Tag Archives: Bedford Hills Real Estate

Bedford Hills Real Estate

What Does Your Kitchen Say About You? | Bedford Hills Real Estate

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ModernModern Design

Fun fact: despite its name, modern design traces its origins to the late 1800s. While easy to confuse with contemporary design, modern design refers to a style that was popular from the 1920s through the 1950s and is defined by clean lines, the moderate use of color, and the use of natural materials (we love the wood flooring and understated white cabinets). If you consider yourself kind of retro, but not quite trendy, a modern kitchen is the style for you.

ContemporaryContemporary Design

If you like making bold statements and consider yourself stylish and sophisticated, you’ll be a fan of contemporary design. Defined by tone-on-tone color choices, clean lines with smooth surfaces, metallic finished, and natural fabrics, contemporary design is the perfect choice for those who think form is just as important as function. With beautiful black cabinets, lustrous stainless steel appliances, and crisp white granite countertops and marble flooring, this kitchen proves how stunning contemporary design can be when done right.

 

 

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http://welcome.homeadvisor.com/kitchenstyles?m=homesense&entry_point_id=26784861

Foreclosure Discounts Fade Away | Bedford Hills Real Estate

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Two years ago, to the delight of investors and the anguish of homeowners, foreclosures regularly sold for 30 percent or more below the price of “normal” homes.  How times have change! Now the foreclosure discount is less than half that amount and still headed south.

The discounts investors receive for buying homes that have languished in default for months, if not years, are what attracted most investors to real estate in the first place.  It was hard to pass up a property priced far below the one next door when all that’s needed to flip it is a little elbow grease and a few visits to Home Depot.  Mouth-watering discounts right down the street enticed thousands into investing

In fact, rehabbing often proved to be more expensive than anticipated, making a healthy foreclosure discount even more essential.  Investors spent an average of average of $15,600 per property fixing up, for a total of $3.9 billion in 2011, according to the Harvard Joint Center for Housing Studies.  As rehab costs have risen over time, foreclosure discounts have gone in the other direction.

Foreclosure discounts, however, were also widely blamed-fairly or unfairly–for lowering home values when appraisers mixed them in with other comparable properties when valuing a home.  This practice was so controversial that it contributed to a two-year long, highly charged re-do of appraisal guidelines and today appraisers are discouraged from using foreclosures as comps.

As the discount has declined, the problem with appraisals is disappearing but investors are facing some tough decisions.  The latest data, from the National Association of Realtors Realtor Confidence Index survey of 3400 plus Realtors suggests that for REOs the discount has fallen to 16 percent average discount to market, while short sales are selling at a 13 percent average discount.  For properties in average or better condition, the discount is now only 11 percent.

According to CoreLogic, when foreclosures and short sales are included with normal sales, home prices are now higher than they would be without distress sales.  Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. Including distressed sales, prices increased more, 11.9 percent.

Two factors are causing shrinking foreclosure discounts: declining numbers of foreclosures and rising demand, largely due to large scale purchases of foreclosures by institutional investors, who probably can afford to pay more for properties.  In markets where large institutional investors have been actively buying large numbers of foreclosures, the discount has virtually disappeared.  In the second quarter, REOs and normal homes reached the same sales price in Las Vegas and other markets.

 

 

 

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http://www.realestateeconomywatch.com/2013/08/foreclosure-discounts-fade-away/

Home Sales Cool Down as Summer Heats Up | Bedford Hills Real Estate

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Sales in the nation’s fastest markets are slowing down as inventories rebound. In June fewer homes went under contract within one or two weeks of being listed, continuing a slowing pattern that began in April.

In June, 30.5 percent of homes went under contract within two weeks of being listed, down from 31.9 percent in May. The 1.4 percentage point drop was the largest seen in the US housing market since December 2012. Nineteen percent of homes went under contract within one week in June, down from 19.9 percent in May

The June slowdown follows three months of gains in the number of homes for sale and the subsequent easing of competition among homebuyers. Additionally, the interest rate hikes that began in May led some active homebuyers to take a step back from the market and reassess what they could afford while others were deterred from entering the market. As a result, homebuyers who were committed to continuing their home searches felt a reduced sense of urgency to submit an offer within hours of a home being listed for sale.

