Westchester County NY Real Estate Blog - Ralph Ragette Jr

Housing Market Gains Momentum in 2024’s Final Push

Housing Market Gains Momentum in 2024’s Final Push

Redfin’s Homebuyer Demand Index is sitting near its highest level since September 2023. The index, which tracks seasonally adjusted metrics like tours and other services provided by Redfin agents, has risen 7% compared to the same period last year. Meanwhile, mortgage-purchase applications have risen 17% month-over-month, while pending sales are up 6.5% year-over-year.

Ralph’s Take

This comes as no surprise, as many buyers had postponed making significant decisions until after the election, resulting in a post-election surge in activities like property tours — a trend that persists. At the same time, buyers are adjusting to current mortgage rates, recognizing that a…

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Today’s mortgage debt doesn’t mean a housing bubble is brewing

Visual of the Week

Today’s mortgage debt doesn’t mean a housing bubble is brewing.

Homeowners have built up record equity, and it’s nearly triple the amount of mortgage debt. This extra cushion gives homeowners more security, making the market much more stable than it was in 2008.

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October's 3.4% Growth Breaks Three-Year Sales Slump

October's 3.4% Growth Breaks Three-Year Sales Slump

In October, existing-home sales in the U.S. increased by 3.4% from the previous month, reaching a seasonally adjusted annual rate of 3.96 million. This marks a 2.9% rise compared to October 2023 — the first annual gain since July 2021. The National Association of Realtors (NAR) attributes this uptick to growing inventory and sustained economic growth, suggesting a potential end to the downturn in home sales. Additionally:

• Regional Growth: All U.S. regions saw sales increases.

• Inventory Levels: Higher sales are linked to increased housing inventory.

• Economic Factors: Job growth and economic stability drive housing demand.

• Mortgage Rates: High rates…

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First Comes Homeownership… Then Comes Marriage

First Comes Homeownership… Then Comes Marriage

A growing number of couples are prioritizing homeownership over marriage, seeing it as a greater commitment and a foundation for financial stability, according to Realtor.com. The trend reflects shifting societal norms and rising housing costs, with unmarried couples making up more than 11% of U.S. home sales in 2023, a significant increase from previous decades. Factors like rising ages for marriage and homeownership, along with financial benefits of owning a home, are driving this change.

Ralph’s Take

The growing trend of prioritizing homeownership over marriage reflects a shift toward financial stability and investment over traditional milestones. Homeownership offers…

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NAR's Settlement Approved: What Comes Next?

NAR's Settlement Approved: What Comes Next?

The proposed commission settlement by the National Association of REALTORS (NAR) was approved on Tuesday; however, the U.S. Department of Justice (DOJ) has expressed concerns about certain provisions, particularly the mandatory buyer representation agreements. The DOJ warns that these agreements could limit competition among brokers, indicating that further scrutiny and potential adjustments may occur. As the real estate industry adapts to these changes, both buyers and sellers should stay informed of the evolving landscape.

Ralph’s Take

Expect more changes ahead. While buyer representation agreements are intended to serve the best interests of everyone involved, I completely…

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Is Wall Street Buying All the Homes?

Visual of the Week 

Is Wall Street Buying All the Homes?

Here’s the truth: investors only bought about 17% of homes sold in Q2. That’s down from the 20% high just a few years ago. And on top of that, most investors aren’t big corporations at all. They’re everyday people like your neighbors who just happen to own a second home or rental property.

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New Home Construction Sending Mixed Signals

New Home Construction Sending Mixed Signals

October's new home construction data presents a mixed perspective on single-family home building. While home completions rose 16.8% year-over-year, housing starts and permits declined, signaling reduced future inventory. Building permits dropped 0.6% from September and 7.7% from last year, while housing starts fell 3.1% month-over-month and 4.0% annually.

Ralph’s Take

The increase in home completions is a promising sign, offering some relief to current supply pressures. However, the drop in housing starts and permits raise concerns about a slowdown in future inventory, potentially worsening long-term housing shortages if left unaddressed. The National Association of Home…

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2025 Sneak Peek: Housing Sales to Rebound?

2025 Sneak Peek: Housing Sales to Rebound?

As 2024 comes to a finish, the year is set to close with around 4 million transactions — our lowest level since the 2008 financial crisis. For additional perspective, annual home sales over the past 20 years have averaged 5.15 million, peaking at 7 million in 2005. This year's decline was driven by higher mortgage rates, potential sellers holding off and limiting inventory, the Presidential Election, and affordability challenges for buyers. As housing forecasts for 2025 begin to emerge, the chart above highlights some of the current predictions for next year.

Ralph’s Take

Most experts anticipate roughly a 5% growth in home sales next year, though this remains below historical…

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Older Buyers Are Dominating the Market

Older Buyers Are Dominating the Market

First-time homebuyers now represent only 24% of the market, a historic low compared to 32% last year, according to the newly released 2024 Profile of Home Buyers and Sellers report. Additionally, the average age of homebuyers has reached an all-time high of 59, up from 49 in 2023. First-time buyers are now, on average, 38 years old (up from 35), while repeat buyers are averaging 61 years (up from 58). The report covers transactions from July 2023 to June 2024. Key insights include:

• 90% of sellers used a real estate agent (up from 89%)

• 17% of buyers purchased a multigenerational home (all-time high)

• Median down payment: First-time: 9%, Repeat: 23% (Overall 18%)

  …

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Who Doesn’t Love a Stunning, Curved, Staircase?

Visual of the Week 

Who Doesn’t Love a Stunning, Curved, Staircase?

This sweeping staircase is one of the elegant features of Skyline Haven in Rye Brook. This newly built, one-of-a-kind 4,950 sq. ft. residence is thoughtfully crafted with high-end finishes and meticulous attention to detail, providing a sanctuary of sophistication and comfort. Read more

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