Tag Archives: Waccabuc Real Estate

Weekly mortgage applications drop | #Waccabuc Real Estate

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Mortgage applications gave back their gains last week, falling exactly as much as they had risen the previous week. This as interest rates increased ever so slightly.

Total application volume fell 2.3 percent on a seasonally adjusted basis for the week ending April 24th, but is up nearly 34 percent from a year ago, according to the Mortgage Bankers Association (MBA). Applications to refinance home loans fell four percent, while those to purchase a home were unchanged for the week.

“Applications for conventional purchase loans are at their highest level since August 2014,” said Mike Fratantoni, chief economist for the MBA. “With the recent pickup in existing home sales, this is another sign that housing markets are strengthening.”

Still, the stall in purchase application volume is a red flag, given that they had been on a tear, up 13 percent in the past four weeks. It could be a one-week aberration, but it is somewhat unexpected right in the heart of the spring season, traditionally the busiest for home sales. Home price gains have been increasing, as strong buyer demand comes up against very tight supply. That may be playing into the drop in applications—simply that people are not finding the right homes at the right price.

 

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https://homes.yahoo.com/news/weekly-mortgage-applcations-drop-2-110000411.html

Positive Momentum in the Housing Market Stumbles | Waccabuc Real Estate

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Freddie Mac today released its updated Multi-Indicator Market Index® (MiMi®) showing that the U.S. housing market experienced some winter doldrums. While an improving labor market and attractive mortgage rates continue to promise a strong spring homebuying season, housing market stability stumbled a bit due to the cold winter and a softening of economic growth. The slight decline in the national MiMi value this month is broad-based, and not concentrated in a handful of state or metro markets.

News Facts:

  • The national MiMi value stands at 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%). On a year-over-year basis, the U.S. housing market has improved (+3.39%). The nation’s all-time MiMi high of 121.7 was April 2006; its low was 57.4 in October 2010, when the housing market was at its weakest. Since that time, the housing market has made a 30 percent rebound.
  • Fourteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (96.9), the District of Columbia (96.3), Hawaii (90.1), Montana (90.0), and Wyoming (88.4) ranking in the top five.
  • Nine of the 50 metro areas have MiMi values in a stable range, with Austin (86.0), Los Angeles (85.2), San Jose (84.1), Houston (82.2), and San Francisco (82.2) ranking in the top five.
  • The most improving states month-over-month were Oregon (+1.29%), Idaho (+0.49%), Utah (+0.49%), Georgia (+0.48%) and Michigan (+0.28%). On a year-over-year basis, the most improving states were Nevada (+12.02%), Colorado (+9.52%), Rhode Island (8.41%), Florida (+7.97%), and Illinois (+7.73%).
  • The most improving metro areas month-over-month were Portland (+0.65), Sacramento (+0.14%), Denver (+0.12%) and San Jose (+0.00%). On a year-over-year basis, the most improving metro areas were Las Vegas (+14.45%), Denver (+13.37%), Providence (+9.41%), Chicago (+7.41%), and Austin (+7.23%).
  • In January, 11 of the 50 states and 21 of the 50 metros were showing an improving three month trend. The same time last year, 49 states plus the District of Columbia, and all 50 of the top 50 metro areas were showing an improving three month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Housing markets weakened slightly this month, which is no surprise considering the harsh winter and slowdown in economic activity at the outset of 2015. While single-family purchase applications dipped a bit across the board from December to January, they are still up nearly 3 percent from last year. Improving employment and attractive mortgage rates should help to support increased purchase applications, particularly as the weather warms up and we head into the spring homebuying season.”

“The good news is that mortgage delinquencies also continued their steady decline. The national MiMi current on mortgage indicator for January is up 10 percent from a year ago at 67.5, the highest level we’ve seen since in six years. The improvement in households paying their mortgages on time has been dramatic. For example, at its low point in February of 2010, California’s MiMi current on mortgage indicator was just 22.8. Since then, California has seen major improvements and today the current on mortgage indicator is 77.6, showing a 240 percent improvement from its low point and an 8.2 percent improvement from one year ago.”

 

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Prepare Your Credit for a Mortgage | Waccabuc Real Estate

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Applying for a mortgage soon? Consider this: Improving your credit health could limit how much you’ll need to pay in interest and potentially save you thousands of dollars.

According to Zillow, the median home value in the United States is $178,500. Let’s pretend that two people each want a $178,500 30-year fixed mortgage and have the same amount saved up for a down payment. However, one has an excellent credit score of 760 while the other has a poor score of 620.

