Tag Archives: Bedford Real Estate for Sale

Mortgage rates drop again to 3.79% | Bedford NY Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving lower for the fourth consecutive week as the Fed held interest rates steady at its FOMC meeting on Wednesday.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending January 28, 2016, down from last week when it averaged 3.81 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
  • 15-year FRM this week averaged 3.07 percent with an average 0.5 point, down from 3.10 percent last week. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.5 point, down from last week when it averaged 2.91 percent. A year ago, the 5-year ARM averaged 2.86 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 link for theDefinitions. Borrowers may still pay closing costs which are not included in the survey.

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

“The yield on the 10-year Treasury stabilized around 2 percent this week, and the 30-year mortgage rate dipped 2 basis points to 3.79 percent. The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March. This week’s housing releases confirmed the momentum of home sales going into 2016. A hesitant Fed, sub-4-percent mortgage rates (at least for a little while longer), and strong housing fundamentals should generate a three percent increase in home sales this year.”

The Employment Situation in December – A Strong Finish To 2015 | Bedford Real Estate

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The Bureau of Labor Statistics (BLS) reported payroll employment expanded by 292 thousand in December and revisions added 50 thousand to estimates for the prior two months. The household survey showed strong gains in both the labor force (466 thousand) and persons employed (485 thousand).

The unemployment rate held steady at 5.0%. Three consecutive months of strong gains in both employment and the labor force are encouraging signals in the labor market. Other labor market indicators moved in opposite directions in December but have trended down over the year; part-time workers for economic reasons ticked down, while workers marginally attached to the labor force ticked up.

The pace of wage increases has been inching up over the year but caution is warranted. Continued strong job gains and a low unemployment rate should support further wage growth. But the pace of the thinning of the hidden labor supply will also be a factor. The fastest wage growth we’ve seen in past cycles has come when the unemployment rates moves below 5.0%, but in those periods the levels of part-time and marginally attached workers was significantly lower. Bringing those workers back and back up to speed may act as a hidden brake on more robust wage gains.

blog emp 2015_12

 

 

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http://eyeonhousing.org/2016/01/the-employment-situation-in-december-a-strong-finish-to-2015/

Mortgage Rates Average 3.81% | Bedford Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving lower for the third consecutive week amid another week of market turbulence.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.81 percent with an average 0.6 point for the week ending January 21, 2016, down from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 3.63 percent.
  • 15-year FRM this week averaged 3.10 percent with an average 0.5 point, down from 3.19 percent last week. A year ago at this time, the 15-year FRM averaged 2.93 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 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 2.83 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 link for theDefinitions. Borrowers may still pay closing costs which are not included in the survey.

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

“The Freddie Mac mortgage rate survey had difficulty keeping up with market events this week. The 30-year mortgage rate dropped 11 basis points to 3.81 percent, the lowest ratein three months. This drop reflected weak inflation — 0.7 percent CPI inflation for all of 2015 — and nonstop financial market turbulence that is driving investors to the safe haven of Treasuries. However, the survey was largely complete prior to Wednesday’s Treasury rally that drove the yield on the 10-year Treasury below 2 percent, down 29 basis points since the end of 2015.”

Mortgage rates average 3.92% | Bedford NY Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving lower with the 30-year fixed-rate declining for the second straight week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.6 point for the week ending January 14, 2016, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
  • 15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from 3.26 percent last week. A year ago at this time, the 15-year FRM averaged 2.98 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 link for theDefinitions. Borrowers may still pay closing costs which are not included in the survey.

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

“Long-term Treasury yields continue to drop, dragging mortgage rates down with them. Turbulence in overseas financial markets is generating a flight-to-quality which benefits U.S. Treasury securities. In addition, sagging oil prices are capping inflation expectations. The net effect on the 30-year mortgage rate was a 5 basis point drop to 3.92 percent.”

“Know Before You Owe” Blamed for Sudden Sales Slump | Bedford Real Estate

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Existing-home sales dropped off considerably in November to the slowest pace in 19 months, but the National Association of Realtors said some of the decrease was likely due to the “Know before you owe” or the TILA-RESPA Integrated Disclosures rule (TRID), which took effect October 3. The rule requires lenders and service providers to provide binding estimates and final accounting of closing costs before closings take place.

Total existing-home sales fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million) from a downwardly revised 5.32 million in October. After last month’s decline (largest since July 2010 at 22.5 percent), sales are now 3.8 percent below a year ago – the first year-over-year decrease since September 2014. Four major regions saw large sales declines in November.

