Category Archives: Westchester NY

Buyer confidence keeps pending home sales growing | Bedford Hills Real Estate

Pending home sales slightly improved in November and are above year-over-year levels for the third straight month, according to the National Association of Realtors (NAR). All major regions except for the Midwest experienced a slight gain in activity in November.

The Pending Home Sales Index (PHSI), NAR’s forward-looking indicator based on contract signings, increased 0.8% to 104.8 in November from a slightly downwardly revised 104 in October and is now 4.1% above November 2013 (100.7) – the highest year-over-year gain since August 2013 (5.6%).

Lawrence Yun, NAR chief economist, said signed contracts inched forward in November and have been fairly stable but haven’t broken out even as the economy picked up steam this spring.

“The consistent economic growth and steady hiring we’ve seen the second half of this year is giving buyers enough assurance to consider purchasing a home before year’s end,” he said. “With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months.”

Yun also noted that falling gas prices will likely boost consumer confidence and allow prospective buyers the opportunity to save additional money for a down payment. NAR’s 2014 Profile of Home Buyers and Sellers (released in November) found that the median down payment ranged from 6% for first-time buyers to 13% for repeat buyers.

“There’s still misperception out there that a much higher down payment is needed, while that’s not the reality,” added Yun.

 

read more…

 

http://www.mpamag.com/real-estate/buyer-confidence-keeps-pending-home-sales-growing-20872.aspx

Marketing to the Affluent | Bedford Real Estate

I recently had a sit-down with one of the top real estate agents in Boston, Michael Carucci.

Last year he closed 16 sales in Boston, for a combined total of $71 million in transaction value. He caters to Boston’s elite, people who are in the market for multimillion-dollar properties.

The BlackStorm HVAC Website Design Services and niche are marketing to the affluent and, in a recent meeting, they share with me five simple steps to gaining business and trust from the elite. That is why it’s so important to get your AC repair done right, the first time. That’s where we come in. The air conditioner repair services team at Green Street HVAC is Middle Tennessee’s top provider for all of your air conditioning needs. Whether it’s your heating, air conditioning, or ventilation systems, you can trust that our staff is bringing their expertise to every single job, saving you time and money along the way.

1. Connect.

The most important skill in sales, Carucci says, is connecting with people — not through mailings, social media or advertising but rather through personal, one-on-one dialogue with everyone you meet.

To do this, bestwebsitehosting.ca explains on their site, you must always be listening and taking mental notes about what people care about and then step into their shoes to figure out what would make them feel special and cared for.

Recently, some buyers were driving from New York to Boston for a closing on a property and weren’t expected to get home until late at night due to traffic and weather delays. Carucci thought about what he could do to help them in their stressful situation.

Carucci came up with an idea: food shopping. He had a team member do a full food shop for the clients, even taking into account their child’s allergies.

Upon reaching their home, the clients were delighted to find their new kitchen stocked with enough food to feed an army. When you listen to people, you can find out what they need and act upon it,” Carucci says. “That’s how you connect.”

2. Immerse yourself.

You must live the life that your potential clients live. You can’t decide to just market to the affluent unless you live, work and play among them. People do business with people who are like them.

One of Boston’s most elite addresses is The Four Seasons, a hotel and luxury condominium development. Carucci sells units there every year. Why? He lives there, among the people he works with. They are his friends, neighbors and business associates, all rolled into one.

3. Remember it’s quality vs. quantity.

Too many sales professionals pursue huge quantities of prospects, Carucci says. He concentrates on quality, he says. He doesn’t want to sell 100 properties: He wants to sell 10 or 20 to elite Boston clients.

When Carucci hosts an open house for a unit, he prefers to do it during a Patriots football game or a snowstorm. Why? The best prospects are the ones out shopping for a property when nobody else is.

4. Mention you’re never too busy to help.

One of the biggest misconceptions about highly successful salespeople is that they are too busy for more business, Carucci says.

Therefore, Carucci makes it a point to remind people he meets throughout the day that he is always available to them if they need any help with real estate or anything else. He says that he’s doesn’t go over the top asking for business all the time, but rather he regularly reminds potential clients that he’s never too busy if they need him.

read more…

http://www.entrepreneur.com/article/241640

Oil Prices and Mortgages | Pound Ridge Real Estate

Oil is pushing its way down to below $47.50 per barrel as of Monday, and there’s no sign it’s going to change anytime.

Saudi Prince Al-Waleed bin Talal says in an interview today that the days of $100 per barrel oil are over.

Some worry the recent plunge in oil prices could cause home prices to slip in the oil-producing markets of Texas, Oklahoma, Louisiana, and elsewhere, writes Jed Kolko, the chief economist for Trulia (TRLA).