How much more do you think the person with the poor credit score will have to pay?

In most cases, poor credit could cost that consumer tens of thousands of dollars. Even the seemingly minuscule difference between a 3.5 percent interest rate and a 5 percent interest rate could tack on an extra $59,000 or more over the life of the mortgage, according to FICO’s loan savings calculator. (Keep in mind, interest rates and savings can vary and are ultimately up to the lender.)

It’s clear that your credit is important. Let’s discuss a few ways to prepare your credit in the months or years leading up to your mortgage application:

1. Monitor your credit score.

Your credit score will likely be one of the most important aspects of the approval process. Don’t go into the mortgage process blind. Instead, check your score ahead of time so you can estimate what kind of rates you may get and whether your credit is good enough to get you approved. Then, identify areas of your credit history that need work, make steps to improve and continually monitor your progress.

2. Pull your credit reports and dispute errors.

A 2013 Federal Trade Commission study found that 1 in 4 consumers identified errors on their credit reports that might affect their credit scores. The same study found that 5 percent had errors on one of their reports that could lead to them paying more for products such as auto loans and mortgages.

Don’t let errors on your credit reports cause you to pay more than you should. Before looking for a mortgage, be sure to pull all three of your credit reports and dispute any errors that could affect your score, such an incorrect account or the wrong credit limit. The dispute process may not be instantaneous, but the time and effort you put into ensuring your reports accurately represent your credit history will be worth it if it saves you money on interest.

3. Pay off outstanding delinquent accounts.

Like other lenders, mortgage underwriters want to ensure you’re a reliable borrower who will make payments on time, so having outstanding delinquent accounts on your credit report can drastically hurt your chance of being approved. Before you apply, consider paying off any delinquencies. Also try to lessen the impact late payments may have on your score by burying them with months or years of timely payments first.

 

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http://news.yahoo.com/prepare-credit-mortgage-125500730.html

How Zillow Is Overestimating the Value of Your Home | Waccabuc Real Estate

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Buying a home is arguably the largest investment you can make. You purchase your house, probably put work into it to make it fit your style, and hopefully add improvements along the way that will increase its value. So when it’s time to sell the house, you want to make sure you’re getting the best price for it. That often includes working with a real estate agent in your area, but it can also mean researching online ahead of time to get a good idea of a fair market price.

But the problem is that, sometimes, those online estimates inflate what homes are actually worth, causing a rift in expectations. And when Zillow says the price is higher than a realtor wants to ask, it can create conflict when trying to sell your house.

It’s a conflict that has begun to spring up more frequently, as growing numbers of people turn to online sites to price check before contacting a realtor. A total of 105.4 million people visited real estate websites in January 2015, an increase of about 24% from the year before, according to information provided by analytics website comScore. Within those categories, Zillow accounted for 57.4 million visitors to their site. Trulia, which was formally acquired by Zillow on February 17, accounted for another 36.3 million unique visitors, representing 71% of the total visitors in the real estate category.

Zillow’s staff knows that prices can vary from online to what the sign says in your front yard. It’s why the website has a section devoted to explaining how the “Zestimates” are created, the information that’s used, and some of the variation people can expect in certain areas around the country. Zillow lists Zestimates for about 100 million homes nationwide, but Zillow reportsit has an 8% median error rate across the country. That means that about half the Zestimates fall within 8% of the selling price, and about half fall out of that range.

To put that 8% into perspective, assume there’s a house that sells for $350,000. About half the time, Zestimates will show a fair price between $322,000 and $378,000, the 8% spread of about $28,000 on either side of that selling price. But the other half of the time, it could be outside that range. And as always when working with percentages, the value of the home directly impacts the range. For a home worth $500,000, that spread on either side of the selling price could be $40,000.

In certain parts of the country, that variation is even more severe. Twenty-five states have median error rates that fall below the national average, with Virginia and Nebraska at 5.5% and 5.7%, respectively. But West Virginia, at the other end of the spectrum, has a median error rate of 13.6%. Zillow doesn’t keep data on every county across the country, but some such as Dade County in Georgia have error rates of 35%. The highest listed in the data from December 2014 is Apache County in Arizona at 69.4%.

Read more: http://wallstcheatsheet.com/business/how-zillow-is-overestimating-the-value-of-your-home.html/?a=viewall#ixzz3SnKz8qU7

Existing home sales collapse in January despite low mortgage rates | Waccabuc Real Estate

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Existing home sales collapsed 4.9% in January to their lowest rate in nine months, falling well below analyst expectations, led by a massive drop in western region, according to the National Association of Realtors.