“Even though Bay Area listings are now receiving a fraction of the number of offers they did just a couple of months ago–five to eight instead of 30 to 40–homebuyers are still acting quickly when they see a home they like,” said Redfin San Francisco area manager Charmaine Frank. “Offer deadlines are becoming less common, but buyers are still anxious to get their offers in early to find out if they have a chance, or move on.”

Silicon Valley (San Jose), CA was the fastest-moving market, with 52 percent of new listings under contract within two weeks, a slowdown from 58 percent in May.

Las Vegas and Philadelphia were the slowest-moving markets in June, with 11 percent and 9 percent of homes under contract within 14 days of their debut.

 

Home Sales Cool Down as Summer Heats Up | RealEstateEconomyWatch.com.

8 Costs To Consider When Buying A Rental Property | Bedford Hills Real Estate

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Even as home prices and mortgage rates rise, there are still bargains available for borrowers looking to purchase rental properties.

 

According to the National Association of Realtors’ 2013 Investment and Vacation Home Buyers Survey, investment-home purchases accounted for 24 percent of all sales in 2012, the second highest mark since 2005.

 

“Investors have been very active in the market over the past two years, attracted mostly by discounted foreclosures that could be quickly turned into profitable rentals,” Lawrence Yun, NAR chief economist, said in a statement.

 

 

 

While rental properties are certainly appealing, offering the promise of monthly cash flow in addition to long-term appreciation, investment properties have a number of costs that are both visible and hidden, says Michael Whitbeck, real estate investor and founder of Residential Mortgage Underwriting and Processing Institute, a mortgage underwriting training firm in West Bloomfield, Mich. Even the most obvious expenses, like the monthly mortgage payment, might pack a few surprises.

 

Before you start searching for rental properties, run the numbers to understand whether investing in a rental property will be a windfall or a money pit.

 

8 rental costs to consider

 

No. 1: Mortgage requirements

 

Investment properties are considered riskier because the home is not your primary residence. Whitbeck says you should expect to pay roughly 1.5 percent more than the mortgage rates you see advertised. The down payment requirements for a fixed and adjustable 1-unit structure would be about 15 percent and 25 percent, respectively. If 2 to 4 units, those down payment requirements jump to 25 percent and 35 percent, respectively, says Whitbeck. Furthermore, if your credit score is less than 720, expect to pay even more.

 

No. 2: Property taxes

 

Depending on where you purchase, property taxes can add significantly to the property cost, says Whitbeck. Be sure to contact the municipality directly to ensure that the taxes listed on the Multiple Listing Service are accurate. It’s also a good idea to find out what services those taxes include. For example, does that include garbage removal?

 

8 Costs To Consider When Buying A Rental Property – TheStreet.

Help to Buy risks new house price ‘bubble’, warns Cable | Bedford Hills Real Estate

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Vince Cable said that the help-to-buy scheme unveiled in the Budget earlier this year could simply “inflate” the housing market as occurred in the last decade.

From next year, first and second time buyers will be offered government guarantees which should allow them to obtain competitive mortgages even if they have relatively small deposits.

The £130 billion scheme has been heralded as a flagship measure which should help boost the economic recovery while allowing hundreds of thousands of people to meet their aspirations of buying a home.

However, some economists and business leaders have voiced warnings about the scheme and Mr Cable – who previously warned about the dangerous levels of debt before the financial crisis – has now indicated he shares their concerns.

“I am worried about the dangers of getting into another house price bubble,” the senior Liberal Democrat said.

 

 

 

Help to Buy risks new house price ‘bubble’, warns Cable – Telegraph.

