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Chappaqua Homes

Don’t let buyers shop new homes without you | Chappaqua NY Real Estate

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If you have nothing but resales on your showing schedule, you might want to add a stop by a new homes sales office, just in case. I have the proof.

According to a recent market study commissioned by BHI Inc., homebuyers can be divided into three groups: those who insist on a resale; those who insist on a new home; and those who are indifferent — those who will buy a resale or a new home.

Our qualifying approach to this “indifferent” segment must be anything but indifferent. From our perspective, the indifferent prospect might be the one who, after spending weeks with you looking at resales, decided to wait — then shops new homes without you. Or, he buys a resale and then cancels.

BHI, a consortium of 32 of the largest production homebuilders in America, recently commissioned a marketing study to determine consumer preferences regarding new homes versus existing homes.

In active new-home markets, sales of new homes represent 12 to 15 percent of all residential sales in any given month, when compared to MLS sales for the same period.

According to industry consultants, 60 to 70 percent of all new homes are sold through general real estate agents or co-brokers. Usually the higher priced the home, the greater the percentage of co-broker sales.

BHI is committed to increasing its members’ market share, and is about to roll out a multimillion-dollar campaign to do so, according to CEO Tim Costello.

The study sample structure included 984 completed surveys of prospective homebuyers committed to purchasing a home within the next 12 months, across 25 major markets. Shoppers were at least 25 years old, with a household income of $50,000 or more.

Sixty percent of this group were actively looking for a home and had:

  • Met, spoken to or hired a Realtor.
  • Sought preapproval for a home loan.
  • Visited a model home in a new homes community.
  • Attended a homebuying seminar or had placed their home on the market.

Forty percent had taken the above actions, or had:

  • Regularly looked at home listings online or in the paper.
  • Visited a Realtor and/or homebuilder website.
  • Calculated living costs as a result of a new-home purchase.
  • Attended an open house.
  • Watched a TV show about local homes and real estate for sale.
  • Driven around the neighborhoods looking for homes for sale.
  • We are “considering.”

Here are some highlights from the study:

  • People buy homes for a variety of reasons. However, amenities and features that enhance daily life, increase privacy, and address needs of family and children are at the top of the list.
  • People are citing market conditions, rather than events, as triggers to start looking. Favorable home prices and interest rates are notably more likely to trigger consideration among first-time homebuyers as compared to repeat purchasers.
  • Shoppers are prepared to take their time and most expect to spend between $150,000 and $500,000. Almost two-thirds are unsure about when they will purchase or expect to take at least nine months to make a buying decision.

When people actively search for homes, they go online and they find these two resources most trustworthy:

  • Local real estate listing websites: 34 percent.
  • National real estate listing websites: 27 percent.

When it comes to where they want to buy, most want their homes in the suburbs

  • Suburban area-closer to urban: 54 percent.
  • Outlying suburban area: 20 percent.
  • Heavily populated urban area: 13 percent.
  • Small-town rural: 5 percent.
  • Small town: 5 percent.

People generally prefer existing homes, but many will consider a new home offered by a builder in their search.

When looking for your new home, how strongly will you consider each of the following home choices?

Existing home

  • Will consider existing home: 75 percent.
  • Will consider new (indifferent): 20 percent.
  • Will not consider existing home: 5 percent.

(Comment: If 1 out of 5 of your resale prospects will consider a new home, do you see a need to qualify for “new” as well as “existing”?)

Brand-new home offered by builder

  • Will consider: 49 percent.
  • Will consider resale: 30 percent.
  • Will not consider new home: 21 percent.

Which type of community do you prefer?

  • Established neighborhood of older homes: 33 percent.
  • Existing subdivision of newer homes: 42 percent.
  • New-home communities: 25 percent.

Why do you prefer established neighborhoods/existing subdivisions over new homes?

  • “The neighborhoods have a warmer inviting feel.”
  • “Better constructed.”
  • “Better privacy, homes are not on top of each other and cookie cutter.”
  • “Better pricing.”
  • “Good variety. Established neighborhoods. Good value.”
  • “Prices are more negotiable.”
  • “Houses are still new and may be under warranty, but the neighborhoods will be somewhat established along with landscaping.”

Why do you prefer new-home communities over existing ones?

  • “Ability to make changes to home during construction to suit my needs and desires.”
  • “I like newer home. They are generally more energy efficient and require less upkeep and have lower maintenance costs.”
  • “More modern. More amenities.”
  • “No need for repairs. Less hassle. Able to customize.”

