Daily Archives: July 23, 2013

How to Lock in Savings as the Real Estate Market Heats Up | Mt Kisco Real Estate

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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.

 

 

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » How to Lock in Savings as the Real Estate Market Heats Up | Mt Kisco Real Estate.

Mastering the new real estate rules | South Salem Real Estate

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The housing market is getting hot—and that is changing the game for both home buyers and sellers.

In many cities, including those hard hit by the downturn, bidding wars are breaking out and winning offers often exceed the asking the price. A relatively low inventory of homes for sale is feeding the scramble.

Existing-home sales were up 13% in May compared with the previous year, reports the National Association of Realtors, and the median home price was up 15%, to $208,000, the biggest jump since October 2005. Average home prices for the most recent S&P/Case-Shiller 20-city index were up 12% in April over a year ago.

For first-time buyers and those eager to move up, it could be a good time to buy. Prices still are well below the mid-2000s highs. Interest rates have shot up, but they remain low by historical standards. The average rate on a 30-year fixed-rate mortgage was 4.37% for the week ended Thursday, up from 3.35% in early May, according to Freddie Mac’s weekly survey. Until 2009, rates were above 5% going back to the early 1970s.

[Click to compare mortgage interest rates from multiple lenders now.]

Initially, rising rates could drive potential buyers into the market before mortgage costs climb more. But if rates continue upward, they could help put an end to the boom.

While an active market can be good for both buyers and sellers, a sizzling market poses challenges. In some areas, real-estate agents have been accused of holding back choice homes for sale from the Multiple Listing Service database so they can market them first to their own clients. Bidding wars can leave potential buyers feeling bruised and frustrated. And climbing home prices mean appraisals might come in below the agreed-on price.

Here are some tips for navigating this evolving market:

Cash matters. It helps to have a bundle of cash to get the home you want. Down payments today range from 3.5% for a loan backed by the Federal Housing Administration to as much as 40% for homes over $1 million.

A typical down payment on a regular mortgage is 5% to 10%, says Bob Walters, chief economist at Quicken Loans. Buyers who need a “jumbo” loan—or one bigger than $417,000 or $625,500, depending where you live—might have to put down 20% or more.

If the lender’s appraisal of the home falls short of your purchase price, the buyer and seller must negotiate whether the seller will reduce the price or the buyer will pay the difference in cash—or some combination of the two.

Get prequalified. Mortgage lenders still carefully scrutinize borrowers’ ability to repay their loans, and sellers might be leery of bids that are contingent on getting financing. Potential buyers will be more attractive if they already have qualified for a loan, even in calm markets, like Connecticut, says Terence Beaty, director of the new-homes and land division at Prudential Connecticut Realty, based in Wallingford, Conn.

That means picking a lender and providing pay stubs, bank and brokerage statements and, for those who are self-employed, tax returns. Generally, you will need a credit score of at least 640 to get a mortgage, says Greg Gwizdz, executive vice president at Wells Fargo Home Mortgage, the nation’s largest residential lender—and it will need to be higher if you want the best rates.

 

Mastering the new real estate rules – Yahoo! Homes.

It is a Balanced Real Estate Market | Waccabuc Real Estate

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The lower mainland Real Estate market is in an equilibrium with sales surging 11.9 percent compared to June 2012 for single family detached homes, condos and townhomes. This increase is the greatest increase in the last 2 years. In May, residential sales volume climbed a mere 1 per cent in Greater Vancouver, following a 19-month stretch of year-over-year declines in the number of properties sold.

 

Last month, 2,642 Greater Vancouver properties changed hands on the Multiple Listing Service, compared with 2,362 sales in June of 2012. This increase is still 22 percent lower than the 10 year average for June.

 

The prices are reported to have dropped marginally by 3 percent as reported by the Greater Vancouver Real Estate Board.