Dallas real estate market is hot, hot, hot | Bedford Hills Homes

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We have been telling you this for months now: Home prices around North Texas have never been higher. Sales of pre-owned home in the first half of 2013 are running more than 20 percent higher than in the same period of 2012. In fact, that is a new North Texas sales record for a single six-month period.

Déjà vu 2006!

Steve Brown says, and I agree, that some Dallas neighborhoods are experiencing the largest home price gains this area has seen since the early 1980s. Park Cities would be one, Lakewood two, Bluffview three, Preston Hollow four, and Frisco, yes Frisco, five.

And it looks like prices will continue to rise, at least until next year, even with creeping mortgage rates that mostly affect home sales below a million. Why is our market doing so well while others are not?

Jobs and our strong Texas economy.

“The increase of sales we are seeing is a pure function of economics,” said Ted Jones, chief economist for Stewart Title Co. “This is not false hopes.”

When people move into an area, they need a place to live. D/FW created 104,600 new jobs in the last 12 months, said Jones, which led to 34,720 residential building permits being issued. Jones also says we could have built twice as many home and apartments and still not overbuilt this market.

It looks like prices will continue to rise in DFW.

It looks like prices will continue to rise in DFW.

That’s because we have a shortage of homes for sale. Builders froze during the deep recession, and financing was scarce. Which has led to our dwindling home inventory: 1.5 to 3 month supplies of homes for sale. Normal is considered 6 months.

And according to Core-Logic, WE are back to our pre-2006 price value levels. That means that if you purchased your home at the tip top of the market in 2006, your values have more or less inched back up there, depending, of course, on the condition of your home. Interesting to see that even the pricey highly sought markets like San Francisco and Boston, have still not reached 2006 levels. But Texas, Oklahoma, Nebraska, and South Dakota are back to 2006 levels while every other state is in the negative, still!

All this makes people here feel more secure. Rich, even. And it spurs some people to sell.

 

 

Dallas real estate market is hot, hot, hot | www.pegasusnews.com | Dallas/Fort Worth.

Rising home prices cause real estate investors to retreat | Bedford Hills NY Homes

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Escalating home prices and mortgage rates prompted many investors to pull back from housing, causing current homeowners to become the main buying force behind the real estate market.

According to the latest Campbell/Inside Mortgage FinanceHousingPulse Tracking Survey, current homeowners were the only group that saw its share of home purchases increase in June — from 43.8% in May to 44.6% last month based on a three-month average. 

First-time homebuyers have backed away ever so slightly, with their market share going from 36.0% to 35.7% during the same one-month period. 

But the real highlight of the report was the investor share of home purchase transactions, which fell to 19.7%, the lowest level recorded since September 2012. 

For the fourth month in a row, the HousingPulse investor traffic index fell, this month more sharply than either the current homeowner traffic index or the first-time homebuyer index. 

The survey’s respondents linked the ongoing decline in investor activity to rising home prices coupled with less opportunity for investors to flip homes.

A shrinking supply of distressed properties is doing investors no favors either. The HousingPulse Distressed Property Index revealed that the percentage of home purchases involving foreclosures or short sales fell to 28.2% in June, a significant drop from the 40.3% level recorded a year earlier. This also represented the lowest distressed property share recorded in at least three and a half years.

 

 

Rising home prices cause real estate investors to retreat | HousingWire.

Q&A: Painting Popcorn Ceilings | Bedford Hills Real Estate

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Q.Several of my customers have “popcorn” ceilings that are old and dirty. Is there any way of painting them short of spray-painting?

A.Dan Greenough, a painting and finishing contractor in the San Francisco Bay area, responds: I always spray-paint popcorn — or blown-on acoustic — ceilings. When you roll them, the material breaks loose and clogs the roller.

If you have to roll them, look for a special textured foam roller cover designed for acoustic ceilings. These covers have slits and cross-hatchings that allow the foam to better conform to the irregular ceiling surface. The idea is to apply the paint with the least possible pressure to prevent the ceiling material from breaking loose.

Cutting in the corners can also be tricky. If you try to cut in with a brush, you will have to work hard to avoid lap marks. It may be faster to mask the walls and roll right up to the edge.