All major regions experienced declines in January, with the Northeast and West seeing the largest.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.9% to a seasonally adjusted annual rate of 4.82 million in January from an upwardly-revised 5.07 million in December.

“January’s drop in existing home sales is a bit concerning,” said Bill Banfield, vice president at Quicken Loans. “Economic indicators and stubbornly-low interest rates would lead most to expect improvement, yet recent housing reports have indicated the opposite. Inventory is a number I’ll be watching in the coming months as it has the power to help existing sales bounce back.”

Lawrence Yun, NAR chief economist, says the housing market got off to a somewhat disappointing start to begin the year with January closings down throughout the country.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” he said. “Realtors are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

Total housing inventory at the end of January increased 0.5% to 1.87 million existing homes available for sale, but is 0.5% lower than a year ago. Unsold inventory is at a 4.7-month supply at the current sales pace – up from 4.4 months in December.

The slowdown in mortgage purchase applications is alsoweighing on analysts. Mortgage purchase apps have faltered, and that limits upside risk for mortgage rates, according to the analyst team lead by Chris Flanagan atBank of America/Merrill Lynch.

 

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http://www.housingwire.com/articles/33021-existing-home-sales-collapse-in-january-despite-low-mortgage-rates

Jobs Gains Will Support Housing Demand | Waccabuc Real Estate

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The end of 2014 saw an acceleration of job creation that compared favorably with the poor start to the year. Combined with the ongoing expansion of consumer confidence, these trends will help support housing demand and residential construction during 2015.

The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 257,000 in January, with an additional 147,000 jobs reported in November and December after data revisions. The unemployment rate inched up to 5.7% in January from 5.6% in December, which is in fact a positive development as this change was due to more individuals seeking work. In January, home builders and remodelers added 20,100 jobs on a seasonally adjusted basis. Over the last 12 months, the industry has created 162,000 jobs.

The separate BLS JOLTS survey of job openings and turnover suggests additional hiring ahead. For the overall economy, the job opening rate (number of unfilled jobs as a percent of total employment) reached 3.5% in December, the highest rate for the post-recession period.

The number of open construction sector jobs for December (on a seasonally adjusted basis) rose to 147,000. The December level marks the third-highest monthly measure of unfilled jobs in construction during the post-recession period. Quits surged in the construction sector for the month, along with a moderate increase in hiring, which may reflect some worker churn among employers.

The good news on the employment front has helped consumer confidence. The January 2015 University of Michigan Index of Consumer Sentiment soared to its highest level since January 2004. The Conference Board Consumer Confidence Index also increased sharply, reaching its highest level since August 2007.

With respect to the broadest measure of the economy, the advance estimate from the Bureau of Economic Analysis indicates that Gross Domestic Product (GDP) increased at a 2.6% annual rate. This was below expectations, which were generally around 3%.

 

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http://eyeonhousing.org/2015/02/eye-on-the-economy-jobs-gains-will-support-housing-demand/

All Eyes on Texas Real Estate as Oil Prices Plunge | Waccabuc Real Estate

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When you live in a state heavily influenced by oil, saddle up and hold on for the ride. What comes up must come down, and real estate has room on the downside. The real question is really just how much. My clients are all energy professionals, and when I visit with them, nine out of ten have one thing in mind: housing prices in Texas. They buy out of need, but wait… didn’t most people already buy when Texas was booming?

Demand poured in and buying was frenzied. Now, demand is leveling off and prices will too. Where you purchased will dictate whether it will be a reward or a risk. If you think you’ll find a goldmine this time around, think again. The last time I saw a foreclosure in Tanglewood, Houston people were lined up for showings, and that was when banks weren’t even lending money. Now, Texas has more money pouring into the economy from all parts of the globe and a “deal” might mean just being happy with current pricing.

Considering residential pricing is not at $2500.00 per square foot yet, there are lots of deals in the area; but it’s all relative to what you’re used to. Getting a property that’s already discounted is a pretty good deal even though it doesn’t have a sale tag on it. But watch out for those new high rises, now that crude is at $50.00 per barrel, you may want to think twice about buying that new penthouse. If you have already purchased when crude was priced at $100.00, well, let’s just say you might have to wait for the next merry-go-round.  High-rises take as long to build as a boom, so by the next time we see $80.00 oil, buyers will be back at those doorsteps again too.

