| Pound Ridge NY Weekly Real Estate Report | 9/19/2013 | |
| Homes for sale | 86 | |
| Median Ask Price | $967,500.00 | |
| Low Price | $285,000.00 | |
| High Price | $5,700,000.00 | |
| Average Size | 3624 | |
| Average Price/foot | $348.00 | |
| Average DOM | 121 | |
| Average Ask Price | $1,293,598.00 | |
News Facts
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 drifted downwards this week amid signs of a weakening economic recovery. Retail sales rose 0.2 percent in August which was nearly half of July’s 0.4 percent increase. In addition, industrial production in August grew 0.4 percent, less than the market consensus forecast. And lastly, consumer sentiment fell for the second consecutive month in September to the lowest reading since April.
“This, in part, was why the Federal Reserve chose to maintain its MBS and bond-buying program at its September 12th and 13th monetary policy committee meeting. It also cited the tightening of financial conditions observed in recent months, which in the case of the housing market means the rise in mortgage rates since May.”
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. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.
As the year’s peak home buying season comes to a close, key market indicators point to a shift in the dynamics of the housing market, suggesting that future home value appreciations may likely be driven by market demand, rather than inventory shortages.
An analysis of the summer home buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age and median list price, signaling a leveling of the market not seen for some time. The national market was virtually flat month-over-month compared to July for both inventory and median list price, and registered a slight increase in median age of inventory.
“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 is less heated and moving closer to normalcy,” said Steve Berkowitz, CEO of Move.
Realtor.com® Key National Market Indicators for August 2013
August 2013 | Year-over-Year % Change | Month-over-Month % Change | |
| Number of Listings | 1,977,202 | -2.50% | 0.93% |
| Median Age of Inventory | 92 days | -8.00% | 8.24% |
| Median List Price | $199,900 | 6.39% | 0.00% |
National Highlights:
Widespread Inventory Recovery – The inventory recovery is broad and growing. The net number of listings increased even though the summer season is ending. Close to one-third of the 146 markets are within 5 percent of last year’s inventory levels, and more than two-thirds (99) of markets registered a net increase in inventory over last month.
Prices Stabilize – Despite the increase in inventories, the national median list price did not change compared to July. Absent a significant weakening in economic conditions or significantly higher rates, prices should continue to slowly rise alongside typical cost of living increases.
Price Appreciation Becoming More Widespread – In August, 123 of the 146 Metropolitan Statistical Areas (MSAs) covered by realtor.com® registered a year-over-year increase in their median list price, with 78 markets registering an increase of 5 percent or more. Of the 18 markets reporting a list price decline, only 11 markets had a year-over-year list price decline of one percent or more, and only three markets had a list price decline of 5 percent or more. By contrast, the number of markets reporting year over year median prices lower than they were last year was 31 in July.
Despite six years of a depressed housing economy that reduced Realtor ranks by one-third, real estate brokerage companies 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.
After rising since the beginning of the year, consumers’ outlook for home price increases plateaued in August – which has been trending upward- has hit a plateau, likely due to concerns regarding the potential tapering of the Federal Reserve’s asset purchases, according to Fannie Mae’s August 2013 National Housing Survey.
“The spike in mortgage rates associated with the possibility that the Fed will begin to wind down its asset purchase program later this month has dampened the improving trend in consumer sentiment regarding housing witnessed in our survey since the start of this year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The pause in positive momentum is consistent with slowing trends in home purchase contract signings and mortgage applications. Interest rate volatility will likely remain elevated, even after we have more clarity on the pace of the Fed’s tapering, due to concerns over the upcoming budget and debt ceiling debates as well as the crisis in Syria.”
Survey data show that consumers expect home prices to continue to grow on average during the next 12 months, but at a slightly reduced pace of 3.4 percent. Additionally, the share who say it is a good time to buy a home has stayed relatively flat during the past year while those who say it is a good time to sell a home has lost momentum recently.
SURVEY HIGHLIGHTS
Homeownership and Renting
The Economy and Household Finances
Rising rates continue to have an impact on home purchase applications. The number of mortgage applications filed last by 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.
