Westchester County NY Real Estate Blog - Ralph Ragette Jr

The "New York Stigmatized Property Law"

The "New York Stigmatized Property Law"

In New York State, the rule regarding disclosure of events such as murder, suicide, or hauntings is governed by what is known as the "New York Stigmatized Property Law" (New York Real Property Law Section 443-a).

No Obligation to Disclose:

• Sellers and real estate agents are not legally required to disclose if a property is stigmatized due to events like murder, suicide, or paranormal activity.

Buyer's Right to Inquire:

• Sellers must answer truthfully if directly asked by the buyer or buyer's agent. If a buyer specifically inquires about such events, the seller or their agent must respond honestly if they have knowledge of it.

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Almost Sold… Until the Chilling Truth Emerged

Almost Sold… Until the Chilling Truth Emerged 

A Connecticut real estate agent nearly sold a home without knowing it was the site of a grisly murder. Before the property went under contract, she noticed that the owner had removed the living room carpet — likely to hide bloodstains — and was always present during showings. Only when the buyer’s lawyer specifically asked did they discover the home’s dark history: the landlord had been charged with murdering her tenant after a heated eviction dispute. The client took a few days to consider but ultimately decided it didn’t feel right.

• Disclosure laws vary state by state.

• Properties involved in crimes can deter buyers and lower market value.

• Stigmatized…

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More homes just hit the market – and that doesn’t usually happen in the fall.

Visual of the Week 

More homes just hit the market – and that doesn’t usually happen in the fall.

Now might be the perfect time to buy a home. According to Lawrence Yun, Chief Economist at NAR, the current increase in available homes puts buyers in a stronger position with better pricing options. While mortgage rates are slightly higher than last month, they’re expected to dip again by year-end, improving affordability.

In Westchester, inventory typically peaks in spring and summer, and this year, the highest number of new listings came in April, although we had a nice bounce in September. Waiting for lower rates could mean fewer options later, especially as home prices continue to rise due to limited supply. If you’re…

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Luxury Home Sales Jump by Double Digits in Q3

Luxury Home Sales Jump by Double Digits in Q3

In the third quarter of 2024, luxury home sales in markets north of New York City saw significant growth, with double-digit increases in Westchester, Putnam, and Dutchess counties. The lower end of the luxury market experienced the bulk of the activity, while sales of homes priced above $5 million slowed.

Ralph’s Take

The ongoing strength of the stock market, combined with a recent decline in interest rates, offers promising signs for the…

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Could This “Magic Rate” Unlock the Market?

Could This “Magic Rate” Unlock the Market?

According to a recent analysis by John Burns Research and Consulting (JBREC), there may be a "magic" mortgage rate that could spark renewed activity in the housing market. For 12 consecutive years, mortgage rates remained below 5%, enabling many homeowners to lock in favorable terms. Currently, 86% of mortgage holders have rates under 6%. JBREC's survey suggests that the 5.5% mortgage rate represents the tipping point that could release the “ lock in effect ”. Additional findings:

• 72% of buyers would not accept a rate above 5.5%

• 22% of buyers would accept a rate higher than 6%

• 66% of consumers believe a “normal” rate is below 5.5%

• 88% of consumers believe…

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Sell or Buy First - That Was the Second Question

Sell or Buy First - That Was the Second Question

The guy on the right is one of my oldest friends, his name is Brian and we’ve known each other since 1st grade. His first question came earlier this year, when he proposed to his fiancé. Soon after they decided it was time to buy a home together in Long Island.

His next big question was to me: Should they sell or buy first?

Given the local market — we knew his home would sell quickly and the homes he would want to buy would be highly competitive — the answer was clear: Buy first.

Brian and his fiancé started to attend open houses, explore neighborhoods, and familiarizing themselves with local inventory and prices. Meanwhile, we prepared his home for sale,…

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How Much Over Ask?

How Much Over Ask? 

Last week, 14 South Dutcher Street in Irvington closed for a staggering 159% of its asking price. Initially listed in June for $850,000, the property sparked a bidding war that drove the final sale price to an impressive $1,351,888 — the highest sold percentage over asking in Westchester County this year.

Click Here for the Property Listing

It begs the question: do we think the winning buyers invoked an escalation clause? I hope so — they might have saved some money!

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Toll Brothers Invests $4.38M in Yonkers

Toll Brothers Invests $4.38M in Yonkers

Toll Brothers has purchased a 5.04-acre parcel in Yonkers, New York, for $4.38 million, aiming to develop a 28-unit residential cluster on the site. The Yonkers Planning Board approved the project, which will feature homes ranging from 2,000 to 3,000 square feet, built in pairs. The project will include a 1.07-acre open space with stormwater management, using a Planned Cluster Development (PCD) approach to preserve green space.

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The $79,000 Question for Sellers

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

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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