Category Archives: Westchester NY

New Single-Family Home Size: Flat Trends | Waccabuc Real Estate

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The typical size of newly built single-family homes was effectively unchanged from the second to third quarter of 2015, posting a small quarterly decline. The current data is consistent with the general trend of flat growth for the size of typical newly-built homes, a pattern that took hold during 2014. As first-time buyers return to the market, typical home size is expected to trend somewhat lower.

According to third quarter 2015 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area fell from 2,478 in the second quarter to 2,445 square feet. Average (mean) square footage for new single-family homes fell from 2,704 to 2,653 for the third quarter.

SF size_3q15

On a less volatile one-year moving average, the recent trend of leveling home size can be see on the graph above, although current sizes remain elevated. Since cycle lows and on a one-year moving average basis, the average size of new single-family homes has increased 13% to 2,693 square feet, while the median size has increased 17% to 2,472 square feet.

 

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http://eyeonhousing.org/2015/11/

Gen Xers more likely than Millennials or Boomers to buy a home | Cross River Real Estate

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MCLEAN, VA–(Marketwired – Nov 18, 2015) – Freddie Mac

  • Gen Xers more likely than Millennials or Boomers to buy a home
  • Millennials more likely to save for short- and long-term goals
  • Renters offset rent hikes by spending less on essentials and are considering getting a roommate

Renters indicate they still feel challenged with their finances and 66 percent are carrying debt each month, according to a recent Freddie Mac (OTCQB: FMCC) survey. Yet, the majority of renters (56 percent) are optimistic about managing their debt. Renters are also saving money for numerous priorities and a down payment on a home is not at the top of their list. In addition, Gen Xers are more likely than Millennials or Boomers to buy a home in the next three years.

For the Freddie Mac quarterly online survey, conducted in October on its behalf by Harris Poll, renters currently saving for all listed goals place a higher priority on saving money for an emergency/unexpected expense (59 percent), retirement (51 percent) and children’s education (50 percent) than a down payment on a home (39 percent) or a vacation (26 percent). They also indicate that they are behind in saving for those things.

Looking across generations, Millennial renters are more likely to be saving for short- and long-term goals than Boomer and Gen X renters. For example, Millennial renters are more likely to be saving for a major purchase (92 percent) and a vacation (94 percent), when compared to Boomers (82 percent and 81 percent respectively) and Gen Xers (77 percent and 75 percent respectively).

“We know rents are rising faster than incomes and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items,” said David Brickman, Freddie Mac executive vice president of Multifamily. “Despite this, some renters feel optimistic about managing their debt.”

Brickman added, “Growth in the renter segment will most likely occur through multifamily properties as more than half of those currently renting single-family properties are planning to become homeowners in the near future. The data shows single-family renters are increasingly more dissatisfied than multifamily renters.”

Ways to Offset a Rent Hike

The many ways in which renters are making adjustments due to rent increases include:

  • 51 percent are spending less on essentials, the same as last quarter.
  • 52 percent put off plans to purchase a home, compared to 44 percent in June.
  • 35 percent are contemplating getting a roommate, up from 29 percent in June.
  • 26 percent say they need to move into a smaller rental property, compared to 20 percent in June.

The Future Homebuyer

When broken out by generations, 58 percent of Gen X renters expect to purchase a home in the next three years, compared to 42 percent of Millennials and 33 percent of Baby Boomers.

Overall, almost half (48 percent) of renters in single-family properties are dissatisfied with renting, and are more likely to purchase a home in the next three years than multifamily renters (57 percent vs. 28 percent).

Satisfaction with Rental Experience

The satisfaction rates from the March, October and June surveys this year are virtually unchanged, with a third of renters being very satisfied with their rental experience and almost a third (30 percent) indicating they are moderately satisfied. In the October survey,

  • 70 percent of satisfied renters are likely to continue renting for the next three years, up slightly from 68 percent in the previous quarter.
  • 30 percent of satisfied renters indicate they are more likely to buy a home, compared to 32 percent in the previous quarter.

