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Pound Ridge NY Realtor

Coming Soon to a Store Near You: More Solar Energy Products | Pound Ridge Real Estate

Pound Ridge NY Real Estate | Pending single-family sales shoot up 40% in Florida

Florida earned its reputation as a recovered Sand State in September with pending home sales soaring 40.1% above year-ago levels.

While pending sales are contracts yet to be closed, Florida Realtors found that statistic compelling enough to declare Florida no longer in recovery mode, but stabilized and on solid footing.

Closed single-family sales also increased, rising 2% from last September to 15,643 sales last month, the Florida Realtors industry data and analysis department said.

The statewide median price for single-family homes also grew 7.4% from last year, with the actual median hitting $145,000. Half of the homes in the state sold above that price-point, while the remainder sold somewhere below it.

Inventory levels also lessened, making the market more competitive and situated for a stronger home-price recovery.

“[I]ncreased buyer demand in many local markets is creating inventory shortages — and that’s putting pressure on prices,” Florida Realtors said. “For sellers who may have been reluctant to enter the market, it’s now time to reconsider. Conditions are turning to a seller’s market.”

Single-family inventory alone reached a 5.2-month supply, the association said. Generally, a level of six months is symbolic of a balanced market for both buyers and sellers.

The state is now leaning in favor of sellers, suggesting now may be the time to move property, the association pointed out.

Townhome and condo properties saw total sales fall 2.9% from last year with only 7,329 units sold. Pending sales, on the other hand, increased 30.6% when compared to 2011 figures.

The statewide median for townhome-condo properties hit $105,736, up 18.8% from a year ago.

via housingwire.com

Popular Refinance Programs for Owners With Equity | Pound Ridge NY Homes

Interest rates have been hovering near all-time lows for weeks now, and many people are watching reports on both how low rates are as well as “new” refinancing programs such as the HARP refinance for underwater borrowers.

But what if you don’t currently owe more on your mortgage than your house is worth? Can you still refinance?

Of course.

In fact, in many circumstances it will actually be easier to refinance if you have equity in your home.

When considering refinancing, the first step is to identify your goal. Do you just want a lower monthly payment? Do you want to get cash in exchange for some of the equity you have built up in your home?

Once you have identified your goal, the second step is to learn more about the refinance program that will best match your needs.

Conventional refinance

If your loan is backed by Fannie Mae or Freddie Mac, it is considered a “conventional” loan. Refinancing a conventional loan is the most common refinance option. Highlights of conventional refinance programs include:

  • Appraisal required
  • Full employment and income verification
  • Employment history of two years
  • 620 credit score
  • Popular to go from 30-year term to 15-year term
  • 95 percent loan-to-value with mortgage insurance, 80 percent without
  • Lender credit allowed to cover closing costs

FHA streamline refinance

The FHA streamline refinance program is designed for people who currently have a Federal Housing Administration (FHA) loan and just want to lower their monthly payments. If you have done an FHA streamline refinance in the past, you may still be eligible to do another FHA streamline as long as it benefits you financially. Highlights of the FHA streamline program include:

  • No appraisal required
  • No income verification
  • No credit score verification required by HUD, but payment history will be considered
  • Low fixed rates
  • Lender credit allowed to cover closing costs

VA streamline refinance

The VA streamline refinance is a popular program for veterans or active-duty military personnel who have a Veterans Affairs loan. Similar to the FHA streamline, the VA streamline is designed for people who want to lower their monthly mortgage payment without getting cash out. Highlights of the VA streamline program include:

  • No appraisal required
  • No income verification
  • No credit score verification required by HUD, but some lenders may set minimum score requirements
  • Low fixed rates
  • Reduced funding fee requirement (0.5 percent)
  • Lender credit allowed to cover closing costs

Cash-out refinance

In the event that you want to convert part of your home’s equity to cash, there are programs called “cash-out” refinance programs. FHA, VA and conventional loans all have different cash-out refinance requirements, but generally speaking, here are some highlights of what to expect:

  • Appraisal required
  • Full income and employment verification
  • 620 credit score
  • 85 percent loan-to-value for FHA; 80 percent for conventional; 100 percent for VA
  • Lender credit allowed to cover closing costs

While rates are low, it will often make sense to refinance — whether you want to get cash out of the equity of your home or just lower your monthly mortgage payment.  In each of the above scenarios, one thing sticks out regardless of which program you’re interested in …

Lender credit allowed to cover closing costs”

Let your lender pick up the tab for you!

