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What It Means to Go Green & Celebs Who’ve Taken the Plunge | Armonk Real Estate
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Third-party websites’ problems are not mine | Armonk NY Homes
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Embracing Digital Disruption in the Newspaper Industry | Armonk Realtor
Consumer Confidence in Buying a Home Rises to Four Year High | Armonk NY Homes
The latest research on consumer confidence shows that consumers’ forward-looking view of the economy is at its highest level since the onset of the recession, including interest in buying a new home, which is at its highest level since the recession.
Experian Marketing Services’ Consumer Expectation Index (CEI) figures for the first half of 2012 dhow optimistic start to first half of 2012 carrying over into holiday season. During the first half of 2012, the average CEI figure was 92.7, which is above the index’s average of the first six months for each year dating back to 2008. The 2012 figure measured eight points above those for the first half of 2008 and one point over those for the first half of 2011.
“Our Consumer Expectation Index shows consumer confidence was at its highest point for the first half of 2012 versus the previous four years. The figures are pointing to increased optimism as we head into the 2012 holiday season,” said Bill Tancer, general manager of global research, Experian Marketing Services.
The CEI figures for the first half of 2012 show confidence among consumers planning to buy a new home within the year at its highest level since the onset of the recession. During the first half of 2012, the average CEI figure was 100.4, which is above the index’s average for the first six months for each year dating back to 2008. The 2012 figure measured 2.5 points above the first half of 2011. On a related topic, the CEI of those intending to refinance over the next 12 months was 4.3 index points above the first half of 2011, or 5 percent higher.
The same trend held true for consumers looking to buy or lease a new automobile, as the first half of 2012 showed the average CEI figure was 98.2, which is above the index’s average of the first six months for each year dating back to 2008. The 2012 figure measured 4 index points above the first half of 2011
The CEI is based on weekly results from the trusted Experian Simmons National Consumer Study, for which 25,000 adults are surveyed annually. The survey results cover nearly 60,000 data elements, including in-depth demographics, consumer behavior and brand preferences, and more than 600 psychographics, attitudes and lifestyle measures.
As we head into the 2012 holiday season, the latest CEI figures indicate the potential for a strong seasonal performance for retailers. The CEI figure for the week of Sept. 3, 2012, (the most recent single week for which data is available) was 7.4 points higher than it was at the same point last year and higher than it has been heading into the holiday season since 2008.
Key consumer groups are even more optimistic. On Sept. 3, the CEI of those adults who made an online purchase in the past year was 2 percent higher than the national average and 8.1 points higher than the CEI recorded for online shoppers at this time during 2011. This holiday season also could be very good for brands and retailers with big-ticket items to sell, since the CEI among adults planning to make a big-ticket purchase hit 117.9 the week of Sept. 3, 2012, compared with 103.5 the same week in 2011 and 100.5 in 2010. In fact, a CEI above 100 indicates that consumers are more confident than they were during the base line period, which was the first half of 2004, years before the recession began.
The Experian Marketing Services Consumer Expectation Index (CEI) is based on weekly results from the Experian Simmons DataStream product and the Simmons National Consumer Study, for which 25,000 adults are surveyed annually. The survey results cover more than 60,000 data variables analyzed across in-depth demographics; consumer behavior; and more than 600 psychographics, lifestyles and attitudes among more than 8,000 brands and products. The benchmark for the index is a value of 100 based on consumer sentiment between Jan. 7 and May 7, 2004. The value of the index increases or decreases over time, corresponding to a more positive or less positive consumer outlook. The Simmons National Consumer Study is a patented, multiframe sample accredited by the Media Rating Council.
Downpayments Fall to Three Year Low | Armonk NY Realtor
The median downpayment made by all homebuyers in 2012 was 9 percent, ranging from 4 percent for first-time buyers to 13 percent for repeat buyers. The median down payment was the lowest since 2009 but still far above the levels during the housing boom, when nearly half of first-time buyers made no downpayment at all.
