Daily Archives: September 16, 2013

Brokerages Step up to One-Stop Shopping | Katonah NY Real Estate

Despite six years of a depressed housing economy that reduced Realtor ranks by one-third, real estate brokerages are closer than ever to achieving the long-sought dream of becoming one-stop shops  providing their customers all the services they need to buy or sell a house.

A new survey Imprev, Inc. found that 75 percent of top real estate executives responding said their brokerage firms offer at least one major ancillary service and mortgages are the No. 1 additional offering.  Some 89 percent of the real estate firms that offer at least one ancillary service offer home loans.

Nearly three-quarters (71 percent) offer title services and nearly half (49 percent) offer home-warranty services.

“For decades, the National Association of REALTORS® has tracked growing consumer interest in a one-stop shop through its surveys,” said Renwick Congdon, chief executive officer of Imprev, a real estate marketing software firm that works with 150,000 agents and brokers nationwide.

“Clearly, the industry’s thought leaders are making it happen in their firms,” he added.

According to a 2011 NAR and Harris Interactive study, the number of consumers interested in using a service provider affiliated with a brokerage firm increased 34 percent from the first survey completed in 2008.

In the NAR/Harris study, 78 percent of homebuyers said that one-stop shopping would save them money; 75 percent said it would make the process more manageable and efficient; and 73 percent said that a one-stop real estate shop would prevent the details relevant to their transactions from “falling through the cracks” — as well as make the entire process “more convenient.”

When real estate executives were asked to select the top benefits from offering ancillary services, 79 percent said “higher profits”; 70 percent said “one-stop marketing opportunities”; 62 percent said “increased customer satisfaction”; and 60 percent said “better quality control.”

The survey was conducted in late May. Poll respondents included top executives at leading franchises and independent brokerage firms responsible for more than one-third of all U.S. residential real estate transactions last year.

 

http://www.realestateeconomywatch.com/2013/08/

Why to Put Your Tub in the Shower | Cross River Real Estate

Putting your bathtub in the shower may be an unexpected idea, but it’s a solid one and a growing trend in bathroom design.
Sure, it looks great, but what does it mean from a practical standpoint? For one, kids (and grown-ups) can splash all they want in the tub without having to worry about water damage or a mess. Two, the right tub model can double as a great shower bench or spot to perch your leg on while shaving.
Curious if this will work in your new bathroom? Take a look at these examples and learn what questions to ask your contractor before implementing this design.

modern bathroom by Elemental Design, LLC

Add to ideabook
Waterproofing is vital in these installations. Your bathtub will have a 1½- to-2-inch drain line that will need to travel through your shower’s waterproofing materials.
Tubs in general are awkward and a pain to hook up, so there are a lot of factors to consider here. For example: Will your tub’s anti-tipping brackets poke through your shower membrane? This is a good question to ask your builder.
modern bathroom by Sean O'Brien Architecture

Add to ideabook
If this modern tub were a tub shower, it’d be pretty difficult to waterproof because it’s designed as an undermount tub. Clean-lined tubs like this usually don’t have edging that connects the tub with the wall’s waterproofing. Placing the tub inside the shower means the entire area is waterproofed, and it actually simplifies the room’s design.
Tip: A typical shower’s glass door and fixed panels can cost up to $2,000. I like how this shower-tub combination has a single wall panel and no door. A simple design change like this can dramatically reduce the cost of your new bathroom.
Some tubs are a challenge to get into for people with knee or hip issues. If this is the case for you but you still want a tub, a combination like the one shown here can help with accessibility. This barrier-free shower allows for a tub, but the shower itself can still be used for years and years to come.
Tip: If you plan to wash your kids in the tub, place the shower fixtures so they can be used in both the tub and the shower to make things easier.
A built-in tub like this is actually much easier to install than a freestanding one. Waterproofing behind and under tubs with little wiggle room can be difficult, so I always suggest that clients install tubs like this, for practicality and cost savings.
Tip: Make sure your walls are waterproofed up to a height of 6 feet in your shower and tub area’s primary wet zone. Waterproof the walls at least 18 inches above the tub lip in a bathtub without a showerhead.
contemporary bathroom by Altereco Design

