Monthly Archives: November 2015

Time to break decorating rules | North Salem Real Estate

Go-to design rules can be a huge help when you feel lost with your decor. But sometimes they end up painting you into a corner. If you’re finding your decor a little on the dull side, or you just like shaking up the system, here are seven of the top design rules that you should consider bending, twisting or totally breaking.
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http://www.houzz.com/ideabooks/

Mortgage Rates average 3.97% this week | South Salem Real Estate

Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged as analyst expectation turned from world events to the Federal Open Market Committee’s (FOMC) October minutes.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending November 19, 2015, down from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 3.01 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.3 point, down from 2.65 percent last week. At this time last year, the 1-year ARM averaged 2.44 percent.

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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM or the regional breakouts for the 30-year and 15-year fixed rate mortgages, or the 5/1 Hybrid ARM

New Single-Family Home Size: Flat Trends | Waccabuc Real Estate

The typical size of newly built single-family homes was effectively unchanged from the second to third quarter of 2015, posting a small quarterly decline. The current data is consistent with the general trend of flat growth for the size of typical newly-built homes, a pattern that took hold during 2014. As first-time buyers return to the market, typical home size is expected to trend somewhat lower.

According to third quarter 2015 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area fell from 2,478 in the second quarter to 2,445 square feet. Average (mean) square footage for new single-family homes fell from 2,704 to 2,653 for the third quarter.

SF size_3q15

On a less volatile one-year moving average, the recent trend of leveling home size can be see on the graph above, although current sizes remain elevated. Since cycle lows and on a one-year moving average basis, the average size of new single-family homes has increased 13% to 2,693 square feet, while the median size has increased 17% to 2,472 square feet.

 

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http://eyeonhousing.org/2015/11/

Gen Xers more likely than Millennials or Boomers to buy a home | Cross River Real Estate

MCLEAN, VA–(Marketwired – Nov 18, 2015) – Freddie Mac

  • Gen Xers more likely than Millennials or Boomers to buy a home
  • Millennials more likely to save for short- and long-term goals
  • Renters offset rent hikes by spending less on essentials and are considering getting a roommate

Renters indicate they still feel challenged with their finances and 66 percent are carrying debt each month, according to a recent Freddie Mac (OTCQB: FMCC) survey. Yet, the majority of renters (56 percent) are optimistic about managing their debt. Renters are also saving money for numerous priorities and a down payment on a home is not at the top of their list. In addition, Gen Xers are more likely than Millennials or Boomers to buy a home in the next three years.

For the Freddie Mac quarterly online survey, conducted in October on its behalf by Harris Poll, renters currently saving for all listed goals place a higher priority on saving money for an emergency/unexpected expense (59 percent), retirement (51 percent) and children’s education (50 percent) than a down payment on a home (39 percent) or a vacation (26 percent). They also indicate that they are behind in saving for those things.

Looking across generations, Millennial renters are more likely to be saving for short- and long-term goals than Boomer and Gen X renters. For example, Millennial renters are more likely to be saving for a major purchase (92 percent) and a vacation (94 percent), when compared to Boomers (82 percent and 81 percent respectively) and Gen Xers (77 percent and 75 percent respectively).

“We know rents are rising faster than incomes and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items,” said David Brickman, Freddie Mac executive vice president of Multifamily. “Despite this, some renters feel optimistic about managing their debt.”

Brickman added, “Growth in the renter segment will most likely occur through multifamily properties as more than half of those currently renting single-family properties are planning to become homeowners in the near future. The data shows single-family renters are increasingly more dissatisfied than multifamily renters.”

Ways to Offset a Rent Hike

The many ways in which renters are making adjustments due to rent increases include:

  • 51 percent are spending less on essentials, the same as last quarter.
  • 52 percent put off plans to purchase a home, compared to 44 percent in June.
  • 35 percent are contemplating getting a roommate, up from 29 percent in June.
  • 26 percent say they need to move into a smaller rental property, compared to 20 percent in June.

The Future Homebuyer

When broken out by generations, 58 percent of Gen X renters expect to purchase a home in the next three years, compared to 42 percent of Millennials and 33 percent of Baby Boomers.