According to the study, “new homes and existing homes are neck and neck on the most important attributes. The majority (69 percent) of shoppers believes there is no difference between the two with regards to safety, and almost half (44 percent) say there is no difference in construction quality.”

Other top concerns regardless of new or existing homes, include floor plans, maintenance expenses, cost per square foot, living space, energy efficiency, architecture/overall design, and larger lot size, in that order.

Existing homes lead for mature landscaping, lot size and sense of community.

BHI asked for beliefs and attitudes that might constrain a visit to a new-home community. Here are some of the comments made by those preferring new-home communities.

  • “You don’t have any existing experience with the community. It’s brand-new to everyone, so any issues that arise you will discover together.”
  • “General not built as well as older homes were.” “Construction may be ongoing, newer communities tend to be more expensive.”
  • “Neighborhood associations are likely to come with newer homes and can restrict individual freedom and impose silly rules.”
  • “No mature landscaping — usually has smaller lots.”

Regardless of segment, new homes dominate for energy efficiency, customization and maintenance costs. There is agreement that new homes offer more living space, but at the expense of yard/lot size.

While less important than other considerations, convenience to work, friends/family and good schools is more important to those who prefer existing homes.

According to the study, those who prefer new homes are more likely to have visited model homes and met with a builder, while those preferring existing homes are more likely to visit an existing home, hire a Realtor, or bid on a property.

There are no differences among the segments for more general behaviors, such as:

  • Visited a Realtor and/or homebuilder website.
  • Calculated living cost.
  • Watched a TV show on local homes and real estate for sale.

In my next column, look for the psychographic results of this compelling study and why new-home buyers tend to be more spiritual and controlling.

via inman.com

3 Reasons to Keep Going to Open Houses After You Purchase | Chappaqua NY Real Estate

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Years ago, after closing on your American Dream with a 30-year fixed loan, you probably didn’t think much about the home’s value until you were ready to sell. Today, there’s so much more information available to home buyers. Markets move quickly, and life happens a lot faster.

And so, many people have become hyper-aware of their real estate investments, frequently watching the rise and fall of market values well after the close. Listing e-mails flow daily, and the Zillow app likely sits prominently on many homeowners‘ smartphones and tablets. Good real estate agents compile “mini CMAs” (Comparative Market Analysis) for their past clients, too, updating them yearly on the latest comps and values.

While it helps to be mindful of your home’s value, you shouldn’t obsess over it. A better strategy is to stay abreast of the local real estate market, just as you’d keep an eye on any long-term investment. Have an idea what’s selling and what’s not. Know what the trends and changes are in your neighborhood, school district or town.

One of the best ways to do this is to go to open houses. Here are three reasons why.

You can learn a lot from listing agents

Open houses aren’t just for buyers. Often, would-be sellers and nearby homeowners represent a large portion of open house traffic. Use the open house not only to see what’s for sale and the price of comparable homes but also to learn about the market. Pick the brain of the listing agent to get his or her take on what’s happening in your area. Real estate agents tend to be aware of market changes well before the mainstream press.

You’ll stay current with the latest home design trends

Sellers generally put their best foot forward. Some go as far as making cosmetic updates or design/staging changes before putting their homes on the market. They likely rely on their real estate agent to suggest the latest and greatest in the market. So if you bought a home that needs updating, or you aren’t sure where to begin when it comes to choosing paint colors, countertops or bath fixtures, going to open houses will allow you to see styles and designs.

You can get referrals for local real estate specialists, contractors or designers

Want to be connected to a good local designer or contractor? Ask the real estate agent selling the home you liked if they can get you the contact information. Though getting referrals from friends is also a good idea, seeing the finished product in an open house can inspire you to replicate what that owner did and how they did it.

Never forget: Your home is an investment

Ultimately, the property you’ve purchased is your home. You should make remodeling or upgrade choices according to your wishes, without forgetting that your home is also an investment. Try to find a balance between whatever personal choices you have in mind and what might appeal to potential buyers down the road. For example, painting a room a dark red color or choosing highly taste-specific fixtures or designs may appeal to your taste buds — but will likely alienate a potential buyer down the road. Of course, it’s not uncommon for homeowners to make last-minute changes to their home to make it “market ready.”

via zillow.com

Dublin Home Prices Rose Most in Six Years | Chappaqua NY Real Estate

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Dublin home prices rose the most in six years in September, the latest sign that Irish residential property prices are stabilizing after the country’s decade-long real estate bubble started to deflate in 2007.

