| Mt Kisco NY Real Estate Report | RobReportBlog | |
| 2013 | 6 months ending 8/8 | 2012 |
| 41 | Sales | 47 |
| $760,000.00 | median sold price | $503,500.00 |
| $395,000.00 | low sold price | $275,000.00 |
| $3,950,000.00 | high sold price | $2,875,000.00 |
| 3074 | average size | 2694 |
| $277.00 | ave. price per foot | $254.00 |
| 193 | ave days on market | 204 |
| $848,469.00 | average sold price | $694,371.00 |
| 95.88% | ave sold to ask | 94.80% |
Home prices in the U.S. rose 12.2% year over year in May 2013 according to CoreLogic (www.corelogic.com), which provides data on the real estate markets, and they were up 2.6% from April to May. Home prices rose in all but two states in May.
At the same time that home prices are soaring, interest rates are on the rise, with the average 30-year fixed rate mortgage currently now well over 4%, according to Bankrate.com (www.bankrate.com/mortgage)
Given these trends, some homeowners may think that it is too late to take action to save money on some of the largest home-related expenses. That is not necessarily so. In fact, even with home prices and interest rates up, there are still plenty of money-saving opportunities that could save homeowners hundreds or even thousands of dollars.
Refinance
It is not too late to refinance a mortgage. Sure, mortgage rates have risen somewhat, but they remain low historically. Depending on a homeowner’s situation, there are several possibilities to lower monthly payments by refinancing. For example, refinancing might make sense for:
A homeowner who expects to be in his home indefinitely and who still has a mortgage with an interest rate well above what is available in today’s market. Although a rule of thumb once was that for a refinance to make financial sense, it needed to result in at least a one percentage point reduction in the mortgage rate, in fact, depending on the upfront cost of the refinance, the reduction in monthly payment, and how long the homeowner expects to own the home, even a lesser reduction could be a big money-saver over time.
A homeowner who doesn’t expect to own his home more than five to seven years and can lower his rate by refinancing to a five-year or seven-year adjustable rate mortgage (ARM).
A homeowner who believes that interest rates are likely to continue to go up and, therefore, who wants to refinance an ARM to a fixed rate loan.
As someone who has spent most of his adult life working in commercial real estate in Southern Nevada, I often find myself explaining to others why they should care about my industry. The short answer is that as commercial real estate goes, so goes the overall economy.
We all know the Great Recession hit Las Vegas harder than most places. And few industries felt more of this pain than commercial real estate. For proof, look no farther than the nearest half-finished shopping center or office building.
Recent reports suggest we might finally be seeing some light at the end of this tunnel. According to the National Association of Realtors, the market is starting to improve nationwide, and commercial real estate professionals are regaining confidence.
Most members of the Commercial Alliance Las Vegas seem to share that sentiment.
NAR recently released its 2013 Commercial Member Profile. It shows that annual income, transactions and sales volume have all increased over the past year for commercial real estate professionals. NAR members who practice commercial real estate reported a median annual gross income of more than $90,000 in 2012. This is the highest level since 2008 and is more than $4,000 above the 2011 figure.
NAR Chief Economist Lawrence Yun recently pointed out that vacancy rates are falling and commercial rents are gradually rising nationwide.
As with the housing market and other areas of the economy, Las Vegas has lagged the rest of the country in bouncing back from the recession. But fortunately for those of us who make our living in this industry, we’re starting to see some bright spots here, too.
Vacancy rates for office space are still hovering around record levels. For example, as of March 31, CB Richard Ellis reported the vacancy rate for Class A office space in the Las Vegas area was 29.4 percent. But even the local office market is showing signs that it has hit bottom and is on the road to recovery.
One example of this gradual rebound came in early July, when it was reported that the stalled mixed-use project formerly known as Manhattan West is being finished by new owner the Krausz Cos. Inc., which is calling it The Gramercy. The company spent $20 million in June to buy the 20-acre project in the southwestern part of town, announcing that it plans to spend an additional $30 million to finish its office, residential and retail components. As with the announcement that construction would resume on the previously stalled Shops at Summerlin shopping mall, this is a great sign for our local industry and economy.
As NAR points out, commercial real estate is the basis for much of the growth in the American real estate industry and economy. This is especially true in Southern Nevada, where real estate has traditionally trailed only the gaming and tourism industries in economic impact. Any improvement in commercial real estate will provide a much-needed boost to our overall economy.