Overall, almost half (48 percent) of renters in single-family properties are dissatisfied with renting, and are more likely to purchase a home in the next three years than multifamily renters (57 percent vs. 28 percent).

Satisfaction with Rental Experience

The satisfaction rates from the March, October and June surveys this year are virtually unchanged, with a third of renters being very satisfied with their rental experience and almost a third (30 percent) indicating they are moderately satisfied. In the October survey,

  • 70 percent of satisfied renters are likely to continue renting for the next three years, up slightly from 68 percent in the previous quarter.
  • 30 percent of satisfied renters indicate they are more likely to buy a home, compared to 32 percent in the previous quarter.

In addition, the top favorable factors for renting remain about the same and are freedom from home maintenance (79 percent), more flexibility over where you live (74 percent) and protection against declines in home prices (68 percent).

Additional details about the survey, including charts, are on the Freddie Mac website.

Which States Care About the Planet? | Katonah Real Estate

Which States Care About the Planet?

Across the nation, Americans are going green – and they’re heading online for more information. Even their search results prove it, as they type in terms such as “how to save energy,” “eco-friendly,” and “electric cars.”

We researched action phrases people may search for when looking into certain environmentally friendly activities; then we used Google Trends to rank the results by topic and state. Read on for the interesting – and sometimes surprising – results.

REUSING

Old bottles can become candleholders; empty egg cartons can store holiday ornaments. Reusing is all the rage for eco-conscious Americans. When it comes to the phrase “how to reuse,” a high cost of living may explain the top two results: California took the lead, followed by Hawaii. Washington State, Georgia, and Utah rounded out the top five.

WIND POWER

The East and Midwest breezed to the top for “wind power” searches. Maine, Iowa, Indiana, Kansas, and Connecticut displayed the most interest in this unique power source. Maine’s wind power initiative (Wind for ME) helps explain its top spot. Iowa draws a quarter of its electricity from wind, Indiana is an up-and-comer in the wind power sector, and Kansas is second only to Texas in terms of wind power potential. In Connecticut, wind power is a controversial topic: Attempts to construct turbines have met with local opposition, and in 2014, the Supreme Court weighed in to approve wind farms. (This could explain the high volume of searches.)

SOLAR POWER

The top five hotspots for “solar power” searches were Vermont, Utah, Idaho, Nevada, and Hawaii. Vermont is an up-and-coming solar champ, with a 63% increase in money spent on solar installations between 2013 and 2014. In rural Utah and Idaho, where running power lines to some remote locations can be too pricey, solar energy often is an ideal solution. Nevada is home to the most solar jobs per capita. Finally, in Hawaii, almost one in eight homes has installed solar power.

GARDENING

The top four states that searched for the term “how to garden” have something in common: Idaho, South Dakota, Montana, and Utah are all states with low population density. Presumably, that means many residents may have the space to garden.

COMPOSTING

Composting involves diverting kitchen waste from the landfill and instead tossing it into bins (possibly with worms) where it can decompose to become a rich additive to soil. “How to compost” was a popular search among Colorado and Washington residents. Colorado cities, such as Denver and Boulder, provide a great deal of outreach on the topic of composting. Washington State is no surprise, either, as a new policy forces Seattle residents to compost food waste or have it sent to a processing site to avoid warnings and even fines.

ELECTRIC CARS

In a search for “electric cars,” California and Hawaii were first and second respectively. These stats align with the number of electric car owners in the nation as well: As of 2014, approximately 5.5 out of every 1,000 registered vehicles in California were electric, while 4.2 out of every 1,000 registered vehicles in Hawaii were electric.

To see more of these maps, explore the infographic below:

It’s Easy Being Green

Saving the Earth is a hot topic these days – and one virtually all Americans would do well to familiarize themselves with. How can you do your part? Next time you have a minute to go online, try a search for some of these topics. You just may discover that you want to plant a garden, set up a compost bin, share tips on recycling, offer to carpool with a friend, or look into alternate energy sources.

