Westchester County NY Real Estate Blog

Reader Q&A: Westchester County Home Buyers

Reader Q&A: Westchester County Home Buyers

What should I know about buying a co-op in Westchester vs. NYC? Is buying a co-op worth the hassle?

Westchester’s co-op approval process is similar to New York City’s, but a 2021 Fair Housing amendment requires Westchester co-op boards to disclose financial requirements and provide reasons for rejection. This gives buyers clarity on qualifications. While the process still includes financial scrutiny and board rules, co-ops remain an excellent, affordable path to homeownership and equity building!

How important are school districts for resale value?

School district rankings have a significant impact on home values, even for buyers without children. Homes in top-ranked districts…

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Mortgage Rates Dip as The Spring Market Approaches

Mortgage Rates Dip as The Spring Market Approaches

Harbor Island Park, Mamaroneck

The U.S. housing market is experiencing a slight easing in mortgage rates, offering a glimmer of hope for prospective buyers as the spring selling season approaches. Today, the average 30-year fixed mortgage rate hit a new low for 2025, dropping to 6.70%. Additionally,

• Refinance activity hit its fastest pace since October 2024.

• Mortgage applications increased 9% week-over-week, up 2% from last year.

• Property tours are up 25% from the start of the year, according to Redfin.

Ralph’s Take

Mortgage rates have shown stability, a promising sign for both buyers and sellers as we head into the spring…

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Get Rewarded for Renting

Get Rewarded for Renting

Rocket Mortgage has introduced a new initiative, Rocket Rent Rewards, aimed at assisting renters in transitioning to homeownership by offering up to $5,000 toward closing costs. This program allows eligible homebuyers to receive a credit equivalent to 10% of their total rent payments over the past year when they secure a mortgage through Rocket Mortgage.

• Eligibility: Renters who have consistently made payments over the last 12 months finance a home through Rocket Mortgage.

• Benefit Calculation: 10% of the total rent paid in the previous year, up to $5,000.

Ralph’s Take

This is a strategic way to make homeownership a little more accessible for renters. Consistently…

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Croton-on-Hudson enacts “Good Cause Eviction”

Croton-on-Hudson enacts “Good Cause Eviction”

The Village of Croton-on-Hudson has adopted a "Good Cause Eviction" law aimed at strengthening tenant rights. This legislation prohibits landlords from evicting tenants or refusing lease renewals without valid reasons, such as non-payment of rent, lease violations, property damage, or illegal activity. Additionally, the law caps annual rent increases at 10% or 5% plus the Consumer Price Index (CPI) rate, whichever is lower. For example, with a 2024 CPI of 3.3%, rent hikes would be limited to 8.3%.

Ralph’s Take

New York already enforces some of the nation’s strictest eviction protections. While protecting tenants is important, there are concerns that the policy will…

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Gen Z Homeowners? Believe It. Here’s How:

Gen Z Homeowners? Believe It. Here’s How:

Generation Z is actively pursuing homeownership, and they are employing innovative strategies to navigate the financial challenges and a competitive housing market. Defined as those born in the years between 1997 and 2012, they comprise only about 3% of current home buyers, but Gen Z’ers are entering the market earlier than previous generations. Notably, 27.8% of 24-year-old Gen Z’ers own homes, surpassing the 24.5% of millennials and 23.5% of Gen X’ers who owned homes at the same age. Here’s how they’re doing it:

• Rent-vesting: Buying in less expensive areas while renting in cities, aka equity growth without relocation.

• House Hacking: Purchasing properties with multiple…

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MLS vs Off-MLS: The Truth About Selling Prices

MLS vs Off-MLS: The Truth About Selling Prices

Multiple Listing Service (MLS): A database used by real estate professionals to share information about properties for sale. It allows brokers and agents to see up-to-date listings, including details like price, location, and property features.

Home sellers who choose not to list their properties on the Multiple Listing Service (MLS), collectively lost more than $1 billion in potential profits over the past two years, according to a Zillow report. The study indicates that properties sold off-MLS typically fetched a median loss of 1.5% nationwide, when compared to those listed on the MLS. The trend is particularly more pronounced in New York, where sellers saw a median loss of 3.7%.

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All the Single Ladies … Buying Homes!

All the Single Ladies … Buying Homes! 

Single women have steadily increased their presence in the housing market, rising from 11% of buyers in 1981 to 20% today, compared to 8% for single men. Among first-time homebuyers, the share of single buyers is more pronounced. Single women first-time buyers increased from 11% in 1985 to 24% in 2024, while single men grew from 9% to 11%.

• 1974: The first-year women were legally allowed to obtain a mortgage without a cosigner (crazy!)

• 2006: The highest share of single women buyers, 22%

• 2010: The highest share of single men buyers, 12%

Ralph’s Take

Single women are outpacing men in homeownership, driven by a strong desire for stability and…

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Where You Can Afford a Luxury Home for Your Valentine

Where You Can Afford a Luxury Home for Your Valentine

Realtor.com’s latest report breaks down the income required to afford a luxury home in every state. By analyzing the top 5% of listings and factoring in a 6.89% mortgage rate with a 20% down payment, researchers determined the minimum salary needed under the 30% income rule. Here’s what it takes to buy in the 10 priciest luxury markets:

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The “Valentine’s Day Effect” in Real Estate

The “Valentine’s Day Effect” in Real Estate

The "Valentine's Day effect" is real. Every year, the holiday sparks a surge in homebuying as couples take the next big step in their relationships. Whether it's moving in together, upgrading to a larger space, or ditching rent for a mortgage, lovebirds use the occasion as a catalyst for major financial and lifestyle decisions. Beyond romance, practical factors like skyrocketing rents and better mortgage approval odds for couples make homeownership more attractive. Plus, February is a sweet spot for buyers, with lower competition and better deals before the spring market heats up.

Ralph’s Take

Every year, Valentine’s Day sparks big decisions — couples fresh off the holiday high…

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Rent for Another Year? Consider this

Visual of the Week 

Rent for Another Year? Consider this:

Data indicates that both rent and home prices tend to increase over time. Renewing your lease may be an option, but it's likely you'll face higher rent costs than you do now. On the other hand, purchasing a home allows you to benefit from potential future price appreciation, building equity and increasing your net worth over time. Interested in exploring the cost of a starter home in our market? Let’s connect

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