Home prices in the Irish capital rose 2.4 percent from a month earlier, the biggest gain since August 2006, the Central Statistics Office said today. Residential property prices nationwide rose 0.9 percent in September, marking the third consecutive month of gains.

“Anecdotal evidence points to pent-up demand for family homes, especially in certain areas of Dublin,” said Alan McQuaid, chief economist at Merrion Capital in Dublin. “While the figures are encouraging, I think it is too early to say whether house prices are on a steady upward rise.”

Irish property prices are gaining after homes lost half their value since a property crash pushed the nation to the brink of insolvency and the unemployment rate tripled. A lack of bank credit and the end of tax-relief measures for new buyers next year along with high unemployment will weigh on the housing market, according to McQuaid.

Ireland’s unemployment rate was unchanged at 14.8 percent in September. New Irish mortgages granted in the second quarter declined 16 percent to 524 million euros ($678 million) from the same period a year earlier, the Irish Banking Federation said in August.

“For homes in well-established parts of Dublin, demand is outstripping supply,” Aoife Brennan, head of research at Lisney, an Irish broker, said in a statement today. “In recent months, cash buyers have been making up about 40 percent of the Dublin market.”

The CSO data is compiled with mortgage data from lenders. Dublin home prices would show a bigger increase if cash purchases were included, according to Lisney.

via businessweek.com

How to Buy a Home Below Current Real Estate Value | Chappaqua NY Reator

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Want to increase your chances of buying a home below current real estate value? Just look for a seller who didn’t listen to his agent.

The best real estate agents encourage their sellers to do whatever it takes to get the home in its absolute best condition before going to market. The better the home shows, the more likely the seller will get top dollar.

Sometimes, this could be as simple as removing personal items or decluttering. Other times, an agent will suggest bigger fixes, such as painting, replacing carpet or upgrading countertops or cabinets. Savvy sellers listen to their agents, make the changes suggested and go to market in top form. That’s not always how it plays out, however.

For any number of reasons, many sellers protest suggested fixes. Either they don’t want to be inconvenienced, don’t believe the fixes will matter or don’t have the financial resources to make it happen. Inevitably, this means the buyer will get a discount on that property.

How to spot a home that might sell below its value

Is there a home for sale in a good neighborhood and in the desired school district that seems to be well-priced but for some reason isn’t selling? This is the home you want to investigate, because chances are the seller didn’t listen to his agent. Specifically, here are some tell-tale signs to look for.

Big furniture or a lot of furniture

Most people don’t buy furniture to use when staging their home. Often a seller may have a lot of furniture in one room, which makes the room look small to potential buyers. Real estate agents and professional home stagers know this all too well. For example, stagers always suggest a small loveseat over a full-blown couch or sectional sofa. Also, in the bedrooms, king beds often take up too much space. So a stager will often push the seller to swap it out for a queen or full-sized bed.

When you enter a house that seems crowded with furniture, imagine the rooms with fewer or smaller pieces. Be aware that plenty of potential buyers won’t get past the sense that the rooms are too small, and they’re likely to move on to a home that feels bigger. In turn, this could give you room to negotiate a good deal with the seller.

Dark rooms

There was a home in West Hartford, CT on a great block, but the interior was dark. Three large French doors in the living room led to a deck, but the doors were stained black, and the carpet was brown. On top of that, the window coverings were big, heavy and overtook the room.

The house sat on the market for months, even though the price wasn’t far off the real estate market value. Here’s why: Every buyer walked in and out because the house was so dark. After the home had been on the market for three months, a smart buyer made an offer $40,000 below asking and ended up getting it.

Before the buyer moved in, he removed the window coverings, stripped the stain on the doors and painted them white, pulled up the old carpet and had the floors stained to a lighter oak. Right away, the dark room became light, bright and welcoming. The buyer’s total cost: $9,000, which instantly added $31,000 to his equity.

Grandma or Bambi staring down from the walls

Buyers are looking to see themselves — and not the current owners — in a home. Too often, however, the seller hasn’t “depersonalized” his home enough, or at all. Even though the listing agent may have told the seller to clear the house of his possessions, the seller may be proud of his accomplishments and resist.

And so potential buyers are treated to walls decorated with diplomas, family photos, awards and trophies. Moose and deer heads hanging on walls are surefire deal killers, especially when the hunting rifle used to kill Bambi is proudly displayed, too. At best, buyers tend to see such highly personal stuff as clutter that takes the focus away from the home. They’re turned off by it all, and they walk away.

