This Year's Best Opportunity for Buyers

Last week I gave local examples of why I expected this fall to be the best time to buy a home in 2024. This week Realtor.com offered their opinion that the best time to buy a home in our metro area is next week. Buyers can expect up to 37% more active listings compared to earlier in the year and potential savings of over $14,000 compared to the summer peak for a median-priced home of $445,000. Here’s their findings for the New York / New Jersey Metro Area:

• The best week to buy is Sept 15^th - 21^st

• Active Listings vs. Average: +14.0%

• Views per Property vs. Peak: -29.5%

• Days on Market vs. Peak: +13 Days

• Median List Price vs. Peak: - 5.6%

• New Listings vs. Avg: -1.3%

• Price Reductions vs. Avg: 1.3%

Ralph’s Take

Falling mortgage rates are making homeownership more affordable and Realtor.com predicts buyer demand to be 29.5% lower than the peak periods of the year. This offers a balanced mix of market conditions that favor buyers. Meanwhile, the Westchester County market added 182 single-family homes, 35 condominiums, 49 cooperatives, and 25 multi-family homes for sale this week.

The Cheesiest Way to Win a House?

In today’s competitive real estate market, multiple offers are almost expected, and our role as agents is to give our buyers the best possible edge in these situations. An agent in Milwaukee recently listed a house for sale and received several bids, one of which included an offer to buy the seller pizza every Friday night until the deal closed. Unfortunately, the seller accepted a higher offer, but let’s give the buyer and agent credit for thinking outside the box. I love the creativity!

Not to speak poorly of Milwaukee’s pizza game, but Sicilian pies from Dunwoodie or Sal’s, cheese pies from Joe’s or Johnny’s, or thin crust pies from Roma in Tuckahoe could have brought a different outcome… 🍕

STAR Tax Relief on the Way

New York homeowners may soon benefit from tax relief checks through the School Tax Relief (STAR) program, which helps lower school tax costs. Eligible homeowners will receive the benefit through check or direct deposit through December, with most payments being distributed this month. Seniors who qualify for the Enhanced STAR program will receive a larger benefit. The amount for both tiers varies based on the homeowner’s school district.

What you need to know:

• STAR is available for owner-occupied, primary residences.

• Basic STAR: Household income not to exceed $500k.

• Enhanced STAR: Homeowner must be 65 or older with household income under $98,700 for ‘24-’25 school year.

• The credit amount is calculated annually.

Helpful Links:

Dr. Ruth’s Lakehouse Listed for Rent

Dr. Ruth Westheimer's lake house is now available for rent. This charming 2,512-square-foot property, located right on the water, is listed for $6,500 per month. Built in 1978, the house features three bedrooms, two bathrooms, and an open living area layout. It also includes a cozy deck with a porch swing, offering a serene view of the lake, along with a patio that provides easy access to the water. Dr. Ruth lived in the home for many years prior to her passing earlier this year.  Read More

Upcoming Westchester Events

• 9/11 - 9/15: JazzFest, White Plains

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

• 9/13: The Blaze begins, Croton-on-Hudson

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

• 9/13 - 9/15: Lyndhurst Fall Craft Fair, Tarrytown

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

• 9/14: Pizza Cook Off, Tuckahoe

• 9/14: Up The River Blues Fest, Ossining

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

• 9/14: Yonkers Riverfest

• 9/14: World’s Shortest Parade, Yonkers

• 9/14 - 9/15: Harvest Moon Fall Fest, North Salem

• 9/15: Bicycle Sunday, Bronx River Parkway

• 9/15: Tarrytown Open Street & Hispanic Heritage Celebration

• 9/18 - 9/22: Yorktown San Gennaro Feast

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 a 6.14%.

> 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 2024🍂

This market is not perfect. I'm here to help. 🫡

Thanks for reading! Contact me with all of your questions and enjoy the weekend!

-Ralph