Westchester County NY Real Estate Blog - Buyers

Accepted Offer — Why Is That Home Still Listed Online?

Accepted Offer — Why Is That Home Still Listed Online?

If you're house-hunting in Westchester County and spot a home listed as “available,” it’s natural to assume it’s still up for grabs — but here’s where New York real estate begins to get a bit tricky. Unlike many other states, New York prohibits real estate brokers from drafting contracts. That means there’s a period of time between when a seller says “yes” to an offer and when a contract is drafted by the attorneys for both sides to sign. During this interim, the offer is considered “accepted”, but that is essentially a handshake deal. Because an “accepted offer” is only a verbal agreement, both sides can still walk away for any reason. As a result, most sellers continue to show…

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May 2025 Housing Market Report

The Hudson Gateway Association of REALTORS released its May 2025 housing market report this week. Westchester County remains the region’s most competitive market.

Here are the highlights:

• Median Sale Price:  $999,000 for single-family homes (2% increase from last year).

• Closed Sales:  Up 7.4% compared to May 2024, indicating strong demand.

• Market Supply:  2.8 months (+3.7%) - still deeply a seller’s market.

• Buyer Activity:  High demand continues, especially in entry-level and mid-tier markets where inventory is scarcest.

• Market Dynamics:  Sellers continue to benefit from tight supply, though pricing competitively and timely listing remain important to attract offers.

As we near…

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Market Shifts Are Reshaping Westchester’s Peak Season

Market Shifts Are Reshaping Westchester’s Peak Season

Click the Chart for All Statistics

Spring 2025 may have brought another early peak in Westchester’s real estate market. For the third year in a row, new listings declined from April to May, bucking the pre-2020 trend where May was usually the high point. Although inventory is up from last year, it's still well below historical norms, with fewer than half as many homes for sale this spring as in 2015. Here’s a deeper dive into Westchester County’s Spring markets since 2015:

• Earlier New Listing Peak: April has outpaced May for new listings in recent years, possibly due to sellers trying to attract buyers ahead of rising competition.

• Inventory Trends: The peak in…

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More Homes Selling to the Highest (Cash) Bidder

More Homes Selling to the Highest (Cash) Bidder

Westchester County’s housing market has strongly favored sellers in recent years, with many buyers forced to offer above the asking price just to stay competitive. According to my research, 56.2% of homes in Westchester sold for more than the listed price last year.  With all-cash offers becoming more frequent,  HousingWire is reporting that New York ranks second in the nation with 40.4% of purchases made in cash. It begs the question: What makes cash offers so appealing to sellers?

1. Fewer Risks: No appraisal and mortgage approvals are required.

2. Can Close “As-Is”: The ability to close with issues like open permits or code violations which lenders will typically…

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Inside Westchester County's Bidding Wars

Inside Westchester’s Bidding Wars

The Westchester County housing market continues to see a high volume of homes selling above their asking price. My analysis of single-family home sales by school district reveals that 56.2% of closed sales last year sold above list price. Of the 39 school districts I reviewed, 30 had a majority of sales close above asking, while only 9 districts fell below the 50% mark. Every school district, with the exception of Bronxville (99.3%) and Tuckahoe (96.8%), had an average sale-to-list price ratio above 100%.

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$100k Over Asking!

After 5 emails, 21 phone calls, and 181 text messages - we had a deal.

As a service-based business, it’s natural to want to share only the wins, but it’s just as important to be honest about the tough moments, too. If you’ve been house hunting lately, you know how tough the market is.

Last week, my buyers offered $100,000 over asking with excellent terms — strong down payment, no formal inspection, and a flexible closing — for a home they truly loved. It wasn’t a bidding war, but there was competition, and comparable sales supported the offer. So, we led with a strong and serious offer.

Then, we lost — to an all-cash buyer.

We regrouped, removed the escalation clause (since $20k over all-cash wasn’t enough of an…

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Think Prices Are Dropping? Not in New York

Think Prices Are Dropping? Not in New York

According to Realtor.com, 18% of home listings nationwide had price reductions last month, marking the highest percentage for any April since 2016. While the article doesn’t define what constitutes a "healthy" rate, historical trends suggest that around 10% to 15% of active listings typically undergo a price cut. Many Southern and Western states reported reductions above 15%, and nearly all states experienced an increase in price reductions compared to last year. In Westchester County, 224 out of 1,328 active listings in April had a price drop, a 6.67% increase from the same period in 2024.

Ralph’s Take

What does this mean for Westchester County? I track price reduction…

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Can You Buy a Home with Crypto? Yes, But Read This First.

Can You Buy a Home with Crypto? Yes, But Read This First.

Cryptocurrency saw gains this week, with Bitcoin surpassing $100,000 for the first time since February. The digital currency market has already disrupted banking, finance, and art. Now, it’s knocking at the door of real estate. Yes, you can buy a home with Bitcoin, Ethereum, or another digital currency. But before you start moving your Dogecoin to a cold wallet and house-hunting in Westchester, there are a few key things you should know:

1. Not All Sellers Will Accept Crypto: 

   The deal often requires converting your cryptocurrency into dollars through a third-party service or crypto-friendly escrow company. It’s rare (but not impossible) to find sellers willing to…

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Thank You M&T Bank

Thank you to everyone who joined us at our homebuyer seminar at M&T Bank this week — it was a pleasure connecting with so many future homeowners.

And a special thank you to my friend, whom I first met 16 years ago while he was searching for his first home to buy. Since then, I’ve had the privilege of helping him twice — and this week, the honor of being invited by him to speak. I’m grateful for the full-circle moment! Thank you, Alex. ✌️

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Tariffs, Rates, and What It Means for Spring Buyers

Tariffs, Rates, and What It Means for Spring Buyers

President Donald Trump's recent "Liberation Day" tariffs are expected to impact the U.S. housing market by increasing construction costs and influencing mortgage rates. Following the announcement, mortgage rates fell sharply, with the average 30-year fixed rate dropping 12 basis points to 6.63%—the lowest since October. This decline reflects a market shift as investors moved from equities into U.S. Treasury bonds, which typically guide mortgage rates. At the same time, the tariffs are projected to raise new housing costs, with the National Association of Home Builders (NAHB) estimating a $9,200 increase per new single-family home due to higher prices on imported materials like lumber,…

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