They might also be walking away from a great deal. Are the bones of the home good? Does it have the floor plan you like? Are the kitchens and baths in acceptable condition? Is it in the area where you want to live? If you say “yes” to all of these, hang around a little longer. Imagine the home without the seller’s junk. Picture yourself living there, without Bambi.

A good home that doesn’t show well = a great opportunity

Ultimately, sellers who don’t listen to their agents or stagers inadvertently give savvy buyers a discount. For you to see that potential, try to understand as much as you can about why the seller is selling. Look for sellers who have ignored their agent’s advice. While conventional wisdom says that a buyer would be turned off by a home that shows poorly, go against this. Imagine the potential. And then, once the home is yours, make those small changes the seller should have made. Right away, you’ll have a little bit (maybe even a lot) of equity, thanks to the seller.

via zillow.com

Get over your real estate trauma | Chappaqua Realtor

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Editor’s note: This is the first of a two-part series.

Every day, more and more Americans click into a decidedly post-recession state of mind. Whether or not they’re still unemployed or upside-down, ever-increasing numbers of us have grown tired of being down and depressed and decided to do whatever it takes to get back on our feet and back into the flow of life — it’s so short, after all.

Fortunately, the real estate market seems to be flowing in that same direction: Millions of Americans have seen their underwater mortgages dry out this year, due to nothing more than increased buyer demand, which, in turn, increased home values. But millions more still owe more than their homes are worth — and many more than that are still dealing with the financial and emotional trauma of struggling to make the mortgage payment, tussling with their banks over loan modification requests, a past foreclosure or short sale, or even recession-created fears around buying a home, or selling and locking in losses.

Here’s the deal: The more you fear or focus on this trauma, the more it becomes a major influence on your decisions and your life. So, how can you extinguish it altogether? Here are some strategies:

1. Focus on what you are for, not on what you are against. We often create what we fear, largely out of our panic and paralysis around the topic. So, if you constantly worry about losing your home, being upside-down and whether your home’s value will ever recover, you are simply more likely to get and stay in these situations. Anxiety will cause you to spend more than you should, or to perform poorly at work, snowballing into high credit card bills or an interruption in income.

It’s a small mindset tweak, but a powerful one, to focus instead on what you want to have happen — or, as “Three Simple Steps” author Trevor Blake puts it, what you are for.

If you are for being debt-free, you might be inspired to start a small business and be your own bailout. If you are for getting out from underwater, you might decide to aggressively pursue the loan modification options, or to rent out an extra room on Airbnb to fund extra payments to reduce your mortgage principal.

I’m not saying these are the things you have to do to create the situations you want — I’m simply suggesting what I know from personal experience, which is that if you focus on what you are for, then you are much more likely to see that happen than when all of your time, energy and emotion is fixated on the things you hope don’t happen.

2. Metabolize the trauma. I believe that everything we do — every endeavor we make, every decision, no matter how painful or joyous the outcome — is a success. We are either successful at what we were trying to accomplish, or the experience is a successful education. But when we have painful experiences, it’s difficult to get free from the pain and move on until we can appreciate the successful education that the experience holds.

In order to let go of the trauma you might still have from things that happened around your mortgage or your home, you might find it helpful to work with the image Dr. Henry Cloud creates in his book “Necessary Endings”: the image of metabolizing the experience.

When we eat food, we metabolize it, holding onto the elements that are nourishing and beneficial and eliminating the rest. You can do the same thing with experiences like losing a home to foreclosure or short sale, or being upside-down on your mortgage: Take some quiet time to be real with yourself and identify what learnings you can cull from all the decisions and events that led to your real estate trauma.

Once you do that, you can almost have a ceremony of sorts where you simply declare to yourself that you’ve got what you needed from the experience, and you’re ready to let the rest go. It might sound new age-y, but even the most wizened business execs and hardened military strategists will tell you that learning and letting go of past failures and disappointments so you can fight the next battle are essential ingredients of resilience, and that resilience is a prerequisite for long-term success.

Next week, I’ll provide you with three more strategies for letting go of your real estate baggage.

via inman.com

Home Warranties Take Some of the Worry out of Home Buying | Chappaqua Homes fo Sale

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If you buy a silk blouse and the sleeve falls off after just one wearing, you’re likely to get your money back — or at least an exchange — from the retailer who sold it.

If you buy a house and the furnace stops working two weeks after you move in, you’re out of luck — unless you purchased or received a home warranty.

Two products — the home warranty and the builder warranty — can take some of the worry out of buying or selling a home. These warranties typically insure appliances and major systems in a home, whether it’s new or just new to you.

Builder warranties

Most builder warranties cover a new home’s materials and workmanship for one to two years, with coverage that lasts up to 10 years on major structural elements.