Add to ideabook
There’s plenty to love about this shower. For starters, the tiny ledge along the wall on the right is a great way to accommodate a smaller tub in a bigger space, while adding extra storage.
The floor outside the tub is actually graded back to the shower, so everything drains with ease. This is a true wet room, and it looks great.
http://www.houzz.com/ideabooks/3149263/

Seven Million to Struggle with Negative Equity for Four Years or More | South Salem Real Estate

Though three million homeowners were freed from the shackles of negative equity in the past year, it will take at least four more years for 7 million or more deeply indebted homeowners to reach positive equity, even as home values continue their current pace of recovery.

As home values continue to rise, the national negative equity rate continued to fall in the second quarter, dropping to 23.8 percent of all homeowners with a mortgage, according to the second quarter Zillow® Negative Equity Report. However, millions of homeowners remain so far underwater that it will take years for them to regain equity, even as home values continue their recovery.

Approximately 12.2 million homeowners with a mortgage were in negative equity, or underwater, at the end of the second quarter, owing more on their mortgages than their homes are worth. That is down from 13 million homeowners in the first quarter and 15.3 million at the same time last year. Roughly one-third of homes are owned without a mortgage. The negative equity rate among all homeowners, both with and without a mortgage, was 16.7 percent at the end of the second quarter.

Nationwide, more than half (57 percent) of homeowners in negative equity are underwater by 20 percent or more, and roughly one in seven (13.4 percent) owes more than twice what their home is worth. According to the most recent Zillow Home Value Forecast, home values are expected to rise 4.8 percent in the next year. Assuming appreciation at that rate going forward, it would take a homeowner underwater by 20 percent roughly four years to reach positive equity.

“Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air. For those homeowners who are deeply underwater, though, there is still a long row to hoe,” said Zillow Chief Economist Dr. Stan Humphries. “The frustratingly slow pace of negative equity declines in the face of such robust home value appreciation is a direct result of the fact that many people in the hardest-hit markets are underwater by an enormous amount. Because of this, negative equity will be a factor in these markets for years to come, constraining the supply of homes for sale and keeping people out of the market who might otherwise get involved.”

The “effective” negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, fell to 41.9 percent, from 43.6 percent in the first quarter. Listing a home for sale and buying a new one generally requires equity of 20 percent or more to comfortably meet related expenses, including the down payment for a new home and associated closing costs, taxes and real estate agents’ fees. Homeowners without enough equity may remain tied to their homes, even if they are not underwater.

 

 

http://www.realestateeconomywatch.com/2013/08

Mortgage rates remain steady on uncertain jobs data | Waccabuc Real Estate

Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.

The average 30-year, fixed-rate mortgage came in at 4.57%, unchanged from highs reported a week earlier, and up from 3.55% last year.

While rising rates have been tied to a possible slowdown in housing activity, rates hit a plateau as the jobs situation created more questions for the market, stalling additional upward movement.

“Mortgage rates were little changed this week following a mixed employment report,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3%, which was the lowest since December 2008.”

The 15-year, FRM came in at 3.59%, also unchanged from last week, but up from 2.85% a year earlier.

On the other hand, adjustable rates shifted, with the 5-year Treasury-indexed hybrid ARM averaging 3.22%, down from 3.28% a week earlier and up from 2.72% a year ago.

The one-year Treasury-indexed ARM also hit 2.67%, down from 2.71% a week earlier, and up from 2.61% a year ago.