 

The Real Estate market has shown 4 straight months of growth albeit we are coming from a really slow and lacklustre pace. It appears that the buyers have finally started to make their move after holding out for months and months. In any given market and at any stage, sellers want the most money for their property and the buyers want to offer the least amount possible. In the last 6 months, it appeared that the buyers were holding out and were not making their move hoping for the prices to bottom out even more.

 

After seeing that the prices have not been dropping significantly, it seems like the buyers are relenting and finally locking in the low interest rates and making deals.

 

Sellers too were waiting it out and hoping the market conditions would improve. However, if the seller is going to be buying again in the same market conditions then the market condition should not matter as such.

 

Traditionally in the lower mainland, prices rarely seem to come down. The slowness in the market is really only the fact that it takes a bit longer for the properties to sell.

 

The Canadian Real Estate Market does follow the US market somewhat and with the unprecedented recovery being seen in some parts of the USA, it is natural to have an upbeat tick in our own market.

 

 

It is a Balanced Real Estate Market | Vancouverdesi.com.

8 Reasons to Consider Marketing with Google+ | Cross River Real Estate

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When Google+ was launched there were mixed reactions.8 Reasons for Marketing with Google+

The responses ranged from people with social media fatigue who thought “not another social network! “. There were also those curious personalities who said “I wonder if Google will offer a true competitor for Facebook?”

As Google watched the rapid rise of Facebook, Twitter and the social web, it realised that it couldn’t ignore this important internet evolution any longer. It invested over $550 million in the platform and its supporting technology and offered incentives for its executive management to make Google+ a success.

On June 28, 2011 Google+ was launched and proceeded to make an impact and inroads into the social media world.

The Google+ advantages

Google plus had several advantages over Facebook that had commenced six years earlier.

  • Google had started with a fresh design and a clean sheet (Facebook’s interface after launching in 2004 was looking dated)
  • Deep pockets to fund the technology
  • It was designed for a mobile web (Smart phones and tablets didn’t even exist when Facebook launched)
  • Created for a more visual online environment

Facebook had to respond and it quickly launched a range of upgrades and acquisitions (Instagram) that met the competitive challenge.

So what are the numbers?

After just two years the numbers are in and they are compelling, but not many people are aware of the penetration and popularity of Google plus.

  • 602 million registered users
  • 359 million monthly active users according to a GlobalWebIndex study
  • Its active users base grew by 33% from June 2012 through to March 2013

Marketing is always about fishing where the fish are and Google+ has a lot of fish .

8 reasons to consider marketing with Google+

With most marketers comfortable with using Facebook for their primary social media marketing tactics they quite often don’t see the other opportunities.

Here are some compelling reasons to register and start using a Google+ page to complement your Facebook page, your social media and digital marketing activities.

1. Google+ hangouts

Google+ hangouts have been an important part of the Google+ platform since day one. They allow you to create online meetings that are limited to 10 active users but it allows you to stream YouTube video to an unlimited number of viewers.

Hangouts provide a way to engage with small groups of customers that you may want to share important information and/or educate.

2. No update filtering

Google doesn’t need to make money from Google+ as its major revenue (over $30 billion) is from its Google adwords and search advertising. It doesn’t need to force you to pay to be visible on Google+.

Facebook has increasingly applied its Edgerank technology that filters the updates that are seen by people that have liked your brand’s “Facebook page”. Some research shows it at less than 15% and shrinking.  This is so they can force you to spend to advertise on Facebook to get attention.

It has become “pay to play”

Google plus does not filter (censor) your updates to followers that are following your page.


Read more at http://www.jeffbullas.com/2013/07/22/8-reasons-to-consider-marketing-with-google/#rYGw8zOzDwBqKZTS.99 

 

 

8 Reasons to Consider Marketing with Google+ – Jeffbullas’s Blog.

How to Lock in Savings as the Real Estate Market Heats Up | Mt Kisco Real Estate

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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.