We’re not out of the woods yet. Remaining hurdles on the road to recovery include too many commercial real estate projects still struggling to find financing.
According to NAR’s Commercial Real Estate 2013 Lending Survey, members reported a significant disadvantage when it came to financing for buyers of properties under $2 million, which makes up 85 percent of all commercial clients NAR members handle. These small business are typically financed by private investors or local and regional banks. Fifty-two percent of commercial members reported they had commercial transactions fail in the past year due to a lack of financing. We’ve seen our share of that here, too
Read more…
http://www.reviewjournal.com/opinion/commercial-real-estate-key-las-vegas-economic-rebound
Light rainfall on Friday evening could not stop Mount Kisco’s annual fire department parade, as firefighters from Mount Kisco and many communities in Westchester, Putnam and Fairfield counties joined in.
The parade went north on Route 117 before taking a loop towards South Moger Avenue, then stopped on Green Street by one of the village’s three firehouses, with refreshments available afterward.
The festivities include several firetrucks, both vintage and modern, bagpipers and several bands.
Mt. Kisco Fire Dept. Parade Beats the Rain: Photos – Police & Fire – Chappaqua-Mount Kisco, NY Patch.
Stay tick-free as you plant or play games in the yard, and keep cool indoors while pursuing creative wallpaper projects.
Source: craftsy.com
This summer, no matter what you’re planting, whether vegetables to eat or flowers to look at, consider planting your chosen varieties in a raised-garden bed. Simple to build, even for beginning do-it-yourselfers, a raised bed enables you to control many of the factors that otherwise would be left to the whim of nature, namely soil nutrients, drainage and erosion. Not to mention, gardening “off the ground” helps reduce back strain — music to the ears of many, I’m sure.
The first step is to choose a location for your raised bed. Try selecting an area with exposure that lines up with the sunlight requirements of what you wish to grow. If unsure, opt for a spot that receives full sun for six to eight hours per day. Marshy sites are to be avoided, since root rot may be caused by water-saturated soil.
To frame your raised bed, use lumber, stone or hay bales; any number of common materials are appropriate for the purpose. Let style and budget guide your decision-making here. Inexpensive options include concrete blocks and pressure-treated lumber. (Important: Line any treated wood with plastic in order to prevent toxins from leaching into the soil.) Pricier options include brick and natural stone.
As you lay out the perimeter for your raised bed, remember that once planted, you’ll need to reach all the plants within the plot. For that reason, limit the width to three or four feet. The depth should be about one foot, unless you’re planning to add plants with deep roots, in which case it makes sense to build the frame about 18 inches high.
Fill the bed with a sandy clay-loam soil that’s been mixed with organic matter like compost. It’s also equally important to add mulch (try pine straw or mini pine-bark nuggets) after planting, as raised beds are prone to drying out. The task of watering becomes very easy if you outfit your bed with an irrigation system. As they don’t wet the foliage, which can cause mold, microsprinklers or soaker-hose systems work best.
After you’ve carefully planned and set up your raised garden bed, it’s finally time to start planting. This time of year, add seedlings of one or multiple varieties. Next year, you’ll enjoy one of the great advantages to this approach: Because the soil in a raised bed heats up faster, you’ll have a head start of about two weeks come springtime.
Source: meredith.com
Rather than piling into the car and heading for the amusement park, why not make your lawn the go-to destination? No matter how old you are, activities like ring toss and Bocce Ball can provide hours of entertainment right in your own backyard. In the past, you’ve probably gone at least a few rounds in horseshoes, but have you ever played Twister in the grass or tried super-size Jenga? Find old and new favorites in 10 DIY Lawn Games to Bring the Amusement Park Home.
Sure, a fresh coat of paint gives life to a tired room, but wallpaper adds color, design, pattern and dimension. Your taste and existing decor will narrow the field of choices, but don’t ignore some of the new faux wallcoveringsthat mimic the look of wood paneling, cork, marble and other materials. Do you have wallpaper scraps left over from previous projects? See creative ideas for reusing them in attractive and unexpected ways.
Before you crank up the air conditioner this summer, give old-fashioned ventilation a chance. Keeping the air moving within your home can make it considerably cooler.
Of course, proper ventilation goes beyond simply opening a window. There’s a little science to it: If you live in a region where nights are cool, seal your house during the day. (Assuming adequate insulation, it should only heat up about one degree per hour.) In the evening and early morning hours, open windows to circulate cool air, ideally by means of cross-ventilation.