Rates have been rising ever since the Fed started sending hints to the market in late spring that the possibility of tapering mortgage-backed securities and Treasury purchases could occur later this year.
HousingWire covered the dramatic tumble mortgage applications took this past week, falling 13.5% as rates remained elevated. The sharp drop prompted market fears that higher rates are beginning to sideline potential homebuyers as home affordability concerns resurface.

As of now, there are several factors that could impact consumer confidence and rates within the next few weeks.

For starters, the Federal Open Market Committee meets next week. A big question is when will the committee actually decide to scale back its asset purchases – at the next meeting or later in the year, Capital Economics noted in a Thursday report.

Julian Jessop, a chief global economist with Capital Economics, said, “Fed tapering is unlikely to be the major shock to the prospects for the rest of the world, or indeed for the US itself, that many have assumed.”

Jessop added, “In short, next week we expect the Fed to announce a reduction of perhaps $10 billion to $15 billion in the pace of asset purchases, from the current $85 billion per month. Surveys of other analysts and market participants suggest that this is the consensus view as well.”

Bankrate’s report also shows fixed rates barely shifting this past week. The 30-year, FRM edged down to 4.71% from 4.72%, while the 15-year, FRM shifted up slightly to 3.75% from 3.74%. Meanwhile, the 5/1 ARM stayed unchanged at 3.65%, according to Bankrate data.

 

 

http://www.housingwire.com/articles

5 September Home Improvement Projects From Bob Vila | North Salem Homes

As another summer slips away, the days seem to straddle the seasons, alternating between warm breezes and brisk winds. So, too, do home improvement tasks. This month, the focus is primarily on the peripheries — clearing clutter in the garage, brightening a lackluster entry, gathering valuable seeds from the garden, replacing tired bathroom fixtures and closing up that vacation home.

Source: Carney Logan Burke Architects

Source: Carney Logan Burke Architects

No. 1: Close up the vacation house

For homeowners fortunate enough to have a vacation retreat, Labor Day weekend signals the start of the annual ritual of closing up the seasonal getaway. Although best practices vary by region, if you have an unwinterized rural cottage, beach retreat or mountain cabin, there are a few basic things you can do to help safeguard your house through the cold months ahead:

  • A few weeks before you leave, begin evaluating the condition of your home top to bottom, inside and out. Find out what broke over the summer (or what’s about to) and arrange to have repairs made. Tradesmen in towns with seasonal occupants are usually inclined to negotiate when the population ebbs.
  • On the exterior, check the foundation, siding and trim for cracks and crevices that could let in moisture or provide an entry point for unwelcome creatures. Closely examine where the roof overhang meets the house. Pests as teeny as wasps and as large as squirrels often seek to nest in the solar-warmed space of house attics.
  • Clear the gutters so that rain and snowmelt run freely away from the base of the house and, using a ladder or binoculars, inspect the roof for raised shingles, making repairs if necessary. Another prudent defense is to trim back any tree branches near the house that could cause damage in a strong storm.
  • Electricity should be shut off at the main, but leave on circuits that control such essentials as the alarm system. Also be sure to unplug appliances, especially the large and expensive ones, just in case lightning strikes. Gas can be turned off at the main, but for many homeowners, it’s probably safer and easier to call the utility and temporarily suspend service.
  • All water pipes should be drained. Accomplish this by turning off the main water supply, opening all faucets and leaving them open. Remember also to drain the supply hoses into indoor outlets like the dishwasher and outdoor outlets like the sprinkler system. If winter conditions are brutal in your area, take the precaution of hiring a professional plumber to do the work.
  • Inside, clean out closets and cabinets, leaving them open to ventilate. Remove and store all bedding in plastic (throw in moth balls if you have them) and, for protection against burrowing mice, cover all mattresses.
  • The kitchen deserves time and attention because food can attract animals and canned goods can explode if they freeze. Store nonperishable food in metal containers and relocate cans to the basement if possible, or take them back to your primary residence.

Go easy on yourself and get started with the close-down process sooner rather than later. Shutting the house properly in the fall helps ensure that your summer abode is healthy and sound upon your return in the spring.

