Tag Archives: Katonah NY Real Estate

Katonah NY Real Estate

Why no carpeting? | Katonah Homes

Q: I read something you wrote saying that wall-to-wall carpet is a buyer turnoff. Call me old fashioned or out of step, but what is with all the hating on carpeting? Like anything else, it needs to be cleaned occasionally, but I will take the warmth and quiet of it over hard surfaces any time.

The nylon wall-to-wall in my house is more than 20 years old and has worn like iron. Who can say that this type of flooring won’t be back in fashion in a couple years, with people buying it in droves to cover up their faux wood floors or even the real thing?

A: Allow me to be clear: I don’t hate carpet! In my own home, I have carpet in my bedroom, on my stairs and in my office, which has an unlevel floor that was nearly impossible to finish with wood. The rest of my home, though, is finished with hardwood floors, which studies have shown to be the increasingly overwhelming preference of homebuyers.

Here’s the skinny on why carpets are falling out of vogue:

1. Think like a buyer, to understand why carpet is falling out of fashion. Today’s buyers are seeking low-maintenance, high-performance home finishes that allow maximum versatility and healthfulness for their families. And wall-to-wall carpet triggers many of those concerns:
  • Maintenance: By and large, buyers see carpet as something that requires regular, professional cleaning — or labor-intensive self-cleaning — at a couple hundred bucks a pop.
  • Performance: There are certainly high-end carpets that wear well over time, but many of the carpets that are installed by sellers just prior to putting a home on the market do not qualify. These light-colored, inexpensive carpets often look old and worn relatively early in their lives, and buyers know this.
  • Versatility: A buyer of a home with carpeting everywhere is somewhat limited in their decor and design choices by the preferences of the seller before them. By contrast, hard flooring finishes allow the buyer a near-infinite range of decor palette choices.
  • Healthfulness: Buyers see traditional carpeting as something that off-gases toxic fumes and traps dirt and allergens that may exacerbate family members’ allergies or other respiratory issues. Many see hardwood and other hard flooring finishes as more healthful and sustainable for their families — and for the planet. To boot, buyers who have pets and children know that these little wild family members can be very hard on carpet.

2. But buyers share your concerns, too. Buyers also crave warmth and noise muffling — and many install area rugs over their hard flooring finishes for precisely that reason. Also, buyers who like carpet often enjoy selecting their own (so they can choose the color, select nontoxic materials or even choose those versatile carpet tile systems) or may want to install carpets in certain areas (e.g., bedrooms) and not others (e.g., living and dining rooms, and hallways).

3. Don’t let buyers be the boss of you. The article you read was about buyer turnoffs, and I stand by my designation of wall-to-wall carpet as one of those. However, if you don’t plan to sell your home anytime soon, there’s no reason for you to let what might turn buyers off down the road stop you from enjoying the carpet you love in your own home. If you’re planning to stay put in your home over the long run, put carpet on the walls if you want to! Your home is more than just an investment — it’s the place you live, and your largest monthly expense — so you should enjoy it.

If, on the other hand, you are planning to sell your home in the next few years, and you are contemplating an investment in carpet, it might make more sense to take buyer preferences into consideration. Consider just placing it in your bedrooms and leaving the rest of the house finished in hardwood — perhaps placing area rugs down to get you the warmth and sound dampening you seek. Or go ahead and put carpet everywhere you’d like, but make sure you either (a) invest in a high-grade carpet and maintain it impeccably, or (b) be willing to pull it up before you sell the home.

Katonah real estate sales up 100% – Prices down 15% | RobReportBlog

Katonah real estate sales up 100% – Prices down 15% |  RobReportBlog

Katonah NY Real Estate Report  – last six months

2012  Sales

40             homes sold

$640,000   median sales price

$382,500   low price

$1,726,000  high price

2663         ave. size

$294         ave price per foot

164           ave dom

96.27%     ave. sold to ask

$759,650   ave. sold price

Katonah NY Realtor | Looking to sell your home, follow these six simple tips

Katonah Realtor |  Looking to sell your home follow these 6 steps

The NAR has it right when they talk about the five steps in selling your home.

1.  Consider comparables

2.  Consider competition

3.  Consider contingencies

4.  Get an appraisal

5.  Be accurate.

6.  Know what you will accept.

The Weak Economy and Uncertainties | Katonah Real Estate

Each month, the National Association of REALTORS® obtains up-to-date and on-the-ground incisive comments from REALTORS® who participate in the REALTORS® Confidence Index (RCI) survey. The RCI survey tracks expectations about overall market conditions, buyer/seller traffic, price, buyer profiles, and issues affecting real estate, and can be found here.

The selected comments reflect the general sentiment expressed by REALTORS® who participated in the October 2012 survey, conducted from October 22 through November 5, 2012. All real estate is local and conditions in specific markets may vary from the national trend.

REALTORS® reported that the weak job market remains a major concern for buyers, especially given the dependence of credit scores on employment conditions. Policies that are seen to adversely affect the real estate market next year are the fiscal cliff and associated taxes and policies, and potentially regulations from the implementation of Dodd-Frank.