How Much Income Do You Need To Buy A House? | Pound Ridge NY Real Estate

Source: flickr user images of money

If you’re in the market for a new home, chances are you’ll have to compromise at some point along the way. Maybe you’ll have to commute a little farther than you’d like in order to get the best value for your money. Or perhaps you’ll forgo a huge backyard to be closer to the city.

And when it comes to finances, you might find a disparity between how much house you want and how much house you can purchase given your gross monthly income and other factors.

Home loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders look for — income to offset liabilities.

Simply put, the amount of income you need to purchase a house will vary by your payment comfort level, including any other monthly debt obligations you might have.

Important terms

Mortgage payment: Principal, interest, property taxes insurance and mortgage insurance, if needed

Consumer debts: Minimum payment obligations on things such as auto loans, credit cards, student loans, personal loans and installment loans

Other debt obligations: Alimony and/or child support or any other court-ordered repayment obligations

Running the math

Here’s a simple formula to calculate the amount of income you’ll need to purchase a home:

Target mortgage payment + consumer debts ÷ .36 = Gross monthly income needed to qualify

Most lenders limit your debt-to-income ratio (how much of your monthly income pays debt) to between 36 percent and 45 percent. While the exact ratio varies by lender and loan type, it’s best to base your calculations on the lower end to ensure that you won’t overextend yourself financially.

So, if your target mortgage payment is $2,000 per month and you have consumer debts of $300 per month, you will need $6,388 gross monthly income to offset your housing expenses and consumer obligations.

Down payment

Your down payment is another important factor in determining how much income you’ll need to buy a home.

Consider the following loan scenario using a purchase price of $300,000 (assuming no other debts) and the current rates on Zillow Mortgage Marketplace.

Conventional loan

  • Down payment: 5 percent ($15,000)
  • Interest rate: 3.26 percent
  • Approximate mortgage payment: $1,770
  • Gross monthly income needed: $4,916

So at the end of the day how much income you need to purchase a home is predicated on your monthly income, consumer debt obligations and down payment.

Impact of debt

For every dollar of debt, you will need double that in income. So if you have a $300 car payment, you’ll need at least $600 per month or more in income to offset that debt.

Debt erodes income, and less income translates to less purchasing power.

So, does buying a home make sense?

Yes, so long as the amount you can borrow from Personal Loan Lenders for your desired purchase price is in sync with your debt obligations and, of course, your down payment.

How to Pick the Right Chicken Coop | Pound Ridge NY Homes

Picture this:  you’ve decided to add chickens to your backyard or homestead.  You’re up to speed on basic healthcare and anatomy, and you think you know what chickens need to be happy.  Now comes the big job – deciding how you’re going to house them.

Once you start down the road of choosing a style of coop for your new flock, you quickly discover there are as many plans and opinions about plans as there are chickens in the world.  OK, I exaggerate, but honestly, it feels like it at first.

There’s the traditional coop and run, chicken tractors, pastured poultry pens, and paddock systems.  And each one of those has countless different styles and systems to choose from.  It’s exhausting work to figure out what’s going to work for your ‘girls’ (and maybe boys too), especially if you’ve never raised chickens before.

So how do you figure out the best plan for your new flock?  It’s actually quite simple when you use a system.  So I thought I’d share with you the process I went through to help me evaluate the best housing choice for our flock of 15.

Questions to Ask

Not every chicken coop plan is going to be suitable for your specific situation, so you’ll need to ask yourself a few questions before you even start looking at plans (trust me – this will save you a ton of time later):

