Westchester County NY Real Estate Blog - Ralph Ragette Jr

The “Valentine’s Day Effect” in Real Estate

The “Valentine’s Day Effect” in Real Estate

The "Valentine's Day effect" is real. Every year, the holiday sparks a surge in homebuying as couples take the next big step in their relationships. Whether it's moving in together, upgrading to a larger space, or ditching rent for a mortgage, lovebirds use the occasion as a catalyst for major financial and lifestyle decisions. Beyond romance, practical factors like skyrocketing rents and better mortgage approval odds for couples make homeownership more attractive. Plus, February is a sweet spot for buyers, with lower competition and better deals before the spring market heats up.

Ralph’s Take

Every year, Valentine’s Day sparks big decisions — couples fresh off the holiday high…

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Rent for Another Year? Consider this

Visual of the Week 

Rent for Another Year? Consider this:

Data indicates that both rent and home prices tend to increase over time. Renewing your lease may be an option, but it's likely you'll face higher rent costs than you do now. On the other hand, purchasing a home allows you to benefit from potential future price appreciation, building equity and increasing your net worth over time. Interested in exploring the cost of a starter home in our market? Let’s connect

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Major Waterfront Development Approved for New Rochelle

Major Waterfront Development Approved for New Rochelle

New Rochelle has approved Pratt Landing, a major waterfront redevelopment transforming a former industrial site along the Long Island Sound. This public-private project includes 300+ residential units (99 condos), a 150-room hotel, 40,000+ sq. ft. of commercial space, and a restored "Living Shoreline" with parks, walking paths, and an observation point. Construction starts in 2026, with completion by 2029.

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Listings Are Up Nationally. Is Westchester Keeping Pace?

Listings Are Up Nationally. Is Westchester Keeping Pace?

I launched this newsletter to bridge the gap between national headlines and local market trends. The saying “real estate is local” will always hold true. Nationally, the number of homes for sale increased by 24.6% in January compared to last year, marking the 15th consecutive month of growth, according to Realtor.com. While that’s encouraging news, the story is a little different here in Westchester County:

Westchester: Homes for Sale (YoY):

• Single-Family: ↓ -20.4% (709 in ‘24 → 565 in ‘25)

• Condominiums: + 4.7% (203 in ‘24 → 213 in ‘25)

• Cooperatives: ↓ -6.8% (400 in ‘24 → 373 in ‘25)

The report also noted that newly…

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Homeownership Rate in Decline

Homeownership Rate in Decline

According to the Census Bureau, the U.S. homeownership rate stands at 65.7%, well below its 2004 peak of 69.2%. Meanwhile, the median homebuyer age has reached record highs: 38 for first-time buyers and 61 for repeat buyers, as rising home prices and high mortgage rates push younger generations out of the housing market. Here are the key factors influencing each generation:

• Baby Boomers: Staying in their homes longer, limiting available housing.

• Gen X: Less impacted by affordability, as most bought homes earlier, but some have invested in rental properties, limiting supply for buyers.

• Millennials: The largest share of homebuyers today, but face affordability challenges, forcing…

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Unexpected Costs for New Homeowners

Unexpected Costs for New Homeowners

A recent analysis by Real Estate Witch reveals that 81% of homeowner expenses are higher than anticipated, with 69% expressing regrets related to those unforeseen costs. Nearly half of homeowners (46%) say they did not accurately estimate the cost of repairs and improvements before buying. The survey also exposes how little many buyers may know about the true cost of homeownership prior to their purchase. Here’s a breakdown:

Ralph’s Take

Homeownership is a long-term commitment, so it’s crucial to understand as many costs as possible up front. Before signing a purchase contract, I recommend your buyer’s agent:

• Request the most recent utility and landscaping…

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Why wait for spring? Here’s why buying now has its perks

Visual of the Week

Why wait for spring? Here’s why buying now has its perks.

Many buyers think spring is the best time to move, but here’s the truth: winter can offer some big advantages. With fewer buyers in the market at this time of year, home prices tend to be at their lowest point just before the spring competition heats things up. Why pay more later? Buying a home this winter could work in your favor. Let’s connect

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How Much Does It REALLY Cost to Build a House?

How Much Does It REALLY Cost to Build a House?

The National Association of Home Builders (NAHB) just released its 2024 Cost of Construction Survey, showing that construction expenses made up 64.4% of the average newly built single-family home's sales price — an increase from 60.8% in 2022. The average construction cost reached $428,215, or $162 per square foot, while builder profit accounted for 11% of the total price. Based on responses from 41 builders, the study details cost allocations across site work, foundations, framing, major systems, interior finishes, and final steps.

• Average sales price of new construction was $665,298

• Framing costs (including the roof) accounted for 11.6%

• Excavation costs…

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Westchester County Home Insurance up 57.1% from 2020

Westchester County Home Insurance up 57.1% from 2020

California’s battle with recent wildfires has resulted in the deconstruction of more than 57,000 acres and 16,000 structures, estimating $35 – $45 billion with insured losses. Before the fires began, insurance non-renewal rates had been climbing nationwide, with Florida bearing the brunt — home to 9 of the 15 counties experiencing the largest premium increases between 2020 and 2023, according to ResiClub. Increasing disaster risks, combined with pandemic-driven spikes in housing and construction costs, have pushed insurance premiums and repair expenses higher — and Westchester County is also feeling the impact. Here’s how:

• 2023 Non-renewal rate: 0.54%

• Median…

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Fed Hits Pause: No More Rate Cuts — for Now

Fed Hits Pause: No More Rate Cuts — for Now

In its latest policy meeting, the Federal Reserve opted to maintain the federal funds rate at 4.25% to 4.5%, pausing after three consecutive rate cuts. Fed Chair Jerome Powell emphasized there is no immediate need to adjust the policy stance, noting that while inflation has decreased from its 2022 peak, it remains slightly above the 2% target. This decision comes amid political pressures, with President Trump criticizing the Fed for not implementing deeper rate cuts to stimulate economic growth.

Ralph’s Take

The Fed’s decision to keep rates steady comes as no surprise, with little impact on the mortgage market. Its focus remains on the labor market, but inflation remains a…

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