  • “Job loss is still causing even the recent HARP homes to now start showing up in short sale and foreclosure market.”
  • “Concerned with new Obama tax on sale of real estate. His new 3.5percent tax was slipped in under the guise of the Obama care health bill.”
  • “The fear of sequestration is very real in Northern Virginia.”
  • “The Dodd-Frank bill is causing chaos with buyers and sellers. Something has got to change!”

End Fannie Mae and Freddie Mac Now: Menendez–Boxer Bill Not the Solution | Katonah Realtor

It is time to end Fannie Mae and Freddie Mac. For over four years, Congress has failed to start the process of phasing out the two failed mortgage finance giants and replace them with a private-sector mortgage finance system. Most of the time, opponents used the excuse that housing markets were just too weak to do anything that might delay the housing recovery, leaving both entities to languish under the control of the Federal Housing Finance Agency (FHFA).

Instead, some in Congress and the Obama Administration have focused on a series of generally unsuccessful efforts to enable borrowers whose homes are now worth less than they owe to refinance the loans.[1] Undeterred by the underperformance of these programs, several Senators have decided to try again. Senate Majority Leader Harry Reid (D–NV) is expected to schedule Senate consideration in the lame-duck session of another refinancing bill by Senators Robert Menendez (D–NJ) and Barbara Boxer (D–CA).

As with past efforts, their approach would be a policy mistake. Congress should skip the sideshow and move instead to the main event of ending Fannie Mae and Freddie Mac.

Rationale for Mass Refinancing Is Ending

Driven by housing activists, Congress, and the executive branch, government agencies have focused on encouraging lenders to refinance underwater mortgages since mid-2007. Supporters justified their approach by noting that falling housing prices made it virtually impossible for borrowers to reduce the loans to a point where the worth of their houses would equal the amount that they owed. This has led many homeowners to simply walk away from their obligations, leaving their houses to be repossessed and further lowering property values in the area.

However, most of these programs have actually helped only a relatively small number of borrowers.[2] A recovering market with gradually rising prices will do much more to enable underwater borrowers to return to building equity. And there are firm signs that the long-awaited housing recovery is well underway, which would further obviate the need for mass refinancing.

In the third quarter, median sales prices increased over those of last year in 120 of 149 metropolitan areas,[3] with prices increasing an average of 5 percent over those of a year ago, the largest 12-month gain since July 2006. In addition, inventories are shrinking, with only 2.32 million existing homes available, a 20 percent drop from the same period in 2011, while the national median price of a single-family home has risen by 7.6 percent over the past 12 months.

First-time Buyers Continue to Fade | Katonah NY Realtor

The first-time homebuyer share of home purchases fell to 34.7 percent in October, down from the 37.1 percent share in June and the lowest first-time homebuyer share ever recorded in the three-year history of the HousingPulse survey.

The decline in first-time homebuyers participating in the housing market comes at the same time that purchases of non-distressed properties have risen significantly this year. In fact, according to the latest Campbell/Inside Mortgage Finance HousingPulseTracking Survey, the non-distressed property share of home purchases climbed to 64.7 percent in October, up from only 55.7 percent back in February and the highest non-distressed property share recorded by HousingPulse in its history. (See Where Did the First-time Buyers Go?)

First-time homebuyers are the only group of buyers tracked by HousingPulse that have not seen their share of non-distressed property home purchases rise over the past five months. Current homeowners have seen the biggest jump in purchases of non-distressed properties with their share rising from 50.0% in June to 54.2 percent in October. Even investors saw their share of non-distressed property purchases inch higher from 11.3 percent to 12.2 percent over the past five months.

But first-time homebuyers have seen their share of non-distressed property home purchases fall from 38.7 percent in June to 33.6 percent in October, the HousingPulse survey results show.

One factor depressing first-time purchases of non-distressed properties is the higher – and rising – prices associated with these homes. But another key factor is the availability of financing for first-time homebuyers. HousingPulse survey respondents identify FHA, with its low 3.5 percent minimum downpayment requirement and slightly looser underwriting requirements, as the primary financing vehicle for first-time homebuyers.

“Financing of first-time homebuyers with low downpayments threatens to become a significant problem in the U.S. housing market,” commented Thomas Popik, research director for Campbell Surveys. “Fifty percent of first-time homebuyers use FHA financing, but FHA insurance premiums are increasing and underwriting is becoming more strict. Private mortgage insurance has started to fill the gap, but the long-term status of private mortgage insurance is in question pending the publication of the Qualified Residential Mortgage regulation resulting from Dodd-Frank.”

Responding to a special “bonus” question in the October HousingPulse survey, real estate agent respondents reported that this year’s hike in FHA mortgage insurance premiums has taken its toll on first-time homebuyers shopping for a home. Respondents also reported that some home sellers are refusing to accept offers from purchasers using FHA financing.

In a further blow to first-time homebuyers, the FHA announced late last week that it planned to raise mortgage insurance premiums by an additional 10 basis points in early 2013 as part of an effort to improve the financial condition of the cash-strapped FHA mortgage insurance fund.

The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey involves approximately 2,500 real estate agents nationwide each month and provides up-to-date intelligence on home sales and mortgage usage patter