Tag Archives: South Salem NY Realtor

What’s Happening to the Most Important Homes in Real Estate? | South Salem Real Estate

Leave a reply

What’s really happening with homes in the bottom price tiers?

These are the most important homes in the entire real estate economy.  They are where the housing ladder begins: they are then entry point for new buyers, the starter homes that MUST be available and affordable for Millennials if the housing economy is to ever function again as it was meant to.  Until families ready to move up lists their starter homes, nothing is available to buy.

Reams have been written about tight credit stopping first time buyers but almost nothing about an equally serious problem. Homes on the lowest tier haven’t appreciated sufficiently for owners to sell—or even to make it possible for them to sell.

Despite the progress that has made since the housing crash, some 5.1 million homes, or 10.3 percent of all residential properties with a mortgage, were still in negative equity as of Q3 2014, according to CoreLogic.  Another 9.4 million had less than 20-percent equity (referred to as “under-equitied”), making it virtually impossible for them to sell or refinance.  That totals some 14.3 million homes or about 28 percent of homes with a mortgage are frozen in place.

A disproportionate number of lower cost homes are among this total, according to a new analysis from Black Knight Financial Services released this week. Black Knight’s latest Mortgage Monitor Report, based on data through the end of November 2014, found that home price recovery varies significantly for properties within different tiers of home values.  .A decade after the housing crash, some 85 percent of homes valued at less than $200,000 of no equity while 94 percent of homes valued at greater than $200,000 have equity.  Home price recovery for the lowest 20 percent of property values has lagged behind those it the top price tiers.

“We looked at HPI appreciation from pre-crisis peaks to today in the 10 states currently trailing the furthest behind their pre-crisis housing maximums,” said Barnes. “The data showed a clear difference in the levels of recovery among home price tiers. The Black Knight HPI separates home values for every geographical division into five equal tiers; those in the lowest 20 percent of home values have been lagging behind their higher-valued counterparts in recovery to pre-crisis peaks, sometimes considerably.

 

read more…

 

http://www.realestateeconomywatch.com/2015/02/whats-happening-to-the-most-important-homes-in-real-estate/

Icy Concrete Cottage in Slovenia is Surprisingly Ethereal Inside | South Salem Real Estate

Leave a reply

 

k1.jpgPhoto by Janez Marolt via Dezeen

Though inspired by traditional Slovenian cottages, this stony abode near the Slovenian-Italian border is distinctly contemporary. Designed by Ljubljana-based firm Dekleva Gregorič Architects and completed earlier this year, the building dons a six-inch-thick concrete façade that’s been rendered extra rugged with irregular chunks of stone packed in. It’s also blessed with three large windows, surely an upgrade from the “almost windowless” stony houses typical of the region.

Inside, the 990-square-foot looks polished and lightweight, with the interior palette skews towards pale wood and white. Meanwhile, circulation across the second floor, which was created from inserting two wooden bedroom volumes near the gabled roof, is enclosed by breezy ropes and nets. Take a closer look.

 

read more…

 

http://curbed.com/archives/2014/12/16/dekleva-gregoric-slovenia-karst-house.php

Pending Sales Trend Down | South Salem Real Estate

Leave a reply

Although pending home sales decreased 1.1% in October, the index was up from the previous year. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 104.1 in October, down from an upwardly revised 105.3 in September. The October index was up 2.2% from the same month a year ago, and pending sales were up year-over-year for the second consecutive month.

Pending Home Sales October 2014

The October PHSI increased modestly in the Northeast, but decreased in the other three regions, ranging from a 0.6% decrease in the Midwest to a 3.2% decrease in the West. Year-over-year, the West, South and Northeast increased 4.1%, 3.9% and 3.4% respectively, while the Midwest declined 3.0%.

Last week NAR reported a 1.5% increase in October existing home sales, following an increase in September. Firming job and economic growth suggests that the existing home market will demonstrate steady growth through the end of the year. The housing recovery has moved towards higher ground reflected by the 0.7% increase in October new homes sales also reported today.

 

read more…

 

http://eyeonhousing.org/2014/11/pending-sales-trend-down/

Housing Starts Rise 17.8% Year-Over-Year In September; 6.3% Up From August | South Salem Real Estate

Leave a reply

Construction of new homes rose 6.3% in September and permit activity increased, suggesting that the gradual housing recovery is continuing, data released Thursday by the U.S. Commerce Department shows.