“But it typically takes two years for oil prices to fully affect home prices in those markets,” Kolko writes. “At the same time, lower oil prices could boost home values in the Northeast and Midwest.”

Paul Diggle, property economist at Capital Economics, says in a client note that any drag on housing in oil-driven markets from drop in demand and from decline in employment in the United States would be offset by increased consumer spending power.

“If production and employment are scaled back, housing markets in some oil-producing States, which have recently been among the most buoyant, could potentially suffer,” Diggle writes. “But any drag that this may generate will be more than offset by the wider boost to household incomes. Combined with looser credit conditions, lower oil prices should therefore give housing a boost.”

He says that the slump in oil prices could have both positive and negative effects on the housing market. The negatives are centered on the shale-oil producing states, where extraction costs over the long-run may be higher than the current $50 per barrel oil price. A dip in oil production and investment would hit jobs and ultimately housing market activity.

 

read more…

 

http://www.housingwire.com/articles/32572-heres-how-falling-oil-prices-could-hit-the-mortgage-industry

The Employment Situation in December – Strong Finish to 2014 | Bedford Corners Real Estate

The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 252 thousand in December and the unemployment rate declined to 5.6 percent from 5.8 percent in November. Job gains in October and November were revised upward by a total of 50 thousand.

The employment gains in December brought the average monthly gain for 2014 to 246 thousand, up from 194 thousand in 2013. At 5.6 percent the unemployment rate is 1.1 percentage points below its December 2013 level and only slightly above what Federal Reserve policymakers consider normal (5.2 percent – 5.5 percent). One caveat is that the decline in the unemployment rate was dominated by labor force defections rather than job gains.

Other labor market measures were mixed for the month but better for the year. The labor force participation rate ticked down to 62.7 percent in December but has hovered between 62.7 percent and 62.9 percent since April. Average hourly earnings were down 5 cents for the month but up 1.7% for the year. The number of long term unemployed and part time workers were flat in December but down over the year.

These numbers represent steady progress in the labor market for the year. This progress will shift the focus at the Federal Reserve from labor market improvement to below target inflation (FOMC). Another implication is whether further declines in the unemployment rate will put upward pressure on earnings and/or improve conditions for long term unemployed and part time workers.

 

read more…

 

http://eyeonhousing.org/2015/01/the-employment-situation-in-december-strong-finish-to-2014/

Down to Earth Farmers Markets | Chappaqua Real Estate

JAN2014-DTE-E-Mail-Masthead_(722x226pxl)FRESH-2-(1

First-ever INDOOR Ossining Winter Farmers Market Opens Saturday;
Second Week of Mamaroneck Farmers Market Brings Even More Vendors,
including Cheese!


January 8-14th, 2015

DowntoEarthMarkets.com
BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Opening Day Special:
Buy 2 quarts of any product
& get 1 pint of pickles for FREE

Pickle Licious
SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company

ECOBAGS® – Deeply Discounted for Ossining shoppers
Responsibly-sourced cotton bags, strings bags & more. Excellent reusable alternatives to plastic.
ECOBAGS

Click on a Market to see all vendor and event details…                  


Ossining

Saturdays
9:00 am-1:00 pm

Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details

Announcements
Mamaroneck
This Saturday, January 10th, visit Bach to Rock, the Music School for students of all ages. They promote that learning to play music should be fun; afterall, it’s called “play” for a reason! The group will bring all sorts of musical instruments to the market for people to explore.

Ossining

It’s here! Join us for Opening Day of the first-ever indoor Ossining Winter Farmers Market. Through March, find all of your favorite vendors – and meet several new ones – at Claremont Elementary School. The school is located on Van Cortlandt Avenue, off of N. Highland (Route 9).
To celebrate the new venue, we’re hosting several special events on Saturday:

9:30 am: Ribbon Cutting Ceremony with Ossining Mayor Victoria Gearity, School Superintendent Ray Sanchez, together with elected officials and community advocates.

10 am to noon: Live music by the Shovel Ready String Band! In their words, they play “oldtime, jug band, country, bluegrass and original songs.” They will also have their new CD, Shovel Ready String Band, for sales at the market. We’re excited to host them. You’re going to love ’em.

AND Sharon Rowe, ECOBAGS Founder, will be a Community Table Participant at the market this Saturday. As part of our ongoing Bring Your Own Bag initiative – with the goal to eliminate single-use plastic bags from the market – she’ll sell her company’s beautiful reusable bags at deeply discounted prices.
ECOBAGS is a both a fellow Ossining-based business and certified B Corporation. Welcome, Sharon!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities. Here’s where to find them this week:

Ossining

Bombay Emerald Chutney Company
Nana’s Home Kitchen
OM Champagne Tea – NEW to Ossining!
Taiim Falafel Shack – NEW to Ossining!
Wave Hill Breads – NEW to Ossining!

