Category Archives: Bedford

Prepare for a better home inspection | Bedford Real Estate

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Every agent learns early in his or her career that home inspections can be rough. But there are ways to smooth out the process.

First, get your seller to have an independent inspector give the house a once over before it is listed. That way, problems can be spotted — and corrected — before a would-be buyer ever gets wind of them.

Beyond that, prepare your clients for the buyer’s inspector and encourage the seller to fix those items he knows are broken — the little things every owner learns to live with — before they become bargaining points.

Many inspectors provide agents with pre-inspection checklists so all parties can be as sure as possible that the house is inspection-ready. There are a lot of things sellers can do, but if they are not skilled at certain repairs, even the simplest ones, they should call a professional such as when an air conditioner repair is needed . Not only can inspectors spot amateurish, sub-par work, they will wonder about the quality of repairs that are less visible.

When repairs are made, either by the seller or a professional contractor, it’s a good idea to have paid receipts and warranties on hand for the inspector and buyer.

Finally, on the day of the inspection, sellers should give the examiner full access to the attic, crawlspace, electrical panels, furnace, air conditioner and water heater. Get the clutter out of the way, and then take the kids and the dog and go out for a few hours so the examiner can do his job efficiently and without interference.

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https://agentresources.bankofamerica.com/monthlyagentnewsletter?nbk=NBKJDBM#101402

Confidence in Phoenix housing market fell in 2014 | Bedford Real Estate

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Consumer confidence in metro Phoenix’s housing market dropped over the summer as sales and price increases sagged.

The Zillow Housing Confidence Index for the Valley is now at 64.2, compared with 66.7 in January, according to a report released Tuesday.

Nationally, the housing confidence index is 64.2, up from 63.7 at the beginning of the year.

Of the 20 largest U.S. metros, consumer confidence for San Francisco’s housing market is the highest at 68.2. Chicago ranks the lowest at 60. Phoenix ranked 13th.

Homeowners are more optimistic than renters about Phoenix’s housing market. Homeowners polled gave the area a 66.6 rating. The index score among renters was 59.6.

During July, Valley home sales fell 4.5 percent from June and 18 percent from July 2013. The Valley’s median sales price was $210,000 in July 2014, down $1,000 from the previous month.

In August, home building across the Phoenix area fell to the slowest pace in more than a year.

The index is compiled from 10,000 surveys. The margin of error for the survey is plus or minus 1.2 to 2 percent.

The indices for metro areas are measured on a scale of 0-100, with readings above 50 representing generally positive sentiment, and readings below 50 indicating negative sentiment, Zillow said.

 

 

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http://www.azcentral.com/story/money/real-estate/catherine-reagor/2014/09/23/confidence-phoenix-housing-market-fell/16131937/

New home sales leap to six-year high | #Armonk Real Estate

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A new home is seen for sale in Vienna, Va., in this file photo taken March 27, 2014. Sales of new US single-family homes surged in August and hit their highest level in more than six years, offering confirmation that the housing recovery remains on course.

 

Two days after existing home sales put a damper on hope for the housing market, a dazzling new home sales report has it roaring back.

Sales of new single-family homes surged 18 percent to a 504,000 annualized pace in August, up from a 427,000 pace in July and a 419,000 pace in June, according to data released Wednesday by the Commerce Department. The report surpassed predictions – economist had been expecting about 430,000 annualized.

“Altogether, this is a much stronger report than expected and suggests housing demand has stabilized in recent quarters,” Michael Gapen, US economist with Barclays Research, writes in an e-mailed statement.

The stock of new homes for sale reached a four-year high, inching up to 203,000 last month, following 201,000 in July and 169,000 in June. But sales were so strong that the months’ supply of homes available fell to 4.8 after holding steady at 5.6 in June and July.

 

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http://www.csmonitor.com/Business/new-economy/2014/0924/New-home-sales-leap-to-six-year-high-renewing-hope-for-the-market

Mortgage Rates at 4.19% | Bedford Real Estate

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Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.19 percent, up from 4.05 percent at this same time last week.

The 30-year fixed mortgage rate rose steadily last week, peaking at 4.30 percent on Sunday before easing down to the current rate.

“Last week, rates hit a five-month high on anticipation that the Fed’s policy statement might suggest an earlier than expected hike in the federal funds rate,” said Erin Lantz, vice president of mortgages at Zillow. “This week, any significant movement in rates will stem from the Fed’s Wednesday announcement, which could reveal how quickly the federal funds rate will rise after the stimulus program ends.”

Additionally, the 15-year fixed mortgage rate this morning was 3.26 percent, and for 5/1 ARMs, the rate was 3.03 percent.

 

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http://www.zillow.com/blog/mortgage-rates-up-14-basis-points-159975/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Mortgage gauge hits 14-year low | #Bedford Real Estate

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Here’s a fresh factoid sure to gratify housing bears: A broad gauge of mortgage applications recently hit its lowest level in 14 years, according to data released Wednesday.

The Mortgage Bankers Association reported its seasonally adjusted index, which measures the volume of mortgage applications, dropped more than 7% in the week that ended Sept. 5 to the slowest pace since the end of 2000. During that week, applications for loans to buy a home fell almost 3%, hitting their lowest level since February, while refinancing applications tumbled almost 11%, reaching the weakest result since late 2008.

But it may be too soon to dance on the housing market’s grave. There’s volatility in any weekly series. And there were at least two factors in the most recent weekly report that may be throwing off results.

First, the week that ended Sept. 5 contained Labor Day (which fell on Sept. 1). While MBA adjusted its data for the holiday, there may still be some distortions.

“The Labor Day holiday is one of the holidays where it’s hard to predict how people will respond,” said Doug Duncan, chief economist at federally controlled mortgage-finance giant Fannie Mae who added that he expects a “bounce back” in future mortgage-application readings.

 

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http://blogs.marketwatch.com/capitolreport/2014/09/10/mortgage-gauge-hits-14-year-low-but-that-doesnt-mean-housing-is-dead/

 

 

 

Average US 30-year mortgage rate holds steady | Bedford NY Real Estate

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The average 30-year U.S. mortgage rate this week remained at a 52-week low of 4.10 percent for the third straight week.

Mortgage company Freddie Mac also said Thursday the average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.24 percent from 3.25 percent.

At its 52-week low of 4.10 percent, the rate on a 30-year mortgage is down from 4.53 percent at the start of the year. Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases, which are intended to keep long-term borrowing rates low. The purchases are set to end in October.

The low rates appear to have boosted U.S. home sales. Also, moderating increases in home prices such as occurred in July should help support sales by making homes more affordable. Real-estate data provider CoreLogic reported Tuesday that home prices rose in July but at a slower rate compared with earlier this year.

Greater affordability has helped the housing market recover over the spring and summer after sales and construction fell earlier this year. Sales of existing homes rose for a fourth straight month in July to their strongest pace in nine months. And a measure of signed contracts also increased in July, suggesting that final sales will rise further in coming months.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

 

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http://news.yahoo.com/average-us-30-mortgage-rate-141333476.html