Minimize the amount of heat generated indoors by confining usage of the oven, dishwasher and clothes dryer to those times of day when it’s not so warm. Because even light bulbs can raise the indoor temperature, making the most of daylight is not only cheaper, but cooler as well. Finally, don’t forget about the under-appreciated window fan, which can bring about a summer breeze when all else fails.
It’s amazing to consider the ways in which online marketing has transformed the real estate industry—and if you don’t believe it, consider some of these figures from a 2012 study from the National Association of Realtors.
The study finds that more than 40 percent of all home buyers find their dream property via the Internet; nearly as many home buyers find their home by consulting with a real estate agent, and in many cases, these agents are found through the Web. But what about those old-fashioned newspaper ads, once so prized by real estate agents?
In today’s world, they account for only 2 percent of the homes found and purchased. What all of this suggests is that, for the real estate sales professional, the Internet represents the best, most cost-effective place to spend one’s marketing budget—by a long shot. Of course, this is something that most real estate agents have come to terms with.
The trouble that many have is deciding on the best way to reach leads on the Web. Increasing Visibility Means Drawing in Homebuyers The secret is in understanding that, for realtors, successful online marketing is all about improving visibility. That same NAR study reveals that the overwhelming majority of homebuyers never call more than one real estate agent—meaning that the first agent they come across is the one who gets their business.
Additionally, the NAR’s 2013 “Field Guide to Quick Real Estate Statistics” notes that 90 percent of homebuyers use the Internet as a primary tool in their real estate quest. The bottom line?
When people want to buy homes, they don’t flip to the Real Estate section of the local paper, and they don’t pick up the print catalogs that are on display outside supermarkets. They turn to the Web, they conduct a Google search, and they seek out a real estate agent who has high visibility—an agent positioned on the Web as someone who is knowledgeable, helpful, authoritative, and, above all available.
Content Marketing Tips for Real Estate Professionals In many ways, content marketing is the perfect way for real estate agents to position themselves in this way. Content marketing is all about selling without selling—not about constant self-promotion, but rather about sharing helpful and informative content that establishes the agent as someone consumers can trust. As an added bonus, helpful content like this is what Google and Bing favor—so content marketing empowers real estate agents to achieve high visibility and superior rankings on online searches.
What kinds of helpful and informative content can agents share? A few ideas come to mind: Share local market data and statistics. What are the “hot” neighborhoods in your city or town? Where can local home seekers find the best deals on the most valuable properties? For buyers who do not know exactly where to begin their real estate search, information like this can be priceless.
Share tips for first-time homebuyers. This is, after all, a daunting process for many, but when you share handy info on applying for loans, negotiating closing costs, conducting home inspections, and so on, you cultivate trust with potential buyers.
Share home maintenance tips, proving that you’re interested in the long-term satisfaction of your clients, and that your expertise doesn’t end when all of the papers are signed. Share information about local schools and community events, which can be helpful for those moving from another city or state.
Finally, there is certainly nothing wrong with sharing some of your own more attractive listings, from time to time!
Read more at http://www.business2community.com/content-marketing/content-marketing-for-real-estate-agents-can-blogging-help-you-sell-homes-0538077#akA1qQyPkCq7ZUDe.99
Content Marketing for Real Estate Agents: Can Blogging Help You Sell Homes? – Business 2 Community.
You update your clothing and your technology, but have you updated your marketing? If you’re still using the same old outdated tactics from five, 10 or even 20 years ago, it’s time to freshen up those old approaches with a new look for 2013.
With all the buzz about video, mobile and social media, it’s easy to get caught up in the never-ending chase for the latest shiny new object. On the other hand, it’s also just as easy to become complacent and to keep on doing what you have always done.
The challenge is that if you constantly chase what’s new, you don’t develop consistent systems. On the other hand, if you don’t adapt regularly, you’ll be left behind by the agents who do.
So how can a busy agent like you determine what needs a remake? Here are some useful tips.
1. Real estate is, and always will be, a face-to-face business
Does calling on owners of expired listings, for-sale-by-owners (FSBOs) and door knocking still work? Absolutely! These tried and true techniques that put you in direct contact with owners are as effective today as they were 50 years ago.
– See more at: http://www.inman.com/2013/05/20/update-your-marketing-or-get-left-behind/#sthash.Nw89CfqV.dpuf
Do you use mobile marketing for business?