Mamaroneck

Aroma Coffee – First appearance in Mamaroneck!
Betty Acres Farm/Modern Milkmaid Cheese – First appearance in Mamaroneck!
Christiane’s Backstube
Kontoulis Family Olive Oil
Pika’s Farm Table

New Year Mortgage Rates | Mt Kisco Homes

Fannie Mae today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates starting 2015 by diving amid sliding bond yields to their lowest level since May 23, 2013, when the 30-year fixed averaged 3.59 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.73 percent with an average 0.6 point for the week ending January 8, 2014, down from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.51 percent.
  • 15-year FRM this week averaged 3.05 percent with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 15-year FRM averaged 3.56 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.15 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.56 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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2 percent for the first time in three months. Meanwhile, the Fed minutes indicated ongoing discussion regarding the timing of the first rate hike. Of the few economic releases this week, ADP Research Institute reports the private sector added an estimated 241,000 jobs in December, which exceeded market expectations and followed an upward revision of 19,000 jobs in November.”

From ‘Dawson’s Creek’ Creator to ‘The Simpsons’ Voice Actor | Armonk Real Estate

 

While the rest of us were eating Thanksgiving dinner and celebrating the arrival of a new year, these celebrities were buying or selling their homes for the holidays.

Hank Azaria

2120 N Beverly Dr, Beverly Hills, CA

For sale: $3.5 million

After reportedly selling his New York loft to Meg Ryan last summer, “The Simpsons” voice actor Hank Azaria put his Prairie School home in Beverly Hills on the market for $3.5 million.

Hank Azaria's home

Azaria paid $2 million for the gated 3,320-square-foot home in 2000. It has 4 bedrooms, 5 baths, three stone fireplaces, a pool and a hot tub.

Hank Azaria's bedroom

Victoria Massengale at Keller Williams and Susan Smith of Susan Smith Realty hold the listing and are hosting a few open houses this month, if you happen to be near the 90210 zip code.

Kevin Williamson

Bought: $8.1 million

The Los Angeles Times reports that major Hollywood player Kevin Williamson — creator of “Dawson’s Creek,” “The Vampire Diaries” and “The Following” — bought this Nantucket-style home in Los Angeles. Tim Enright of The Enright Company was the listing agent.

Kevin Williamson's home2 (1)

Mark Seliger

2622 Glendower Ave, Los Angeles, CA

Sold: $4.52 million

Mark Seliger, a photographer known for his stunning portraits of famous people, including Mikhail Baryshnikov, Jeff Bridges, Christopher Walken and Kurt Cobain, sold architect Richard Neutra’s Alpha Wirin House in December after owning it for a decade.

Mark Seliger's home

Seliger restored the home, which was built in 1949 and includes walls of glass overlooking Los Angeles.

 

read more…

 

http://www.zillow.com/blog/celebrity-roundup-azaria-williamson-167444/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

3 Reasons It’s Not a Seller’s Housing Market | South Salem Real Estate

If you’re considering purchasing a home, but worried that rising home prices mean you’ll pay too much for a house, think again. Just because home prices have risen doesn’t mean it’s a seller’s market out there. Here’s why.

1. Home Prices Aren’t Necessarily Inflated

Home prices have gone up, but have they done so unreasonably? Rewind to 2012, the unemployment rate exceeded 8%, short sales and foreclosures were still rampant, consumer confidence was low, the prospect of job growth was bleak and the general consensus was that the economy was still licking its wounds from the recession. People don’t buy homes when they’re feeling skittish about their job. Fast forward to 2015, job growth is getting traction, the banks are clearing foreclosures from their balance sheets and short sales are dropping. The result? Because the pendulum swung so far in the opposite direction with drastically low real estate prices several years ago, today’s prices in general are a reasonable correction of a settling housing market.

The likelihood for prices to continue to rise by leaps and bounds while credit is still tight is a shot in the dark, as wage strength has still not peaked. Remember, banks still have tight constraints on lending and are especially picky when approving large mortgages. Home prices in many markets are in direct proportion to the local economy. Take San Francisco, for example, where home prices are, without question, exorbitant. The tech industry is having a massive boom, driving prices up. The stronger the local economy, the more people working, the more support housing prices will have to remain strong.