November also marked the second straight month home sales have fallen on a monthly basis.  In October, home sales fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September but were still 3.9 percent above October 2014.

Lawrence Yun, NAR chief economist, said “Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales,” he said. “However, signed contracts have remained mostly steady in recent months, and properties sold faster in November. Therefore, it’s highly possible the stark sales decline wasn’t because of sudden, withering demand.”  Yun said the longer timeframes anticipated by the new rule pushed some closings into December.

However, most reports of TRID implementation show the new rule is having minimal impact.

According to a survey by Campbell Surveys found that the total average closing time including delays for most loan types stayed relatively level or showed only a slight increase between September and October.

“While there was apprehension about TRID, so far impacts are minor,” said Tom Popik, research director of Campbell Surveys.  Popik noted that measuring the effects of TRID is still in the early stages as many more TRID-compliant transactions are scheduled to close this month.

 

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http://www.realestateeconomywatch.com/2015/12/know-before-you-owe-blamed-for-sudden-sales-slump/

The Ultimate Kitchen Design Tips | Bedford Real Estate

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The “triangle” is so yesterday. Read up on our top do’s and don’ts of kitchen design before getting started on your remodel.

Redesigning your kitchen? Here are a few things to keep in mind as you decide what your new space is going to look like.

DON’T forgo a professional designer

We’re sure that your cousin who just remodeled his kitchen has lots of advice for you. But unless he’s Nate Berkus, use a pro. “The biggest mistakes come from people who don’t know what they’re doing in one of the most expensive areas in your home,” says Joe Maykut, director of product management for Sears Home Improvement Products.

DO bring your cabinets up to the ceiling

The days of cabinets stopping short and leaving a gap between them and the ceiling are over. Better to use that extra space to store things inside and out of the way, banishing clutter and dust and creating a clean look all at the same time. Add some ceiling tiles so the cabinetry looks even better. Also, think twice before installing glass doors on your cabinets. Unless your dishes are perfectly matched and stacked with military precision, displaying the inside of your cabinets can make the room look cluttered and messy.

DON’T do your cabinets and drawers on the cheap

It might be tempting to cut your remodeling costs by choosing low-end cabinetry, but think about how many times in any given day you open and close those doors and drawers. Now multiply that by how many years you’re going to live with that kitchen. See what we’re getting at? You want good-quality wood, strong hinges, sturdy pulls and drawers that glide smoothly.

DO choose your countertops based on durability

The last thing you want is a stain on your new countertop. Before you choose the material, know how to care for it and use it properly. Granite and wood are beautiful but stain easily. Porcelain tile is ultra-durable and won’t stain, but the grout between the tiles does collect grime. It goes without saying that stainless steel won’t stain, but it really shows off fingerprints and can look grubby as a result. Quartz is stain-resistant and antibacterial — but it’s expensive. Solid surface acrylic is similarly durable and low-maintenance, and it has a smaller price tag.

DON’T forget to plan for enough storage space

You don’t want your sleek new countertops cluttered with various small appliances. Make sure you have enough deep cabinets where you can tuck away your Magic Bullet blender and George Foreman Grill.

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https://www.searshomeservices.com/blog/the-ultimate-kitchen-design-tips?sid=HSRx2014xNwsLtr14&utm_source=promo&utm_medium=em&utm_campaign=hss-nws-1115&utm_term=int&utm_content=gen

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/

 

 

 

A Message from #Supervisor Chris Burdick on #Veteran’s Day | Bedford Real Estate

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 Let us remember and honor those who have served our country in uniform.  For those who served, those who still are serving and those who honor them, this is a time to reflect on the millions of men and women of the United States Armed Forces who put their duty to country ahead of their own safety and lives.  Whether or not this Nation is at war or in a state of readiness, as it always must be, we are profoundly grateful for the courage and selflessness of the veterans who have served our Nation and protected our freedoms.  
       I ask all citizens of Bedford to join me this Veterans Day in honoring our veterans and those on active and reserve duty, together with their families.   

Clever #Subterranean Spaces | Bedford Real Estate

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The entrance to Villa Vals, an Alpine resort in Switzerland built into the side of a mountain. Image via Villa Vals.