 

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All Eyes on Texas Real Estate as Oil Prices Plunge

 

Universal Design Details You’re Forgetting | #Waccabuc Real Estate

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When Rosemarie Rossetti lost the use of her legs in a freak accident in 1998, she and her husband Mark Leder focused on getting her well. Their experience has become a critique on traditional homebuilding and an impressive exercise in true universal design. Finding the home they lived in would never work for Rosemarie’s new needs, the couple was further discouraged by the dearth of universal design options offered by area builders. Their solution was to become general contractors themselves and built the ultimate universal design custom home.

Today, the Universal Design Living Laboratory is Rosemarie and Mark’s home and office, and an education center for builders, architects, and the public to learn how to create homes that work for all of their residents, no matter their age or ability. Products editor Lauren Hunter recently toured the UDLL and found a number of details worth sharing. Here are nine of her favorites.

Safe and Sound: Knox Box
In emergency situations, first responders will gain access to a home in the most efficient ways possible. If this means breaking down a door, so be it – unless you have a Knox Box. This mini safe works similarly to a lock box that a Realtor might use when showing a home. The fire department has a key to the Knox Box, which stores your emergency house key inside, allowing them to open a door properly rather than breaking it down. Because, as Mark points out, the last thing homeowners should be thinking about in an emergency situation is how much door replacement costs.

Outdoor Enjoyment: Planter Boxes
Adjusting to life in a wheelchair made Rosemarie’s love of gardening a challenge. Mark says chair-height planters bring the gardening to a convenient height for Rosemarie to roll up to and tend any time she likes. The landscaped back yard also incorporates paver ramps and pathways so the couple can enjoy all of its amenities together.

See Through: Multi-level Peep Holes
Traditional entry doors have peep holes positioned at a height between 60 and 66 inches. Consider adding a peephole at closer to 48 inches for wheelchair users, children, and homeowners short of stature. Or, let the door glass do the work for you. In addition to daylighting as a universal design benefit, the glass in this ProVia door has clear panes for viewing at three different heights in the door.

Cooking Confidence: Easy Access Burners
ADA-compliant ranges put the cooktop controls at the front of the appliance so users can access them easily without reaching over hot surfaces. The UDLL takes things a step further by installing individual burners side by side in the cooking area, eliminating the problem of hard-to-reach back burners. In this configuration, Rosemarie can easily and safely reach each cooking element, as well as vent hood controls.

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http://www.remodeling.hw.net/business/design/9-universal-design-details-youre-forgetting_o?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=RDU_121714&day=2014-12-17

 

Keep Your Houseplants Healthy Through the Winter | Waccabuc Real Estate

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Even though your plant resides in a pot indoors, it’s still keenly aware of the seasons. With shorter days, drier air and cooler temperatures, winter is perhaps the most challenging time a year for houseplants.

The trick to helping plants endure the harsher conditions is simply modifying your care routine. Check out these tips to keep houseplants happy and alive this winter.

Limit watering

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Considering their growth rate is significantly slower during the winter, plants do not require as much water. Test the soil by putting your finger about one inch into the soil. If it feels dry, the plant needs a good soaking. Be sure to use lukewarm water.

Try a new window

From summer to winter, the angle of the sun changes, so place your plants near a different window for the season. You can also wash the window glass, inside and out, to help let in more light. Don’t forget to rotate the plants every so often to make sure they receive light evenly on all sides.

No food necessary

Because plants grow very little during the winter, fertilization is not necessary during these months. It’s best to withhold food until spring, when the days are much longer and the sun is stronger. Resume weekly feedings closer to spring to give plants a boost.

A good cleaning

Dusty leaves can clog pores, making it difficult for plants to fully absorb essential nutrients. Using a damp cloth, wipe the leaves to get rid of any dust or debris. A thorough cleaning will also help get rid of any unwanted pests.

Improve humidity

Houseplants prefer a humidity level of 40 to 50 percent. Unfortunately, during the winter months, the humidity level in heated homes tends to only be 10 to 20 percent.

To combat low humidity, frequently mist the plants, and put any tropical plants on a tray of rocks with a small amount of water. Or turn on a humidifier to cut through dry air.

Pay attention to temperature

Source: Zillow Digs

During the daytime, most plants prefer a temperature between 65 to 75 degrees Fahrenheit, and at night time about 10 to 15 degrees cooler. Dramatic fluctuations in temperature can be damaging, so it’s best to keep plants away from cold windows, or sources of heat, such as stoves, fireplaces and radiators.

