Spring 2025 Market Watch: Is New York a Buyer’s or Seller’s Market?

 The big question this season: who really holds the power in New York’s real estate market—buyers or sellers? The answer is a bit of both, depending on where you’re looking.

Redfin reports that while new listings are up, pending sales are slightly down, which means the market is cooling—but not crashing. That’s particularly true in Westchester, Suffolk, and Orange Counties.

📍 Local Trends:

• Westchester: Homes are staying on the market longer, with more room to negotiate price and terms.

• Nassau & Suffolk: More homes are returning to pre-pandemic pricing levels.

• NYC Boroughs: Demand remains steady in Brooklyn and Queens, but with less competition than in 2021–2022.

🧠 Mortgage Master Advice:

🔸 For Buyers: You’re in a better position than last year. With more listings and fewer bidding wars, you can be strategic—especially if you’re pre-approved and ready to negotiate concessions.
🔸 For Sellers: Homes still sell well when priced correctly, especially those that are updated and marketed properly. But expect buyers to negotiate more assertively.

🎯 Final Thought:

New York is entering a balanced market. That means thoughtful, well-prepared buyers and sellers can both come out ahead. The key is working with local experts who understand this moment—and can help you make the most of it.

Source: Redfin – Spring 2025 Housing Market Report

Mortgage Rates Are Climbing Again: What New York Buyers Should Do

Mortgage rates are trending up again. As of this week, Bloomberg reports the 30-year fixed average has hit 6.81%. In New York, where housing prices are some of the highest in the country, even a small rate increase can pack a punch.

📊 The Real Cost in NY:

On a $700,000 home in Westchester County, a 0.25% rate hike could raise your mortgage by over $125/month—or $1,500 per year. That’s money you could be using for taxes, home improvements, or savings.

🧠 Mortgage Master Moves:

1. Lock in your rate now if you're actively shopping.

2. Ask for a seller-paid buydown, which can lower your monthly payment for the first 1–3 years.

3. Consider an ARM (adjustable-rate mortgage) if you plan to sell or refinance in the next 5–7 years.

4. Stay fully pre-approved so you can move fast when you find the right home.

NY-Specific Strategy:

In markets like Yonkers, White Plains, and New Rochelle, we’re seeing more listings with price reductions and longer time on market. This gives buyers room to request perks like rate buydowns or closing cost coverage.

🎯 Final Thought:

Yes, rates are rising—but that’s giving NY buyers more leverage. Stay informed, stay aggressive, and work with a lender who can build a financing plan that adapts to this new normal.

Source: Bloomberg – May 2025 Mortgage Rate Trends

NY Sellers Are Sweetening the Deal: What Buyers Should Know

If you're shopping for a home in New York this spring, there's good news—sellers are more motivated than they’ve been in years. According to Redfin, seller concessions are increasing nationwide, and we’re seeing the same trend here in Westchester, Long Island, and NYC boroughs.

These concessions often include:

• Paying a portion (or all) of the buyer’s closing costs
• Offering mortgage rate buydowns
• Credits for repairs or renovations
• Covering moving expenses or including home warranties

In high-cost counties like Westchester and Nassau, where listing prices remain elevated, buyers are leveraging these perks to offset the impact of high mortgage rates.

Mortgage Master Tip:

Even if the list price doesn’t budge, concessions can equal thousands in savings. That’s real money you can keep in your pocket—or use to reduce your interest rate.

NY Market Insight:

Homes are spending longer on the market in parts of the Hudson Valley and Long Island, especially those priced above the median. Sellers are becoming more flexible, particularly if they’ve already bought a new home.

Final Word:

This is your chance to negotiate beyond the price tag. Don’t just look at the asking price—look at the total deal.

Source: Redfin – Q1 2025 Seller Concessions Report