Tag Archives: South Salem Real Estate

Insurance Tips for First-Time Home Buyers | South Salem Real Estate

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Nothing can seem as exciting — and overwhelming — as buying your first home. Which do you do you first: look for the perfect property or chase the right mortgage? Where does a real-estate agent fit into the picture?

There’s so much to consider that many first-time buyers don’t think about home insurance — a factor that will be important when it comes to closing on their house.

You should factor the ongoing cost of home insurance into your home-buying budget, because it will probably show up in your monthly mortgage payment along with payments on your loan principal and interest and your property taxes. That means you should go into your search knowing the basics about insuring your house and what can drive up the cost of coverage.

Once you choose the house and negotiate an offer, it will be time to find an insurer. There are a few issues to take into consideration before settling on a provider — all policies are not created equal. Using these tips can help you save money and ensure that you have quality coverage to protect your largest investment.

Give yourself credit

You know credit matters when it comes to getting a favorable interest rate on your mortgage. But did you know it also matters for home insurance? That’s because home insurance providers use your credit report as part of the formula for assessing the risk you pose as a policyholder. Their models show that consumers with good credit are much less likely to file claims.

So before you get too far into the buying process, assess your credit and take steps to improve your score. At the very least, make sure to correct any errors. Improving your credit score can result in big savings on your mortgage and your home insurance premiums.

Shop around

The price of home insurance varies widely from carrier to carrier. That’s because each provider has a different algorithm for determining customer premiums. This is one reason why it’s a good idea to comparison shop. You could end up saving yourself hundreds of dollars simply by getting a few different quotes.

Don’t skimp on coverage

While you want to save money on home insurance, it’s important not to skimp on coverage. Standard home insurance policies typically offer protection from a variety of potential risks, ranging from liability to damage from weather-related perils. However, you may want to adjust or add coverage depending on your needs.

 

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http://www.zillow.com/blog/insurance-tips-first-time-buyers-165791/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Barbados Real Estate Market Improving | South Salem Real Estate

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After six years of sluggish activity, the Barbados luxury homes market is picking up according to the latest report from Knight Frank.

Christian de Meillac, Knight Frank’s Head of Caribbean sales said that he has seen a marked increase in buyer inquiries and this is backed up by the number of online property viewings being generated via Knight Frank’s Global Property Search Website which have increased 56.7% in the year to June 2014.

Barbados‘The sun seems to be rising again on the Barbados property market as the traditional selling season is extending into summer. Buyers are back and we are seeing regeneration in the market with more and more sales along the premium west coast from Bridgetown to Speightstown,’ he explained.

‘With the positive signs coming from the UK economy, price discounts and a new impetus amongst buyers, we have seen a marked increase in sales and interestingly, this is continuing into the summer months when things traditionally quiet down,’ he added.

In terms of the nationalities buying, UK buyers still lead the market accounting for around 70% of all prime sales, followed by Canadians but the presence of European buyers is also on the increase.

‘Demand varies according to price. The most popular spot seems to be those properties located along the west coast and priced between US$1 million and US$3 million. Beachfront apartments and standalone villas are generating the most interest with a sea view and privacy the two key prerequisites,’ de Meillac pointed out.

‘However, this has also been a year of record deals at the top end of the market, with two deals circa US$20 million and one deal rumored to be in excess of US$40 million, a sign that things are looking up,’ he explained.

An analysis of applicant numbers now with a year ago shows that not only are more applicants registering their interest in a Barbados home but a greater proportion of them are buying.

 

 

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http://www.nuwireinvestor.com/articles/barbados-real-estate-market-improving-61984.aspx

 

Mortgage Rates up slightly to 4.33% | South Salem Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following an uptick in the 10-year treasury note and amid a week of soft housing data.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.6 point for the week ending April 24, 2014, up from last week when it averaged 4.27 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.6 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.61 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.58 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.62 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates edged up following the uptick in the 10-year Treasury note late last week. Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

‘Rare and Mythical’ Cobble Hill Carriage House Asks $8M | South Salem Real Estate

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12 images

Is this Pacific Street home a unicorn? The listing’s brokerbabble seems to think so. Built in 1840, this “rare and mythical” former carriage and fire house is “what real estate dreams are made of.” The 25-foot-wide by 85-foot-deep three-story home is currently configured as two units, but can be combined to be a four- to six-bedroom single-family dwelling. The home’s layout skirts the “inconvenience of vertical townhouse living” with its 2,125-square-foot main floor, which has double-height ceilings, big skylights, and an impressively large fireplace. The brokerbabble goes on: “Add to that the drama of massive exposed wood beams, arched windows, a charming greenhouse, a perennial garden … 12-inch-wide wood-plank floors … a terrace off the second floor … and you have a one-of-kind property with the warmth and grandeur only found in historical homes, but the open layout of more modern living.” Unlike a unicorn, this carriage house can be bought for $7.995 million.

 

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http://ny.curbed.com/archives/2014/04/22/rare_and_mythical_cobble_hill_carriage_house_asks_8m.php

How will school-boundary changes affect the DC real estate market? | South Salem Real Estate

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Homebuying just got a little more complicated in the District of  Columbia.

Many buyers, whether or not they have children, want to know they’re moving into  an area with good schools. For those with children, it’s an immediate concern. For  those without children, it’s a question of resale value.