Rules vary from state to state, but generally these warranties only apply to the sale of a new home from the person or company that constructed it, to a new owner-occupant. Your state attorney general’s office can help you determine whether your builder is offering all the warranties required by state law.

Home warranties

A homeowner who gets a builder warranty with the purchase of his new home may also opt to add another layer of coverage by purchasing a home warranty. Additionally, home warranties can provide protection for those buying older homes. Home warranties generally cannot be purchased for mixed-use properties or mobile homes.

A basic one-year warranty can cost as little as $200 and will generally cover plumbing, heating and some appliances. The price of a warranty will increase as additional items and coverages — such as a swimming pool, washing machine or garage door opener — are added.

Home warranties may be purchased by sellers, who often add them to their closing costs, but they may also be purchased by buyers. Some real estate agents will give buyers a home warranty as a gift at closing.

Home warranties are not the same as homeowners insurance. Insurance protects against perils including fire, hail, property crimes and certain types of water damage. A home warranty does not cover these perils but, rather, covers specific components of the home.

A home warranty is a contract between a homeowner and a home warranty company that provides for discounted repair and replacement service on named items. When something that is covered by a home warranty breaks down, the homeowner calls the home warranty company, which dispatches one of its contracted service providers to examine the problem. If the necessary repair or replacement is covered by the warranty, the homeowner only pays a small service fee (in addition to the money already spent to purchase the warranty), and the service provider completes the work.

If you’re thinking about purchasing a home warranty, do your homework. Shop around for the coverage and pricing that best fits your needs. Ask the warranty company:

  • What is covered?
  • What is excluded from coverage?
  • When does coverage begin? Some companies provide coverage on closing day, while others don’t take effect for two weeks to a month.
  • How long does coverage last?
  • What is the claim-filing process?
  • Is there a cost to file a claim?

Knowing your warranty options and doing your research ahead of time can provide peace of mind when moving into your new home.

via zillow.com

The Time-Honored Art of Splitting Wood | Chappaqua NY Realtor

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Chopping stovewood to size by hand may, at first glance, appear to be a ponderous, imprecise activity that requires little more than pure brute force. Nothing could be further from the truth, however. There is, instead, a distinct art to splitting wood. The skilled woodsman or -woman who works with — rather than against — the rounds he or she is handling can split up a lot more fuel in a given time than can some muscle-bound ox who tries to club the wood pile to smithereens. In fact, a great many experienced splitters (both chore-laden homesteaders and briefcase-laden urbanites) have honed their skills to such a point that they look upon billet-busting as one of life’s more enjoyable tasks.

Make removing ice from a windshield easier with an onion, keep a candle in the car for emergencAnd even if you’ve never split a stick, you can become an accomplished woodcracker yourself. To do so, you’ll need a few commonly available tools, the how-to basics I’ll share in this article, some rounds of ripe-for-the-opening wood — and practice.

The Tools

The instruments most often used for working up wood by hand are the single-blade splitting axe, a pair of three- to five-pound steel wedges, a middle-sized sledgehammer, and an eight-pound splitting maul. [EDITOR’S NOTE: Several manufacturers have devised variations on the standard hand tools — we’ve sized up a number of woodcracking aids in The Great Wood-Splitting Contest II]

However, it isn’t necessary to have all of these tools to begin work. I recommend starting out with a pair of wedges and that workhorse of the log-busting trade, the splitting maul (or “go-devil”). The blade of the latter implement can crack open many a billet, while the tool’s back end can be used for driving wedges. (By the way, never use the butt of an axe for pounding — its thin head may crack!)

The Technique

Probably the single most important wood-splitting rule is this: Always place your to-be-broken rounds on a short chopping block. Such a base will provide solid resistance to the blows, increasing your stroke’s penetration and guaranteeing that when your maul breaks through the billet, the tool’s blade will land in wood instead of slamming into dulling earth or stones.

Once you’ve set your piece of tree up on its chopping block, stand back with your arms extended and feet planted squarely apart. (And, for safety’s sake, be sure to wear boots and sturdy long pants!) Then line up the go-devil over its intended target, wind ‘er up and swing!

Now some folks go for pinpoint accuracy by lifting their mauls straight up overhead, while others feel they gain more power by swinging the implements back around their shoulders. And one person will let his or her top gripping hand slide up toward the splitter’s head on the upswing, but another will keep both hands clenched together in a grip similar to that used by a golfer. You’ll have to experiment until you decide just which technique is best for you.

via motherearthnews.com