Tag Archives: Chappaqua NY Real Estate

Chappaqua NY Real Estate

30-Year Fixed Mortgage Rates Hold Steady | Chappaqua Real Estate

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Mortgage rates for 30-year fixed mortgages remained stable this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.04 percent, up only three basis points from this time last week.

The 30-year fixed mortgage rate peaked at 4.12 percent on Thursday before dropping to 4.03 percent on Friday, where rates hovered for the remainder of the week.

“Mortgage rates were flat last week as two highly anticipated announcements, the European Central Bank’s stimulus plan and the latest U.S. employment report, confirmed the outcomes the markets were expecting,” said Erin Lantz, vice president of mortgages at Zillow. “Next week there is a limited number of market-moving news or events scheduled, so we expect rates to remain stable.”

Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.78 percent.

 

 

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http://www.zillow.com/blog/30-year-fixed-steady-153618/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

How borrowers can still get a mortgage below 3 percent | Chappaqua Real Estate

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With the average mortgage interest rates well north of 4 percent and predicted to move toward 5 percent by the end of the year, it may surprise you to know that there are still ways to get a rate below 3 percent.

Yes, we said below 3 percent. And yes, on a house.

“It’s definitely possible to get a rate below 3 percent. It’s just going to be a unique product, and not for everyone,” says Nate Kuchera, a senior loan officer with Bank of Manhattan of Newport Beach, California.

But if it is for you, it will save you a lot of money, he says. Here are ways people are still locking in sub-3 percent rates.

Get a 10-Year Mortgage

If you’re looking for the lowest rate you can get on a fixed-rate mortgage, a 10-year term is your best bet, says Kuchera. He says it’s a rare product, but some people do choose it. And right now, he says you can likely find 10-year, fixed-rate mortgages at below 3 percent.

“This is good for people who are on the brink of retiring,” he says. “They’re on the tail end of their careers and want to pay off their mortgage quickly but don’t want to do it in one big lump sum. So they refinance to a 10-year.”

In addition to paying off their home for retirement, he says they also have the opportunity to save a lot of money in interest. That, of course, depends on their original mortgage, he says.

Still, to illustrate how much paying off a mortgage in a shorter time could save you, consider that the lifetime interest on a 30-year, fixed-rate,$300,000 mortgage with a rate of 4.41 percent is $241,460. The lifetime interest on a 10-year, fixed-rate $300,000 mortgage with a rate of 3 percent is $47,619. That’s a $193,841 difference.

There is one thing to keep in mind, however, says Kuchera. With a shorter term mortgage, your monthly payments will be higher.

“Yes, your rate may be better but you know how life is, things come up,” says Kuchera. “So make sure you’re comfortable with the higher payment. If you are, you’ll save a lot of money.”

 

 

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https://homes.yahoo.com/news/how-to-get-a-rate-below-3-percent-182724351.html

Mortgage applications climb 5.3% for week | Chappaqua Real Estate

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Breaking two weeks of declines, mortgage applications increased 5.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 2, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 5.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 2% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier to the highest level since January 2014.

“It is official: we are in a majority purchase market for the first time since 2009,” said Mike Fratantoni, MBA’s chief economist. “A sizeable increase in purchase applications last week likely reflected the impact of somewhat lower mortgage rates as well as continued growth in the job market, as confirmed by Friday’s employment report from the BLS.”

Despite the strong increase in the purchase market last week, volume continues to run 16% behind last year’s pace.

 

 

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http://www.housingwire.com/articles/29928-mortgage-applications-climb-53-for-week

Sagging Sales: It’s Not Just the Weather | Chappaqua Real Estate

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It’s hard to build, buy or sell a home in when ice coats the drive and below freezing winds discourage roof inspections.  There’s no doubt this year’s endless winter have curbed construction and sales.  However, sagging sales are not just a function of the nasty weather that will melt away with the first warm days.

If that were the case, how do you explain California?

In February, California sales were 18.9 percent below the average of 31,660 sales for all the months of February since 1988, according to DataQuick.  An estimated 25,680 new and resale houses and condos sold statewide last month, down 0.6 percent from 25,832 in January and down 10.6 percent from 28,719 sales in February 2013, according to San Diego-based DataQuick.

PropertyRadar reported California single-family home and condominium sales fell 1.4 percent in February 2014 from January and declined 16.1 percent from February 2013.  Last month marked the lowest February sales since 2008. “Rapid price increases and rising interest rates in concert with sluggish income and employment growth have slowed demand…” said Madeline Schnapp, Director of Economic Research for PropertyRadar.  “Tougher borrowing standards, elevated prices, increasing borrowing costs and historically low inventory continue to exert a drag on market activity.”

According to the California Association of Realtors. February marked the fourth straight month that sales were below the 400,000 level and the seventh straight decline on a year-over-year basis. Sales in February slipped 0.7 percent from a revised 363,930 in January but were down 13.7 percent from a revised 418,520 in February 2013. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors.