Are you wondering how to get started?
To learn how mobile marketing and social connect, I interview Jamie Turner for this episode of the Social Media Marketing podcast.
The Social Media Marketing podcast is a show from Social Media Examiner.
It’s designed to help busy marketers and business owners discover what works with social media marketing.
The show format is on-demand talk radio (also known as podcasting).
In this episode, I interview Jamie Turner, co-author of the book Go Mobile. His blog, the 60 Second Marketer is ranked as one of the top 10 marketing blogs by Social Media Examiner. He also runs a social media and mobile marketing agency called 60 Second Communications.
Jamie shares how to start with mobile marketing and why you should pay more attention to mobile customers.
You’ll learn what tools to use and the difference between mobile websites and mobile apps.
Share your feedback, read the show notes and get the links mentioned in this episode below!
Podcast: Play in new window | Download
You can also subscribe via iTunes, RSS, Stitcher or Blackberry.
Here are some of the things you’ll discover in this show:
Why marketers should pay more attention to mobile customers
Jamie states that 15-50% of the people who visit your website come in from a mobile device and this number will continue to grow.
When consumers visit your website from a mobile device, you need to be there to meet them, understand mobile marketing and know how to connect with customers on mobile.
You’ll have to learn how to use mobile, as it’s a way to build a bridge between you and your customer.
Make sure you’re mobile-ready.
You’ll discover how more people check prices on their mobile devices while shopping and what you need to provide them to make sure they buy from you.
And you’ll hear that when people buy a product on mobile devices, particularly tablet computers, their total ticket price is typically higher than it is via a desktop computer.
It’s important to be mobile-ready—not only for B2C but for B2B too.
Listen to the show to find out how many people bought a virtual ticket on a smartphone while attending Social Media Marketing World.
Is there a social media connection when it comes to mobile marketing?
Jamie sees email as a social media tool. Sixty-seven percent of all “C-level” executives check their emails from their mobile devices. The better-known tools being LinkedIn,Facebook, Twitter and YouTube.
We all need mobile websites. Remember when consumers visit your site, one of the prominent things you want to do is give them the ability to connect with you on social media platforms from their mobile device.
You’ll hear Jamie give a great example of how you can use LinkedIn on a mobile device in a business environment.
Mobile Marketing, How to Get Started | Social Media Examiner.
Originations for borrowers with credit scores below 620 mostly disappeared in recent years, eliminating low credit scores from the housing market, Elizabeth Duke, member of the Board of Governors for the Federal Reserve System, said while speaking at the Housing Policy Executive Council.
Previously, Duke said, “Borrowers with lower credit scores have typically represented a significant segment of first-time homebuyers.”
Between 2007 and 2012, originations for borrowers with a credit score between 620 and 680 tumbled nearly 90%, compared to a 30% drop for borrowers with a score greater than 780.
Meanwhile, the median credit score skyrocketed from 730 in 2007 to a whopping 770 in 2013.
With few lending channels, borrowers have turned to mortgages insured or guaranteed by the Federal Housing Administration, the Department of Veteran Affairs and theRural Housing Service, Duke said.
As a result, the share of purchase mortgages guaranteed or insured by the FHA, the VA, or the RHS escalated from 5% in 2006 to more than 40% in 2011.
Lower credit scores disappear from housing market: Fed governor | HousingWire.
Obtaining a mortgage with a FICO score in the 620 range is more difficult in today’s lending environment, the Federal Reserve concluded in its April survey of loan officers and bank lenders.
The Federal Reserve polled a little under 100 banks and found 32 of respondents are less likely to approve a borrower with a FICO score of 620 and a down payment of 10%.
Even with a higher 20% down payment, 18 banks remained skeptical about originating a mortgage.
However, when a FICO score reaches 680, banks differ on the outcome. With a 10% down payment, 16 banks remain less likely to approve the borrower, but another 8 banks said they’re now more likely to bite with this FICO-LTV combination in effect.
If you throw in a 20% down payment and a 680 FICO, only 8 banks said they’re less likely to approve the borrower, while 16 are now more likely.
Meanwhile, the subprime market is still around, but lenders tend to avoid it with tighter FICO requirements and more regulations stifling interest.
Ten banks said demand for subprime mortgages remains the same, while another two banks claim consumer activity in the space has grown somewhat stronger in the past three months.
Despite the slim change in the subprime market, 59 of the surveyed banks still avoid subprime lending.