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https://www.saveonenergy.com/which-states-care-about-the-planet/

Should real estate agents “fire” know-it-all homebuyers? | Bedford Hills Realtor

Real estate agents are vital in the role of helping people find the perfect home.

But what should you do if it’s those same people who prove problematic?

What would you do, walk away?

Check out this Reddit post titled: “Stubborn buyer loses home over stupidity, how to handle?”

Here, user WolfofWallStr lays out this tragic scenario:

Hey all. Had a buyer, I’ll call them they “Know it All” Family. They knew everything, especially since they watch Home & Garden TV, Million Dollar Listing, and saw something on Youtube that one time.

So anyways, the buyer (The Know It All Family) submitted an offer, solid offer. Seller countered. The two were $10,000 apart. The seller then offered to meet in the middle, so they are no longer apart. Unfortunately buyer refused and actually informed the seller they are considering lowering their offer. The buyer used silly excuses such as values listed on the tax assessment of the property & replacement values from insurance quotes. In the meantime, the seller got a higher offer… we snoozed, we lost and it was all the buyers fault.

Now this buyer is angry and doesn’t want to buy anymore. They’re solid buyers, but they think they know everything because they read some blog on the internet about real estate and watch RE TV shows lol. Any thoughts on how to handle situations like this in the future?

For once, reaction isn’t so mixed.

Most of the Redditors, many brokers, landlords, agents themselves, say to “fire” clients such as these. Do you agree? Let me know on the message boards below.

Note: one user disagreed and got shot down for showing “alternative feelings.”

I’ll just add that here, at the end, for some balance.

WiseImprovements said:

“They are going through a very emotional process that may seem pretty simple to you. It’s a huge deal for their family and they are out of their comfort zone. I understand that you are frustrated but calling them stupid and insulting them online makes you look very badly.

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you know it all

Builders’ sentiment drops | Bedford Real Estate

Builders’ sentiment dropped back to levels more consistent with the second half of 2015 after an upward bounce in October. The November NAHB/Wells Fargo Housing Market Index dropped three points from an upwardly revised October level to 62. The index has been above 60 since June 2015 and remains well above the tipping point of 50 where more builders see an improving market than see a poorer market.
Two of the three components also fell back to the levels established in the summer. The current sales index dropped three points to 67 equaling the September level and better than June through August levels. The expectation for future sales dropped five points to 70, the same as July and August levels. The traffic component increased one point to 48, the highest level since October 2005.
Builders continue to express concern about the lack of buildable lots in locations where buyers want to live and the very limited availability of construction labor crews. These supply constraints have limited builders’ bringing new homes into inventory. However, builders are seeing more potential buyers show up at their building sites, at the model homes and in the offices as consumers become more confident in the housing market and the overall economy.
The NAHB/Wells Fargo HMI does appear to portend home sales turns. The graph shows an uptick in the three-month moving average of the HMI is followed in two or three months by an uptick in the three-month moving average of new home sales.

New Home Sales and NAHB

 

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http://eyeonhousing.org/2015/11/builders-retrench/

 

 

 

Porcelain ceramic tile is making a comeback | Pound Ridge Real Estate

For a home builder, the holy grail of materials is one that can do everything.

For a homeowner, the holy grail of materials is one that looks really good and requires no maintenance.

Such a material is now available but virtually unknown to most builders and homeowners in the United States.

It’s not a miracle of nanotechnology or even new. It’s that old workhorse, porcelain ceramic tile, updated with modern equipment and manufacturing processes to such a degree that it may change the look of suburbia as well as our notions of what constitutes a tile.

Manufacturers can now produce porcelain tiles that are huge (5-feet-by-11-feet), really thin ( 1 /8 – to ¼-inch thick) and absorb almost no water. This latter detail means that these big tiles will not crack in freezing temperatures and can be used indoors, outdoors in temperate climates such as the Washington area’s, and for an astonishingly broad range of applications. The tiles are also made in smaller sizes, though much larger than the 4-by-4-inch ones that are standard in so many bathrooms, and they can be nearly ¾-inch thick, depending on the intended use.

The tiles are marketed in the United States by Tennessee-based Crossville, which calls its tiles Laminam, and four Spanish manufacturers. Cosentino calls its product Dekton, Grespania’s version is Coverlam, Inalco’s is Itopkerand TheSize Surfaces’s is Neolith.