First-time buyers who financed their purchase used a variety of resources for the downpayment: 76 percent tapped into savings; 24 percent received a gift from a friend or relative, typically from their parents; and 6 percent received a loan from a relative or friend. Eleven percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds. Ninety-three percent of entry-level buyers chose a fixed-rate mortgage, reported the National Association of Realtors.
Forty-six percent of first-time buyers financed with a low-downpayment FHA mortgage, and 10 percent used the VA loan program with no downpayment requirements. Forty-two percent cut spending on luxury items to buy their first home, 35 percent cut spending on entertainment and 27 percent cut spending on clothes.
In 2005, the median first-time home buyer scraped together a down payment of only 2 percent to buy a $150,000 home . Two years later, in 2007, the median downpayment by first-time buyers was still only 2 percent and 45 percent purchased with no money down – the same as in 2006. That year 43 percent of first-time home buyers purchased their homes with no-money-down loans.
After lenders tightened standards in the wake of the housing crash, the median downpayment soared , reaching 11 percent in 2010-2011. First time buyers put about 5 percent down in 2011. Repeat buyers, pooling equity with savings, typically put down about 15 percent. Investment and vacation-home buyers have been paying higher down payments than those buying a primary residence. The median down payment for both was 27 percent, according to NAR’s 2011 Profile of Investment and Vacation Buyers.
“First-time buyers historically make small downpayments, but repeat buyers like to put down 20 percent if they can to avoid paying mortgage insurance,” NAR’s Paul Bishop said. “The general loss in home value since the peak of the housing boom means many repeat buyers in recent years had to make smaller downpayments. Fortunately, prices have turned up this year and are showing sustained increases, so we’re on the road to a recovery in home equity.”
MBA CEO calls for Fannie, Freddie policy change | Armonk NY Homes
Mortgage Bankers Association CEO David Stevens told the Independent Mortgage Bankers Conference that his hope is for more transparent policy making at Fannie Mae and Freddie Mac. Stevens added that those mortgage players outside of the government-sponsored enterprises should also be able to provide their own input.
“Fannie and Freddie need to start making clear, detailed, fully-baked presentations of planned policy changes of significance in advance,” Stevens said. “Our market is fragile, and the stakes are too high to allow these two companies to continue to throw change after change at lenders, with no avenue for input in the formative stages.”
Newly enforced rules and regulations are making it even more difficult for borrowers to qualify for a home loan, the CEO mentioned. Policies are intersecting and decidedly influencing the future opportunities of homeownership and rental.
Stevens did not skip over the Secure and Fair Enforcement for Mortgage Licensing Act and what he perceives is misguided regulation. “This patently unfair and ineffective law does little to provide assurances to consumers that their loan officer meets minimum qualification and testing standards,” Stevens said.
Additionally, the SAFE Act forces the cost of licensing onto independent mortgage bankers and does not allow talented loan originators to compete fairly in the labor market. “This is unfair, and we aim to change it. It won’t be easy, and it will take time, but we are committed to the objective of securing uniform, federal qualifications and testing standards for all loan originators, regardless of whom they work for,” the CEO said.
In an interview with HousingWire after the session, Stevens reemphasized what he addressed at MBA’s annual Chicago conference last month. “These are really important times because we’ve got these plethora of rules coming out; nobody’s coordinating any of this,” Stevens said. “We’re all in favor of rule makings, we need better regulation, but we need clear coordinating.”
Encouraging his audience to become MBA members in 2013, Stevens emphasized that the time to join is now. “If you don’t join this year and you don’t like Washington, I don’t want to hear it,” Stevens said.
2013 MBA Chairman Debra Still encouraged the conference to see clearly, face squarely the changes that are seen in the mortgage industry and to step up and be the change. “As leaders, it’s our job to create direction and focus for our organizations,” Still said.
via housingwire.com
Inventories Have Fallen for 27 Months | Armonk NY Realtor
Month-to-month inventories have now fallen for 27 consecutive months, according to the monthly RE/MAX National Housing Report. Inventory was 29.1 percent below September 2011 and may have contributed to the drop in sales from August.
