The National Association of Realtors (NAR) has just reported that sales of existing homes in the U.S. for the 12 months ended with May 2025 stood at 4.03 million, down 0.7% from the figure for the 12 months ended in May 2025. NAR also says that between July 2023 and June 2024 the share of the market made of first-time homebuyers was at an historic low, 24%.
Against that background, the White Plains-based nonprofit Community Housing Innovations. Inc., (CHI) has identified some of the obstacles faced by first-time home shoppers and others in the market for homes in New York state and is holding an event that it suggests may provide some help in overcoming those obstacles.
On June 28 from 11 a.m. to 3 p.m. at the Sonesta Hotel in White Plains, CHI plans to be holding its 2025 Homeownership Expo. Prospective homeowners or those who already own a home but are at risk of losing it, can get advice from bankers, realtors, government agencies, mortgage companies, and others on everything they need to know to successfully own or keep a home.
“Owning a home is a steppingstone to a prosperous life,” said Ron Abad, CEO of CHI. “This free expo will bring together experts from across the board with valuable, practical advice to help those looking to break into the market. We are hoping this event will help level the playing field for first-time homebuyers.”
CHI has identified some of the obstacles to first-time and other homebuyers in New York as including:
- High home prices, with limited inventory and persistent demand continuing to drive up property values across the state, making affordability a primary concern;
- Elevated mortgage rates that have remained at levels that significantly raise monthly payments and reduce overall buying power and with the Federal Reserve not planning to cut interest rates anytime soon;.
- Limited inventory especially in high-demand areas such as the New York City suburbs, with a shortage of available homes, particularly at affordable price points, and competition among buyers that lead to bidding wars;
- Difficulty saving for a down payment due to rising costs of living including costs of rent making it difficult for many to save the substantial down payment and closing costs required;
- Competition from institutional investors as reflected in large investment entities buying up single-family and multifamily homes for use as rental properties;
- Tight lending standards by lenders that require higher credit scores and lower debt-to-income ratios, which can be challenging for those just starting their careers or with existing debt.
In addition to workshop sessions, the 2025 Homeownership Expo will have representatives of its sponsors attending to provide information and answer questions. They include representatives from: Chase, Emigrant, Key, PCSB, Ridgewood, Valley, Trustco and Webster banks; Tinker Federal Credit Union, and Loan Depot; The National Association of Real Estate Brokers, Hudson Gateway Realtors Association, Creative Wave Realty Group, Rand Realty and Swan Real Estate; and government and nonprofits Westchester County, Sustainable Westchester, New York State Division of Human Rights, Community Resource Center and The City of New Rochelle.
Those interested in attending the event were advised to register by calling (914) 595-0992.
