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Housing Costs Plunge for Owners, Soar for Renters | Katonah Real Estate

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A much higher proportion of renters than homeowners are cost burdened by their housing expenses and the number is growing quickly due to rising rents and affordable home prices.

Last year, 39.6 million households spent more than 30 percent of their income on housing, down from 40.9 million in 2012 and a peak of 42.7 million in 2010.  Still, just over a third of U.S. households (34 percent) were cost burdened in 2013, including about a quarter of all homeowners (26 percent) and half of all renters (49 percent), according to the Harvard Joint Center for Housing Studies.

Last year’s decline in the number of cost-burdened households, however, occurred almost exclusively among homeowners.  Cost burdened households are those where housing costs exceed 30 percent of income.

renter1

Nearly 19 million owners were cost burdened in 2013, down from 20.3 million in 2012.  The number of owners with severe cost burdens – paying more than 50 percent of income for housing – also slid, from 8.5 million in 2012 to 8.1 million in 2013.  The easing of owner cost burdens is due in part to a dramatic decline in median homeowner housing costs.  After surging during the housing bubble, inflation-adjusted owner costs have dropped to about 2.5 percent below their 2001 level (Figure 2).  Owner burdens are also down due to a significant reduction in the overall number of homeowners – fully 294,000 fewer households in 2013 than 2012.  This decline in the number of homeowners for the third straight year (and the fifth time since 2007) suggests that many burdened owners dropped out of ownership, moving into the costly rental market.

renters2

 

With many exiting ownership and new households forming, the number of renter households was up by 615,000 in 2013.  Indeed, a major reason why renter cost burdens remain persistently high is that the overall number of renters continues to grow.  Despite a slight decline in cost-burdened share, the sharp growth in renter households pushed the number with cost burdens up for the twelfth consecutive year, reaching 20.8 million in 2013.  Of these, about 11.2 million were severely burdened in both years.  Cost pressures also continue to drive burdens higher as over the past decade, renter costs have largely gone up, while renter incomes have declined.  As Figure 2 shows, real median renter costs in 2013 were about five percent higher than in 2001 while, even with modest income gains in 2013, median incomes were nearly 11 percent lower.  If past patterns hold and income growth remains stagnant, rental costs continue to climb, and affordable ownership stays out of reach, rental cost burdens will only continue to grow.

 

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http://www.realestateeconomywatch.com/2014/11/housing-costs-plunge-for-owners-soar-for-renters-2/

Dreamy 1830s Abode Was a Stop on the Underground Railroad | Katonah Real Estate

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4470KatherinesWay1.jpg

Location: Westerville, Ohio
Price: $1,250,000
The Skinny: Several homes in the northeastern Columbus suburb of Westerville, Ohio, were stations on the Underground Railroad. One of them, an updated five-bedroom with a spiffy columned facade, some beautiful mounted panels rescued from the LeVeque Tower, a Jeffersonian-looking dome topped with a skylight, and a 1930s schoolhouse outfitted for guest accommodations, was put on the market just the other day.

The oldest sections, which were built in 1830, according to the marketing material, have a healthy amount of exposed brick that’s since been balanced out by large windows and glass doors in the rear of the home. Much of the yellow pine and walnut woodwork is original, and there’s vintage tiling in a few of the bathrooms. With a pool and an expansive brick patio, facing out on a about five acres with “mature trees & landscaping,” this handsome historic hodgepodge is priced at $1.25M.

 

 

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http://curbed.com/archives/2014/11/04/westerville-ohio-underground-railroad-home-for-sale.php

At Home With a Stunning View | Katonah Real Estate

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High on a sandstone ridge looking east over the Pacific Ocean, this Australian beach home sits proudly, taking in the scene. Wowed by the views of the ocean, the owners snapped up a plot of land on one of Sydney’s Northern Beaches, determined to design a home that responded to its dramatic topography and views.

Neil Mackenzie of Mackenzie Pronk Architects was only too happy to help. “The site is stunning,” he says. “Our clients had spent a decade in the U.K. when we began working with them. They were in the process of returning to the blue skies and surf of home, so I think the idea of a true Australian beach house was like a dream.”