In addition, the top favorable factors for renting remain about the same and are freedom from home maintenance (79 percent), more flexibility over where you live (74 percent) and protection against declines in home prices (68 percent).

Additional details about the survey, including charts, are on the Freddie Mac website.

Should real estate agents “fire” know-it-all homebuyers? | Bedford Hills Realtor

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Real estate agents are vital in the role of helping people find the perfect home.

But what should you do if it’s those same people who prove problematic?

What would you do, walk away?

Check out this Reddit post titled: “Stubborn buyer loses home over stupidity, how to handle?”

Here, user WolfofWallStr lays out this tragic scenario:

Hey all. Had a buyer, I’ll call them they “Know it All” Family. They knew everything, especially since they watch Home & Garden TV, Million Dollar Listing, and saw something on Youtube that one time.

So anyways, the buyer (The Know It All Family) submitted an offer, solid offer. Seller countered. The two were $10,000 apart. The seller then offered to meet in the middle, so they are no longer apart. Unfortunately buyer refused and actually informed the seller they are considering lowering their offer. The buyer used silly excuses such as values listed on the tax assessment of the property & replacement values from insurance quotes. In the meantime, the seller got a higher offer… we snoozed, we lost and it was all the buyers fault.

Now this buyer is angry and doesn’t want to buy anymore. They’re solid buyers, but they think they know everything because they read some blog on the internet about real estate and watch RE TV shows lol. Any thoughts on how to handle situations like this in the future?

For once, reaction isn’t so mixed.

Most of the Redditors, many brokers, landlords, agents themselves, say to “fire” clients such as these. Do you agree? Let me know on the message boards below.

Note: one user disagreed and got shot down for showing “alternative feelings.”

I’ll just add that here, at the end, for some balance.

WiseImprovements said:

“They are going through a very emotional process that may seem pretty simple to you. It’s a huge deal for their family and they are out of their comfort zone. I understand that you are frustrated but calling them stupid and insulting them online makes you look very badly.

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you know it all

Builders’ sentiment drops | Bedford Real Estate

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Builders’ sentiment dropped back to levels more consistent with the second half of 2015 after an upward bounce in October. The November NAHB/Wells Fargo Housing Market Index dropped three points from an upwardly revised October level to 62. The index has been above 60 since June 2015 and remains well above the tipping point of 50 where more builders see an improving market than see a poorer market.
Two of the three components also fell back to the levels established in the summer. The current sales index dropped three points to 67 equaling the September level and better than June through August levels. The expectation for future sales dropped five points to 70, the same as July and August levels. The traffic component increased one point to 48, the highest level since October 2005.
Builders continue to express concern about the lack of buildable lots in locations where buyers want to live and the very limited availability of construction labor crews. These supply constraints have limited builders’ bringing new homes into inventory. However, builders are seeing more potential buyers show up at their building sites, at the model homes and in the offices as consumers become more confident in the housing market and the overall economy.
The NAHB/Wells Fargo HMI does appear to portend home sales turns. The graph shows an uptick in the three-month moving average of the HMI is followed in two or three months by an uptick in the three-month moving average of new home sales.

New Home Sales and NAHB

 

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http://eyeonhousing.org/2015/11/builders-retrench/

 

 

 

Building Material Prices drop in October | Bedford Corners Real Estate

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The Bureau of Labor Statistics (BLS) released the Producer Price Indexes (PPI) for October. Inflation in prices received by producers (prior to sales to consumers) declined 0.4% in October following a 0.5% decline in September and no change in August. The decline was the combination of a 0.3% decline in prices for services and a 0.4% decline in prices for goods. In contrast to prior months, energy prices were flat. The decline in the overall index was dominated by declines in services and core goods prices (excluding food and energy).

Despite flat energy prices October’s decline puts overall producer prices on track for a negative fourth quarter, a discouraging development for policy makers at the Federal Reserve who are poised to raise interest rates but have been counting on a firming of inflation before they start (FOMC).