Source: kohler.com

Source: kohler.com

No. 2: Update the bath

If you have a dated bath in need of new fixtures, you’ll have no trouble finding attractive replacements that suit both your taste and budget. But if you’re planning to replace the faucet yourself, be sure to take into consideration the configuration of your sink or vanity. Single-hole sinks fit either single-handled or smaller two-handled faucets. Center-set sinks feature three holes drilled within 4 inches and accommodate single-handled designs or two-handled faucets mounted on a plate or escutcheon. Widespread sinks, which have three separate holes at least 8 inches apart, accept larger two-handled designs. Knowing which configuration you have will make the replacement an easy DIY endeavor.

No. 3: Take advantage of the garden

Many veteran gardeners save seeds almost compulsively. Why? Because if you harvest the seeds from your own garden, you not only save money but also ensure that you have the varieties you love. And, saving seeds is simple enough for even novice gardeners. For flowers, cut heads once their seed pods have dried (or shortly before), then hang them upside down in a paper bag to dry. After allowing enough time for drying, remove the seeds, separating them as much as possible from the chaff and other plant material. For fruits and vegetables, harvest fruit seeds once the fruit has become fully ripe or overripe. Before setting the seeds out to dry, give them a thorough wash. Adjust your approach with podded vegetables like beans and peas. Let these seeds dry in their pods on the plants before you gather them. With a little time and preparation, you will have the makings for a successful planting season come spring.

 

 

http://www.zillowblog.com/2013-09-09

 

Home prices hold steady in August | Mt Kisco Real Estate

The median price of homes for sale on realtor.com held steady at $199,900 in August from July, but were up 6.39 percent from August 2012, according to a monthly real estate trends report from realtor.com.

Inventory stood at 1.98 million in August, a 2.5 percent dip from a year ago and a 0.93 percent increase from July’s number, realtor.com data showed. Homes were on the market for a median of 92 days in August, down 8 percent from a year ago, but up 8.24 percent from July.

“Where we have seen significant volatility in many markets, including double-digit declines in inventory as well as increases in median price for both yearly and monthly views, we are now looking at a housing market that much more closely resembles ‘normal,’ ” said Steve Berkowitz, CEO of realtor.com operator Move Inc., in a statement.

 

Source: realtor.com

 

read more at: http://www.inman.com/wire/home-prices-hold-steady-in-august/#sthash.UWs9E1TZ.dpuf

Solar Panel Is Next Granite Countertop for Homebuilders | Waccabuc Real Estate

Solar panels are the next granite countertops: an amenity for new homes that’s becoming a standard option for buyers in U.S. markets.

At least six of 10 largest U.S. homebuilders led by KB Home include the photovoltaic devices in new construction, according to supplier SunPower Corp. (SPWR) Two California towns are mandating installations, and demand for the systems that generate electricity at home will jump 56 percent nationwide this year, according to the Solar Energy Industries Association.

People view a model a Garbett Homes net zero energy house, which produces as much energy as it consumes, in Daybreak, Utah, on Aug. 14, 2013. Photographer: George Frey/Bloomberg

“In the next six months, homebuilders in California and the expensive-energy states will be going solar as a standard, and just incorporating it into the cost of the house like any other feature,” Jim Petersen, chief executive officer of the PetersenDean Inc., the largest closely held U.S. roofing and solar contractor, said in an interview.

With high-quality components, state-of-the-art monitoring and superior customer service, switching to solar power with Linked Solar Preston is the smart choice.

Lashing panels to roofs during construction is about 20 percent cheaper than after a house is built. Homeowners who can afford the extra $10,000 to $20,000 cost in return for free power threaten the business of traditional utilities such as Edison International of California or Kansas’ Westar Energy Inc.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Solar Panel Is Next Granite Countertop for Homebuilders | Waccabuc Real Estate.