Considering the category includes bunkers, crypts and scary government installations, it’s not surprising subterranean buildings often have a slightly unsavory reputation. If it’s something you want seen, logic dictates you don’t place it at the bottom of a hole. That explains why the recently demoed Lowline concept, a proposed underground park inside an abandoned Manhattan trolley stop, has generated so much attention. The plan to redirect sunlight and create a lush green space under Manhattan literally flips our conceptions of utilizing underground space. But it’s far from the only example of imaginative designs for subterranean structures. Whether its utilizing the natural contours of a hillside, finding unexpected room for an expansion or taking advantage of the energy-saving benefits of nestling under layers of soil, numerous architects have created or renovated spaces to create beauty beneath our feet. Here is a study of creative examples that show the potential of underground architecture beyond basements, bunkers and standard train hubs.

ANTINORI WINERY
VIA CASSIA PER SIENA, 133, 50026 SAN CASCIANO IN VAL DI PESA FI, ITALY
WEBSITE
Buildings
SEE ONEALL
GROWING UNDERGROUND
Science fiction writers leave the impression that once mankind is forced to grow food underground, our diets will quickly be reduced to tasteless goo. Nobody told that to the entrepreneurs behind Growing Underground, who have transformed a series of abandoned World War II bomb shelters 100 feet underneath southwest London into the world’s largest underground farm. Beneath the purplish glow of banks of LED lights, the enterprise produces delicate, pesticide-free hydroponic produce, such as pea shoots and rocket, which can move from tunnel to table any day of the year in just hours.
1 CARPENTER’S PL, LONDON SW4, UK
KRKONOŠE MOUNTAINS CENTRE FOR ENVIRONMENTAL EDUCATION
This slashed, sloped design of this ecological center, as angular as the accent on Czech architect Petr Hájek’s name, references the jagged shape of the nearby Krkonose Mountains. Hájek designed the education center, which opened in 2013, to create a dialog with nature and provide a responsible example of construction within a national park. The sloped, bunker-like structure, technically more sunken than buried, features windows wells besides the sedum-covered roofs that allow those touring the grounds to peer inside the simple concrete and wood interior.
DOBROVSKÉHO 3, 543 01 VRCHLABÍ, CZECH REPUBLIC
WEBSITE
ANTINORI WINERY
Archea Associates, the architects behind this expansive Tuscan winery, classify the work as a landscape project, a sensible categorization, as they’ve tucked a series of stunning terracotta-clad vaults underneath folds in the ground. Placing this type of building on a hillside, with a cellar underground, is pretty much the textbook definition of the form. Archea’s work transcends that concept, a lyrical warren of curves and cutaways that offers depth and makes the 538,000-square-foot structure seem almost organic. Comparing this project to a standard winemaking facility is like comparing a label that says “red” to the description of a top-tier sommelier, explaining a wine’s terroir and taste.
VIA CASSIA PER SIENA, 133, 50026 SAN CASCIANO IN VAL DI PESA FI, ITALY
WEBSITE
WIELICZKA SALT MINE
It’s not a showcase of modern architecture or contemporary design, but that doesn’t mean it lacks the capacity to impress. An original UNESCO World Heritage Sites, these cavernous salt mines have been augmented with carvings and artwork since Poles first began excavating here in the 13th century. New works by current artists stand beside incredible structures hewn from rock, salt artwork (including a recreation of the Last Supper) as well as crystal-like chandeliers created from salt. The mine’s chapel is also said to boast superior acoustics.
JANA MIKOŁAJA DANIŁOWICZA 10, 32-020 WIELICZKA, POLAND
CUMBRIA UNDERGROUND HOUSE
Designed by local architect John Bodger of 2030 Architects, this two-level underground home in Northern England built into an old quarry, looks more like an earthen greenhouse, since the exposed façade features a wall of glass. Featured on the Channel 4 series Grand Designs, it’s built “upside down” into the hillside of sandstone, shale and limestone, with the living areas on the upper level, lit by the glazed wall and a series of sun pipes.
54°31’41.1″N 2°28’15.3″W
WEBSITE
MISSILE SILO BACHELOR PAD
Bruce Townsley, a Chicagoan who had been through his fair share of remodels, wanted a challenge, so he decided to move into a real fixer-upper: a decommissioned nuclear missile silo in the middle of Texas. In 1997, he spent $99,000 on the former home of an Atlas F missile, and transformed it into a 2,200-square-foot cylinder of a home. Within his circular abode, he has plenty of peace and quiet, as well as a fair share of stairs to navigate.
I-20, OPLIN, TEXAS
VILLA VALS
Shaped like a watch dial, the entrance to this underground Swiss chalet exudes the style and engineering expertise of the country’s signature timepieces. Guests staying at this unique example of Alpine architecture enter through a courtyard and patio that leads to the curved exterior, made from local wood and stone. Inside, the high-end interior, featuring pieces from Hella Jongerius and Studio Job, belies the reality of the space, a 72-foot long concrete tube dug into the side of a hill. Guests can take stock of the surrounding landscape, all while relaxing in a light-filled room powered by electricity generated by a nearby dam. The subterranean design also doesn’t block the views of guests at the nearby Therme Vals, the famous Peter Zumthor project.
SOLADÜRASTRASSE 502, 7132 VALS, SWITZERLAND
WEBSITE
EDGELAND HOUSE
If this half-buried residence looks like it was slotted into a slice in the ground, that’s because it was: architects from Bercy Chen Studio adapted the former brownfield site, which used to hold a Chevron pipeline, with a glass-clad, green roof-covered dwelling inspired by half-buried Native American pit homes. Atop the home, plantings seek to recreate natural prairie with grasses and dozens of type of wildflowers. Divided into two wings, the home cuts a profile resembling a spaceship, a fitting resting place for the owner, a science fiction writer.
RED BLUFF RD, AUSTIN, TX 78702
HANNAH ARENDT SCHOOL
Local architects at Claudio Lucchin & Architetti Associati, faced with the problem of extending a school surrounded by historic buildings and a Capuchin friar’s convent, decided the best solution was to go down. The studio fit a three-story school addition into an historic city center by creating what they called a “subterranean city,” a set of classrooms and multi-colored interiors stacked up underneath a massive glass roof. The light-filled atrium in the center of Bolzano even includes a winter garden.
46.498060, 11.355234
PARC DES CÉLESTINS
Yes, this is a parking garage, a type of structure often derided for being just a soulless stack of concrete. This triumphant twist on the form, an underground ramp spiraling underground in a series of arches, looks like some Cribs episode on overdrive. To cap off the engaging design, the creative team (architects Michel Targe and Jean-Michel Wilmotte and the artist Daniel Buren) added a mirror to the bottom of the central chamber, turning the multistory structure in to car-heavy kaleidoscope. How many parking lots deserve a music video cameo?
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http://curbed.com/archives/2015/11/02/underground-buildings-subterranean-architecture.php?utm_campaign=issue-41182&utm_medium=email&utm_source=Curbed