Because this type of porcelain tile is so new, the industry has not yet settled on a generic name. Two terms used by the National Tile Contractors Association are “thin porcelain panels” and “thin porcelain tile.”

In keeping with designers’ preference for a “soft” palette, the offerings of these firms favor grays, “greige” (a combination of beige and gray), light and dark brown, charcoal, cream and pure white. Some of the tiles are a solid color, but others mimic wood, concrete, textile patterns, metals and natural stone. The marble lookalikes resemble the real thing so closely that even experts can be fooled.

When you see these supersize tiles in someone’s house for the first time, “great looking tile” is not likely to be your initial reaction . In fact, you probably won’t even realize that you’re looking at tile until someone tips you off. Unlike small, traditional tiles with grout lines running everywhere, big tiles have hardly any grout lines, and the few that are there are nearly invisible.

The big tiles with solid colors present a tasteful, unusual finish; the natural stone lookalikes, especially the marble ones, are stunning. Though marble has a long history in American interiors, the individual tiles have been small. To see an entire counter made of what appears to be a single slab of high-quality Calacatta marble is eye-popping.

Once you know what to look for, where might you use the supersize tiles?

They can be used to finish walls as well as for flooring, countertops in the kitchen and bathrooms, kitchen sinks and fireplace surrounds. If you want to go really crazy, the thinnest tiles can be used to finish doors, tables, desks and stairs. Capitalizing on the unusually high heat resistance of the supersize tiles, the Spanish firm Inalco is experimenting with installing burners directly into the counter, which would eliminate the need for a separate cooktop. The tiles are extremely scratch and stain resistant. Spills do not have to be cleaned up right away, an appealing feature if you’re one to leave the kitchen cleanup until the next morning after your last dinner guest leaves at midnight.

Another plus with the large tiles in the kitchen is crack resistance. Traditionally manufactured tiles can crack when heavy objects are dropped on them. These porcelain tiles, however, are manufactured with a different process that makes them extremely crack resistant. As Jacobo Pardo of Grespania explained, as long as the tile is installed properly, “you can drop a large cast iron frying pan on the counter, no problem. If you drop a big cast iron pan on the floor, it won’t crack.”

In addition to their size, another difference between these tiles and traditional ones is their surface finish, which can vary from a soft matte to a highly reflective glossy (Cosentino’s Lorenzo Marquez said his firm’s “X-Glossy” finish is so polished “you can almost see your face [reflected in] a black or white Dekton surface.”) The tiles range from a smooth surface to a “gentle relief” that feels slightly irregular, “bush hammered” with a uniform nubby surface, and “hand tooled” with deeper gauges that appear to be hand made.

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https://www.washingtonpost.com/realestate/porcelain-ceramic-tile-is-making-a-comeback/2015/11/11/9da19fe8-8265-11e5-8ba6-cec48b74b2a7_story.html

Building Material Prices drop in October | Bedford Corners Real Estate

The Bureau of Labor Statistics (BLS) released the Producer Price Indexes (PPI) for October. Inflation in prices received by producers (prior to sales to consumers) declined 0.4% in October following a 0.5% decline in September and no change in August. The decline was the combination of a 0.3% decline in prices for services and a 0.4% decline in prices for goods. In contrast to prior months, energy prices were flat. The decline in the overall index was dominated by declines in services and core goods prices (excluding food and energy).

Despite flat energy prices October’s decline puts overall producer prices on track for a negative fourth quarter, a discouraging development for policy makers at the Federal Reserve who are poised to raise interest rates but have been counting on a firming of inflation before they start (FOMC).

Among wood products, softwood lumber prices ticked up in October after recent monthly declines, but the trend over the last year remains modestly downward. Slowing exports, particularly to China is keeping more supply closer to home and putting downward pressure on prices.

OSB prices ticked down in October. Monthly volatility may be masking the beginning of some recovery in prices from the recent collapse. Prices are up modestly from a low in May.

