Is Now the Best Time to Buy in 2024?

Fall is typically a quiet period for real estate but as we transition into this fall, we could see a shift in the market. Historically, home tours peak in the spring, but with interest rates set to drop in the coming months, experts are predicting we might see buyers and sellers act sooner. This year could bring a unique inversion with buyers actively shopping as mortgage rates hit their lowest levels since May 2023.

• The average 30-year mortgage rate hit a 52-week low today, at 6.27%.

• Buyer traffic is down -1.3% compared to the first week of the year, according to ShowingTime^®.

• New Inventory: 103 single-family homes have been listed in Westchester since 9/1. In comparison, a total of 318 were listed in the month of August.

Ralph’s Take

While it’s still a seller’s market, growing inventory, lower competition, and more affordable financing are all promising signs. Get prepared by understanding local trends, setting a budget, and getting pre-approved for a mortgage. Having your paperwork ready will streamline the process and make your offer more appealing to sellers. Finally, partnering with an experienced agent can give you an edge in this competitive market. If you need anything, we’re here!

Back-to-School: Home Values in Your District 🏫

As kids head back to school, it's an ideal time to examine local real estate values within each school district. School quality plays a crucial role in home buying decisions, often driving up demand and property prices in top-rated districts.

Single-Family Production Up; Multi-Family Down

Single-family home construction surged in the second quarter of 2024, driven by a shortage of resale homes and strong demand, according to The National Association of Home Builders. Meanwhile, multifamily construction dropped due to financing challenges and high inventory. Suburban and less urban areas led single-family permit growth, while multifamily projects declined across all regions. Additional findings:

• Single-family permits rose in all regions (+17.6%).

• Telework trends and demand for affordable areas supported growth.

• Second home construction increased significantly over the past decade.

Ralph’s Take

This is a positive outlook for the single-family housing market, noting significant growth in construction across all regions, particularly in suburban areas. The decline in multifamily construction points to a shift in demand, with single-family homes taking the lead. Overall, this is positive momentum in housing development which is crucial for addressing housing needs and creating opportunities for homebuyers in more affordable areas.

Rare Townhouse For Sale in The Lofts at City Center

Discover unparalleled living in this custom 3,512 sq ft, 4-bedroom, 4.5-bath corner townhouse at The Loft's at City Center in downtown White Plains. Enjoy a sunken living room, renovated kitchen with Quartz countertops, a luxurious primary suite, hardwood floors, and elevator access. Top amenities include a rooftop pool, fitness center, concierge, and proximity to shops and transportation.  Read More

Upcoming Westchester Events 🍿

• 9/7: Griffin Anthony live at Harvest Moon, North Salem

• 9/7: Wine and Dine Kickoff, White Plains

• 9/11: White Plains Jazz Fest

• 9/13 - 9/14: Lyndhurst Fall Crafts Show

• 9/13: The Blaze begins

• 9/13: Oktoberfest with the Amish Outlaws, Mahopac

• 9/13 - 9/15: Septemberfest, Mt Kisco

• 9/14: Sleepy Hollow 150th Anniversary Parade & Block Party

• 9/14: Yonkers Riverfest

• 9/14 - 9/15: Harvest Moon Fall Fest

Mortgage Watch 📉

Since reaching a high of 7.52% in April, the average 30-year fixed mortgage rate has continued to drop. Today’s rate is a new 52 week low, at 6.27%.

> 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.

2024 Fall Real Estate Guides 🍂

Learn the keys to home buying and selling with our free real estate guides.

This market is not perfect. 

As always, I'm here to help. 🫡

Thanks for reading and have a terrific weekend everyone!

-Ralph