gunmetal black sinks, and custom finishes. The luxurious primary suite (created by combining two original bedrooms) has been designed with comfort and functionality, offering a curbless walk-in shower, soaking tub, and double French door closets with built-in lighting. Energy-efficient upgrades include a geothermal HVAC…

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Housing Market Gains Momentum in 2024’s Final Push

Housing Market Gains Momentum in 2024’s Final Push

Redfin’s Homebuyer Demand Index is sitting near its highest level since September 2023. The index, which tracks seasonally adjusted metrics like tours and other services provided by Redfin agents, has risen 7% compared to the same period last year. Meanwhile, mortgage-purchase applications have risen 17% month-over-month, while pending sales are up 6.5% year-over-year.

Ralph’s Take

This comes as no surprise, as many buyers had postponed making significant decisions until after the election, resulting in a post-election surge in activities like property tours — a trend that persists. At the same time, buyers are adjusting to current mortgage rates, recognizing that a…

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Today’s mortgage debt doesn’t mean a housing bubble is brewing

Visual of the Week

Today’s mortgage debt doesn’t mean a housing bubble is brewing.

Homeowners have built up record equity, and it’s nearly triple the amount of mortgage debt. This extra cushion gives homeowners more security, making the market much more stable than it was in 2008.

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October's 3.4% Growth Breaks Three-Year Sales Slump

October's 3.4% Growth Breaks Three-Year Sales Slump

In October, existing-home sales in the U.S. increased by 3.4% from the previous month, reaching a seasonally adjusted annual rate of 3.96 million. This marks a 2.9% rise compared to October 2023 — the first annual gain since July 2021. The National Association of Realtors (NAR) attributes this uptick to growing inventory and sustained economic growth, suggesting a potential end to the downturn in home sales. Additionally:

• Regional Growth: All U.S. regions saw sales increases.

• Inventory Levels: Higher sales are linked to increased housing inventory.

• Economic Factors: Job growth and economic stability drive housing demand.

• Mortgage Rates: High rates…

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First Comes Homeownership… Then Comes Marriage

First Comes Homeownership… Then Comes Marriage

A growing number of couples are prioritizing homeownership over marriage, seeing it as a greater commitment and a foundation for financial stability, according to Realtor.com. The trend reflects shifting societal norms and rising housing costs, with unmarried couples making up more than 11% of U.S. home sales in 2023, a significant increase from previous decades. Factors like rising ages for marriage and homeownership, along with financial benefits of owning a home, are driving this change.

Ralph’s Take

The growing trend of prioritizing homeownership over marriage reflects a shift toward financial stability and investment over traditional milestones. Homeownership offers…

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