The Ragetté Report
Posts
40.5% of U.S. Properties May be Over-Assessed

40.5% of U.S. Properties May be Over-Assessed

Plus, 364 New Listings - The Most in a Single Week This Year, What Generation Makes Up the Largest Share of Buyers and Sellers?, and The Mortgage Rate Rollercoaster of March and April.

Ralph Ragetté Jr
May 02, 2025 • Reading Time: 9 minutes

Every market has its season. Let’s look at May.

According to ATTOM’s analysis of 47 million home sales over the past decade, homes that close in May deliver the highest return — on average, 9.5% above market value.

So… why May? Because the housing market isn’t rational, it’s emotional. Spring sparks movement. School calendars add urgency. Warmer days make home tours more appealing. It’s a season of transition: job changes, lease endings, and that collective urge for a fresh start before summer. As for the best days of the year to sell, according to the report:

May 27th (seller premium of 14%)
May 26th (seller premium of 13.7%)
March 31st (seller premium 12.9%)

Today’s Topics:

Over-Assessed? Here’s How to Know (and What to Do)
364 New Listings - The Most in a Single Week This Year
What Generation Makes Up the Largest Share of Buyers and Sellers?
The Mortgage Rate Rollercoaster of March and April

40.5% of U.S. Properties May be Over-Assessed

For many Westchester County homeowners, spring doesn’t just bring blooming magnolias, it also brings the annual property tax assessment. If you’ve looked at yours and thought, “This can’t be right,” — you might be right. An article from Realtor.com suggests that approximately 40.5% of U.S. properties may be over-assessed. With home prices up more than 30% since 2020 in Westchester, it’s no surprise that some assessments feel inflated. But municipalities don’t always get it right.

Here’s how we review property taxes and what to do if you're over-assessed:

Find Your Assessment: Check your tax bill for Total Assessment or Taxable Value.
Check the Residential Assessment Ratio (RAR): The RAR is a yearly rate set by NYS. It rises when the market falls and drops when prices go up. Find it here
Calculate Your ‘Assessed Value’: Divide your assessment by the current RAR.

Example: If your Pleasantville home is assessed at $11,000 and the current RAR is 6.25%, the town assumes your market value is $1.760 million for tax purposes. ($11,000 ÷ 0.00625)

What to do if your property is over-assessed:

Gather Evidence: Pull together comps, photographs, appraisal data, or recent information showing the home’s actual value.
File a Grievance: In most Westchester towns, the deadline is the third Tuesday in June. Submit form RP-524 to your local assessor’s office.
Attend the Hearing (Recommended): Bring evidence, stay professional, and be concise.
Await a Decision: If denied, you can pursue a Small Claims Assessment Review (SCAR).

Ralph’s Take

There’s more to this process than I can cover here — but most homeowners never appeal, which is why over-assessments often go uncorrected. Whether you’re thinking of selling or staying long-term, a lower assessment means lower taxes and greater affordability. It can help boost buyer interest when it’s time to list. If you would like help reviewing your assessment or pulling comps, I’m happy to assist. This is part of what we do for our clients every year, and it’s always worth the review.

Westchester Weekly Market Tracker 📈

‘Coming Soon’ Listings: 28 ↓-23
New Listings: 364 ↑+33
Price Reductions: 73 ↑+13
Pending Sales: 171 ↓-3
Closed Sales: 153 ↑+33

💰 Notable Sale: 233 Brady Avenue, Hawthorne: $410,000 - 18% under ask in 14 days.

_{Property Type: Residential. OneKey MLS, Inc. 4/25/25 - 5/2/25.}

Equity Flex: Baby Boomers are Driving the Market

Despite millennials entering their peak home-buying years, baby boomers outpaced them significantly in home purchases over the past year. According to the 2025 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors (NAR), baby boomers accounted for 42% of all home buyers, a sharp contrast to the 29% share held by millennials. This marks a notable decline in millennial participation, down from 38% the year before. Additional findings:

Silent Generation (ages 79–99): purchased highest share of new construction.
Baby Boomers (ages 60-78): the largest share of buyers and sellers.
Gen Xers (ages 45-59): made up 24% of home buyers.
Millennials (ages 26-44): fell to 29% of buyers in 2024 (down from 38%).
Gen Z (ages 18–25): made up 3% of buyers and 2% of sellers.

Ralph’s Take

These findings highlight a deepening generational wealth gap. Unlike the 86% of homeowners sitting on sub-6% mortgage rates, baby boomers are often mortgage-free. That means they’re less sensitive to today’s mortgage rates and can move more freely — upsizing, downsizing, or relocating entirely.

Mortgage Rate Rollercoaster – From Calm to Chaos

March felt like a breather for homebuyers — mortgage rates were relatively steady, giving buyers some clarity and a chance to plan without financial whiplash. But then came April, and the ride got bumpy fast. Rates surged toward 7%, driven by global trade jitters, shaky economic data, and bond market swings. By the end of the month, things cooled off a bit, with rates dipping back down. Savvy buyers should remain prepared to lock in lower rates during the dips as they move through the homebuying process.