Westchester County NY Real Estate Blog - Ralph Ragette Jr

New Home Construction Sending Mixed Signals

New Home Construction Sending Mixed Signals

October's new home construction data presents a mixed perspective on single-family home building. While home completions rose 16.8% year-over-year, housing starts and permits declined, signaling reduced future inventory. Building permits dropped 0.6% from September and 7.7% from last year, while housing starts fell 3.1% month-over-month and 4.0% annually.

Ralph’s Take

The increase in home completions is a promising sign, offering some relief to current supply pressures. However, the drop in housing starts and permits raise concerns about a slowdown in future inventory, potentially worsening long-term housing shortages if left unaddressed. The National Association of Home…

127 Views, 0 Comments

2025 Sneak Peek: Housing Sales to Rebound?

2025 Sneak Peek: Housing Sales to Rebound?

As 2024 comes to a finish, the year is set to close with around 4 million transactions — our lowest level since the 2008 financial crisis. For additional perspective, annual home sales over the past 20 years have averaged 5.15 million, peaking at 7 million in 2005. This year's decline was driven by higher mortgage rates, potential sellers holding off and limiting inventory, the Presidential Election, and affordability challenges for buyers. As housing forecasts for 2025 begin to emerge, the chart above highlights some of the current predictions for next year.

Ralph’s Take

Most experts anticipate roughly a 5% growth in home sales next year, though this remains below historical…

124 Views, 0 Comments

Older Buyers Are Dominating the Market

Older Buyers Are Dominating the Market

First-time homebuyers now represent only 24% of the market, a historic low compared to 32% last year, according to the newly released 2024 Profile of Home Buyers and Sellers report. Additionally, the average age of homebuyers has reached an all-time high of 59, up from 49 in 2023. First-time buyers are now, on average, 38 years old (up from 35), while repeat buyers are averaging 61 years (up from 58). The report covers transactions from July 2023 to June 2024. Key insights include:

• 90% of sellers used a real estate agent (up from 89%)

• 17% of buyers purchased a multigenerational home (all-time high)

• Median down payment: First-time: 9%, Repeat: 23% (Overall 18%)

  …

79 Views, 0 Comments

Who Doesn’t Love a Stunning, Curved, Staircase?

Visual of the Week 

Who Doesn’t Love a Stunning, Curved, Staircase?

This sweeping staircase is one of the elegant features of Skyline Haven in Rye Brook. This newly built, one-of-a-kind 4,950 sq. ft. residence is thoughtfully crafted with high-end finishes and meticulous attention to detail, providing a sanctuary of sophistication and comfort. Read more

92 Views, 0 Comments

NAR Chief Economist Forecasts 9% Bump in Home Sales

NAR Chief Economist Forecasts 9% Bump in Home Sales

At the National Association of Realtors® (NAR) NXT conference, Chief Economist Lawrence Yun projected a 9% increase in existing home sales for 2025, followed by a 13% rise in 2026. He also anticipates new home sales to grow by 11% in 2025 and 8% in 2026. Yun attributes these forecasts to expected stabilization of mortgage rates around 6%, ongoing job market growth, and an increase in housing inventory compared to the past five years. Additional points:

• Household equity at a record high

• Expect 6 to 8 interest rate cuts

• Mortgage rates to stabilize between 5.5% and 6.5%

Ralph’s Take

While Yun’s forecasts are optimistic, I hold a little…

149 Views, 0 Comments

Election Aftermath: 1 in 5 Plan to Move

Election Aftermath: 1 in 5 Plan to Move

22% of U.S. residents are more likely to move now that the election is over, according to Redfin. Among these individuals, 36% are considering relocating to another country, while 26% are contemplating a move to a different state. Conversely, 21% of respondents indicated they are less likely to move post-election. Additionally, a survey conducted in October, found that nearly 25% of first-time homebuyers were waiting until after the election to resume or start their search.

Ralph’s Take

The survey, conducted last Thursday and Friday during a time of heightened emotions across the political spectrum, revealed that about 1 in 5 respondents considering a move said the election results…

126 Views, 0 Comments

NYC Council Passes ‘Broker Fee Bill’

NYC Council Passes ‘Broker Fee Bill’

The New York City Council has passed the Fairness in Apartment Rentals (FARE) Act, shifting the responsibility of paying broker fees from tenants to landlords. The legislation, approved by a 42-8 vote, aims to alleviate the financial burden on renters by prohibiting brokers from charging fees to tenants when representing landlords exclusively. The bill is set to take effect 180 days after passage, pending any veto from Mayor Eric Adams.

• The Real Estate Board of New York, the New York Association of REALTORS®, and The Hudson Gateway Association of REALTORS® have strongly opposed the bill.

• The FARE Act does not affect rental policy in Westchester County.

Ralph’s…

176 Views, 0 Comments

Today’s Housing Shortfall

Visual of the Week 

Today’s Housing Shortfall

Real estate economists estimate that the market is short by about three million homes — a classic case of demand outpacing supply. While most homeowners are holding onto favorable sub-6% mortgage rates, making new listings scarce, interested buyers are taking creative steps to stay competitive. Many buyers are using strategies like escalation clauses and partial appraisal waivers, acknowledging the challenge of finding the right home amid high prices and rising costs.

133 Views, 0 Comments

Trump’s Housing Agenda: Unclear

Trump’s Housing Agenda: Unclear

Donald Trump’s presidential win is already impacting the mortgage market. Concerns over tax changes and tariffs have fueled inflation fears and pushed up the 10-year Treasury yield, leading to higher mortgage rates. Analysts anticipate that Trump’s administration will encourage freer markets, reduced oversight, with potential plans to privatize Fannie Mae and Freddie Mac. The Mortgage Bankers Association has expressed optimism, expecting reduced regulatory burdens and lower costs for the mortgage industry over the next four years.

Ralph’s Take

There’s much to consider for housing under the new Trump administration, and with policy details still unfolding, mortgage rates are likely to…

137 Views, 0 Comments

Are Townhouses the New American Dream?

Are Townhouses the New American Dream?

The Willows in Somers

While rising interest rates and higher home prices have created additional barriers to homeownership, the primary issue remains a shortage of homes. In response, developers are ramping up construction, with national single-family home building spiking by 16% in September. What if the answer isn’t simply building more homes, but building smaller, more efficient ones? Enter the townhouse — a growing trend that may just be the new American dream, according to Realtor.com. Additional reasons townhouse demand is on the rise:

• Affordability

  Townhouses are generally more affordable than single-family homes.

• Lower Maintenance

  Many townhouses offer…

174 Views, 0 Comments