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Mortgage rates drop again to 3.79% | Bedford NY Realtor

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 Ultimate Kitchen Design Tips | Bedford Real Estate

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

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

 

 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

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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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

More homes are losing value | Bedford Real Estate

The number of homes nationwide losing value on a monthly basis has more than tripled over the past year while the number of appreciating homes has fallen more than 12 percent, Allan Weiss, CEO of Weiss Residential Research reported today.

Depreciating homes increased from 7.60 percent to 23.40 percent while the number of appreciating homes has fallen from 65.20 to 56.80 percent, according to an analysis of July data from “canary homes” that are indicators of price trends in Weiss Residential Research’s databases of nearly 100 million homes.

“While a majority of homes nationwide is still gaining value, the national trend is clearly downward.  With the decline in year over year prices in the existing home sales report released today by the National Association of Realtors, even the national median price reports are picking up on the trend, reflecting the growing of numbers homes that are changing from appreciation to depreciation.  In this environment buyers and investors should be careful to avoid buying properties that are losing value by reviewing metro and Zip code maps on Owners.com that show hyper-local trends in changing value,” Weiss said.

Even seven of the top ten Metro markets with the highest levels of appreciation in July saw a year over year decline in the percentage of homes gaining more than 1.5 percent. Reno, Nevada leads the nation in appreciating properties in July, with more than 91.4 percent gaining value on a monthly bases, though 93.7 percent were appreciating a year ago. Western and West Coast markets dominate the list of markets with the highest percentages of appreciating properties.

Best Metros by Rising more than 1.5%

2014

2015

Reno, NV

97.3%

91.4%

Denver-Aurora-Lakewood, CO

96.9%

90.0%

Portland-Vancouver-Hillsboro, OR-WA

95.5%

86.8%

Fort Collins, CO

96.0%

86.5%

Fayetteville-Springdale-Rogers, AR-MO

46.1%

85.7%

San Jose-Sunnyvale-Santa Clara, CA

93.6%

81.1%

Des Moines-West Des Moines, IA

68.7%

80.7%

Port St. Lucie, FL

92.5%

78.7%

Stockton-Lodi, CA

92.7%

77.6%

Nashville-Davidson–Murfreesboro–Franklin, TN

86.0%

77.5%

Fayetteville, NC tops the list of the nation’s ten worst metros in terms of the percentage of properties gaining value on a monthly basis in July.  Its percentage of appreciating homes fell from 22.9 percent in July 2014 to 18 percent in July 2015.

Worst Metros by Rising more than 1.5%

2014

2015

Fayetteville, NC

22.9%

18.0%

Little Rock-North Little Rock-Conway, AR

30.1%

20.4%

Baltimore-Columbia-Towson, MD

31.8%

30.1%

Toledo, OH

36.2%

32.9%

Lancaster, PA

42.5%

39.4%

Greensboro-High Point, NC

43.6%

40.9%

Chico, CA

61.9%

41.5%

Hartford-West Hartford-East Hartford, CT

29.4%

41.5%

Augusta-Richmond County, GA-SC

40.2%

41.6%

Peoria, IL

26.5%

41.7%

 

Consumer seeking information about their homes and neighborhoods can see how values have changed and are forecasted to change in the next 12 months within 5500 Zip codes and 100 metros on Owners.com http://www.owners.com/  or http://www.weissindex.com/.

 

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http://www.realestateeconomywatch.com/2015/09/more-homes-are-losing-value/

Home prices rose in 93% of metro areas during the second quarter | Bedford Real Estate

The median existing single-family home price rose in 93% of 176 metropolitan areas during the second quarter, the National Association of Realtors reported Tuesday. That’s up from 85% of metro areas in the first quarter. The price rose 8.2% compared to the second-quarter of 2014 to $229,400. The five most expensive housing markets in the second quarter were the San Jose, Calif., metro area, where the median existing single-family price was $980,000; San Francisco, $841,600; Anaheim-Santa Ana, Calif., $685,700; Honolulu, $698,600; and San Diego, $547,800. The five lowest-cost metro areas in the second quarter were Cumberland, Md., where the median single-family home price was $82,400; Youngstown-Warren-Boardman, Ohio, $85,000; Rockford, Ill., $94,700; Decatur, Ill., $96,000; and Elmira, N.Y., $98,300.