This week, Mayor Vincent Gray unveiled a proposal to overhaul school boundaries,  including changes to the way school assignments are determined. It’s the first  proposal to change the boundaries in decades, and it comes as the D.C. real estate  market has heated up, including in neighborhoods east of the Anacostia River.  Darrin Davis, owner of Anacostia River Realty, says, “The D.C. market is hot. I  just sold five houses this week.”

So will changes to school boundaries cool that market?

Eldad Moraru, with Long and Foster, says D.C. has become a desirable place — not  just for young career-minded singles, but for families too. And the proposed  school-boundary changes raise questions.

“Some of them — I won’t say all of them, but some buyers are holding off on  making decisions until this plays out to its completion.”

Moraru, who is licensed in D.C., Virginia and Maryland, says the uncertainty  created by Gray’s proposals could send buyers elsewhere. “I’m sure there are some  people who’ve opted to go ahead and purchase in other school districts like  Maryland and Virginia because of this, but others are taking a wait-and-see  approach.”

Davis says buyers who are looking to Anacostia, where the housing stock is  plentiful and the prices are within reach for many priced out of other  neighborhoods, tend to be young singles. Schools may not be a major consideration  for those buyers right now, but he says, “I do see that being an issue five to ten  years down the line.”

 

 

http://www.wtop.com/109/3600068/How-will-school-boundary-changes-affect-DC-real-estate

Puget Sound area home prices up as much as 17% in January | South Salem NY Real Estate

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With more houses on the market and sales prices rising, the housing market is “definitely in full recovery mode” in the Puget Sound area, a Realtor said Wednesday.

The median price of King County houses and condos that sold in January was nearly $364,900, or 17 percent higher than in January 2013, according to the latest report from the Northwest Multiple Listing Service. Median sale prices in Pierce and Snohomish counties rose 12 percent and 14 percent, respectively.

“We are finally going to be looking at the ‘housing crisis’ in the rear view mirror,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. “In 2014 we are definitely in full recovery mode.”

The inventory of residences on the market, while improving, continues to be a source of worry, he said.

“Lots of buyers and not enough of the right inventory to satisfy our buyers’ wants and needs,” was how Gain described current conditions. “Following the worst year for inventory I have seen in my 35 years of practicing real estate locally, we are expecting the number of homes for sale to increase in 2014.”

 

http://www.bizjournals.com/seattle/news/2014/02/05/puget-sound-home-prices-up-as-much-as.html

Home Prices Rise Nationwide; Connecticut and New Jersey Lag | South Salem NY Homes

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According to recent data released from the Federal Housing Finance Agency [1], seasonally adjusted home prices have surged 8.4% from November 2012 to November 2013, bringing national home prices to 2005 levels. This represents the fastest quarterly pace of price appreciation since 2006. Furthermore, the November 2013 foreclosure report from CoreLogic shows that national foreclosure inventory has fallen 34% over the past 12 months, and the rate of seriously delinquent mortgages is at a five-year low. In aggregate, the data presents a favorable sign that the housing market is continuing to rebound from the financial downturn. Housing market trends not only reflect the overall health of the economy, they also tie directly to the revenue capacity of local governments, which often rely on property tax revenue.

 

Home prices appreciated year over year in all 50 states and the District of Columbia. Leading the nation in year-over-year gains were Nevada, California, Arizona, Florida, and Washington. However, these five states also lag the furthest behind third-quarter 2007 levels. The problem is especially acute in Nevada, where home prices remain over 40% below the prerecession peak. We are also concerned about the housing recovery in Connecticut, Delaware, Illinois, New Jersey, and New Mexico; prices in these states lag third-quarter 2007 levels by 13%-16% but have grown at the slowest pace in the nation at between 2%-3% over the past 12 months.

 

Source: Federal Housing Finance Agency

 

Thirty-eight states still lag third-quarter 2007 levels, though 34 of the 38 lag by only 10% or less. Home prices in resource-rich states North Dakota, South Dakota, and Texas are now at all-time highs and exceed prices from 2007 by more than 10%; North Dakota is the leader of the pack, with a 28.9% price increase since third-quarter 2007.

 

http://news.morningstar.com/articlenet/article.aspx?id=632034&SR=Yahoo

 

 

Manhattan apartment sales market caps off winning year as deals and prices hit new records | South Salem NY Homes

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Sales volume surges nearly 27%; Average price rises 5.3% to $1,538,203

Manhattan’s apartment market ended 2013 on a high note as a flood of buyers sent sales volume and prices to record levels, according to multiple reports.

Sales in the quarter surged nearly 27% to 3,297, compared with last year, marking the largest number of fourth quarter closings on record, according to Douglas Elliman….

Read more: http://www.nydailynews.com/new-york/manhattan-apartment-sales-market-caps-winning-year-deals-prices-hit-new-records-article-1.1564829#ixzz2pMEXfPji

Porsche Design Tower Selling Out Like Cheap Gasoline | South Salem NY Homes

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Screen%20Shot%202013-12-19%20at%205.19.33%20PM.png Rendering via Porsche Design’s website.

The folks at exMiami report Gil Dezer has about 80 percent of the currently under construction Porsche Design Tower’s 132 units under contract, representing $624 million dollars in sales, should all those under contract to buy actually go through with it. Prices at Stuttgart-based Porsche Design’s first condo top out at $32.5 million. Dezer says there are at least two dozen billionaires under contract for units in his unapologetically car-crazy tower. Let’s see if he can snag a few more with those remaining units. · Porsche Design Tower: 80% Of Units Now Under Contract [exMiami] · Gil Dezer’s Life In The Fast Lane [The Real Deal] · Porsche Design Tower coverage [Curbed Miami]