It’s Getting Easier to Qualify for a Mortgage

It’s Getting Easier to Qualify for a Mortgage

The Mortgage Credit Availability Index is rising, meaning more people are able to secure financing for a home loan – even with lower credit scores or smaller down payments. In fact, it’s easier to get a loan now than it’s been in almost three years. Lenders are trying to boost activity in the housing market, and that gives you an opportunity. You may qualify today, even if you didn’t a few months ago.

130 Views, 0 Comments

Real Estate Heatwave: 9% Spike in Mortgage Applications

Real Estate Heatwave: 9% Spike in Mortgage Applications

Last week, I highlighted the recent dip in mortgage rates as we headed into the summer market. This week, the Mortgage Bankers Association (MBA) confirmed what we suspected: even a modest drop is already making waves (how’s that for a summer pun?). Their latest report shows purchase applications jumped 9% — putting them 25% higher than this time last year. Here are a few more key takeaways:

• The 30-year fixed rate dipped last week to 6.77%, the lowest in 3 months.

• Purchase applications increased to their highest level since 2/2023.

• Refinance applications rose 9% weekly and were up 56% YOY.

• Pending home sales hit…

138 Views, 0 Comments

Westchester Market Shows Strength Amid Supply Constraints

Westchester Market Shows Strength Amid Supply Constraints

The Westchester County real estate market showed remarkable strength in Q2 2025, holding steady despite (or perhaps because of) limited inventory. The median home price reached $1,075,000, up 11% year-over-year, while homes continued to sell quickly, averaging just 34 days on the market. Buyers remain active, and well-positioned homes are still commanding attention. Here are the numbers:

Ralph’s Take

Buyer demand continues to outpace housing supply across nearly every category. Properties are selling just as quickly as they did last year, but at higher price points across the board. With the exception of condominiums, inventory in Q2 was down…

123 Views, 0 Comments

The Equity Effect: How Homeowners Use Gains to Upsize, Invest, or Refinance

The Equity Effect: How Homeowners Use Gains to Upsize, Invest, or Refinance

If you own a home in Westchester County chances are you’re sitting on a historic amount of equity. Since 1995, New York property values have surged by an incredible 284%, and in Westchester County, values jumped more than 30.8% just since March 2020. According to the June 2025 Mortgage Monitor from ICE Mortgage Technology, U.S. homeowners are accessing their equity at the highest levels since 2008. Here’s where that equity might be going:

• Helping Families Buy Homes: Bank of America reports that 49% of Gen Z buyers received help from family.

• Home Improvements: Many homeowners are choosing to renovate rather than move due to…

310 Views, 0 Comments

Revolutionary Roots: Historic Farmhouse Hits the Market

Revolutionary Roots: Historic Farmhouse Hits the Market

Timeless 1776 Farmhouse – First Time Offered in Over 50 Years

For the true historic home enthusiast, this 1776 center-chimney farmhouse is a rare find. Meticulously preserved, it features extraordinary wide-board floors, exposed beams, and three fireplaces off a massive central chimney — all with impressively high ceilings for the era. Click Here for Listing Details

85 Views, 0 Comments

The Mortgage Rate Impact on the Summer Market

The Mortgage Rate Impact on the Summer Market

Mortgage rates are slowly trending downward at just the right time. As of this week, conforming loans sit at 6.75%, FHA loans at 6.27%, and jumbo loans at 6.85% — the lowest levels we’ve seen since early April. While these aren’t dramatic drops, they’re meaningful. Just a few months ago, rates hovered stubbornly above 7%. Now, as the summer buying season kicks into gear, buyers are starting to reengage. According to the Mortgage Bankers Association, mortgage applications ticked up 1.1% last week, early signs that buyers are taking notice.

• Purchase Applications Up: Up 10% week-over-week and 16% higher than 2024.

• Refinances Jump: Up 7% from the prior week…

249 Views, 0 Comments

Mapped: The Income Required to Buy a Home in Every U.S. State

Mapped: The Income Required to Buy a Home in Every U.S. State

Two recent reports tackled the growing income hurdle facing homebuyers, and while their numbers differ slightly, their conclusions are similar. Bankrate estimates that purchasing a median-priced home in the U.S. (roughly $418,500) requires a household income of about $116,986, up nearly 50% from $78,236 in early 2020. Realtor.com puts the figure at $114,000 and highlights a dramatic shift at the state level: over 30 states (plus D.C.) now demand six-figure incomes to afford a typical home, a steep jump from just six states five years ago.

Exploring key aspects of housing affordability:

• Stagnant Wage Growth: Income growth has not kept pace, widening the gap…

393 Views, 0 Comments

Accepted Offer — Why Is That Home Still Listed Online?

Accepted Offer — Why Is That Home Still Listed Online?

If you're house-hunting in Westchester County and spot a home listed as “available,” it’s natural to assume it’s still up for grabs — but here’s where New York real estate begins to get a bit tricky. Unlike many other states, New York prohibits real estate brokers from drafting contracts. That means there’s a period of time between when a seller says “yes” to an offer and when a contract is drafted by the attorneys for both sides to sign. During this interim, the offer is considered “accepted”, but that is essentially a handshake deal. Because an “accepted offer” is only a verbal agreement, both sides can still walk away for any reason. As a result, most sellers continue to show…

752 Views, 0 Comments

May 2025 Housing Market Report

The Hudson Gateway Association of REALTORS released its May 2025 housing market report this week. Westchester County remains the region’s most competitive market.

Here are the highlights:

• Median Sale Price:  $999,000 for single-family homes (2% increase from last year).

• Closed Sales:  Up 7.4% compared to May 2024, indicating strong demand.

• Market Supply:  2.8 months (+3.7%) - still deeply a seller’s market.

• Buyer Activity:  High demand continues, especially in entry-level and mid-tier markets where inventory is scarcest.

• Market Dynamics:  Sellers continue to benefit from tight supply, though pricing competitively and timely listing remain important to attract offers.

As we near…

776 Views, 0 Comments

The Buy Now vs. Wait Calculator

The Buy Now vs. Wait Calculator

Just in time for National Homeownership Month, MGIC’s Buy Now vs. Wait Calculator gives first-time homebuyers a clear comparison of the financial impact of buying now versus waiting to save for a 20% down payment.  Waiting might lower your future mortgage payment, but rent doesn’t build equity — and there’s no guarantee rates, prices, or inventory will improve. This tool gives you an instant, detailed breakdown to help you make a confident decision.

518 Views, 0 Comments