How the Fed Rate Cut Impacts Housing

On Wednesday, the Federal Reserve made an unexpected move by cutting its target interest rate by 0.50 percentage points (or 50 basis points). This was the first rate cut in 1,650 days. During this time, we saw:

• 11 rate increases since early 2022.

• Mortgage rates peak at nearly 8% in October 2023.

• Existing home sales plummet to 1995 levels.

• Home affordability hit a 40-year low.

This is expected to be the beginning of a rate-cutting cycle, with further reductions expected later this year and into 2025.

How the Fed Rate Cut Impacts Housing

The Federal Reserve's decision to cut interest rates is generally positive for the housing market for several reasons:

Mortgage…

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Dr. Ruth’s Lakehouse Listed for Rent

Dr. Ruth’s Lakehouse Listed for Rent

Dr. Ruth Westheimer's lake house is now available for rent. This charming 2,512-square-foot property, located right on the water, is listed for $6,500 per month. Built in 1978, the house features three bedrooms, two bathrooms, and an open living area layout. It also includes a cozy deck with a porch swing, offering a serene view of the lake, along with a patio that provides easy access to the water. Dr. Ruth lived in the home for many years prior to her passing earlier this year.  Read MoreCourtesy of

OneKey® MLS

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STAR Tax Relief on the Way

STAR Tax Relief on the Way

New York homeowners may soon benefit from tax relief checks through the School Tax Relief (STAR) program, which helps lower school tax costs. Eligible homeowners will receive the benefit through check or direct deposit through December, with most payments being distributed this month. Seniors who qualify for the Enhanced STAR program will receive a larger benefit. The amount for both tiers varies based on the homeowner’s school district.

What you need to know:

• STAR is available for owner-occupied, primary residences.

• Basic STAR: Household income not to exceed $500k.

• Enhanced STAR: Homeowner must be 65 or older with household income under $98,700 for ‘24-’25 school year.

  …

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The Cheesiest Way to Win a House?

The Cheesiest Way to Win a House?

In today’s competitive real estate market, multiple offers are almost expected, and our role as agents is to give our buyers the best possible edge in these situations. An agent in Milwaukee recently listed a house for sale and received several bids, one of which included an offer to buy the seller pizza every Friday night until the deal closed. Unfortunately, the seller accepted a higher offer, but let’s give the buyer and agent credit for thinking outside the box. I love the creativity!

Not to speak poorly of Milwaukee’s pizza game, but Sicilian pies from Dunwoodie or Sal’s, cheese pies from Joe’s or Johnny’s, or thin crust pies from Roma in Tuckahoe could have brought a different…

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This Year's Best Opportunity for Buyers

This Year's Best Opportunity for Buyers

Last week I gave local examples of why I expected this fall to be the best time to buy a home in 2024. This week Realtor.com offered their opinion that the best time to buy a home in our metro area is next week. Buyers can expect up to 37% more active listings compared to earlier in the year and potential savings of over $14,000 compared to the summer peak for a median-priced home of $445,000. Here’s their findings for the New York / New Jersey Metro Area:

• The best week to buy is Sept 15th - 21st

• Active Listings vs. Average: +14.0%

• Views per Property vs. Peak: -29.5%

• Days on Market vs. Peak: +13 Days

• Median List Price vs. Peak: - 5.6%

• …

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Is Now the Best Time to Buy in 2024?

Is Now the Best Time to Buy in 2024?

Fall is typically a quiet period for real estate but as we transition into this fall, we could see a shift in the market. Historically, home tours peak in the spring, but with interest rates set to drop in the coming months, experts are predicting we might see buyers and sellers act sooner. This year could bring a unique inversion with buyers actively shopping as mortgage rates hit their lowest levels since May 2023.

• The average 30-year mortgage rate hit a 52-week low today, at 6.27%.

• Buyer traffic is down -1.3% compared to the first week of the year, according to ShowingTime®.

• New Inventory: 103 single-family homes have been listed in Westchester since 9/1. In…

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Rare Townhouse For Sale in The Lofts at City Center

Rare Townhouse For Sale in The Lofts at City Center

Discover unparalleled living in this custom 3,512 sq ft, 4-bedroom, 4.5-bath corner townhouse at The Loft's at City Center in downtown White Plains. Enjoy a sunken living room, renovated kitchen with Quartz countertops, a luxurious primary suite, hardwood floors, and elevator access. Top amenities include a rooftop pool, fitness center, concierge, and proximity to shops and transportation.  Read More

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Single-Family Production Up; Multi-Family Down

Single-Family Production Up; Multi-Family Down

Single-family home construction surged in the second quarter of 2024, driven by a shortage of resale homes and strong demand, according to The National Association of Home Builders. Meanwhile, multifamily construction dropped due to financing challenges and high inventory. Suburban and less urban areas led single-family permit growth, while multifamily projects declined across all regions. Additional findings:

• Single-family permits rose in all regions (+17.6%).

• Telework trends and demand for affordable areas supported growth.

• Second home construction increased significantly over the past decade.

Ralph’s Take

This is a positive…

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Back-to-School: Home Values in Your District

Back-to-School: Home Values in Your District 

As kids head back to school, it's an ideal time to examine local real estate values within each school district. School quality plays a crucial role in home buying decisions, often driving up demand and property prices in top-rated districts.

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Today’s rate is a new 52 week low, at 6.27%.

Mortgage Watch 

Since reaching a high of 7.52% in April, the average 30-year fixed mortgage rate has continued to drop. Today’s rate is a new 52-week low, at 6.27%.

Source: Mortgage News Daily

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.

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