Since 2004, home values in Westchester County have seen substantial growth. If you’re a homeowner wondering if it even makes sense to move this year, you could have enough equity to buy your next home outright.
Find out your home’s equity position. Contact us today!
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In next week’s newsletter, I’ll be diving into the year-end statistics, but for now, above is a sneak peek at Westchester County’s highest and lowest sales of 2024.
Search Last Year’s Sold Listing Data Here
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The highest level of mortgages over 6% since 2016.
While mortgage rates remain significantly higher than three years ago, the pool of borrowers with lower-rate loans is steadily eroding as most new homeowners are securing loans in the 6% to 7% range. The Federal Housing Finance Agency (FHFA) reports that 73.3% of U.S. mortgage holders now enjoy interest rates below 5.0%, a drop of 12.2 percentage points from the Q1 2022 high of 85.5%.
As borrowers adjust to the new normal, opportunities for refinancing may continue to emerge. A glimpse of this occurred in September 2024 when the average 30-year fixed rate briefly dipped to 6.11%. Savvy homeowners with higher-rate loans seized that…
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Zillow’s natural language search is redefining how we house-hunt. This AI-powered feature has opened a window into what buyers are dreaming of — and it’s not all patios and garages. Since its 2023 launch, the tool has highlighted priorities ranging from the practical to the whimsical. Think “laser tag rooms,” “spooky charm,” or even requests as niche as personal bowling alleys.
The most popular search terms were “pool,” topping the list in 38 states, and “garage,” leading in 46 states. However, some buyers got creative: at least one person in 22 states searched for “haunted” homes, a shopper in Colorado looked for a property with a “roller coaster,” and someone else scoured the entire country…
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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 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.
Affluent buyers, often paying in cash, remain largely unaffected by rising…
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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.
…
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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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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
Arkansas
Rhode Island
North Carolina
Maine
New Hampshire
Montana
Washington
Arkansas
Florida
…
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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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