It will take several coats of paint on the entire ceiling to produce an even finish. Be advised that the water in the paint will wet the popcorn surface, causing it to roll off with the roller. Apply the first coat and allow it to dry thoroughly before you try to backroll or apply additional coats.

One reason people often want to repaint acoustic ceiling is to hide water stains caused by plumbing or roof leaks. But those stains are water soluble and will telegraph through new paint. To prevent that, always use several coats of a shellac primer to lock in the stain and prevent it from bleeding through.

While you’re at the paint store, inquire about ceiling paints that are engineered especially for acoustic ceilings. Such paints have less resin density than standard smooth-wall paints and will help maintain the acoustic qualities of the rough, textured surface.

 

 

Q&A: Painting Popcorn Ceilings – Painting, Walls, Paints, Finishes And Surfaces, Acoustics – JLC Online.

6 quick and inexpensive ways to turn real estate technology excuses into solutions | Bedford Hills Real Estate

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Homebuyers and sellers today make inferences about real estate agents’ professionalism based on their ability to use current technology. The image we project to the public is heavily influenced by whether or not we keep up with the level of technological service they have come to expect from other industries.

This isn’t about being the most advanced and tech-savvy agent in your city. It’s about adopting the common-sense technology practices that make your business, and your relationship with your clients, more professional. Using technology responsibly and proactively allows us to enhance our outward business persona, as opposed to continually making excuses for why we’re not on board.

We often focus on the cutting edge of technology, but for those who may need a bit of sharpening up, there are a few quick and inexpensive ways to get past objections and move on to a stronger technology reputation:

1. Adjust Your Smartphone Attitude. Statistically, it appears a fair number agents still don’t have a smartphone. There’s not much to say here. $99 — do it. Today.

2. Mobile Communication Is Still Business Communication.“Please excuse any spelling errors – sent from my mobile. …” Erase this from your mobile email signatures. Remove it from every device you own. It shows a lack of care. Here is what it says to your clients/associates:“I am too lazy to properly use this handheld device that has more computing power than the first Space Shuttle.

I’m going to send you a garbled message because you’re not worth the 10 seconds it would have taken to fix it. LOL CUL8R K?” –

 

See more at: http://www.inman.com/next/6-quick-and-inexpensive-ways-to-turn-real-estate-technology-excuses-into-solutions/#sthash.6Vgop77O.dpuf

Dig This Trend: French Flair | Bedford Hills Real Estate

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Freshly baked baguettes and striped blouses, step aside! The allure of French-inspired interior design has Zillow Digs users saying “oui, oui.” From gilt furnishings to French-country plaid — check out what’s inspiring homeowners across the nation.

Touch of gold

Zillow's Dig This Trend: French Flair gilded mirror entryway
This gilt foyer table pays homage to the days of legendary Francophile Marie Antoinette in an polished entryway by Zillow Digs designer David Scott.

Up above

Zillow's Dig This Trend: French Flair living room
Neutral shades ground lavish crown molding, while cheetah-print pillows add a dash of playful whimsy to lighten the mood in this photo by Zillow Digs user The Corcoran Group.

A peaceful surprise

Zillow's Dig This Trend: French Flair chaise with blue kitchen backsplash
Zillow Digs design firm O Interior Design, Inc. experiments with the unexpected by adding traditional furniture to unconventional spaces. Dating back to horse-drawn carriages of the French Revolution, the chaise tempts weary home chefs with sloping arms and overstuffed pillows.

Black & white

Zillow's Dig This Trend: French Flair black and white kitchen
In this modern kitchen by Zillow Digs design firm Jessica Lagrange Interiors, European influence is apparent in the use of black and white tiling you might find in a French patisserie.

Plaid upholstery

Zillow's Dig This Trend: French Flair plaid chairs in home office
In a stately home office, plaid armchairs and window treatments add some French-country charm.

 

Dig This Trend: French Flair | Zillow Blog.