Did Someone Rewind to ‘95?

 

The September Fannie Mae Economic Developments Report forecasts that existing home sales may reach a 30-year low this year, mainly due to affordability constraints and high mortgage rates. Despite a 20% increase in homes available for sale nationally, demand remains low, particularly in Sun Belt regions. Additional findings:

  • Home Sales: Existing home sales are expected to reach their lowest level since 1995.

  • Supply-Demand Imbalance: Although inventory has increased nationally, demand has not kept pace, resulting in fewer sales.

  • Economic Slowdown: Slower GDP growth and consumer spending contribute to weaker housing market conditions.

  • Future Outlook: Sales are projected to…

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What is My Home Worth? 

Over 20 years of selling real estate, that’s the question I’ve been asked the most.

Today, I'm launching the first part of a three-part series on how I price a home for the market.

1. Thoroughly Understand the Property.

To price a home correctly, I need to understand everything about the property. This helps me compare it with other homes and choose the right price. I start by looking at recent home sales in a large area, like the whole school district. Then I narrow it down to smaller areas, such as homes within the same elementary school district, depending on how many similar sales I can find.

Here are the key factors I focus on to make sure the price is accurate:

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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 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

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?

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

The Village of Scarsdale in New York

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?

Real Estate Showing Activity

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

The Lofts at City Center in White Plains

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 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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