Are ‘Baby Boomers’ Creating Housing Gridlock?

A new report highlights that over half (54%) of Baby Boomer homeowners, aged 55 and older, have no plans to sell their homes, with only 15% considering selling within the next five years. The retention of properties, estimated at around 33 million, affects housing availability for younger generations, such as millennials, who are seeking to buy homes. Concerns among Boomers include 35% worried about finding a suitable home and 34% concerned about affordability.

• Boomers own about 38% of the homes in America.

• 85% do not plan to sell their home next year.

• 54% do not plan on ever selling their home.

• 66% of boomers who never owned a home regret it.

Ralph’s Take

It’s fascinating to see how different the homebuying experience was for past generations. Half of Baby Boomers surveyed purchased their first home for $75,000 or less, and 64% paid under $100,000. Only 6% cited home prices as their biggest challenge when buying their first home. As Baby Boomers "age in place," and remain in their current homes rather than downsizing or moving to retirement communities, it effectively reduces the inventory for younger generations who are looking to enter the housing market.

What is My Home Worth? Part 2 💰

Accurately pricing a home is both an art and a science, and it's something I've honed over the years. Today, I'm sharing the second part of my three-part series on how I price a home for the market.

2. Gathering Comparable Sales Data

Comparable sales data is essential for accurately pricing a home because it reflects the current market conditions. We evaluate comparable properties in three key categories: Sold, Pending, and Active listings. For each category, we analyze the following data:

• Average Price: For Sold, Pending, and Active listings.

• List-to-Sold Price Ratio: Indicates market dynamics.

• Days on Market: Reflects demand levels.

• Number of Price Reductions: Shows how pricing strategies are adjusting.

Previewing active listings in person and connecting with listing agents of recently sold properties to gather insights on the number of showings, open house attendance, and offers received is also important. These steps help gauge local trends to reinforce the listing price during negotiations.

Gathering comparable sales data isn't just about numbers — it's about understanding market trends to price your home effectively. Stay tuned for the final part of this series, Developing a Pricing Strategy.

Ralph’s Take

Thinking about selling? It’s worth exploring how much more you could earn with professional guidance. If you’re interested in seeing how we can help you maximize your profit, just reply to this email.

Billy Joel’s ‘MiddleSea’ Back on the Market

Billy Joel is once again seeking a buyer for his expansive Long Island estate, putting the property back on the market for $49.9 million following a five-year, multimillion-dollar renovation. Known as "MiddleSea," the 26-acre Centre Island estate boasts four homes and over 2,000 feet of private beach — an exceptional luxury on Long Island's prestigious Gold Coast. Joel acquired the estate in 2002, expanding it from its original 14 acres by adding adjacent parcels and additional waterfront lots for a combined 26 acres. Read More

Westchester County Events

Saturday, September 28th - Sunday September 29th:

• 9/28: Aquefest, Dobbs Ferry

• 9/28: Children's Book Festival, Chappaqua

• 9/28: Concert in the Park, White Plains

• 9/28: Croton Oktoberfest, Croton-on-Hudson

• 9/28: Growler’s Oktoberfest, Tuckahoe

• 9/28: Lewisboro Oktoberfest, South Salem

• 9/28: Sleepy Hollow Oktoberfest, Sleepy Hollow

• 9/28: Oktoberfest Bar Crawl, White Plains

• 9/28: Oktoberfest with Yonkers Brewing, Yonkers

• 9/28 - 9/29: Armonk Outdoor Art Show, Armonk

• 9/28 - 9/29: Harvest Moon Fall Fest, North Salem

• 9/28 - 9/29: Outhouse Orchards Fall Festival, North Salem

• 9/28 - 9/29: Salinger’s Fall Festival, North Salem

• 9/29: Bicycle Sunday, Bronx River Parkway

• 9/29: Cross Country Center Oktoberfest, Yonkers

• 9/29: Family Fun Day at Untermyer Gardens, Yonkers

• 9/29: Jay Day Fall Festival, Rye

• 9/29: Peekskill Flea Market, Peekskill

• 9/29: Westchester Cars & Coffee, Peekskill

• 9/29: Westchester County Car Show, Glen Island, New Rochelle

• Ongoing thru 11/17: The Blaze, Croton-on-Hudson

Monday, September 30th:

• 9/30: Paulie Strong Drive for a Cure, Scarsdale

Upcoming Farmer’s Markets:

• Wednesday: White Plains

• Thursday: Scarsdale

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

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

Mortgage Watch 📉

Since reaching a high of 7.52% in April, the average 30-year fixed mortgage rate continues to drop. Today’s rate is 6.20%, slightly higher than a week ago.

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.

Real Estate Guides - Fall ‘24 🍂

This market isn’t perfect. I'm here to help.🫡

Questions? Call (914) 202-1101 or Email Me.

As always, thank you so much for reading my newsletter and enjoy the weekend!

-Ralph