Found 4 blog entries tagged as Home Prices.

The Dramatic Shift of New York's Home Prices Since March 2020

Shift in New York's Home Prices Since March 20020

Bronx: -15.3%

Dutchess: 48.5%

Nassau: 28.6%

Orange: 54.6%

Putnam: 43.4%

Rockland: 47.4%

Suffolk: 35.8%

Westchester: 30.8%

Ralph’s Take

The pandemic initially brought uncertainty and a brief market slowdown, with Westchester County brokers unable to show properties from March 22 to June 10, 2020. However, this was soon followed by a significant surge in demand. As lockdowns and remote work prompted people to seek more space, our area saw an influx of buyers relocating from New York City. Coupled with historically low mortgage rates, these factors drove a rapid…

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Two Key Terms of a ‘Highest and Best’ Offer

Most buyers are familiar with the traditional terms of an offer to buy a home. They include the purchase price, down payment amount, financing details, desired closing date, and any inclusions or exclusions of items such as furniture or fixtures. However, there are two key terms that can help influence a seller’s decision during “Highest and Best” situations:

Escalation Clause: Allows a buyer to automatically increase their bid if a competing offer is higher. They should always include an initial offer, the increase amount, cap, and a request for verification of the competing offer which triggered the escalation.

  • Example: Let's say a buyer offers $800,000 for a home…

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U.S. Home Price Forecasts for 2025

According to Resiclub's analysis of top housing forecasters, U.S. home prices are expected to rise by an average of 2.5% in 2025. Here's a detailed breakdown of the projections from each forecaster:

  • Goldman Sachs: 4.4%

  • Wells Fargo: 4.3%

  • Mortgage Bankers Association: 3.3%

  • Morgan Stanley: 3.0%

  • Zelman & Associates: 2.3%

  • Fannie Mae: 1.5% 

  • Freddie Mac: 0.5%

  • Moody’s: 0.3%

Ralph’s Take

Expect steady national growth through the end of this year and into the next. Locally, home prices will continue to rise faster than the national average due to the low level of new construction and the historically low volume of…

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Redfin: U.S. Home Prices Hit New All-Time High

The median sale price nationwide hit $397,954 for the four weeks ending June 30th, a new all-time high according to Redfin, with a 4.9% year-over-year increase. Here are additional key findings from Redfin:

  • Pending sales: Down 4.6% YOY, the largest decline in 4 months

  • New listings: Up 9.9% YOY, the highest increase in 2 months

  • Active listings: Up 17.5% YOY

  • Housing supply: 3.3 months (balanced market is 4-5 months)

  • Median days on the market: 32 days, up 5 days YOY

  • Homes sold above list price: 32.3%, down 3.7% YOY

  • Homes lowering asking price: 6.9%, the highest on record

Ralph’s Take

There’s a mix of good…

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