Monthly Archives: April 2014

Home sales finally thaw, but just slightly | Waccabuc Real Estate

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U.S. home buyers signed more contracts to buy existing homes in March, as weather in much of the country warmed and as more listings came onto the market. An index of so-called “pending” home sales from the National Association of Realtors rose 3.4 percent from February, the first gain in nine months, but is still down 7.9 percent from March of 2013.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” Lawrence Yun, chief economist for the Realtors. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Regionally, sales in the Northeast increased 1.4 percent, but are 5.9 percent below a year ago. In the Midwest, sales slipped 0.8 percent and are 10.1 percent below March 2013. Pending home sales in the South rose 5.6 percent, but are 5.3 percent below a year ago. The index in the West increased 5.7 percent monthly, but is 11.1 percent below March, 2013. The Realtors still predict overall home sales for 2014 will come in lower than last year, at 4.9 million units sold.

Fast-rising home prices have caused at least some of the slowdown in sales during this spring season. In fact, prices in several major metropolitan markets hit new peaks in February. With median home values well above the national average, Denver, San Jose, Austin, Dallas and Houston hit new price highs, according to Black Knight Financial Services. Metropolitan markets in California made up eight of the top ten biggest price gains in February, with Portland, Ore., and Seattle, rounding out the list. Home prices fell in several Northeast and Midwest markets, like Cincinnati, Allentown, Pa. and Atlantic City, N.J. Nationally, home prices are still 13.5 percent below their June, 2006, peak, but that gap is closing fast.

 

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https://homes.yahoo.com/news/home-sales-finally-thaw-just-140000849.html

U.S. pending home sales jump, end losing streak | Cross River Real Estate

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Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, in the latest sign the housing market was stabilizing after a recent wobble.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 97.4. The increase beat economists’ expectations for a 1.0 percent advance.

These contracts become sales after a month or two, and March’s rise suggested home resales could rebound in the months ahead after stumbling last summer following a run-up in mortgage interest rates.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said Lawrence Yun, the NAR’s chief economist.

“Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Existing home sales in March fell to their lowest level in more than 1-1/2 years, but details of the report suggested the downward trend in sales had probably run its course, with housing inventory rising and more first-time buyers coming into the market.

 

 

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http://finance.yahoo.com/news/u-pending-home-sales-jump-140000344.html

‘I was right, the housing recovery was a sham’: The Guardian’s Heidi Moore | Mt Kisco Real Estate

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The housing market appears to be hurting. Last week we learned that sales of new homes plunged 14.5% in March compared to February, while sales of existing homes fell slightly month-to-month, too. Meanwhile, demand for home loans have hit a 14-year low in the first quarter, according to industry newsletter Inside Mortgage Finance.

But today the National Association of Realtors reported that pending home sales in March rose for the first time in nine months. They were up 3.4% from February, but down 7.9% from a year ago.

Heidi Moore, U.S. finance and economics editor at The Guardian, called the housing recovery a sham last June and in the video above says the latest run of weak data suggests the same concerns she raised when the recovery was humming along last summer. Moore says the recent slowdown reveals the recovery was in fact “dubious” and based on investor demand versus real homebuyers.

Others blame this year’s unseasonably cold weather along with higher mortgage rates for the slow start to the spring selling season. “Weather has been blamed for a lot, and it’s true it has some role, but there are so many other metrics that go in the direction of real trouble,” says Moore. “People haven’t been able to borrow for a mortgage for years — that has nothing to do with the weather, I promise you.” The same goes for issues like rising prices and low supply, she adds.

When it comes to the impact of these real estate conditions more broadly, Neil Irwin argues in the New York Times’ Upshot that the housing market is still stalling the economy. He points out that investment in residential property remains a smaller share of the overall economy than at any time since World War II, contributing less to growth than in past downturns, including the early 1980s when mortgage rates were 20% (compared to 4.5% currently).

Irwin argues if more people were buying homes and building returned to its postwar average as a share of the economy, growth would jump to 4% and about 1.5 million more jobs would be created. He says the main factor holding housing back is demand: Fewer people can or want to start a household of their own.

In Moore’s view, it’s the other way around: It’s the economy that’s slowing the housing market. Factors including stagnant wages, high unemployment and high household and student loan debt are reasons why people aren’t able to buy houses, says Moore. In other words, because the economy is stuck, the housing market is too.

 

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http://finance.yahoo.com/blogs/daily-ticker/i-was-right–the-housing-recovery-was-a-sham–guardian-s-heidi-moore-191918931.html

Most expensive US homes for sale | North Salem Homes

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With the recent $120 million sale of Greenwich’s Copper Beech Farm, previously the priciest single-family home in America, it’s time to update our list of the most expensive homes currently for sale on realtor.com.

While a prime 258-acre parcel in the Bel Air community of Los Angeles ranks as the most expensive property with an ask of $125 million, the crown of “most expensive home” now rests on an opulent mansion-estate in New York City.

 

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http://realestate.msn.com/most-expensive-us-homes-for-sale

The conventional wisdom on why home sales have stalled is wrong | Bedford Corners Homes

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New data has pushed housing to the forefront of the recovery discussion. Can the economy recover without housing? What has gone wrong with it? If housing is de-emphasized as never since the Depression, what does it mean for inequality, the new darling of the Left, and the free-market pleasure of the Right?

Other news, quickly: Orders for durable goods sparkled in March, the 2 percent gain doubling the forecast. U.S. manufacturing is hot. Goody. Maybe 18 percent of GDP. Would you like your college grad to work for GM making stuff, or for Google, which makes nothing? Vladimir the Stupid is in a one-man Mexican standoff.

