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 the home until a formal sales contract is signed.

Here’s what you need to know:

• Sellers often keep showing the home and may consider backup or stronger offers.

• If showings are ongoing, properties will still appear as 'available'.

• If a seller pauses showings, properties will be marked as ‘temporarily off market’.

• Buyers can withdraw or revise their offers at any time.

Ralph’s Take

Letting a buyer know that their accepted offer was bumped by a stronger one — as I had to do this week — is one of the toughest calls we make. I wish there was more willingness within the industry to pair binder agreements with actual offers, giving buyers some level of protection. It’s also worth noting that real estate brokers are required to disclose accepted offers, and we do that through the MLS. So, if you’re watching a property and want to know its status, don’t hesitate to reach out. I’m always happy to check on it for you.

Westchester Weekly Market Tracker 📈

• ‘Coming Soon’ Listings: 25 ↑+3

• New Listings:  218 ↓-17

• Price Reductions: 92 ↑+2

• Pending Sales:  191 ↓-48

• Closed Sales: 221 ↑+37

💰 Notable Sale: 25 Myrtledale Road, Scarsdale: $2,450,000 - 44% over ask in 6 days. 🤯

_{Property Type: Residential. OneKey MLS, Inc. 6/20/25 - 6/27/25.}

Mapped: The Income Required to Buy a Home in Every U.S. State

Two recent reports tackled the growing income hurdle facing homebuyers, and while their numbers differ slightly, their conclusions are similar. Bankrate estimates that purchasing a median-priced home in the U.S. (roughly $418,500) requires a household income of about $116,986, up nearly 50% from $78,236 in early 2020. Realtor.com puts the figure at $114,000 and highlights a dramatic shift at the state level: over 30 states (plus D.C.) now demand six-figure incomes to afford a typical home, a steep jump from just six states five years ago.

Exploring key aspects of housing affordability:

• Stagnant Wage Growth: Income growth has not kept pace, widening the gap between what buyers earn and what they need to afford a home.

• The Shrinking “Affordable” Middle Class: The share of homes a typical U.S. household can afford has dropped from over 50% in 2020 to under 25% in 2025. (Bankrate)

Focus on Westchester County:

• The Mortgage Rate Multiplier Effect: A median-priced home in Westchester that cost $720,000 in May 2020 would have had a monthly mortgage of $2,651 at a 3.7% interest rate. In 2025, the same home — now priced at $999,000, with a 6.75% mortgage rate — requires a monthly payment of $5,183. This scenario assumes a 20% down payment in both cases.

Ralph’s Take

In a high-cost area like Westchester County, one of the most expensive housing markets in the country, it’s uncommon to land your forever home straight out of college. I often advise first-time homebuyers to start with a cooperative, condominium, or modest single-family home. These entry points provide a way to build equity over time, laying the groundwork for a move-up purchase in five to seven years. While your dream home might feel out of reach today, with planning and financial discipline, it can become attainable in the future.

Mortgage Watch 📉

Today’s average 30-year fixed mortgage rate lowers to 6.72% (⬇️ 0.14 from this time last week, the lowest rate since early April).

_{> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily.}

Westchester Events

Saturday, June 28th - Sunday, June 29th

• 6/28: Basketball Tournament & Family Fun Day

• 6/28: Cider Nights

• 6/28: Comedy from Scratch

• 6/28: Downtown Summer Sizzle

• 6/28: DJ Days at The Brook at Tibbets

• 6/28: Family Pride in The Park

• 6/28: Party With the Police: BBQ & Pool Party

• 6/28: Peekskill Film Festival

• 6/28: Movie Under the Stars - Despicable Me 4

• 6/28: Sing Sing Walking Tours

• 6/28: Summer Kickoff Riverfront Festival

• 6/28 - 6/29: Stories from Spoon River

• 6/29: Bicycle Sunday

• 6/29: Brunch & Bluey Backyard Party

• 6/29: Cider Nights

• 6/29: Renaissance Music at Untermyer Gardens

• 6/29: Summer Fest Artsmobile

• 6/29: Yorktown Concert Series

Ongoing:

• 6/26 - 6/30: Mamaroneck Fireman’s Carnival

• 6/20 - 6/28: Hungry On Hudson Restaurant Week

• 6/24 - 6/29: St Ann’s Church Festival Carnival

• 6/19 - 7/6: Yonkers Summer Carnival

Farmer’s Markets:

• Saturday: Bronxville, Chappaqua, Greenburgh, Hartsdale, Hastings-on-Hudson, Katonah, Larchmont, North Salem, Ossining, Peekskill, Pleasantville, Pocantico, Sleepy Hollow / Tarrytown

• Sunday: Irvington, Katonah, Mount Kisco, Rye, Scarsdale, Somers, Tuckahoe

NEW: Summer Guides 😎

Ready to tour properties?

Reply, call, or text message me: (914) 202-1101

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Learn your home's value and find recent comparable sales here

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2024 List to Sell Ratios: MLS: 100.5% - Ralph: 105.6%

2024 Average Days on Market: MLS: 58 - Ralph: 25

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