Move up Buyers Move the Housing Markets | Bedford Real Estate

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Move up Buyers Move the Housing Markets

Purchases by current homeowners helped bolster home prices in August, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

“Current homeowner purchases are supporting the housing market,” said Tom Popik, research director for Campbell Surveys. “Metrics such as the sales-to-list price ratio show a strong housing market, particularly in western states. Nonetheless, forward-looking commentary from real estate agents may indicate some softening in the future.”

The market share for current homebuyers surged in the summer while the first-time homebuyer share declined. Current homeowners accounted for 49.3% of purchases in August, based on a three-month moving average after hitting a 12-month low of 44.9% in March.

The first-time homebuyer share was 38.3% in May – a level not seen since 2010. But higher home prices and seasonal patterns combined to push the first-time buyer share down to 36.4% in August. The investor share of home purchases has also fallen from 18.7% in March to 14.4% in August. NAR’s Realtor Confidence Index reported a 32 percent share for first-timers in August, up from 28 percent in July.

2015-09-25_10-10-31Source: NAR’s Realtor Confidence Report, August 2015

The sales-to-list price ratio for non-distressed properties declined modestly in August (to 98.3%) compared with the previous month (98.5%) but remained above the level seen in August 2014 (97.5%). All three states on the west coast maintained sales-to-list price ratios above 100% in August, led by California at 102.2%.

The median existing–home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400). August’s price increase marks the 42nd consecutive month of year–over–year gains.

The average time on market for non-distressed properties continued to decline in August, hitting 7.9 weeks compared with an average of 8.2 weeks the previous month and 8.6 weeks in August 2014. Non-distressed properties sold in the Pacific Northwest in August were on the market for an average of 4.5 weeks. NAR reported that properties typically stayed on the market for 47 days in August, an increase from 42 days in July but below the 53 days in August 2014. Forty percent of homes sold in August were on the market for less than a month.

Meanwhile, the proportion of distressed properties started to level off. Real estate owned properties and short sales accounted for 16.6% of sales in August compared with a 16.8% share the previous month. In August 2014, distressed properties accounted for 21.7% of home sales.

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http://www.realestateeconomywatch.com/2015/09/move-up-buyers-move-the-housing-markets/