September groundbreakings rose to a seasonally adjusted, annual rate of 1.017 million, up from August’s revised 957,000. September’s rate was 17.8% higher than the pace of 863,000 one year earlier, and fell within the range expected by economists surveyed ahead of the release by Bloomberg Bloomberg.

Building permits also bumped up 1.5% in September, to an annual (seasonally adjusted) rate of 1.018 million, over August’s revised 1.003 million level. September’s permit numbers are 2.5% above one year earlier.

Despite the increase in September activity in both permitting and housing starts, builders confidence is down slightly, according to the National Association of Home Builders/Wells Fargo. Yesterday the group released its Housing Market Index, which shows that builder confidence in the market for new, single-family homes fell five points, to a level of 54, in October. Any number over 50 indicates that more builders view the market as favorable than as poor.

“After the HMI posted a nine-year high in September, it’s not surprising to see the number drop in October,” said NAHB’s chief economist David Crowe. “However, historically low mortgage interest rates, steady job gains, and significant pent up demand all point to continued growth of the housing market.”

September’s numbers show that builders are continuing to bet on multi-family housing. While permits issued for single-family homes were relatively flat at 624,000 (0.5% below August’s revised 627,000) in September, permitting rose by 7% for buildings with five or more units, to 369,000 in September from 345,000 in August. Similarly, groundbreakings on single-family homes stood at a rate of 646,000 in September, just 1.1% above August’s revised figure. Starts on buildings with five or more units were at 353,000, up 18.5% from August.

 

read more…

 

http://www.forbes.com/sites/erincarlyle/2014/10/17/housing-starts-rise-17-8-year-over-year-in-september/

When Should You Refinance | South Salem Real Estate

Leave a reply

When you take out a mortgage with a fixed interest rate, you expect to be locked into the same monthly payment for the life of the loan. But that’s not necessarily the case — many homeowners can benefit by refinancing their mortgage at a lower interest rate.

Before you can decide whether it’s worth it to refinance, get a handle on the numbers involved. How many more years do you have on your current loan, and what’s your current interest rate? How much do you still owe? Will you be borrowing the same amount, or are you hoping to cash out some equity?

Now, turn your attention to the new loan you’re hoping to get. What kind of interest rate can you expect? Some say it’s not worth it to refinance unless you’re knocking off an entire percentage point (e.g. going from a 5% interest rate to 4%, for example), but that rule can be misleading. If you’re planning on staying in the home for several more years, even a small reduction in your interest rate can make a big difference. If you’re a little hazy on the math, Trulia’s refinance calculator can help demystify things.

Once you know what kind of interest rates are available now, find out how much closing costs are likely to be. That’s right. Closing costs aren’t just an issue when you buy a house. You pay closing costs again when you refinance, although they’ll be lower this time.

read more……

http://www.trulia.com/tips/2014/09/

Numerous factors make homebuying advantageous for the rest of this year | South Salem Homes

Leave a reply

 

1. Home prices are still off their highs

Yes, home prices are rising from the lows seen during the housing crash of 2008, but they’re still nearly 20 percent off their mid-2006 peak. According to the S&P/Case-Shiller Home Price Index, average U.S. home prices are currently at summer 2004 levels. In markets that are still recovering, first-time homebuyers could see significant appreciation over the next few years, if they buy now.

2. Interest rates are expected to keep rising

Interest rates are slowly climbing, and as the Federal Reserve concludes its economic stimulus plan, rates are expected to continue to rise. Some experts believe mortgage interest rates could hit 5 percent by the end of 2014 or the first quarter of 2015, according to Glink. And even a small bump in interest rates can mean a significant jump in your monthly note.

“If you’re offered a 4.2 percent interest rate on a $400,000 mortgage, for example, your monthly payment will be $1,961, and you’ll pay more than $300,000 in interest over the loan’s 30-year term,” Glink says. “If your interest rate were 4.9 percent, your monthly payment would jump to $2,115, and the total interest paid over the life of the loan would exceed $360,000.”

3. Rental rates are rising

There is always an argument to be made regarding whether to buy or rent. It’s all a matter of your particular situation – as well as the status of your local housing market. If you need to be mobile — prepared for job transfers or out-of-state promotions — or are continuing to search for “the perfect place,” renting is probably right for you.

However, if you would like to put down some roots, and rents are high in your hometown – it might be cheaper to buy.

 

 

 

read more…

 

 

 

http://realestate.msn.com/blogs/post–5-reasons-to-buy-a-house-in-the-next-5-months

Mortgage rates tick up slightly | South Salem Real Estate

Leave a reply

 

Borrowers seeking a mortgage through Zillow’s Mortgage Marketplace saw a slight increase in the interest rates they were quoted from last week to this week.