The purchase component eased 2.7% this week relative to last and has fallen 16.8% since the first week in May on a seasonally adjusted basis. Rates reversed course last week and turned upward after easing in the prior week. The average rate for a 30-year fixed rate mortgage was 4.57% last week according to Freddie Mac.
On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.
The sudden drop in purchase applications comes as loans for new homes have taken market share away from refinancing since January, raising its market share from 27% to 53% in July.
While the average rate has been on the rise, the National Association of Realtors reported that the Federal Housing Finance Agency is considering reducing the limits on mortgages that can be backed by Fannie Mae and Freddie Mac. Currently, the GSEs can support loans up to $417,000 in most markets and up to $625,500 in higher cost markets, while loans above this are supported by the private “jumbo” market made up of banks and private MBS securitizers.
Rates on jumbo loans have eased to party or slightly better than conforming loans in recent months as banks have started taking more loans into portfolio to compensate for weak commercial and refinance business. However, these loans are very high quality with large down payments and high FICO scores. The concern then is that if the loan limits decline, the private sector may still not be ready to pick up the non-pristine lending activity in the high cost portion of the market, cutting off access to credit for this portion of the market, resulting in reduced demand and sales.
When we first posted about this compound in Montauk, in between the usual bickering about hipsters and cityfolk, one commenter wrote “If they get anywhere near asking I will be amazed. This place is a total gut renovation.” So far, you’re correct, Guest 14, as the price is now a cool million dollars lower at $3.45M. Any guesses now about the final selling price? (Note: we still love the green bathroom.)
The property has plenty to offer: three acres of land with three buildings on them. We love Carl Fisher Tudors—and this property offers two of them, though they need work. One house has a five bedroom, five bath main part, with the staff quarters as a three bedroom, one bath separate apartment. The second Tudor is in rougher shape and is broken up into two apartments. There’s also a cottage that looks extremely dilapidated. So that’s three buildings with five legal C of Os. · Investment Opportunity-Compound; Carl Fisher Tudors [Corcoran]
It’s getting harder for many first-time buyers to afford a home in many markets across the country. The average rate on a 30-year, fixed-rate mortgage has climbed 16% in the past year, at the same time that the median home price shot up 14%.
In the past couple of months, lenders say, buyers looking to lower their monthly payments have started inquiring about adjustable rate mortgages, those riskier mortgages often blamed for the housing bust.
“We are definitely seeing more interest in ARMs,” says Malcolm Hollensteiner, director of retail lending for TD Bank.
Can they be trusted this time around? Who should consider these loans, which vary in rate after an initial fixed period? And who should stick with the standard 30-year fixed-rate loans?
In this September installment of Buying Advice, we’ll school you on the pros and cons of today’s adjustable-rate mortgages, check in with the latest housing statistics and help you understand origination fees when shopping for a mortgage.
August marked the 27th month in a row that Houston home sales have increased on a monthly basis.
The number of home sales registered in the Houston Association of Realtors multiple listing service topped 7,000 for the fourth month in a row in August in the large Texas city, defying the typical fall slowdown in the housing market and matching a flurry of activity not seen since 2007.
Source: Houston Association of Realtors
read more at…
http://www.inman.com/wire/houston-housing-market-on-fire/#sthash.vHPktDW8.dpuf
Newly on the market in the Brentwood area of L.A.: this 9,000-square-foot house, owned by screenwriter Tom Schulman. Schulman purchased the 1.35-acre property in 1989, the year theDead Poets Society was released, and commissioned California architect Steven Ehrlrich—who trademarked the expression “multicultural modernism” to describe his firm’s philosophy—for this modernist five-bedroom, made of concrete, glass, steel, and wood. The result, according to the brokerbabble, is an “adept interpretation of California modernist style” and “a comprehensive blending of the sensibilities of Schindler and Neutra, with delicate Japanese influences.” Standouts here include a driveway lined with bamboo, an entry bridge (“the balance of striking geometric angles with the soft landing of a water”), shoji screen-inspired interior woodwork, and a double-height living room. Below, a look:
