The $79,000 Question for Sellers

For homeowners considering selling their property "For Sale By Owner" (FSBO), it may seem like a good way to save on real estate commissions, but it might not be the best financial choice. Recent data shows that sellers who work with a real estate agent earn an average of $79,000 more than those who sell on their own. Agents assist with pricing, marketing, and negotiations, resulting in higher profits. Here are some additional insights:

  • Marketing Challenges: While 68% of buyers find homes through real estate agents, only 48% of FSBO sellers actively market their properties.

  • Days on Market: 48% of sellers think their home would have sold faster had they used an agent.

  • Lower…

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Mortgage Rates Rise Despite Fed Cuts

While the Federal Reserve's decisions influence the economy, their impact on long-term rates like mortgages is indirect. Following the Fed's 0.50% rate cut on September 18th, mortgage rates began to increase slightly. This week, the 30-year fixed-rate mortgage rate jumped to 6.64%, the largest one-week increase since April. Here’s why:

  • Economic Data: Better than expected housing starts, retail sales, labor figures, and the September jobs report exceeded expectations.

  • Rise in Treasury Yields: Mortgage rates are closely tied to long-term U.S. Treasury yields. As they have risen, so have mortgage rates.

  • Investor Concerns: Worries about inflation and monetary policy shifts…

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Developers Celebrate 247 North Ave.

Developers Celebrate as 247 North Ave. in New Rochelle reaches its full height. The building will include 307 residential apartments, ground-floor commercial space, and parking facilities through its 28 stories. The project received a $94 million construction loan and includes 31 affordable units for those earning 80% of the area median income. Amenities will include co-working spaces, a fitness center, and a rooftop sky lounge. LRC Construction, an affiliate of the Cappelli Organization is the general contractor for the property.

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What is My Home Worth? Part 3

In today’s edition, we’ll wrap up my three-part series on pricing a home for sale. We explored how to assess your property’s key details and how to find the right sale comps. Now, in Part 3, we’ll dive into crafting the perfect pricing strategy.

3. Developing a Pricing Strategy

Pricing is crucial in any market for attracting the right buyers. Our goal is to set an asking price that is competitive, attractive, and psychologically appealing to buyers. Here are a few strategies we use:

  • Pricing slightly below market value: This strategy works best when there’s a high demand for homes similar to yours and when you expect multiple interested buyers. However, it should be…

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Best Places to Live in Westchester

Westchester Magazine just published their annual feature, “The Best Places to Live in Westchester for 2024.” Their list is based on the following factors: safety, walkability, recreation programs, vibrant downtowns, top-rated public schools, parks and playgrounds, proximity to water, sense of community, affordability, and access to Metro-North and New York City.

Ralph’s Take

The beauty of Westchester County lies in the fact that no city, town, or village is exactly the same, offering a unique experience depending on where you look. From the picturesque river towns of Hastings-on-Hudson and Tarrytown to the bustling urban center of White Plains, every community has its own charm. Whether you’re drawn to the…

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New Listings Surge.  Is Westchester Back on Track?

The number of newly listed single-family homes in Westchester County surged by 56.8% from August to September. This increase in inventory is seen as a positive development for active homebuyers and those returning to the market, especially as mortgage rates have decreased recently. While August saw a historically low number of new listings YOY — the fewest in over a decade — the more significant trend may be the September increase, which aligns with patterns seen in pre-pandemic years.

Ralph’s Take

The key question is — how will the upward trend of new listings between August and September impact the market this month? Westchester County has typically had a significant drop in new…

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Billy Joel’s ‘MiddleSea’ Back on the Market


Billy Joel is once again seeking a buyer for his expansive Long Island estate, putting the property back on the market for $49.9 million following a five-year, multimillion-dollar renovation. Known as "MiddleSea," the 26-acre Centre Island estate boasts four homes and over 2,000 feet of private beach — an exceptional luxury on Long Island's prestigious Gold Coast. Joel acquired the estate in 2002, expanding it from its original 14 acres by adding adjacent parcels and additional waterfront lots for a combined 26 acres. Read More

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What is My Home Worth? Part 2

Accurately pricing a home is both an art and a science, and it's something I've honed over the years. Today, I'm sharing the second part of my three-part series on how I price a home for the market.

2. Gathering Comparable Sales Data

Comparable sales data is essential for accurately pricing a home because it reflects the current market conditions. We evaluate comparable properties in three key categories: Sold, Pending, and Active listings. For each category, we analyze the following data:

  • Average Price: For Sold, Pending, and Active listings.

  • List-to-Sold Price Ratio: Indicates market dynamics.

  • Days on Market: Reflects demand levels.

  • Number of Price…

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Are ‘Baby Boomers’ Creating Housing Gridlock?

A new report highlights that over half (54%) of Baby Boomer homeowners, aged 55 and older, have no plans to sell their homes, with only 15% considering selling within the next five years. The retention of properties, estimated at around 33 million, affects housing availability for younger generations, such as millennials, who are seeking to buy homes. Concerns among Boomers include 35% worried about finding a suitable home and 34% concerned about affordability.

  • Boomers own about 38% of the homes in America.

  • 85% do not plan to sell their home next year.

  • 54% do not plan on ever selling their home.

  • 66% of boomers who never owned a home regret it.

…

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Did Someone Rewind to ‘95?

 

The September Fannie Mae Economic Developments Report forecasts that existing home sales may reach a 30-year low this year, mainly due to affordability constraints and high mortgage rates. Despite a 20% increase in homes available for sale nationally, demand remains low, particularly in Sun Belt regions. Additional findings:

  • Home Sales: Existing home sales are expected to reach their lowest level since 1995.

  • Supply-Demand Imbalance: Although inventory has increased nationally, demand has not kept pace, resulting in fewer sales.

  • Economic Slowdown: Slower GDP growth and consumer spending contribute to weaker housing market conditions.

  • Future Outlook: Sales are projected to…

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