  1. How many birds will I have eventually?  You might start out with only 5 hens, but what if you want to expand your flock in a year or two, or add a rooster?  You don’t want to have to start over or be renovating a coop with a flock living in it.  At the very minimum, the ‘average’ full grown chicken needs 7.5 square feet (each) between outdoor and indoor space its if it’s penned all the time, and 3 square feet each if free ranging regularly.  Larger breeds need a minimum of 10 square feet penned and 4 square feet if normally free ranging, and bantams 5 square feet penned and 2 square feet free range.  They need less space in their secure sleeping area than their ‘day space’, but this would be an average.  Keep in mind this is the minimum.  Overcrowding of birds can cause not only social problems (pecking and fighting, and the resultant injuries you’ll then have to deal with), but creates a situation ripe for disease transmission as well.  Make sure your birds have enough space!
  2. What breed will be living in your coop/run?  Different species do well in different conditions, so birds that require more space for optimum health are not going to do well in more confined spaces.  Be sure to look into the requirements for the birds you’ll be adding to your flock.  Most books and many of the top websites on the topic will have all this information for you.  Try backyardchickens.com for all sorts of info about breeds and coops.
  3. What’s the topography of your property?  Our 6+ acres are hilly and mostly forested – not so good for portable rolling pens.  If you’ve got a flat property, it definitely increases your options.
  4. Do you have room near the house to create your chicken housing?  Well, not right beside your house, but if you live in an area with predators (and many of us do), you’ll want to be within earshot of the chickens so you’ll be awake and aware should something with teeth go marauding in the dead of night.  Some people claim you can leave chickens for days if they have the right housing, but that’s just not something I’d advise if you’re surrounded by big, opportunistic predators (yes, even if you’ve got a livestock dog).
  5. What sorts of predators live in your area?  This will dictate how secure your housing will have to be.  We have weasels, raccoons, fishers, coyotes, bears and cougars to be concerned about, not to mention flying predators like red tailed hawks and ravens.  Lots of coop plans have external doors for accessing the nest boxes – in our case, we decided against that style, as it would have made it easier pickin’s for the resident black bears (they’re weirdly dexterous with their mouths and paws).  You’ll also see a lot of plans with open flooring so the poop falls through into some sort of collection space – apparently this reduces cleaning requirements, but it would not be at all safe in our neck of the woods, as any guage of wire mesh that would be big enough to let feces fall through would also allow the resident weasels an open door to our hens and rooster.  I don’t think so…  Plus the idea of the birds having to walk on wire just seems wrong to me.
  6. What’s your budget?  You can spend $2000 on a fancy coop with all the bells and whistles, or you can convert an existing building for $100 or less.  We built a sturdy, predator-proof coop for around $200, plus another $100 for water founts, feeders and a rubber trough.  But we had our own lumber and shingles and used many re-purposed building materials (concrete board, trailer trusses, roosts, windows).  The only thing we had to buy was some of the hardware cloth and chicken wire, and all the hinges and locks, as well as the linoleum for the floor.  Be sure to make note of all the costs so there are no surprises part way through the project.
  7. Do you have access to reused materials?  This will save you a lot of money, but will potentially add a lot of time to your project.  Plus you’ll want to make sure the re-used materials are clean and that they’ll keep your birds safe from predators.  Free materials aren’t a very good deal if you lose your birds, but they can make your coop unique and will pull some materials out of the waste stream that might otherwise have gone to landfill (or languished in someone’s shed for decades).
  8. Do you want a pre-designed plan, to customize a plan according to your own needs, or buy a pre-built coop?  This will obviously depend on your budget, how much time you have available, and how good your constructions skills are.  The fastest option is to buy a pre-built unit, but that may not suit your specific situation, nor your budget.  If you choose to build your own, be sure to assess (realistically) how much time it will take and if you have that available to build an adquate shelter for your birds.  If not, consider getting some help.  Especially if your birds are on their way… 😉

Answering these questions honestly will provide a solid base for you to evaluate all those funky, stylin’ coop plans you’ve bookmarked.

Evaluate the Plans

Now, grab a cup of your favorite beverage and go through all those websites and chicken-raising books using these worksheets I put together to help you evaluate your favorite plans:

The worksheet will help you evaluate all the various options – a ‘winner’ should become clear pretty quickly.  It may be that you have to tweak as you go.  It may be that you have to substitute some materials for others that you have available.  But if you’ve done the work, you’ll end up with a housing system that will work for your property, your lifestyle, and your birds.  And that means you’ll enjoy your chicken-raising adventure so much more than if you build a coop that’s not right for your specific situation and you spend the next year cursing it.

And remember, you can always come over to the Facebook page and ask questions of all our chicken-raising experts there!  Here are some of our readers’ chicken coops, for inspiration… (click here for the slideshow)

Do you have any advice to share on finding the right chicken coop plan?  Let us know in the comments below.  Your advice may just help someone keep their girls safe and sound – and happy!