Reassess

If a homeowner did not get the value of his home lowered for tax purposes after the real estate bubble burst and, therefore, still is paying taxes on an assessment that is well above the current market, the rebound in real estate values should be a wake-up call that now is the time to take action. Even though real estate prices are up, in many (if not most) markets, they are still well below their peaks, so for many homeowners, the opportunities to lower property taxes as a result of a reassessment could be substantial.

 

First Person: How to Lock in Savings as the Real Estate Market Heats Up – Yahoo! Finance.

Westchester County Executive Launches “Ask Astorino On Tape” | Katonah Real Estate

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Over the past year Westchester County Executive Rob Astorino has visited 22 municipalities across the country for “Ask Astorino” town hall meetings. This week he released a new video highlighting some of the most frequently asked questions of the meetings.

“It’s not always easy to find the time to attend a town hall meeting,” said Astorino. “This video is an alternate way to find out how county government is working for you. I welcome your feedback.”

Hundreds of Westchester County residents have attended the town hall meetings, where Astorino has addressed topics such as taxes, housing, Playland andcrime. In the new video, Astorino addresses topics such as the role of the county government, his efforts to reduce taxes and promote business, and his motivations for running for county executive. He highlights accomplishments such as reducing the budget from $1.8 billion to $1.7 billion, and how the county dealt with Hurricane Sandy. It also includes scenes of his home life as he takes viewers through a typical day in his life.

“I’m still in awe of what this job is and what it means,” Astorino, who is running for re-election in November, says in the video.

 

Westchester County Executive Launches “Ask Astorino On Tape” | The White Plains Daily Voice.

Investors racing rising home prices for profits | Bedford NY Real Estate

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House flippers are racing against rising prices to make fast profits.

In the first half of this year, 9% of the single-family homes that sold were resold again within six months — meaning “flipped,” according to market researcher RealtyTrac.

But some markets are already seeing flippers recede following sharp gains in home prices. Flipping declined in the first half of this year vs. last in 32 of 100 markets, including in cities that have seen rapid price gains, such as Las Vegas, Phoenix, Atlanta and San Jose, RealtyTrac says.

Meanwhile, flipping is increasing in markets with more muted home price gains, including New York, Washington, D.C., Chicago and in several Florida cities.

Palm Coast, Fla., led the way, where 37% of single-family home sales were flipped in the first half of this year. Omaha followed at 32% and Daytona Beach, Fla., at 16%.

“The flippers try to catch the wave at the bottom,” says Daren Blomquist, RealtyTrac vice president. About 8% of sold single-family homes were flipped last year, he says.

Flippers — who take advantage of rising prices to turn quick profits — were partially blamed for inflating the housing bubble before the market crashed in 2006. That could happen again in some markets, says John Burns, CEO of John Burns Real Estate Consulting.

He hopes that rising interest rates will cool price gains and flipper interest. The average 30-year fixed rate was 4.37% this week, up from 3.5% a year ago, Freddie Mac says.

On the other hand, flippers often pay cash for homes that are in such bad shape that banks won’t lend on them, says Mark Goldman, real estate expert at San Diego State University. He’s invested in three flips this year.

Flippers don’t inflate home prices, he says, they “improve housing inventory.”

Strong price gains in San Diego, combined with tight inventories, have made flipping less profitable, Goldman says. Instead of the 20% profits seen two years ago, 10% is now more the norm, he estimates.

 

Investors racing rising home prices for profits.

House-flipping is back, flourishing again | Pound Ridge Real Estate

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For the past several years single-family housing investors have been playing the buy and hold game. Strong rental demand and soft home prices made that the best bet. Now, with home prices up more than 12 percent from a year ago, the strategy is suddenly changing.

“It’s a perfect storm for flipping right now in many parts of the country because home prices are bouncing off the bottom,” said Daren Blomquist, vice president at RealtyTrac. “That is something that flippers can catch on the coattails of and ride that wave as long as it lasts.”

