Visual of the Week

Share of all cash homebuyers

Two out of three homeowners have at least 50% equity in their homes. To put a more tangible number on it, CoreLogic shows the average homeowner has $311,000 worth of equity built up. That kind of net worth can go a long way if you’re trying to make a move. That’s part of the reason why the share of all-cash buyers recently reached a new high. According to an annual report from the National Association of Realtors (NAR), 26% of buyers were able to buy without a mortgage

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Ultra-Luxury: The Biggest Deals of 2024

The Hitchcock Estate for Sale. 45 Hitchcock Lane, Millbrook, New York

The Hitchcock Estate offered for sale in Millbrook. Asking $95,000,000

The ultraluxury segment of the U.S. housing market had another banner year in 2024, with seven single-family homes selling for $100 million or more — surpassing the five such sales recorded in 2023. While the record of eight $100M+ deals set in 2021 remains unbroken, this year’s activity underscores the remarkable resilience of this exclusive market. Many of 2024’s priciest transactions occurred off-market, highlighting the discretion sought by buyers and sellers at this level.

Here are the top 10 deals of 2024:

  • Malibu, CA - Undisclosed Buyer - $210M

  • Palm Beach, FL - Michael Dorrell - $150M

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Will Housing Affordability Improve?

Housing affordability in the United States experienced a slight improvement last year, marking the first positive shift in four years. A household earning the median income of $83,782 would have allocated 41.8% of their earnings toward monthly housing costs for a median-priced home, a modest decrease from 42.2% in 2023. Despite this progress, affordability remains significantly strained compared to the 30% threshold commonly deemed manageable.

Ralph’s Take

Will housing affordability improve in 2025? It’s difficult to predict, but mortgage rates are likely to play a key role. In 2024, the average mortgage rate was 6.72%, a slight dip from 6.87% in 2023. While modest, this reduction…

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Visual of the Week 

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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FHFA: 73% of Mortgages Still Under 5%

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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The Most Unique Home Searches of 2024

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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Making Sense of the Appraisal Process

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 Resilience of Luxury Real Estate

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.

Ralph’s Take

Affluent buyers, often paying in cash, remain largely unaffected by rising…

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The Pandemic Buyer Ready to Drive 2025

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.

Ralph’s Take

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