Westchester County NY Real Estate Blog - Ralph Ragette Jr

NAR Chief Economist Forecasts 9% Bump in Home Sales

NAR Chief Economist Forecasts 9% Bump in Home Sales

At the National Association of Realtors® (NAR) NXT conference, Chief Economist Lawrence Yun projected a 9% increase in existing home sales for 2025, followed by a 13% rise in 2026. He also anticipates new home sales to grow by 11% in 2025 and 8% in 2026. Yun attributes these forecasts to expected stabilization of mortgage rates around 6%, ongoing job market growth, and an increase in housing inventory compared to the past five years. Additional points:

• Household equity at a record high

• Expect 6 to 8 interest rate cuts

• Mortgage rates to stabilize between 5.5% and 6.5%

Ralph’s Take

While Yun’s forecasts are optimistic, I hold a little…

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Election Aftermath: 1 in 5 Plan to Move

Election Aftermath: 1 in 5 Plan to Move

22% of U.S. residents are more likely to move now that the election is over, according to Redfin. Among these individuals, 36% are considering relocating to another country, while 26% are contemplating a move to a different state. Conversely, 21% of respondents indicated they are less likely to move post-election. Additionally, a survey conducted in October, found that nearly 25% of first-time homebuyers were waiting until after the election to resume or start their search.

Ralph’s Take

The survey, conducted last Thursday and Friday during a time of heightened emotions across the political spectrum, revealed that about 1 in 5 respondents considering a move said the election results…

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NYC Council Passes ‘Broker Fee Bill’

NYC Council Passes ‘Broker Fee Bill’

The New York City Council has passed the Fairness in Apartment Rentals (FARE) Act, shifting the responsibility of paying broker fees from tenants to landlords. The legislation, approved by a 42-8 vote, aims to alleviate the financial burden on renters by prohibiting brokers from charging fees to tenants when representing landlords exclusively. The bill is set to take effect 180 days after passage, pending any veto from Mayor Eric Adams.

• The Real Estate Board of New York, the New York Association of REALTORS®, and The Hudson Gateway Association of REALTORS® have strongly opposed the bill.

• The FARE Act does not affect rental policy in Westchester County.

Ralph’s…

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Today’s Housing Shortfall

Visual of the Week 

Today’s Housing Shortfall

Real estate economists estimate that the market is short by about three million homes — a classic case of demand outpacing supply. While most homeowners are holding onto favorable sub-6% mortgage rates, making new listings scarce, interested buyers are taking creative steps to stay competitive. Many buyers are using strategies like escalation clauses and partial appraisal waivers, acknowledging the challenge of finding the right home amid high prices and rising costs.

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Trump’s Housing Agenda: Unclear

Trump’s Housing Agenda: Unclear

Donald Trump’s presidential win is already impacting the mortgage market. Concerns over tax changes and tariffs have fueled inflation fears and pushed up the 10-year Treasury yield, leading to higher mortgage rates. Analysts anticipate that Trump’s administration will encourage freer markets, reduced oversight, with potential plans to privatize Fannie Mae and Freddie Mac. The Mortgage Bankers Association has expressed optimism, expecting reduced regulatory burdens and lower costs for the mortgage industry over the next four years.

Ralph’s Take

There’s much to consider for housing under the new Trump administration, and with policy details still unfolding, mortgage rates are likely to…

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Are Townhouses the New American Dream?

Are Townhouses the New American Dream?

The Willows in Somers

While rising interest rates and higher home prices have created additional barriers to homeownership, the primary issue remains a shortage of homes. In response, developers are ramping up construction, with national single-family home building spiking by 16% in September. What if the answer isn’t simply building more homes, but building smaller, more efficient ones? Enter the townhouse — a growing trend that may just be the new American dream, according to Realtor.com. Additional reasons townhouse demand is on the rise:

• Affordability

  Townhouses are generally more affordable than single-family homes.

• Lower Maintenance

  Many townhouses offer…

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Reader Q&A : Did you ever have a paranormal experience during a house showing?

Reader Q&A 

Question: Your Halloween newsletter was a fun read. Did you ever have a paranormal experience during a house showing?

Answer: I think so — I’ve felt uneasy in homes before, but one tour stands out.

The home was a short sale with a lot of deferred maintenance and the lockbox was on a side door. Inside the side entrance was a small dog barking persistently into the house, paying us no attention.

Inside, a shattered glass door led us through the dining room and into the kitchen, where the dog still stood by the side door, keeping his distance and barking into the empty rooms. That’s when I noticed a cross over each doorway, a bottle of holy water on the counter, and above it, a picture of the Last…

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The Presidential Election ‘Bounce Back Effect‘

The Presidential Election ‘Bounce Back Effect‘

Each year, home sales naturally ease up a bit in the fall but during an election year, the slowdown tends to be a bit more pronounced. This year, nearly 23% of first-time buyers are hitting pause until after the election, likely waiting for a clearer view of what’s ahead.

Historical Market Responses:

Home Sales: Home sales typically rebound quickly. With the political uncertainties in the rearview, both buyers and sellers regain confidence, fueling a more active market. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) show that home sales increased the year following 9 of the past 11 presidential elections — a…

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Who You Gonna Call? Bill Murray's Former Home Listed for Sale

Who You Gonna Call? Bill Murray's Former Home Listed for Sale

Bill Murray's former home in Snedens Landing

Affectionately known as "The Yellow House," the main residence was built in the 1980s under Bill Murray's vision, crafted by the award-winning firm Shope Reno Wharton. Designed to harmonize with the original yellow barn on the property, the architects masterfully incorporated its elements into a 5,177 sq. ft. modern masterpiece. The estate also includes a detached two-car garage with an office/studio above, blending timeless 19th-century charm with contemporary elegance.

It once contained an iconic feature, a fireman's pole from the Hook & Ladder Company 8 firehouse in TriBeCa, famously featured in the 1984…

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Dare to Build on Buckout Road?

Dare to Build on Buckout Road? 

Seven acres of land are available for sale on Buckout Road, which is infamous for its eerie reputation. Stories of flesh-eating albino clans, witch covens, and the notorious cannibalistic serial killer Albert Fish have cemented its place as one of the world's top four spookiest roads. Its chilling legacy even inspired a film, Buckout Road, featuring Danny Glover and Colm Feore, that brought these terrifying tales to the big screen.  Read More

Interested in touring? Let’s go before dusk! 

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