The inventory of homes-for-sale in September fell 5.3 percent from August and 29.1 percdent from inventory levels seen in September 2011. Month-to-month inventories have now fallen for 27 consecutive months. While a shrinking inventory is certainly causing home prices to rise, there’s also a concern that it may also be limiting sales. Given the rate of sales in September, the average Months Supply was 5.5, about two months lower than the 7.7 average seen in September 2011. Very low Months Supply continues to be seen in San Francisco, CA 1.3, Los Angeles, CA 1.7, Orlando, FL 2.6, Denver, CO 2.6, Washington, DC 2.8, Detroit, MI 3.0, San Diego, CA 3.2, Seattle, WA 3.2 and Miami, FL 3.3.
In September, the average Days on Market for sold homes was 81. This is unchanged from August, but represents a drop of 13 days from the 94 day average in September 2011. September represents the fourth month in the last 12 months with a Days on Market average below 90, and the lowest average since June 2010. The Days on Market average continues to fall in many markets due to very low inventory. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.
While shrinking inventories are is certainly causing home prices to rise, there’s also a concern that it may also be limiting sales and creating bidding wars in some markets, RE/MAX said. September home sales fell 17.5 percent from August, but remained 0.5 percent higher than sales in September 2011. September is the fifteenth consecutive month with sales higher than the same month in the previous year. Of the 52 metro areas surveyed this month, only 29 saw higher sales than one year ago and just 6 saw double digit increases including: Albuquerque, NM +40.9 percent, Chicago, IL +24.1 percent, Raleigh-Durham, NC +22.1 percent, Providence, RI +22.1 percent, Nashville, TN +21.0 percent and Denver, CO +11.4 percent .
Scarlett Johansson Loses $3 Million On LA Home Sale | Armonk NY Real Estate
Many American homeowners lost their shirts, their shorts and even their homes when the U.S. economy fell off the wall like Humpty Dumpty. Two years later the government still struggles to put it all back together again while regular hardworking Americans and stars of all stripes continue to be pummeled by the steep devaluation of their real estate investments, many of which were purchased at the peak of the recent real estate bubble.
Even though they priced them far below what they paid, there were oodles of celebs who failed to sell their homes in 2010 and many who lost substantial amounts of money, even when they did manage to offload their properties. And still other famous folks, like Latoya Jackson, Timothy Busfield and hip-hop entrepreneur Damon Dash, found themselves forced into foreclosure on luxurious and expensive residences they could no longer afford.
One of the biggest losers in the 2010 celebrity real estate game was idiosyncratic and stunningly beautiful actress Scarlett Johansson who plunked down a very A-list $7 million to buy a huge house in May of 2007 in the star studded Outpost Estates section of Los Angeles. (This was before she wed Ryan Reynolds; she and Reynolds made headlines this week when they announced their marriage was over after just two years.) Her neighbors included Oscar nominated desperate housewife Felicity Huffman and Oscar winner Charlize Theron. Property records show Johansson caught a very serious and costly case of the real estate fickle and sold the 1930s Spanish hillside villa at a pocketbook punishing $3 million loss in June of 2010.
Armonk NY Buyers Ask Me Should I Buy Or Rent | Armonk NY Real Estate
Robert Paul Realtor in Armonk NY
Field Guide to Buying vs. Renting
Is it better to Buy or Rent? Whether renting is better than buying depends on many factors. The information listed here will assist you in helping answer this question. Included are statistics and studies on homeowners and renters as well as financing options and tips. (M. Glick, Senior Information Specialist)
Rent-to-Own Deals: Smart Questions to Ask…
For Sellers:
· Who will tend to the property and pay for routine maintenance?
· Who pays for major repairs?
· What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
· Will you manage the property yourself, or hire an agent?
· What if the renters change their minds? Who keeps the money in the escrow account?
· If the buyers change their minds, what will be required to put the property back on the market?
For Buyers:
· How much of the rent is going to the down payment?
· How locked in are you if you change your mind?
· What will it cost you to get out of the deal?
· How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?