Happy Passover and Happy Easter.

Westchester just posted its lowest weekly new listing count in the last five weeks.

But there’s good news: Coming Soon listings reached their highest weekly level since I started tracking them in 2024. Inventory is on the way!

If you’ve been frustrated with the lack of options in the market (I know I have been), the next few weeks could be a great opportunity. And when you’re ready, I’ll be happy to give you a proper tour of any homes that catch your eye.

Today’s Topics:

Let’s Talk Adjustable-Rate Mortgages
18% of Single-Family Homes in the U.S. Are Rentals
Fannie Mae is Set to Accept Mortgages Tied to Cryptocurrency

Buyers Are Looking at Adjustable-Rate Mortgages Again

A growing number of buyers are choosing lower monthly payments now, even if it means taking on more uncertainty later. Adjustable-rate mortgages are getting renewed attention in today’s high-rate market because they can offer a more affordable starting payment than a fixed-rate loan. That upfront savings can be appealing, but the tradeoff is that payments may change once the fixed period ends. For some buyers, an ARM can be a smart short-term move, but it is not the right fit for everyone.

Here’s what you need to know:

Begins At Fixed Rate: Typically, 3, 5, 7, or 10 years.
Commonly Adjusts Once a Year: A 5/1 adjusts once a year after.
Rate Caps: Limits how much the interest rate can increase.
Tied to a Benchmark: based on an index plus a lender’s margin.
Payment Can Go Up or Down: Interest rate adjusts based on the market.

Ralph’s Take

ARM rates are typically lower than fixed mortgage rates, which can give buyers some breathing room when borrowing costs are high. That lower rate can mean a smaller monthly payment or more purchasing power than a fixed-rate loan may allow. Unlike in the past, today’s tighter lending standards have made ARMs a more structured and less risky option than many people remember.

Westchester Weekly Market Tracker 📈

‘Coming Soon’: 66 ↑+39
New Listings: 169 ↓-65
Price Reductions: 40 ↓-20
Pending Sales: 174 ↓-4
Closed Sales: 135 ↑+22

💰 Find your home’s value here!

_{Property Type: Residential. OneKey MLS, Inc. 3/27/26 - 4/3/26.}

Nearly 1 in 5 U.S. Single-Family Homes Are Rentals

A new analysis highlighted by ResiClub found that about 18% of single-family homes across the U.S. are being used as rentals, showing just how large the single-family rental market has become. The share varies widely by state, with Wyoming (30.9%) and Maine (29.8%) among the highest, and Minnesota (9.2%) and Wisconsin (11.4%) among the lowest. New York comes in slightly below the national average at 16.4%. Additional Highlights:

Large institutional landlords are concentrated in some Sun Belt markets.
89.6% of single-family rentals are held by small landlords (owning 1 to 5).
Some owners became accidental landlords by keeping their starter home.

Ralph’s Take

This is another reason our housing inventory is so tight: many single-family homes are no longer part of the for-sale market at all. In our area, it’s another contributing factor to the housing shortage, because every home held as a rental is one less opportunity for a first-time buyer, growing family, or downsizing seller to make a move.

Crypto Wants a Bigger Role in Real Estate

Fannie Mae is set to accept a new kind of mortgage tied to cryptocurrency, allowing some buyers to use approved crypto holdings as collateral for a down payment instead of first selling them for cash. The structure appears to pair a standard Fannie-backed mortgage with a separate crypto-backed loan, making this one of the first mainstream bridges between conventional housing finance and digital assets.

FHFA Director Pulte ordered Fannie Mae and Freddie Mac to consider cryptocurrency.
The approved crypto includes bitcoin and USD Coin (USDC).
Buyers would use a normal mortgage product and a separate loan backed by their crypto for the down payment.

Ralph’s Take

Mortgages are usually at their best when they are boring, stable, and predictable. While this could create a new option for a small segment of asset-rich buyers, it does little to solve affordability and adds more complexity to an already difficult housing market. At least for now, this feels more like a niche lending product than a meaningful shift for the average homebuyer.