Contemporary Pool by Mackenzie Pronk Architects
Mackenzie Pronk Architects
Houzz at a Glance
Who lives here: A couple and their twin boys, who are just starting school
Location: Sydney
Architect: Neil Mackenzie, Mackenzie Pronk Architects
Size: 4 bedrooms

“Early on in the design process, we all stood on chairs in the dilapidated old house on the site and realized that the views would be stunning not only toward the Pacific, but in an arc of about 180 degrees from east to west,” Mackenzie says. “The clients were very clear that the house should be sustainable and embrace the Australian lifestyle. The first sketches included surfboards leaning on the wall and flip-flops kicked off at the front door.”

The showstopping pool is a refreshing teaser for the ocean beyond. Wooden bleacher seats provide a warm place for the owners to read a paper while watching the children swim — in between having a dip or two themselves.

Contemporary Exterior by Mackenzie Pronk Architects
Mackenzie Pronk Architects
Sliding wood screens protect the western exterior from the elements. They also serve to shelter a private barbecue area from the prevailing northeasterly winds.

Part of the challenge was building the home on a site consisting of different levels while maintaining a graceful structure from the street. You wouldn’t know it from the curb, but the site steps up from the pavement and then steps down to a rear garden. Across its width it drops an entire story, housing a long garage and storage area.

“The spaces of the house are composed of elemental volumes stacked, offset and stretched to allow for site falls, to define external spaces and to unfold toward the views,” Mackenzie says.

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http://www.houzz.com/ideabooks/33019733?utm_source=Houzz&utm_campaign=u760&utm_medium=email&utm_content=gallery2

Why Boomerang Kids Bounce Back | Katonah Real Estate

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Not only are the numbers of young people over 18 who live with their parents reaching unprecedented numbers, higher than previously assumed, they are not necessarily moving out when their financial situations improve, a according to a new study by Federal Reserve economists that may have important ramifications for housing marks.

The fraction of young adults residing with parents has reached a historic high of 36 percent. This new trend has grabbed the attention of journalists and policy makers alike, who have popularized terms likethe “boomerang generation,” referring to young adults who move back in with their parents after having lived on their own.  Young adults who “boomerang” are generally described as unable to live independently due to poor economic outcomes. Debt, and particularly student loans, among young adults has also expanded substantially over the past decade.

Nearly 40 percent of young adults carried student loans in 2010, up from 26 percent in 2001, and aggregate student loan balances have exploded in recent years, exceeding $1 trillion in 2013. The fraction of young adults living at home rose from 31.3 percent in first quarter of 2005 to 35.9 percent in first quarter of 2014.

Economists Lisa J. Dettling and Joanne W. Hsu found that increased indebtedness and problems managing debt – as measured by larger account balances, falling credit scores and delinquency on account(s)– increase large numbers of young people who return home to live with their parental co-residence.  Between 2005 and 2013 increases in student loan debt and delinquency and declines in credit card and auto debt account for 30 percent of the increase in flows into co-residence with parents and 26 percent of the increase in median time young people spent in co-residence.

However, less debt does not necessarily lead to a return to independent living.   “In fact, it seems highly likely the decision to move out will be more nuanced and idiosyncratic than the decision to move in: a period of financial distress may force an individual to move in with a parent, but a return to financial solvency does not necessarily force, or even create a sense of urgency for an individual to move out,” they said in a paper published last month by the Federal Reserve.

Large debt balances can actually shorten the time young people spend at home. The study found that young people with larger student loan and auto loan balances decrease the duration of time spent at home: a $10,000 increase in loans decreases the duration of co-residence by 1.5 percent for student loans and 4.9 percent for auto loans. Credit card balances also slightly reduce the time spent at home, though the effects were not precisely measured. Similarly, for each loan type, being current on payments reduces the duration with parents by 10 to 18 percent, relative to not having that loan type.

For student loans, each loan status reduces durations in co-residence relative to having no student loans– except for severe delinquency. Delinquency of 90 days or more, however, is associated with a 7.5 percent increase in the duration in co-residence. A student loan in deferment increases time spent in co-residence relative to being current, but durations are still almost 10 percent lower than those without student loans.  This indicates that deferment enables a young adult to reduce the length of time spent in co-residence, relative to those who become severely delinquent during the period of co-residence.

For auto loans, severe delinquency increases time spent in co-residence relative to mild delinquency and being current. For credit cards, being current and being seriously delinquent have similar effects on the duration.

