Unexpected Costs for New Homeowners

A recent analysis by Real Estate Witch reveals that 81% of homeowner expenses are higher than anticipated, with 69% expressing regrets related to those unforeseen costs. Nearly half of homeowners (46%) say they did not accurately estimate the cost of repairs and improvements before buying. The survey also exposes how little many buyers may know about the true cost of homeownership prior to their purchase. Here’s a breakdown:

Ralph’s Take

Homeownership is a long-term commitment, so it’s crucial to understand as many costs as possible up front. Before signing a purchase contract, I recommend your buyer’s agent:

  • Request the most recent utility and landscaping…

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Home Prices Are Usually Lower in the Off Season

Why wait for spring? Here’s why buying now has its perks.

Many buyers think spring is the best time to move, but here’s the truth: winter can offer some big advantages. With fewer buyers in the market at this time of year, home prices tend to be at their lowest point just before the spring competition heats things up. Why pay more later? Buying a home this winter could work in your favor. Let’s connect

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How Much Does It REALLY Cost to Build a House?

The National Association of Home Builders (NAHB) just released its 2024 Cost of Construction Survey, showing that construction expenses made up 64.4% of the average newly built single-family home's sales price — an increase from 60.8% in 2022. The average construction cost reached $428,215, or $162 per square foot, while builder profit accounted for 11% of the total price. Based on responses from 41 builders, the study details cost allocations across site work, foundations, framing, major systems, interior finishes, and final steps.

  • Average sales price of new construction was $665,298

  • Framing costs (including the roof) accounted for 11.6%

  • Excavation costs…

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Westchester County Home Insurance up 57.1% from 2020

Home Insurance Premiums by County Since 2020

California’s battle with recent wildfires has resulted in the deconstruction of more than 57,000 acres and 16,000 structures, estimating $35 – $45 billion with insured losses. Before the fires began, insurance non-renewal rates had been climbing nationwide, with Florida bearing the brunt — home to 9 of the 15 counties experiencing the largest premium increases between 2020 and 2023, according to ResiClub. Increasing disaster risks, combined with pandemic-driven spikes in housing and construction costs, have pushed insurance premiums and repair expenses higher — and Westchester County is also feeling the impact. Here’s how:

  • 2023 Non-renewal rate: 0.54%

  • Median…

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