Among wood products, softwood lumber prices ticked up in October after recent monthly declines, but the trend over the last year remains modestly downward. Slowing exports, particularly to China is keeping more supply closer to home and putting downward pressure on prices.

OSB prices ticked down in October. Monthly volatility may be masking the beginning of some recovery in prices from the recent collapse. Prices are up modestly from a low in May.

Gypsum prices added to September gains giving weight to announced price increases. Major gypsum producers have informed customers that prices will be rising through the end of this year and next (gypsum).

blog ppi 2015_11

 

 

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http://eyeonhousing.org/2015/11/producer-prices-in-october-bad-news-for-the-fed/

 

Shelter Plants from Winter’s Worst | Chappaqua Real Estate

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When it comes to hydrangeas, I’m certifiably loony. Or, at least, I used to be. The source of my obsession was a variegated hydrangea. I bought it in full flower, and the azure, lacecap blooms were simply stunning against the backdrop of broad, spade-shaped leaves edged with creamy white. Then winter hit and it died to the ground. New shoots burst forth in spring, adorned with luscious foliage, but no blooms appeared. Ditto the next spring. And the next. Apparently the plant was root-hardy here, but its stems and flower buds—which form on year-old growth—were not. In my USDA Hardiness Zone 6 Connecticut garden, Old Man Winter prevailed.

But it got me thinking that if I kept my variegated hydrangea (Hydrangea macrophylla‘Tricolor’) warmer, its stems and buds might survive. So I decided to cover the plant in winter. I bought one of those homely-looking Styrofoam cones sold to protect tea roses in winter, capped the hydrangea, and covered that with a layer of shredded leaf mulch and pine boughs. Then I waited until the next summer when—lo and behold—the hydrangea flowered.

Emboldened by success, I started experimenting with other marginally hardy plants, using everything from small glass domes to homemade, doghouse-sized plastic greenhouses. I soon realized winter cover-ups could provide an extra zone or more of warmth. I’ve used these devices to help late-season transplants get established, protect recently transplanted evergreens, and coddle a few choice perennials that would otherwise never survive winters in my garden. There’s nothing complicated about it. I rarely spend more than 15 minutes prepping a plant for winter, and unveiling it for spring takes even less time. My methods aren’t foolproof. There’s still a casualty or two every season. But even with occasional losses, my efforts are repaid several times over each year.

PROTECT TENDER PLANTS WITH WATER, MULCH, AND SHELTER

Everyone knows that plants die if winter temperatures are too frigid for them to endure. But severe weather can pose a threat even to hardy plants. An early-season burst of bitter cold can shatter the cells of woody plants that haven’t yet hardened off. Later in the season, those same plants could march through a similar cold snap in stride. Deeper into winter, cold, dry winds can draw the life from conifers or broad-leaved evergreens. Even warm spells can be perilous. High temperatures can evaporate the last reserves of moisture from the transpiring leaves of evergreens whose roots, locked in frozen ground, are unable to draw replenishing moisture from the soil.

Most hardy perennials could sleep through winter peacefully if tucked under a thick blanket of snow. But where snowfall is iffy, exposure to Jack Frost’s full force may kill marginally hardy plants. In poorly draining soils, winter wet can rot the crown of hardy perennials. And the churning freeze-thaw cycles of early spring can easily heave plants—roots and all—from the ground. To complicate matters further, the tissues of some plants, particularly trees and shrubs, are more susceptible to cold temperatures in their youth or their first year or two after transplanting. Only when they’ve reached a certain level of maturity are they fully hardy.

My garden is subject to just about every one of those threats. So, to prepare marginally hardy or recently planted perennials, trees, and shrubs for winter, I make sure at-risk plants are deeply watered before the ground freezes. In addition, any recently transplanted or marginally hardy evergreens get a spray of an anti-transpirant, like Wilt-Pruf, to seal the microscopic openings in their leaves. When the ground has frozen, I give new plants—even those rated bone-hardy for my garden—a 2- to 4-inch blanket of mulch, either ground bark or, preferably, shredded leaves. I also use pine boughs or branches cut from the Christmas tree. These make an excellent, airy mulch for young hellebores or any fledgling evergreen perennial because they help moderate temperature changes and offer protection from the winter wind and sun.