 

 

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http://www.realestateeconomywatch.com/2014/10/why-boomerang-kids-bounce-back/

 

Homeowner’s Claims Can Send Premiums Sky High | Katonah Real Estate

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Filing a single homeowner’s insurance claim can raise consumers’ annual insurance premiums by more than 30 percent, or hundreds of dollars each year, according to research by insuranceQuotes.com, a subsidiary of Bankrate Insurance.

Nationally, one claim leads to an average premium increase of nine percent. The states with the highest single claim increases are Wyoming (+32%), Connecticut (+21%), Arizona (+20%), New Mexico (+19%) and California (+18%).

In Texas, home insurers are not allowed to increase premiums after one claim. The next-lowest increases were observed in New York (+2%), Massachusetts (+2%), Florida (+3%) and Vermont (+4%).

A second claim brings the national average increase up to 20% (the highest increase from a second claim was Michigan’s 71%).

“Homeowners need to be really careful when filing claims,” said Laura Adams, insuranceQuotes.com’s senior analyst. “Even a denied claim can cause your premium to go up. Make sure to know your policy’s specific guidelines and only file a claim when absolutely necessary. Winning a small claim could actually cost you money in the long run.”

Nationally, liability claims are most likely to cause the greatest premium increases. A single liability claim causes premiums to rise by an average of 14%. Theft, vandalism and fire are not far behind. Medical claims (+2%) are the cheapest.

 

 

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http://www.realestateeconomywatch.com/2014/10/8159/

 

5 mortgage myths dispelled | Katonah Real Estate

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If the idea of buying a house both scares and excites you, that’s how it should be. If you’re only intimidated or only enthusiastic, you’re probably going into the mortgage-buying process ill-informed.

After all, in the years before the Great Recession, homebuyers weren’t intimidated at all. For quite a few years, many people purchased homes that were out of their price range and often on shaky credit, but since lenders didn’t seem concerned, homeowners weren’t either.

Now, the tide has turned, and prospective homeowners are understandably more leery about making what will likely be the largest purchase of their lives. But maybe they’re too leery. According to a survey of 2,017 adults released last month by Wells Fargo & Co., the country’s largest mortgage lender, many borrowers who can afford a home may be frightened off, believing that buying a house is something they simply can’t do.

If you’re on either end of the spectrum — squeamish about homebuying or ecstatic with no worries whatsoever — here are some misconceptions about mortgages that may bring you to the middle.

Your credit has to be perfect or near-perfect. Two-thirds of the Wells Fargo survey respondents believed you have to have a very good credit score to buy a house. While there’s no doubt that a high credit score will help you get a better loan, it isn’t a deal-breaker if your score is middling. If you have some credit blemishes and financial scrape-ups but for the most part pay your bills and make steady income, you probably don’t have much to worry about, experts say.

“While credit is scrutinized, some loan types will allow credit scores as low as 620,” says Gaye Rowland, senior vice president of SharePlus Bank, headquartered in Plano, Texas. “Other compensating factors such as larger down payments or low debt-to-income ratios can offset some negative credit information. Every situation is analyzed individually.”

You must have a down payment worth 20 percent of the purchase price. This, too, is a myth. More than 40 percent of Wells Fargo respondents believed the only way to buy a house was to give a lender at least 20 percent of the purchase price of a house.

Again, it helps to have a 20 percent down payment, particularly if you want to avoid paying monthly private mortgage insurance. But many banks and mortgage companies — especially now that the recession is several years in the rearview mirror — offer loans that don’t require a down payment anywhere close to 20 percent.

“We offer many programs that either have 100 percent financing or a 3.5 percent down payment,” says Alyssa Schwabe, a spokeswoman for GSF Mortgage, headquartered in Brookfield, Wisconsin.

 

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http://finance.yahoo.com/news/5-mortgage-myths-dispelled-132946834.html#

 

Removing Wall to Wall Carpeting by Bob Villa | Katonah Homes

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Source: charlesandhudson.com

Source: charlesandhudson.com

I am moving to a new house where the living room and dining area have wall-to-wall carpeting. I asked the previous owner, and he told me there is hardwood flooring underneath. Could you please tell me how to remove carpet?

Even with regular vacuuming, carpeting accumulates a great deal of dust, dirt and debris. So if and when you finally decide to rip it up, be sure to give the floor covering one last good vacuuming. Empty the room of furnishings, open the windows and don your dust mask — then get to work!