Pruning

To stay healthy and attractive, plants need a little pruning from time to time as part of their maintenance. Many houseplants have soft stems, which make them relatively easily to prune — no tools required.

Using your thumb and forefinger, pinch off any dying flowers and remove any damaged leaves.

For thicker stemmed plants, pruners or sharp scissors may be necessary.

 

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Behind the Hedges and Inside the History of Danielle Steel’s Spreckels Mansion | Waccabuc Homes

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2080 Washington Street (before the infamous hedge), via SAN FRANCISCO HISTORY CENTER, SAN FRANCISCO PUBLIC LIBRARY
The Spreckels Mansion at 2080 Washington – best known as the current home of romance superstar novelist Danielle Steel – has been a major San Francisco landmark since day one and has played host to tales that are worthy of her books. Of course, it’s now hidden behind a massive hedge worthy of a photo tribute, but we took a peek inside the storied home’s history. Here now is a look back at one of the city’s most iconic mega-mansions.

The house that sugar built >>

The Spreckels family is one of San Francisco’s oldest and most illustrious. Their story goes back to Claus Spreckels, who first started a brewery when he brought his family to San Francisco in 1856. Claus soon switched to the sugar industry and built his fortune in Hawaii by allegedly acquiring water rights in poker game with the King of Hawaii. He built his first SF-based sugar refinery in 1867 at 8th and Brannan, but soon needed more space and opened a larger facility in Potrero Point. His California Sugar Refinery funded additional Spreckels enterprises, like a resort hotel in Aptos, an investment in the Santa Cruz Railroad, and sugar beet operations in the Salinas Valley that sprouted the company town of Spreckels, California.

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Spreckels’ Sugar Factory beneath Potrero Hill c1890s, via Found SF

Claus was the sugar daddy (sorry) to thirteen children with his wife Anna, but only five survived to adulthood. The oldest son, John, established a transportation and real estate empire in San Diego, while second son Adolph ran the family sugar business. Adolph was a big whale in San Francisco, but it was his wife Alma who gained the moniker “great grandmother of San Francisco”.

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Adolph and Alma with their kids, both via SAN FRANCISCO HISTORY CENTER, SAN FRANCISCO PUBLIC LIBRARY

Alma lived a true rags to riches story. She was born in the Sunset in 1881 when it was still a windswept district of sand dunes. Her parents were Danish immigrants, and while her father spent more time hating on the city’s nouveau riche than working, her mother ran three successful business out of the family home. Alma had an interest in art and took night classes at Mark Hopkins Art Institute. At six feet tall, “Big Alma” soon became a favorite model of local artists. These jobs led to several lucrative side gigs as a nude model.

After a lawsuit against an ex-boyfriend for “de-flowering,” Alma became something of a celebrity in the city, and was the obvious choice to model for sculptor Robert Aitken’s monument to Naval hero Admiral Dewey and President William McKinley (it still stands today in the center of Union Square). Wealthy bachelor Adolph Spreckels was on the Citizen’s Committee in charge of the landmark’s funding and became smitten with the model. After “courting” for five years, they finally married in 1908.

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Alma looking fierce as the Goddess of Victory atop the Dewey Monument in Union Square, both via Flickr/Peter Kaminski

The new couple first lived in Sausalito, but Adolph purchased the property that would become the Spreckels mansion as a Christmas present for Alma. The Victorian-style home was torn down to make room for a new French Chateau designed by architects Kenneth MacDonald Jr. and Beaux-Arts trained George Applegarth (fun fact: Applegarth was buddies with Jack London, and the pair would ride their bikes from the Bay Area to Yosemite and Half Dome). The Spreckels had to buy up several nearby Victorians to make room for the new manse, and Alma insisted on saving the structures by moving eight of them to new locations. Completed in 1912, the new house became host to lots of lavish parties and launched Alma into high society.

Alma went to Europe on a trip to stock the new house with loads of 18th century antiques. She became friends with dancer Loie Fuller in Paris, who in turn introduced her to sculptor Auguste Rodin. Together, the women secured thirteen of Rodin’s bronzes, which Alma brought to the Panama Pacific International Exposition of 1915. This sparked the idea for Alma to build a museum for her art. It later became the California Palace of the Legion of Honor.

 

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http://sf.curbed.com/archives/2014/11/25/behind_the_hedges_and_inside_the_history_of_danielle_steels_spreckels_mansion.php