2. Many Sellers Have Unrealistic Expectations

This average home price appreciation has brought sellers out of the woodwork in hopes of attaining a maximum price. Many have expectations far larger then what the market will bear. The best example of this is a home listed on the market for longer than 30 days within a strong local economy. Look at Sonoma County, Calif., where if a house is on the market longer than 30 days without a contract, it’s a good sign the property is listed too high. The only alternative is to drop the list price to induce an offer. It’s not uncommon at all these days to have a home close escrow at a price beneath the original listing price. (If you’re a seller who’s not sure what to offer on a house, talk with your real estate agent and take their advice — this is what you hire them to do.)

3. Multiple Offers Are Less Common

A good indication of a seller’s market is when there are large numbers of multiple offers – say eight to 10 – for each listed property. That is a strong indicator of the true seller’s market, much like it was in early 2014 and even summer of 2014. But these days I’m seeing that a handful of offers at best is more realistic. Less competition means a greater opportunity to get your foot in the door.

Consider this: Mortgage rates are down, increasing affordability. More people can afford to pay a little bit more for a home and not feel financially squeezed because their housing payment is lower. Prices do rise in relationship to what a ready and able buyer is willing to pay for a property. But the basics also come into play, including the location of the property, school district, bedrooms, bathrooms and lot size are all critical factors in the listing price of a home. Agents know this, but not so much sellers, who still believe they can get top dollar for their property regardless of whether they really can.

 

read more…

 

http://finance.yahoo.com/news/3-reasons-not-sellers-housing-181010833.html

Obama: Help for younger, first-time homebuyers | Waccabuc Real Estate

President Barack Obama Wednesday moved to make it cheaper for first-time and younger buyers to take out a mortgage.

Obama lowered the mortgage-insurance premium for borrowers who have a down payment of just 3.5 percent of the total home’s purchase price and finance the rest of the purchase with a loan backed by the Federal Housing Administration.

The reduction is expected to save the typical first time homebuyer an average of $900 a year on the insurance, the White House said. The insurance is required because they’re financing so much of the puchase and the loans are riskier.

Existing homeowners who refinance into an FHA mortgage will see similar reductions, the White House said.

The White House estimated that the change will help 800,000 homeowners save on their mortgages and 250,000 new buyers save on mortgage payments over the next three years.

Obama, expected to highlight the lower cost mortgages during a visit to Arizona on Thursday, has been under pressure from the housing sector to help lower costs for borrowers seeking to buy with a low down payment – often younger buyers and first-time home buyers, both a crucial link in home sales.

“We do not see first-time buyers getting into the marketplace. They don’t have a chance to get onto that first rung of housing,” said Chris Kutzkey, president of the California Association of Realtors.

While mortgage lending rates have been near record lows for several years, that has benefited the most creditworthy borrowers, who are often the wealthiest of home buyers. The middle-income segment of the market, with higher debt loads, has faced tougher lending standards. Stagnant income has crimped their ability to put more down towards a home purchase.

“Mortgage underwriting standards have been overly stringent,” said Lawrence Yun, chief economist for the National Association of Realtors.

The premiums rose sharply after the financial collapse, and have not come down even as the economy and housing market have improved.

“It’s almost as if government is ripping off the consumers,” complained Yun, noting that premiums were raised to minimize risks to taxpayers of borrowers defaulting on government-backed loans. “But what has happened is they were punishing current borrowers for the sins of past mistakes. Current borrowers did not harm the market, but they are paying the excessively high premiums.”

One consequence is the shrinking number of new homeowners. Over the past four years, first-time home buyers shrank as a percentage of all FHA loans – from 56 percent down to 39 percent, he said.

Read more….
http://www.theolympian.com/2015/01/07/3513236/obama-help-for-younger-first-time.html?sp=/99/102/#storylink=cpy

Consumer Confidence Up | Armonk Real Estate

Improving job and wage prospects lifted the Thomson Reuters/University of Michigan Consumer Sentiment December Index to its most favorable level since its last cyclical peak in January 2007. The Conference Board Consumer Confidence Index reversed its November retreat based on a more favorable estimate of current business and labor market conditions.

UM & CB three month moving average 12 30 2014

The Consumer Sentiment Index increased to 93.6 in December from 88.8 in November and 82.5 during the same month a year ago. Consumers reported hearing more positive economic developments than any other time in the last thirty years.  The survey reported consumers anticipated a significant increase in their incomes in 2015.

The Conference Board Consumer Confidence Index increased to 92.6 in December from an upwardly revised 91.0 in November. The Present Situation Index soared to its highest level since February 2008.

 

read more…

 

http://eyeonhousing.org/2015/01/bursting-with-confidence/