Westchester County NY Real Estate Blog - Ralph Ragette Jr

Home Sales End Tough Year with December Rebound

Home Sales End Tough Year with December Rebound

Earlier today, the National Association of REALTORS released the 2024 Existing-Home Sales Data.  In December, U.S. existing-home sales rose 2.2% from the previous month to a seasonally adjusted annual rate of 4.24 million — the highest level since February 2024.  However, total sales for the year fell 0.7% compared to 2023, marking the lowest annual total since 1995. The national median existing-home price in December was $404,400, up 6% from December 2023, driven by limited inventory.

• 2024 Sales: Finished at 4.06 million, the lowest level in almost 30 years.

• 2024 Median Prices: December's median sales price rose to $404,400, a 6% increase, contributing to a…

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Congressional Housing Agendas

Congressional Housing Agendas

On his first day back in office, President Trump signed a memorandum addressing housing affordability as part of efforts to combat inflation and the cost-of-living crisis. Measures include reducing regulatory barriers, expanding housing supply, and streamlining federal housing policies. Here's what to watch:

• Affordability Focus: Legislative proposals aim to streamline regulations and expand housing supply to address rising living costs.

• ROAD to Housing Act: Introduced by Senate Banking Committee Chair Tim Scott, the act focuses on mortgage reforms, deregulation, and local incentives, alongside enhanced federal oversight.

• Criticism: Opponents like Rep. Maxine Waters argue these…

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Existing Home Sales Expected to Rise in 2025

Existing Home Sales Expected to Rise in 2025

According to ResiClub's analysis of projections from 16 top industry forecasters, U.S. existing home sales are expected to average around 4.22 million in 2025. Below, you'll find detailed forecasts alongside historical data for added context.

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Selling an Inherited House? Start Here

Selling an Inherited House? Start Here

Selling an inherited house can be a significant financial benefit, but the process may also be lengthy and complex. The experience largely depends on how the property was transferred to you and the financial circumstances of the deceased. Here’s a quick guide:

The Probate Process:

• Probate is a court-supervised process for validating a will and distributing assets.

• Executors are responsible for managing the process, including settling debts and distributing assets.

Joint Ownership Considerations:

• Heirs inheriting property must make unanimous decisions regarding its management.

• Selling requires collaboration on pricing, marketing,…

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Is SALT Reform on the Way?

Is SALT Reform on the Way?

President-elect Donald Trump has directed House Republicans to negotiate an increase in the state and local tax (SALT) deduction cap, currently set at $10,000. The initiative aims to provide tax relief to residents in high-tax states like New York, California, and New Jersey. Trump's guidance followed a meeting with Republican lawmakers from these states, where he emphasized the need to determine a "fair number" for the deduction.

• Background: The SALT deduction cap was established in the 2017 tax law, limiting deductions to $10,000. This cap has been contentious, particularly in high-tax states, as it effectively increased the tax burden on many residents.

• Challenges Ahead: Modifying the…

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Yorktown Approves Rezoning

Yorktown Approves Rezoning

The Yorktown Town Board recently approved the rezoning of a 50-acre parcel on Catherine Street, clearing the way for the construction of one hundred and eighteen, age-restricted, three-bedroom townhomes in a clustered subdivision near the former Field Home. If the project proceeds, Toll Brothers plans to build 2,400 to 3,000-square-foot townhouses, each expected to sell for over $1 million, generating an estimated $1 million annually in property taxes. Planned amenities include a pool, fitness center, and pickleball courts.

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Share of All-Cash Buyers Reaches New High

Visual of the Week

Two out of three homeowners have at least 50% equity in their homes. To put a more tangible number on it, CoreLogic shows the average homeowner has $311,000 worth of equity built up. That kind of net worth can go a long way if you’re trying to make a move. That’s part of the reason why the share of all-cash buyers recently reached a new high. According to an annual report from the National Association of Realtors (NAR), 26% of buyers were able to buy without a mortgage

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Ultra-Luxury: The Biggest Deals of 2024

Ultra-Luxury: The Biggest Deals of 2024

The Hitchcock Estate offered for sale in Millbrook. Asking $95,000,000

The ultraluxury segment of the U.S. housing market had another banner year in 2024, with seven single-family homes selling for $100 million or more — surpassing the five such sales recorded in 2023. While the record of eight $100M+ deals set in 2021 remains unbroken, this year’s activity underscores the remarkable resilience of this exclusive market. Many of 2024’s priciest transactions occurred off-market, highlighting the discretion sought by buyers and sellers at this level.

Here are the top 10 deals of 2024:

• Malibu, CA - Undisclosed Buyer - $210M

• Palm Beach, FL - Michael Dorrell - $150M

  …

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Will Housing Affordability Improve?

Will Housing Affordability Improve?

Housing affordability in the United States experienced a slight improvement last year, marking the first positive shift in four years. A household earning the median income of $83,782 would have allocated 41.8% of their earnings toward monthly housing costs for a median-priced home, a modest decrease from 42.2% in 2023. Despite this progress, affordability remains significantly strained compared to the 30% threshold commonly deemed manageable.

Ralph’s Take

Will housing affordability improve in 2025? It’s difficult to predict, but mortgage rates are likely to play a key role. In 2024, the average mortgage rate was 6.72%, a slight dip from 6.87% in 2023. While modest, this reduction…

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The Change in Westchester County's Home Values

Visual of the Week 

Since 2004, home values in Westchester County have seen substantial growth. If you’re a homeowner wondering if it even makes sense to move this year, you could have enough equity to buy your next home outright.

Find out your home’s equity position. Contact us today!

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