Home-flipping, defined as buying and selling the same home within six months, came roaring back in the first half of this year. There were 136,184 homes flipped, an increase of 19 percent from a year ago and 74 percent from the first half of 2011, according to a new report to be released Friday by RealtyTrac.

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Those increases, however, are nothing compared with the profit jump. Investors made an average gross profit of $18,391 per home, or a 9 percent gross return. That is up 246 percent from a year ago.

“Home-flipping business has keyed up quite a bit in the last 6 months,” said Steve Jones, founder of Los Angeles-based Better Shelter. Jones, who has been flipping homes for five years, said the competition is really heating up.

“There’s not a lot of inventory, and every time a listing comes up it’s like piranha in the water,” he said.

 

House-flipping is back, flourishing again.

Gas Prices On The Rise In Bedford | Bedford Corners Real Estate

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As temperatures continue to rise, so too do gas prices in Bedford and Mount Kisco, with prices at the pump jumping nearly 20 cents nationally in the last week.

New York gas prices are among the highest in the nation, with motorists paying an average of $3.90 per regular gallon, compared to the national average of $3.70. The only states in the continental United States paying more on gas are California ($4.04) and Connecticut ($4.00).
Since July 11, the average price of gas has risen 18 cents nationally. Prices are up 28 cents nationally from where they sat a year ago.

Robert Sinclair, the media relations manager for AAA New York, said that a conflict overseas is one of the key factors in the sudden and unexpected spike in gas prices.

“First and foremost, it’s the Egyptian situation that had led to the price of crude oil ramping up, really without justification,” he said. “This is just further evidence of a ‘fear tax,’ the worry that the Egypt problem could spread and oil production in the Middle East might be interrupted.”

The price of crude oil has risen above $100 per barrel for the first time since March 2012, Sinclair said. As recently as 2000, that price stood at just $28 per barrel, which has been a factor in the ever-rising cost of fuel.

“It’s a volatile market. Unforeseen events, in addition to the price of crude oil spiking, makes things even more volatile,” he said. “We’re seeing swings as wide as 50 or 60 cents per gallon in a given year, these are things that didn’t happen before.”

According to NewYorkGasPrices.com, the cheapest gas in Bedford can be found at the Gulf at 193 Pound Ridge Road. In Mount Kisco, the Shell at 513 Main St. is selling regular fuel for $4.29.

There may be no relief in sight for drivers, as there are still several months until refineries switch from the eco-friendly summer blend of fuel to the cheaper winter blend in September or October.

Tim James, a White Plains resident filling up for $3.99 per gallon at the Shell station on Post Road in Scarsdale, said that he wouldn’t curb the use of his car locally, but would think twice before going on a long road trip.

 

Gas Prices On The Rise In Bedford | The Bedford Daily Voice.

House prices and rent in England to surge by 2020, warns report | Armonk Homes

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House prices in England will soar by 42% by 2020 and rents will rise by even more, according to a report from the National Housing Federationwhich warns of the “colossal strain” facing the generation born in the 1990s.

Many will remain trapped in their parents’ homes as property prices continue to outstrip earnings, warns the NHF. It forecasts that 3.7 millionyoung people will be living with their parents by 2020, as the rate of housebuilding fails to keep up with the rising population.

“By 2020 the price of a first-time buyer’s home will increase by 42% to £245,165. Although wages for 22- to 29-year-olds will increase by 36% by 2020, this poses a huge challenge for those wishing to be homeowners. Low-earning young people would have to spend 16 times their average wage just to buy a home,” said the NHF report.

Rents will be driven even higher as young adults are priced out of the property market. “NHF research shows that private rents are likely to be broadly stable through 2013, but could increase sharply, by about 6% a year, between 2015 and 2020 as interest rates and house prices rise. In 2020, rents are expected to be 46% higher than today. But when the new flood of young adults born in the noughties starts university or a new job, they could push rents even higher in a country already chronically short of decent housing.”

 

 

House prices and rent in England to surge by 2020, warns report | Money | The Guardian.