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The Most Unique Home Searches of 2024
Plus, FHFA: 73% of Mortgages Still Under 5%, Westchester’s Highest and Lowest Home Sales, and the Change of Westchester County Home Values Since 2004.
Ralph Ragetté Jr
January 03, 2025 • Reading Time: 8 minutes
Happy New Year! 🥂
The 2024 housing market data is still being finalized, but it was undeniably a year of notable challenges and changes for the real estate industry. The National Association of Realtors (NAR) faced significant controversies, including the resignation of President Tracy Kasper amid a blackmail threat and a $418 million settlement in broker-commission litigation, which resulted in mandated practice reforms across the sector.
Locally, our market continued to grapple with high demand, low inventory, and volatile interest rates as the Federal Reserve implemented measures to combat inflation.
As we kick off 2025, two major trends remain at center stage: affordability and seller activity. Anyway, let’s jump back into it… it’s good to be back! 🫡
The Most Unique Home Searches of 2024
Zillow’s natural language search is redefining how we house-hunt. This AI-powered feature has opened a window into what buyers are dreaming of — and it’s not all patios and garages. Since its 2023 launch, the tool has highlighted priorities ranging from the practical to the whimsical. Think “laser tag rooms,” “spooky charm,” or even requests as niche as personal bowling alleys.
The most popular search terms were “pool,” topping the list in 38 states, and “garage,” leading in 46 states. However, some buyers got creative: at least one person in 22 states searched for “haunted” homes, a shopper in Colorado looked for a property with a “roller coaster,” and someone else scoured the entire country for a “party barn.”
Ralph’s Take
Natural language search is changing the way people find their dream homes. While some in the industry approach artificial intelligence with caution, I see it as an incredible opportunity. I’m excited to introduce similar AI-driven tools on my firm’s website. If 2024 is any indication, the future promises even more innovative and unexpected home searches!
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Westchester Weekly Market Tracker 📈
New Listings: 51 ↓
Price Reductions: 25 ↑
Pending Sales: 85 ↓
Closed Sales: 90 ↓
💰 Highest Sale: 724 King Street, Chappaqua: $2,995,000
Property Type: Single-Family. OneKey Multiple Listing Service, Inc. 12/27/24 - 1/3/25.
FHFA: 73% of Mortgages Still Under 5%
The highest level of mortgages over 6% since 2016.
While mortgage rates remain significantly higher than three years ago, the pool of borrowers with lower-rate loans is steadily eroding as most new homeowners are securing loans in the 6% to 7% range. The Federal Housing Finance Agency (FHFA) reports that 73.3% of U.S. mortgage holders now enjoy interest rates below 5.0%, a drop of 12.2 percentage points from the Q1 2022 high of 85.5%.
As borrowers adjust to the new normal, opportunities for refinancing may continue to emerge. A glimpse of this occurred in September 2024 when the average 30-year fixed rate briefly dipped to 6.11%. Savvy homeowners with higher-rate loans seized that window to refinance, reducing their monthly payments and bolstering their financial footing.
Ralph’s Take
Buy When You're Ready, Not When the Market Is Perfect. With mortgage rates fluctuating between 6% and 7%, continued volatility is expected this year. While waiting for stability and lower rates may seem prudent, it risks missing the right home. A home is a long-term investment, and refinancing later can adjust your terms. Timing the market isn’t as important as finding the home that meets your needs and improves your quality of life.
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Westchester’s Highest and Lowest Home Sales
In next week’s newsletter, I’ll be diving into the year-end statistics, but for now, above is a sneak peek at Westchester County’s highest and lowest sales of 2024.
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Grow and Invest in Your Future
A friend recently told me about Acorns, and I’ve been really impressed by how easy it is to use. It’s such a simple way to take control of your finances and save for your retirement, build an emergency fund, or start investing. What I really love is the “round-up savings” feature, which automatically invests my spare change from everyday purchases. Check out Acorns - I promise, you’ll be glad you did!
Visual of the Week 🖼️
Since 2004, home values in Westchester County have seen substantial growth. If you’re a homeowner wondering if it even makes sense to move this year, you could have enough equity to buy your next home outright.
Find out your home’s equity position. Reply to this email, call or text message me today.
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Mortgage Watch 📉
Today’s average 30-year fixed rate is 7.10%.
> 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.
Westchester Events
Dave’s Hot Chicken Grand Opening, White Plains
Saturday, January 4th - Sunday, January 5th
Thru 1/5: Holiday Food Truck Market
Thru 1/5: Holiday on the Hill Train Show
Thru 1/5: Holiday on the Hudson
Thru 1/7: The Great Holiday Train Show
This market is not perfect. I'm here to help.
With gratitude, Ralph 🫡
Schedule a consultation to develop your 2025 game plan now.
Reply to this email, call, or text message me anytime at (914) 202-1101.