Plants in need of special coddling—anything unlikely to survive winter’s cold and wet—should be tucked into a custom, seasonal shelter before cold weather settles in, usually about late November in my garden. It doesn’t have to be elaborate. I’ve used overturned plastic pots, lengths of burlap, shredded leaves, even a heavy-duty paper bag. Unless you make the effort to build an artistic shelter, chances are that an array of protected plants is going to look like a hastily abandoned campground. But I can live with the less-than-good looks for a year or two until a newly planted tree or shrub is well-established. Even so, any plantings that will need long-term coddling shouldn’t be positioned prominently in the stark winter landscape. To avoid aesthetic crises, I tuck my tender treasures at the bottom of a gentle slope in the backyard, where they can’t be seen from the house.

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http://www.finegardening.com/shelter-plants-winters-worst

30 Year Mortgage Rates Rise to 3.98% | Armonk Real Estate

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Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising amid continued market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.6 point for the week endingNovember 12, 2015, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent.
  • 15-year FRM this week averaged 3.20 percent with an average 0.6 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.02 percent.
  • 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.2 point, up from 2.62 percent last week. At this time last year, the 1-year ARM averaged 2.43 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM or the regional breakouts for the 30-year and 15-year fixed rate mortgages, or the 5/1 Hybrid ARM.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“A surprisingly strong October jobs report showed 271,000 jobs added and wage growth of 0.4 percent from last month, exceeding many experts’ expectations. The positive employment reports pushed Treasury yields to about 2.3 percent as investors responded by placing a higher likelihood on a December rate hike. Mortgage rates followed with the 30-year jumping 11 basis points to 3.98 percent, the highest since July. There is only one more employment report before the December FOMC meeting, which will have major implications on whether we see a rate hike in 2015.”

#Hamptons real estate prices up, sales slow | #Waccabuc Real Estate

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Real estate prices continued to climb in the third quarter of 2015, but sales pace slowed and inventory is more difficult to come by, when compared with the third quarter of 2014, which was a banner season for real estate on the East End.

According to The Corcoran Group’s quarterly Corcoran Report, “the volatility of financial markets world-wide resulted in fewer closed transactions this quarter.”

On the South Fork, according to Corcoran, sales activity and sales volume declined by 16 percent and 13 percent, respectively, compared to the third quarter of 2014. Only East Hampton Village, Southampton and Shelter Island reported more sales than last year.

The Corcoran Group reported that the average sale price on the South Fork increased 3 percent, while the median price rose 6 percent, versus the same quarter a year ago.

Nine sales over $5 million in East Hampton Village skewed the median price there up 70 percent over the third quarter of 2014.

Though recent quarters have shown a good deal of activity in the under-$500,000 range, where such properties can even be found on the South Fork, that share of the market shrank in the third quarter both east and west of the Shinnecock Canal.

East of the canal, under-$500,000 sales shrunk to just 8 percent of the market, from 14 percent in the third quarter of 2014, while the market share of houses under $500,000 west of the canal shrank from 41 percent in the third quarter of 2014 to 38 percent in the third quarter of this year.

On the North Fork, the Corcoran Group reported the number of sales and sales volume decreased 11 percent and 17 percent, respectively, over the third quarter of 2014. They reported the median sales price increased 1 percent, but the average sales price decreased 8 percent.

On the North Fork, they reported the $500,000 to $750,000 market range grew from 23 percent to 31 percent of sales, while market shares above and below those ranges declined by 4 percent.

The Corcoran Group also reported that the total inventory of residential properties for sale on both forks declined by 383 housing units from the third quarter of 2014.