Current rate borrowers were quoted a fixed 30-year rate of 4.08% this week, up from 4.03% last week.

“Mortgage rates were subdued last week as ongoing geopolitical concerns and economic softness in Europe encouraged investors to buy U.S. mortgage-backed securities as a safe haven,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect international headlines, rather than U.S. economic data, to drive any meaningful changes to mortgage rates.”

In Zillow’s weekly look at interest rates, the 30-year rate peaked at 4.17% last Thursday before trending back down to its current level. During the remaining period, the interest rate was mostly between 4.1% and 4.15%.

Additionally, the 15-year fixed mortgage rate as of Tuesday was 3.12%, and for 5/1 adjustable rate mortgages, the rate was 2.77%.

Zillow also posted a prediction for Wednesday’s announcement of the mortgage application data from the Mortgage Bankers Association. “Zillow predicts tomorrow’s seasonally adjusted MBA application index will show purchase loan activity to decrease by 2% from the week prior,” the company posted on its blog.

 

read more….

 

Zillow: Mortgage rates tick up slightly

 

Epic miss on housing starts is a wake up call | South Salem Homes

Leave a reply

 

May’s housing start numbers from the U.S. Census Bureau look bad at first blush.

When you dig deeper, it’s worse.

Housing starts and permits missed expectations, and they fell the most since January, back when a few weeks of winter weather was blamed for how bad the numbers were then.

Analysts predicted 1.03 million annual housing starts.

Investors are pulling out of multifamily and homebuilders aren’t keen about betting on single-family taking off. Consequently, declines in both single-family and multifamily construction led to 1.001 million starts instead.

Click below to see the chart.

The housing permits front looks even grimmer. Analysts expected 1.05 million, but what the industry delivered was 991,000, a miss of epic proportions.

Click below to see the chart.

Lindsey Piegza, chief economist with Sterne Agee, said that, “…from a historical perspective, starts remain tepid with a 1M unit level marking the trough in activity in previous recessions.

“Going forward, a stronger job market and lower housing costs will grow demand, particularly among the younger generations. For now, housing remains positive but uneven,” she said.

Breaking down by permit and start type – multifamily is still where most are putting their money. It’s driving the bulk of activity.

Single-family starts dropped 5.9% after a 4.6% rise.

But it was just as bad on the multifamily front, as starts declined 7.6%, following a 29.2% spike in April.

Building permits followed a similar pattern.

Permits fell 6.4% after a 5.9% rise in April.

This is more than just “disappointing.”

(And the next economist or analyst who says it’s “surprising” should be asked what he does all day instead of research.)

This is as clear an indicator as there has been that the housing industry is stalling out. All the optimistic spin in the world can’t change that.

 

 

read more…

 

 

http://www.housingwire.com/blogs/1-rewired/post/30347-epic-miss-on-housing-starts-permits-is-a-wake-up-call

Local Farmers Markets | South Salem NY Real Estate

Leave a reply

 

 

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

Opening Day in Tarrytown with Music & Many New Vendors;
TWO Vendors Debut in Rye + More
May 15th-21st, 2014
DowntoEarthMarkets.com
Lettuce_MSP
What’s New, In Season, and On Sale This Week

BBQ Special: $2 OFF Packages of Chicken Breasts, Leg/Thighs
& Wings
Yellow Bell Farm

Fresh Whole Chickens
Stone & Thistle Farm

Drunken Goat Cheese
Raw milk aged cheese, soaked in wine
“Fruity with firm interior, reminiscent of Parmesan”
Acorn Hill Farm


Ground Beef: Buy five 1lb pkgs
& get $2 OFF per pound!
(Reg $9.75/lb; now $7.75/lb)
Kiernan Farm

Lamb
Pre-order at the market
Kiernan Farm

Parisian Baguette
Voted New York’s Best by Serious Eats – $0.50 OFF this Saturday!
Orwasher’s Bakery


Pork Sausages: 20% OFF!
Choose from Andouille, Breakfast, Chorizo, Hot Italian, and Sweet Italian
Kiernan Farm

Ramps
Wild and sustainably foraged
Yellow Bell Farm


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
L
Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

Coming in July

Tarrytown/Sleepy Hollow

OPENING DAY: MAY 24th
Saturdays
8:30 am-1:00 pm


New Rochelle

OPENING DAY: JUNE 20th
Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Ossining

The summer market season begins this Saturday in Ossining. Help us welcome the return of Taliaferro Farm and R & G Produce, along with additional new vendors to come. AND now the market opens at 8:30 am! See you there.