Merkel spoke for the first time in weeks, accusing Vladimir of “imposing his will with the barrel of a gun and force of a mob.” Much as Germany would like to be an overlarge and changeless Switzerland, I think Vladimir has underestimated European resistance. The threat of imminent conflict creates a steady bid for U.S. Treasurys.

As does deflation in Europe, and an ever-closer endgame in Japan, and above all U.S. housing numbers too painful for many to discuss — and those who have tried have gotten it wrong. March sales of new homes, defined as a purchase contract written on a dwelling any time after the building permit, cratered 14.5 percent.

The financial media, led by the Wall Street Journal and Bloomberg News, say the problem is home prices rising too fast and higher mortgage rates. Housing is too important to the nation for old grudges to distort reporting this way. Stock market types hate housing and its competition for client investment, and delight in finding fault.

 

 

– See more at: http://www.inman.com/2014/04/25/the-conventional-wisdom-on-why-home-sales-have-stalled-is-wrong/?utm_source=20140425&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.ox5gfglL.dpuf

Building and retaining a successful real estate team: Identify strengths, procedures and your ‘big why’ | Pound Ridge Real Estate

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You’ve decided to start a real estate team, determined your compensation models and hired a really terrific person. The next issue you will face will be how to integrate that person into your new or existing team and how to retain him. When agents start a team, most become frustrated when the team does not perform well right from the beginning.

A critical point to keep in mind is that building a high-performance team requires time, patience and the team leader’s attention. Psychologist Bruce Tuckman created an excellent model that describes the four steps required in creating and maintaining a successful team.

The four steps are, “forming, storming, norming and performing.”Whether you are starting your team from scratch or adding new members to an existing team, a critical point to keep in mind is that you must go through the process below every single time the team changes.

1. Forming When you add a new team member, everyone is excited and hopeful about the future. They may also be apprehensive, especially if the person is joining an existing team. The forming stage is about realigning tasks and job descriptions to fit the strengths and the weaknesses of your current team members.

This is the reason that it is so important to use a behavioral assessment such as the DISC, as well as Tom Rath’s StrengthsFinder. Each of these tools allows everyone on the team to see what each team member does well and what needs to be handled by other team members. It also helps the team leader to identify the skills needed for the next hire.

 

– See more at: http://www.inman.com/2014/04/28/building-and-retaining-a-successful-real-estate-team-identify-strengths-procedures-and-your-big-why/?utm_source=20140428&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.ssbrtzd7.dpuf

6 market insights your real estate clients can use for a quicker sale this spring | Bedford NY Real Estate

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The spring housing market is about to get into full swing. And while agents may be fully aware of the state of this year’s emerging housing market, your clients may not be. It’s your job to get your sellers up to speed with what the 2014 home-selling season will bring.

Here are six market insights to share with your current or prospective clients that will give them a head start when it comes to a successful sale this spring!

Right now = a great time to sell

The winter home-selling season was crippled by the polar vortex, especially in the East and Northeast, so there’s pent-up demand from buyers who’ve been waiting for better weather to brave the house hunt. Mortgage rates are still at historic lows, so buyers ARE poised to buy and ready to hit the streets.

The numbers say sell now

Sixty percent of all homes in 2014 will be bought and sold between May and August. Sellers who put their home on the market at the beginning of the selling season will up their chances of snagging a winning offer before buyers turn their attention back to school starting in September.

Price it right

Many metros in the country have seen double-digit price increases in the past year. But this last quarter, prices started to slow nationally — and pricing is a critical component to getting a house sold. With this fluctuating market, sellers need to look at comps of similar homes in their area and rely on the expertise of their agent. Plus, remember, recency matters: Sellers should look back no more than 60 days and depend on their agent to help them set the price appropriately. The sale price of homes that sold recently paints a much better picture of what to expect than the price of homes that sold six months ago (or of homes that have yet to sell).

– See more at: http://www.inman.com/next/6-market-insights-your-real-estate-clients-can-use-for-a-quicker-sale-this-spring/?utm_source=20140428&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.9l9YMXTd.dpuf

Boerum Hill Townhouse Asks $3.8M, and More | Katonah Real Estate

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11 images


Click here to view the full photogallery.

↑ In Boerum Hill, this brick townhouse is asking $3.795 million. In addition to numerous dead animal parts, the 1860s house features period moldings, original wood floors, pocket doors and shutters, and five original marble fireplaces. There’s also a pretty large garden.

 

 

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http://ny.curbed.com/archives/2014/04/27/boerum_hill_townhouse_asks_38m_and_more.php

New Metro-North Schedule To Cut Commute Time To Grand Central | Bedford Hills Real Estate

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New Metro-North schedules that will take effect on Sunday, May 11 will cut commute times into Grand Central Terminal on the Hudson, New Haven and Harlem lines.

Metro-North said the new schedule will offer shorter commute times for 96 percent of weekday peak commuters in the morning compared to the schedules that have been in effect since November.

The new travel times also take into account the new safety measures and speed restrictions that have been put into place.

“Our first goal, now and always, is to provide a safe service,” Metro-North President Joseph Giulietti said in a statement. “This train schedule supports our ongoing efforts to serve our customers while providing our maintenance forces the time they need to inspect, maintain and repair the system.”

The schedule allows for ongoing, infrastructure repair and maintenance in the midday off-peak and at nights and on weekends.

 

 

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http://bedford.dailyvoice.com/news/new-metro-north-schedule-cut-commute-time-grand-central