Materials & tools

  • Large contractor trash bags
  • Nail puller pliers
  • Steel putty knife
  • Flat pry bar (at least 15 inches)
  • Hammer
  • Utility knife (or tin snips)
  • Leather work gloves
  • Carpet padding adhesive remover (optional)
  • Scraper (optional)

Step 1

Was your carpeting installed under shoe molding? Assuming it was, the first thing to do is remove that trimwork with your putty knife and pry bar. Check the molding for damage: If it remains in good shape, save it for reuse. Chances are the trim is full of nails; when pulling them out, take care not to inflict any avoidable damage. If the molding looks a little worse for wear, consider giving it a fresh coat of paint prior to re-installation.

Step 2

Now that there is no obstruction between you and the carpeting, use a utility knife or a sharpened pair of tin snips to cut the material into three- or four-foot-wide strips. (Cut all the way through the backing but stop short of the flooring beneath.) Once complete, begin pulling the carpet away from the tack strips on the perimeter. Roll up the sections as you remove them, placing them into heavy-duty trash bags ready for disposal.

 

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http://www.zillow.com/blog/remove-wall-to-wall-carpeting-160890/

 

Real Estate Foundations Look a Little Wobbly | Katonah Real Estate

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Is it too late to catch the real-estate rebound?

Just a few years after suffering its worst downturn since the Great Depression, housing has seen a remarkable recovery. Skimpy interest rates, pent-up demand and lower prices have sparked gains of about 20% in the median price of new and existing homes over the past two years.

The Dow Jones U.S. Select REIT Index—which covers a number of investment vehicles—has climbed about 150% since the beginning of 2009, roughly matching the Standard & Poor’s 500, including dividends.

But the market’s foundation is starting to wobble. In June, home prices fell 0.2% compared with May’s levels, according to the seasonally adjusted S&P/Case-Shiller Home Price Index tracking the 20 largest cities. It marked the second consecutive monthly decline. The dip the month before marked the first time in about three years that prices fell on a monthly basis.

True, prices for June rose 8.1% compared with last year, and data tracking the sentiment of home builders has improved. But every city in the U.S. has seen home prices rise at a slower annual rate lately. Mortgage applications to buy a home recently fell to their lowest levels since February, refinance applications were the weakest since 2008, and housing starts dropped in August.

“The pace of slowing…has been somewhat more abrupt than we had expected entering the year,” says Michael Gapen, a senior economist at Barclays, who says there’s “downside risk” to his bank’s expectation that home prices will rise as much as 8% this year.

What’s going on? In part, the soaring prices of the past couple years have started scaring off first-time buyers. Those higher prices have also encouraged homeowners to put homes up for sale, adding new inventory. Meanwhile, investors, who played a key role in stabilizing the market by buying bargain properties, have become more cautious.

The slowdown is good news for home buyers, of course. And recent weakness in real-estate investments, including home builders, has created opportunities for bargain hunters, some analysts say. But if the Federal Reserve begins raising interest rates next year, as expected, the cost of financing will increase—making things tougher for buyers and investors alike.

Below is a look at the new real-estate game and the best ways to play it.

REITS: Beware Rising Rates

One of the attractions of REITs is that they pay at least 90% of taxable income to shareholders as dividends, about 4% on average lately. But analysts say many real-estate investment trusts are trading at expensive levels. And rising rates could undercut REITs by making their dividends look less compelling compared with bonds.

Expensive valuations don’t mean avoiding REITs, analysts say—just shifting to larger, high-quality REITs with lower borrowing, such as Sam Zell‘s Equity Residential and AvalonBay Communities Inc., each of which pays dividends of more than 3%. Because of their size and balance sheets, these are seen as safer bets if rates rise

 

 

 

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http://online.wsj.com/articles/how-to-play-the-real-estate-market-before-it-s-too-late-1411333001?ru=yahoo?mod=yahoo_itp

 

Down to Earth Farmers Markets | Katonah Real Estate

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JAN2014-DTE-E-Mail-Masthead_(722x226pxl)FRESH-2-(1

Ossining Community Works to Eliminate Plastic Shopping Bags at Market;
Last Chance to Register for Piermont Apple Pie Contest on 9/28;
Honeycrisp Apples Arrive in Croton-on-Hudson + MORE

