Welcome to the M a y 2022 edition of the Rye Brook Local.

This is the strongest real estate market we have ever seen. Homes are going on and off the market in a few days with multiple offers. Homes are getting 50 showings and 25 offers within 24-72 hours of going on the market. Listing agents are pricing homes lower with the expectation of a bidding war. Bidding wars are escalating prices to all time highs. The momentum feels similar to 2004-2005 but the mortgage rates are still 2 full percentage points lower now than they were then. The fierce competition and record-low supply of homes for sale is creating this very competitive market. Sellers who are getting record high prices for their homes are paying it forward and giving those same aggressive offers on their next purchase. When sellers are evaluating the multiple offers received we are seeing; a handful of offers at asking price, a few more 5% over ask, a few more 10% over ask and then 1 or 2 offers that are off the charts high, with a true shutdown price. Typically, the buyer of those high offers are whom has lost out on multiple offers already and know they need to BID BIG to get the accepted offer. As a seller, there has been no better environment to sell your home. It is instrumental to be advised by your experienced agent on how to navigate this marketplace which will net you the highest return. As a buyer, it is essential that you work with an experienced hyper local agent who can advise you through this very competitive and fast market. Whether you are a buyer or a seller enlisting strong, smart, professional representation matters. The likability, trustworthiness and ethical strength of your agent in a market where often the best properties trade in a flash can make all the difference.

Will homes sold as NFT be the next thing?

A historic first in the US: a home in the Tampa Bay area sold on Thursday as an NFT. NFTs, or non-fungible tokens, are unique and irreplaceable digital assets. They're purchased through online transactions. Basically, the NFT was digital paperwork for the rights to a limited liability company, or LLC, that was created for the house. So, the buyer gets the rights to the LLC and, by extension, the literal home itself. The winning bidder bought it using cryptocurrency. The house sold for 209 Ether, the equivalent of $631,790. the home was originally bought in 2020 for around $250,000. Selling a home as an NFT allows for a much faster process of transferring ownership to the buyer.

With energy costs rising, Passive Houses are on the rise.

Passive Houses may be known for their drastically lower energy use and associated energy costs, but it is the level of comfort they offer that their residents appreciate most. The ventilation systems found in Passive Houses provide plentiful fresh, pollen-free and dust-free air. Fundamental to the energy efficiency of a Passive building, the following 5 principles are central to Passive House design and construction: 1) super-insulated envelopes, 2) airtight construction, 3) high-performance glazing, 4) thermal-bridge-free detailing, and 5) heat recovery ventilation.

Heavy Rain Makes Way to New Codes

Extreme, heavy rain seems to be more prevalent these days as climate changes and shifts globally some areas will experience more intense rainfall so expect local municipalities to initiate new building codes related to drainage systems and water absorbing surfaces to mitigate flooding. When evaluating a home, it is important to see exactly what might happen in the event of an extreme rain event.

The Interstate Buyer

How often do we hear about the international buyer and their importance in the real estate markets. What has become ever popular is the inter-state buyer. Those buyers that exist within the USA and are moving within the United States. California buyers buying in New York, Nashville or Nantucket or the Manhattan buyer buying in Naples, Napa or North Carolina. The past 24 months have exposed just how much people buy homes from one state to another. They do so for jobs, retirement, investment, vacations, and a whole host of other reasons.

Dining In?

Is the "DINING IN" trend fueling the rise of the dining room in homes? Over the past 2 years, meals delivered to our homes has soared while many still love cooking, both of these home trends have increased and made the formal dining room the next growing home amenity.

Going South?

US Southern states’ warm weather, business-friendly governments and laws, lower taxes and fewer regulations have been attracting companies and workers from California and the Northeast and other corners of the country. Check out some of my recent podcasts which explain what all the hype is about.