Found 5 blog entries tagged as Sales.

Housing Market Gains Momentum in 2024’s Final Push

Redfin’s Homebuyer Demand Index is sitting near its highest level since September 2023. The index, which tracks seasonally adjusted metrics like tours and other services provided by Redfin agents, has risen 7% compared to the same period last year. Meanwhile, mortgage-purchase applications have risen 17% month-over-month, while pending sales are up 6.5% year-over-year.

Ralph’s Take

This comes as no surprise, as many buyers had postponed making significant decisions until after the election, resulting in a post-election surge in activities like property tours — a trend that persists. At the same time, buyers are adjusting to current mortgage rates, recognizing that a…

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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…

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Could This “Magic Rate” Unlock the Market?

Highest Acceptable Mortgage Rate

According to a recent analysis by John Burns Research and Consulting (JBREC), there may be a "magic" mortgage rate that could spark renewed activity in the housing market. For 12 consecutive years, mortgage rates remained below 5%, enabling many homeowners to lock in favorable terms. Currently, 86% of mortgage holders have rates under 6%. JBREC's survey suggests that the 5.5% mortgage rate represents the tipping point that could release the “ lock in effect ”. Additional findings:

  • 72% of buyers would not accept a rate above 5.5%

  • 22% of buyers would accept a rate higher than 6%

  • 66% of consumers believe a “normal” rate is below 5.5%

  • 88% of consumers believe…

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July’s Real Estate Statistics for Westchester

New Listings and Median Home Prices had gains across all property types last month while the total amount of homes for sale continued to decline.

  • Single-family home sales in Westchester County saw a 6.6% increase in new listings and a 1.6% rise in closed sales, with the median sales price up 6.3% to $1,010,000.

  • Condos experienced strong growth, with new listings up 18.5%, closed sales up 30.5%, and a 16.7% increase in the median sales price to $525,000.

  • Cooperatives had mixed results, with new listings up 18.4%, but closed sales down 10%, while the median sales price rose slightly by 1.9% to $214,000.

Ralph’s Take

It’s…

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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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