Tarrytown

Celebrate Opening Day of the 2014 farmers market season in Tarrytown with Deuces Child!
The duo of Gigi Tanglewood and Lou Patrick create a unique and lively musical program with their acoustic guitar interplay and amazing harmonic vocals. They will play from 10:00 am to noon.

Visit the Down to Earth Markets Calendar for full details.

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

Vendor Profile: Introducing Nana’s Home Kitchen
CocoandNana
Coco and Nana

The husband and wife team of Serop and Jasmin Mandijan are best known as Coco and Nana. Serop’s middle name is Gregory, and in their native Armenian language, Coco is the nickname for Gregory. As for Nana, this is the name their grandchildren exclaim as they throw open the kitchen door, wild in delight for the food soon to come. It means “Grandma” in Armenian, and after one bite from Nana’s Home Kitchen, it’s easy to imagine their excitement — along with the patter of their little feet, as they run into the kitchen.

Coco and Nana were high school sweethearts in Armenia and married a few years later. They came to the United States in 1984, and Coco worked as a diamond setter for more than two decades. They have both enjoyed cooking since they were children, and once they married, they shared their love of the kitchen together. “She’s my best friend for more than 45 years,” Coco says of Nana.

As Coco retired from diamond setting, they were able to devote more time to their enjoyment of cooking fresh Middle Eastern foods from scratch. Encouraged by family and friends, they decided to offer their cooking to a broader audience and started Nana’s Home Kitchen around 2010. This weekend, they will debut with Down to Earth Markets with a mix of both savory and sweet foods. For the sweet teeth, they bake maamool, cookies stuffed with dates and walnuts, along with baklava, carrot cake, and more.

On their savory menu, crowds gather for their spinach pies, stuffed grape leaves, tabouli, hummus varieties, and much more. They are also renowned for their creative pesto sauces, made with ingredients such as sundried tomatoes and roasted peppers. They are inspired by the regional harvest and source from local farmers as much as possible. And, as much as they love the kitchen, Coco also relishes his time at the summer grill. Look for him to fire up delicious chicken kabobs and other specialties at our markets this year!

“Whoever tastes our food, they come back,” says Coco, “They love it. I don’t say it to brag. I say it because it happens.”

Meet Nana’s Home Kitchen all season long at Tarrytown’s Down to Earth Market, and coming up in Ossining, too. ENJOY.

Day Vendors This Week

Croton

Bombay Emerald Chutney Company

Larchmont

Calcutta Kitchens
The Peanut Principle (gourmet nut & seed butters)
Pie Lady & Son
Raaka Chocolate
Trotta Foods

The Value of My Home Went Up: Do I Need More Home Insurance? | South Salem Real Estate

Leave a reply

 

Most homeowners keep track of changes in the estimated value of their homes. If the estimate increases, does it mean you should increase the limits of your home insurance coverage to accommodate the hike? The quick answer — maybe, maybe not. Why the hedge? It depends on why the value of your home has increased.

The good news? If what increased is the possible sale value, you’re likely in good shape, insurance-wise. The amount of home insurance coverage you need doesn’t change based on real estate prices.

How real estate prices work

Real estate prices focus on demand. The more demand there is for a house, the more a seller can ask to be paid. Demand depends on a number of factors and can change over time.

An example: Location is one of the most important factors in real estate. If a home is in a trendy neighborhood, a great school district or near desirable shopping or entertainment venues, its market value could be greater than that of a house in another location. On the other hand, neighborhoods can fall off “popular” lists, school districts can be redrawn, and stores and theaters can close. That same house likely wouldn’t sell for nearly as much.

Most recently, home values have increased in many parts of the country as the real estate market heated back up after the recession. As more buyers enter the market, sellers can demand higher prices.

How home insurance prices work

When you buy home insurance, you don’t base your coverage limits on what you paid for the house. Instead, you buy enough dwelling coverage so that you can rebuild what’s likely your largest investment in case it is destroyed by a covered event such as fire or wind.

Factors taken into account in arriving at this amount — also called the replacement value of your house — include the size of the house and local construction costs.

Insurance providers then consider the amount of risk presented by a particular home and policyholder. Again, location is important: It determines the types of threats a home can face. For example, it costs much more to insure a home in Tornado Alley than it would for a similar house in a region with less-volatile weather.

 

 

read more…

 

http://www.zillow.com/blog/home-values-and-home-insurance-151160/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29