September 18-26th, 2014
DowntoEarthMarkets.com

What’s New, In Season, and On Sale This Week
Broccoli
Newgate Farms

Cauliflower – including
colorful varieties!
Gajeski Produce
Newgate Farms

Cherry Tomatoes
Rexcroft Farm

Cranberry Orange Rum Scones
e-Desserts

Lavender Scones
e-Desserts

Kabocha Squash
Rexcroft Farm

Marinated Fire Roasted Peppers
Sourced from Newgate Farms
Trotta Foods

Pumpkin Butter
Meredith’s Bread

 Pumpkin Cookies,
Pies, Tarts, and more
Regular and gluten-free
Meredith’s Bread

Roasted Red Pepper and Mozzarella Ravioli
w/Newgate Farm peppers
Trotta Foods

Spaghetti Squash
Rexcroft Farm

Sushi-grade Tuna
American Pride Seafood


Click on a Market to see all vendor and event details…                  

Westchester
County

Rockland
County

Ossining

Saturdays
8:30 am-1:00 pm


Larchmont

Saturdays
8:30 am-1:00 pm

Piermont

Sundays
9:30 am-3:00 pm

Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

Wednesdays
8:30 am-3:00 pm


Tarrytown/Sleepy Hollow

Saturdays
8:30 am-1:00 pm

New Rochelle

Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Croton

The farmers in Croton-on-Hudson are bringing in more unique melons varieties as the weeks progress, so we’re going to host another melon tasting. Stop by this Sunday to try these delicious fruits, freshly-picked from the late summer harvest.

Ossining: Together Let’s Eliminate Plastic Shopping Bags

Down to Earth Markets estimates that at least 64,000 plastic shopping bags leave the Ossining market/year. Plastic bags often end up as litter in our streets, green spaces, and waterways.
With this in mind, we encourage shoppers to Bring Your Own Bag a.k.a. BYOBag to the market.
As of Saturday, September 27th, vendors at the Ossining market will charge $0.10 for every
point-of-sale shopping bag with the expectation to eliminate them with time.

On September 20th and 27th, everyone is invited to donate your extra reusable bags to the Ossining market manager. The manager will offer these bags to shoppers for use instead of plastic. For every bag donated, the giver can enter a raffle for a $25 gift certificate to the Ossining Farmers Market.

Also, Green Ossining plans to host a “T-Shirt to Tote” workshop at the market, teaching all how to transform old t-shirts to reusable bags. Please visit our event calendar for full details.

Piermont – Registration ends soon for Apple Pie Contest on Sunday, Sept. 28

This is the last Sunday to register at the farmers market for the 2nd Annual Piermont Apple Pie Contest. The judges will be renowned Chef Peter X. Kelly, Mark Tasker, Head Pastry Chef of Balthazar, and esteemed Piermont community member, Sylvia Welch.
They will determine the winner in the categories of Best Tasting, Best Looking, Most Creative, and Most Traditional. Then they’ll turn the judging over to the public to taste each entry and vote on Best Overall. In a phrase, “Bring it.” Register this Sunday at the market or online HERE.

Rye

The Westchester Triathlon takes place on Sunday and it will be in Rye around the time of the farmers market opening (8:30 am). The market will be open per usual, but please note that area traffic may be rerouted for a short while. Join us in cheering on these inspiring athletes and then stock up on fresh, local foods at the market. See you there.

Vendor News: Wave Hill Bread Named Best Bread (Again!)

For the second year in a row, Connecticut Magazine has declared something that Down to Earth Farmers Market customers have known all along: Wave Hill Bread is the BEST BREAD around. Congratulations to Mitch, Margaret, and their talented crew! We’re so happy to have them at our markets in Larchmont on Saturdays and Croton-on-Hudson on Sundays.

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities, and here’s where to find them this week:
​
Larchmont 

Calcutta Kitchens
Christiane’s Backstube (Locally sourced, German-inspired baked specialties)
Flourish Baking Company
Hudson River Apiaries
Kontoulis Family Olive Oil
North Winds Lavender Farm
Trotta Foods

Piermont 

**NEW TO 2014 MARKET!!** – Alpacatrax
(100% alpaca fleece, yarn, roving, and more from the Hudson Valley)
e-Desserts
#Freedom Craft Brewery

Rye

Kontoulis Family Olive Oil

Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837