With a limited amount of vacant land available for sale on the East End, the number of vacant land sales decreased quarter-over-quarter by 32 percent on the South Fork and 29 percent on the North Fork.

In commercial markets however, The Corcoran Group saw quite a bit of activity on the North Fork, with the number of sales increasing 67 percent. The number of South Fork commercial sales declined 37 percent over the same period.

Douglas Elliman Real Estate’s Elliman Report also showed a market slow-down on the South Fork when compared with the same quarter in 2014, though they did report greater gains in prices.

Douglas Elliman reported 507 sales on the South Fork in the third quarter, 20 percent below the same quarter in 2014 but 11 percent above the decade quarterly average of 457 sales.

The market share of sales below $12 million fell to 49.5 percent, its lowest point in the past four years, with 44 percent of sales between $1 million and $5 million.

According to Douglas Elliman, listing inventory on the South Fork was unchanged over the third quarter of 2015, with 1,710 houses on the market this quarter. The listing discount, or the difference between the last listing price and the sales price, declined to 10.2 percent from 12 percent in the same quarter last year.

Median sales price rose to $950,000, up 9.8 percent over the same quarter last year, the fourth highest level reported in the past decade.  The average number of days on the market fell 6.4 percent to 161.

Douglas Elliman reported that North Fork housing prices also skewed higher, with the median sales price jumping 16.1 percent to $516,250, the second highest median price in the past seven years. Only the second quarter of 2015 saw higher prices on the North Fork, and the year-over-year increase was the sixth consecutive quarterly increase.

 

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http://www.eastendbeacon.com/2015/11/04/real-estate-third-quarter-figures-pale-after-banner-2014-season/

How do you know if your house is haunted? | #Chappaqua Real Estate

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spooky haunted house

There’s a simple way to find out what’s gone down in your house. But are you sure you want to know? (Photo: Balazs Kovacs Images/Shutterstock)

Maybe there’s something creepy about the way your stairs creak when no one is walking on them. Or maybe that new house you’re considering buying gives you chills and you don’t know why.

You don’t need to consult a psychic or a Ouija board. A new website,DiedInHouse.com, will search for murders, suicides, and accidental or natural deaths at any U.S. address. But that’s not all. Your $11.99 fee will also cover a search for any fires or meth lab activity that occurred at the location. (How practical!)

According to the website, the company has a database of 4.5 million houses that were the site of confirmed deaths, and that number is growing at a pace of about 500,000 per year. This takes the guesswork out of figuring out if anyone expired where you live or where you want to live.

Although most people would want to know about any in-house deaths, few states have laws requiring disclosure of deaths or crime to prospective purchasers. For example, according to Bloomberg, the state Supreme Court of Pennsylvania ruled last year that “psychological stigmas” such as deaths don’t need to be disclosed at all. It’s the same story in Massachusetts, where state law allows sellers to keep quiet about “alleged para psychological or supernatural phenomenon.”

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http://www.mnn.com/your-home/at-home/stories/did-someone-die-your-house

U.S. new homes sales near one-year low | Waccabuc Real Estate

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New U.S. single-family home sales fell to near a one-year low in September after two straight months of gains, but a jump in prices suggested that housing remained on solid ground.

The Commerce Department said on Monday sales dropped 11.5percent to a seasonally adjusted annual rate of 468,000 units, the lowest level since November 2014. August’s sales pace was revised down to 529,000 units from the previously reported 552,000 units.

The moderation in new home sales is at odds with other housing reports that have painted a bullish picture of the sector. New home sales, which account for 7.8 percent of the housing market, tend to be volatile on a month-to-month basis because they are drawn from a small sample.

“The September report does little to alter our view that the housing market is continuing to recover. We view the new home sales data as unreliable and many other more reliable housing indicators have been sending upbeat signals lately,” said Daniel Silver, an economist at JPMorgan.

September data on existing home sales, homebuilder confidence and housing starts have been fairly strong.

 

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http://www.reuters.com/article/2015/10/26/us-usa-economy-idUSKCN0SK1PW20151026