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http://www.marketwatch.com/story/us-home-prices-rose-in-93-of-metro-areas-during-the-second-quarter-2015-08-11

Mortgage Rates drop to 3.98% | Bedford Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down with the average 30-year fixed mortgage rate ducking just under four percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.6 point for the week ending July 30, 2015, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
  • 15-year FRM this week averaged 3.17 percent with an average 0.6 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
  • 1-year Treasury-indexed ARM averaged 2.52 percent this week with an average 0.3 point, down from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.38 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.

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

Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets. The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed-rate mortgages fell 6 basis points to 3.98 percent. The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.

“Recent housing data exhibited the same good news/bad news pattern as overseas developments. Coming into this week, existing home sales for June and the latest FHFA house price measures both suggested a stronger tone in the housing market. However this week brought nothing but bad — or at least weaker-than-expected — news. New homes salesand pending home sales both weakened and the Case-Shiller house price indices, while positive, fell below the lower end of expectations. Finally, the inadvertent release of Fedstaff projections increased uncertainty over the timing of future Fed rate moves.”

Pending home sales fall on declining home affordability | Bedford Real Estate

The number of real estate contracts signed and recorded declined 5.6% from August to September, as home affordability receded under the influence of higher mortgage rates, home prices and consumer uncertainty, the National Association of Realtors concluded Monday.
The NAR Pending Home Sales Index – a barometer of real estate contract signings – fell from an index score of 107.6 in August to 101.6 in September. It also declined 1.2% from year ago levels when the index hovered at 102.8.

This is the lowest index level reached since December of last year, and NAR is blaming the influence of declining home affordability, lower consumer confidence and a government shutdown that shook up both construction activity and home sales.

“Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” said Lawrence Yun, NAR’s chief economist. “In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”

The numbers suggest a lackluster fourth quarter, with Yun saying for the first time in 29 months pending home sales failed to come in above year ago levels.

 

http://www.housingwire.com/articles/27657-pending-home-sales-fall-on-declining-home-affordability

 

3 Annoying Social-Media Mistakes Businesses Need to Avoid | Bedford NY Realtor

Are your social-media  marketing habits attracting people to your brand or scaring them off? If you  litter your Twitter feed, Facebook page and Pinterest boards with blatantly  self-centered, hard sales posts — or even insensitive, potentially offensive  posts — you could be guilty of sending your followers packing, right along with  their spending cash.

Here’s a short list of notorious social-media  mistakes business owners should remember to avoid and why:

1. Only talking about your products and services. By  now, this one should be a no-brainer. Don’t be that guy at the party who only  talks about himself. Posting status updates, tweets and pins that  narcissistically revolve around your brand only is tantamount to social-media  suicide. You’ll quickly come off as too corporate, self-serving and disconnected  from your customers and their needs. An exodus of followers is sure to, well,  follow.

Small-business expert Steven D. Strauss, author of The Small Business Bible (Wiley, 2012)  suggests following the 80-20 rule to establish a meaningful connection with  customers via social media. That is to say that 80 percent of the content you  post should address your customers’ problems and only 20 percent should be about  your company and what you do.

2. Not playing (sharing) well with others. Instead of  tweeting repeated promotional messages about your products and services, make an  effort to retweet, share and pin your followers’ content often. Also exchange  friendly, conversational tweets with your followers, particularly those who are  significant influencers within your industry. Doing so can encourage a sense of  community within your social networks, boost your brand exposure and help you  earn your followers’ trust.

Share like a champ on Facebook and Pinterest as well by sharing follower  posts and pins that are relevant to topics your target market cares about. For  example, if you sell children’s toys, consider sharing follower and influencer  posts and pins that are of value to parents of young children, like toymaker Melissa and Doug often  does on its  Facebook page. These often include family arts and crafts ideas, fun  playdate themes and printable coloring pages.
3. Posting  insensitive content about sensitive subjects. One of the fastest  ways to get people trash-talking your brand over social media is to post  poorly-timed, offensive remarks about sensitive topics, especially those that  are political in nature and inspire strong emotions.

Fashion designer Kenneth Cole has been guilty of this more than once. Most  recently, the designer and self-described “frustrated activist” published a  tweet that made light of the “boots on the ground” comment U.S. President Barack  Obama and Secretary of State John Kerry used in reference to potentially  deploying ground troops in Syria. The crass remark instantly ignited a firestorm  of angry backlash reply tweets that continue to pile up.

 

 

Read more: http://www.entrepreneur.com/article/228574#ixzz2i53yLJkA