 

http://www.realestateeconomywatch.com/2014/03/sagging-sales-its-not-just-the-weather/

 

5 Ways to Allergy-Proof Your Home for Spring | Chappaqua Real Estate

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Step 1: Clean the Air

Making your home inhospitable for allergens sounds like a daunting task. In a particulate sense, it’s going to be you against millions of mold spores, dust mites and pollen. Fortunately, though, you’re smarter than these minute microbes, and following these tips can help you keep allergies at bay. A well-ventilated house and nonleaking ductwork is a first line of defense against bringing allergens into your living space. Use HEPA (high-efficiency particulate air) filters in the air conditioning system. Maintain the humidity level in the house at about 50 percent. Mold likes moisture, and dust and pollen are easily stirred in dry air. Keep your windows closed when pollen counts are highest: in the early morning hours, between 10 a.m. and 3 p.m., and in windy conditions. Pollen and mold spores settle on clothing, so when you come in from outdoors, remove your outer garments in the mud room, and take a shower.

 

http://shine.yahoo.com/photos/5-ways-allergy-proof-home-slideshow-181100929/

Big Investors Boosting Home Prices, And Not Everyone’s Pleased | Chappaqua Real Estate

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It’s taken several years, but in many parts of the country, home prices are nearly back to where they were at the peak. In places like Florida, where the housing recession hit hard, home prices rose last year by one-fifth or more.

A major factor in the price rise is hedge funds, private equity firms and other large investors. They’ve moved aggressively into the residential market over the past two years, buying tens of thousands of distressed properties, often at bargain prices.

Some analysts are worried that those bulk purchases will leave middle-class buyers out in the cold.

One place where investors have been very active is Florida’s Palm Beach County. Jeff Lichtenstein is a real estate agent there, and he’s busy. He’s listing and selling homes at a pace reminiscent of the go-go days of the last real estate boom back in 2005 and 2006. “I have 19 or 20 under contract right now, which is the most I’ve had at any given time,” he says.

Lichtenstein is currently showing a home he has listed in PGA National, a resort and residential development with more than 5,000 homes. It’s a community of palm trees, lakes, golf courses and manicured lawns.

“This was built in ’92 or ’93. Three bedrooms, three baths,” he explains as he shows off the house, which has a back patio looking out onto a golf course. “The view is what people come here to Florida for.”

 

 

http://www.npr.org/2014/03/10/286261937/big-investors-boosting-home-prices-and-not-everyones-pleased

Rapid home price gains make renting more attractive, study says | Chappaqua NY Homes

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It’s now cheaper to rent than own.

Across a large swath of Southern California, owning a house has become less  attractive financially in the wake of rapid home price gains last year,  according to a new study.

The mortgage payment on a median-priced, three-bedroom would exceed the rent  on a comparable property in Los Angeles, Orange and Ventura counties, according  to a RealtyTrac analysis released Thursday, based on prices from the fourth  quarter of 2013.

Nationwide, there were only 29 large counties in that situation, including  the Northern California counties of Santa Clara, Alameda and San Francisco. A  year earlier, nowhere in Southern California was rent cheaper than monthly house  payments.

In Los Angeles County, RealtyTrac reported, the monthly house payment for a  median-priced three-bedroom was $1,987 — about $100 more expensive than fair  market rent for a similar property, as calculated by the U.S. Department of  Housing and Urban Development.

A year earlier, house payments were about $500 a month cheaper than rent.

The median price for a three-bedroom L.A. County house was $417,333 in the  fourth quarter. The monthly house payment for such a home rose 40% compared with  the fourth quarter of 2012.

To qualify to purchase such a house, a buyer would now need to make at least  $95,389 annually, according to RealtyTrac. That’s about $42,000 more than the  median-household income and $27,000 more than the income needed to buy the  median house a year earlier.

The widening disparity between rent and home prices underscores a growing  affordability crunch across the region. Real estate experts say the high costs,  without corresponding income growth, have depressed sales

http://www.latimes.com/business/money/la-fi-mo-rent-or-buy-20140220,0,6388101.story#ixzz2ty69WsxW

Living in Las Vegas: A Look Beyond the Strip | Chappaqua Homes

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Sky-high hotels, desert sun and entertainment galore. It’s not surprising Las Vegas continues to be one of the most popular Spring Break destinations attracting college students around the country.

Today’s Vegas reaches far beyond the Strip’s neon lights and slot machines. In fact, a growing number of families are putting down roots in the Gambling Capital of the World.

To get a feel for what it’s like to live in Vegas, we asked longtime residents Christa Schueler and Michelle Radcliff to share their experiences.

Family-friendly culture

“I moved here in the ’80s and the common belief was that you must work and live in a hotel, or have some affiliation to a casino,” said Schueler, who writes an online magazine geared toward local women. “Then in the ’90s, Las Vegas started trying to get that family demographic because growth started to explode here. They started trying to appeal to families living here as well as those who were vacationing.”

Schueler said efforts to make Vegas more conducive to a family lifestyle weren’t hugely successful in the ’90s, but she notes there’s been a recent movement to appeal to families with children.

“Now, we’re not just looked at as gambling town,” she said. “People are realizing families do live here and that there are things to do, whether you’re a tourist or a local.”

Radcliff, who also moved to Vegas in the 1980s, agrees.

“I have a daughter who was born here,” she said. “A lot of people raise families in Vegas. There are a lot of things you can do with children.”

 

http://homes.yahoo.com/news/living-las-vegas-look-beyond-strip-182059598.html