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More Homes Selling to the Highest (Cash) Bidder
Plus, NY Ranks Among Nation’s Leaders in All-Cash Sales, Price Reductions Are Up Nationally - What About in Westchester?, and Michael Douglas & Catherine Zeta-Jones Relist Irvington Home.
Ralph Ragetté Jr
May 23, 2025 • Reading Time: 9 minutes
Happy Memorial Day
As we enjoy the long weekend, let’s honor the brave men and women who gave their lives in service to our country and remember the true meaning of the holiday.
Today’s Topics:
New York Ranks Among Nation’s Leaders in All-Cash Home Sales
Market Tracker: A Slow Week Leading to the Holiday Weekend
Price Reductions Up Nationally - What About in Westchester?
Michael Douglas & Catherine Zeta-Jones Relist Irvington Home
More Homes Selling to the Highest (Cash) Bidder
Westchester County’s housing market has strongly favored sellers in recent years, with many buyers forced to offer above the asking price just to stay competitive. According to my research, 56.2% of homes in Westchester sold for more than the listed price last year. With all-cash offers becoming more frequent, HousingWire is reporting that New York ranks second in the nation with 40.4% of purchases made in cash. It begs the question: What makes cash offers so appealing to sellers?
Fewer Risks: No appraisal and mortgage approvals are required.
Can Close “As-Is”: The ability to close with issues like open permits or code violations which lenders will typically require to be resolved.
Timeline: Can adjust closing dates easily to accommodate a seller’s needs since they’re not tied to a loan schedule or bank approvals.
Ralph’s Take
Research from UC San Diego’s Rady School of Management found that all-cash buyers pay about 10% less on average than buyers using mortgage financing. While that figure may be a bit high based on my experience, it’s clear that cash buyers generally save money compared to financed buyers. That said, part of my job is to carefully structure every offer to present it in the strongest possible light, whether it’s all-cash or includes a mortgage contingency, to maximize the chances of making a deal.
Trivia: Which state led the country in all-cash sales? Find out at the bottom.
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Westchester Weekly Market Tracker 📈
‘Coming Soon’ Listings: 41 ↑+1
New Listings: 230 ↓-92
Price Reductions: 83 ↑+7
Pending Sales: 219 ↓-22
Closed Sales: 155 ↓-18
💰 Notable Sale: 2 South Place, Chappaqua: $1,450,000 - 32% over ask in 8 days.
Property Type: Residential. OneKey MLS, Inc. 5/16/25 - 5/23/25.
$100k Over Asking!
After 5 emails, 21 phone calls, and 181 text messages - we had a deal.
As a service-based business, it’s natural to want to share only the wins, but it’s just as important to be honest about the tough moments, too. If you’ve been house hunting lately, you know how tough the market is.
Last week, my buyers offered $100,000 over asking with excellent terms — strong down payment, no formal inspection, and a flexible closing — for a home they truly loved. It wasn’t a bidding war, but there was competition, and comparable sales supported the offer. So, we led with a strong and serious offer.
Then, we lost — to an all-cash buyer.
We regrouped, removed the escalation clause (since $20k over all-cash wasn’t enough of an incentive), increased the appraisal gap waiver, and authorized the listing agent to verify the buyer’s finances with our lender. At that point, we had an accepted offer.
We inspected the home first thing the next morning, but by the following day, the all-cash buyer came back with an even higher offer — and we lost the home. It was a tough blow for my buyers (who are like family to me), but I’ve seen this before. I’m confident we’ll find them an even better home soon.
This market is challenging — but with persistence, it will happen. Stay tuned.
Think Prices Are Dropping? Not in New York
According to Realtor.com, 18% of home listings nationwide had price reductions last month, marking the highest percentage for any April since 2016. While the article doesn’t define what constitutes a "healthy" rate, historical trends suggest that around 10% to 15% of active listings typically undergo a price cut. Many Southern and Western states reported reductions above 15%, and nearly all states experienced an increase in price reductions compared to last year. In Westchester County, 224 out of 1,328 active listings in April had a price drop, a 6.67% increase from the same period in 2024.
Ralph’s Take
What does this mean for Westchester County? I track price reduction data because it offers forward-looking insight, but it’s not the sole indicator needed to predict the direction of the market. If we were also seeing rising inventory levels and an increase of days on market (both of which remain relatively steady year-over-year), that would signal a potential slowdown. For now, the recent uptick in local price reductions may just reflect overly ambitious pricing by sellers rather than a shift in the market. 🏡
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Just Missed the Cut
Mortgage Watch 📈
Today’s average 30-year fixed mortgage rate is 7.02% (⬆️ 0.10 from this time last week).
Mortgage rates reached their highest point in over three months on Wednesday, as the financial markets reacted negatively to the lack of significant spending cuts in the newly passed spending bill.
> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily.
Westchester Events
Saturday, May 24th - Sunday, May 25th
5/24: Comedy From Scratch
5/24: Lenoir Nature Preserve to Untermyer Gardens Walk
5/24: Playland Amusement Park Opening Day
5/24: The Pinkster Festival
5/24 - 5/24: Fun Box Inflatable Park
5/25: 50th Anniversary of Jaws Celebration
5/25: Farm Tour at Stone Barns
5/25: Jay Heritage Center Garden Tours
5/25: Yoga in the Gardens
Farmer’s Markets:
Saturday: Bronxville, Chappaqua, Greenburgh, Hartsdale, Hastings-on-Hudson, Larchmont, North Salem, Ossining, Pleasantville, Pocantico, Sleepy Hollow / Tarrytown
Sunday: Irvington, Mount Kisco, Rye, Tuckahoe
Monday, May 26th - 🎖️ Memorial Day Parades and Ceremonies:
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Trivia: Which state led the country in all-cash sales?
Answer: West Virgina with 41.4% of sales in all-cash.
This market is not perfect. I'm here to help.
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 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
Thank you again to all our veterans for their service and sacrifice.
With gratitude, Ralph 🫡