Gypsum prices added to September gains giving weight to announced price increases. Major gypsum producers have informed customers that prices will be rising through the end of this year and next (gypsum).

blog ppi 2015_11

 

 

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http://eyeonhousing.org/2015/11/producer-prices-in-october-bad-news-for-the-fed/

 

Shelter Plants from Winter’s Worst | Chappaqua Real Estate

When it comes to hydrangeas, I’m certifiably loony. Or, at least, I used to be. The source of my obsession was a variegated hydrangea. I bought it in full flower, and the azure, lacecap blooms were simply stunning against the backdrop of broad, spade-shaped leaves edged with creamy white. Then winter hit and it died to the ground. New shoots burst forth in spring, adorned with luscious foliage, but no blooms appeared. Ditto the next spring. And the next. Apparently the plant was root-hardy here, but its stems and flower buds—which form on year-old growth—were not. In my USDA Hardiness Zone 6 Connecticut garden, Old Man Winter prevailed.

But it got me thinking that if I kept my variegated hydrangea (Hydrangea macrophylla‘Tricolor’) warmer, its stems and buds might survive. So I decided to cover the plant in winter. I bought one of those homely-looking Styrofoam cones sold to protect tea roses in winter, capped the hydrangea, and covered that with a layer of shredded leaf mulch and pine boughs. Then I waited until the next summer when—lo and behold—the hydrangea flowered.

Emboldened by success, I started experimenting with other marginally hardy plants, using everything from small glass domes to homemade, doghouse-sized plastic greenhouses. I soon realized winter cover-ups could provide an extra zone or more of warmth. I’ve used these devices to help late-season transplants get established, protect recently transplanted evergreens, and coddle a few choice perennials that would otherwise never survive winters in my garden. There’s nothing complicated about it. I rarely spend more than 15 minutes prepping a plant for winter, and unveiling it for spring takes even less time. My methods aren’t foolproof. There’s still a casualty or two every season. But even with occasional losses, my efforts are repaid several times over each year.

PROTECT TENDER PLANTS WITH WATER, MULCH, AND SHELTER

Everyone knows that plants die if winter temperatures are too frigid for them to endure. But severe weather can pose a threat even to hardy plants. An early-season burst of bitter cold can shatter the cells of woody plants that haven’t yet hardened off. Later in the season, those same plants could march through a similar cold snap in stride. Deeper into winter, cold, dry winds can draw the life from conifers or broad-leaved evergreens. Even warm spells can be perilous. High temperatures can evaporate the last reserves of moisture from the transpiring leaves of evergreens whose roots, locked in frozen ground, are unable to draw replenishing moisture from the soil.

Most hardy perennials could sleep through winter peacefully if tucked under a thick blanket of snow. But where snowfall is iffy, exposure to Jack Frost’s full force may kill marginally hardy plants. In poorly draining soils, winter wet can rot the crown of hardy perennials. And the churning freeze-thaw cycles of early spring can easily heave plants—roots and all—from the ground. To complicate matters further, the tissues of some plants, particularly trees and shrubs, are more susceptible to cold temperatures in their youth or their first year or two after transplanting. Only when they’ve reached a certain level of maturity are they fully hardy.

My garden is subject to just about every one of those threats. So, to prepare marginally hardy or recently planted perennials, trees, and shrubs for winter, I make sure at-risk plants are deeply watered before the ground freezes. In addition, any recently transplanted or marginally hardy evergreens get a spray of an anti-transpirant, like Wilt-Pruf, to seal the microscopic openings in their leaves. When the ground has frozen, I give new plants—even those rated bone-hardy for my garden—a 2- to 4-inch blanket of mulch, either ground bark or, preferably, shredded leaves. I also use pine boughs or branches cut from the Christmas tree. These make an excellent, airy mulch for young hellebores or any fledgling evergreen perennial because they help moderate temperature changes and offer protection from the winter wind and sun.

Plants in need of special coddling—anything unlikely to survive winter’s cold and wet—should be tucked into a custom, seasonal shelter before cold weather settles in, usually about late November in my garden. It doesn’t have to be elaborate. I’ve used overturned plastic pots, lengths of burlap, shredded leaves, even a heavy-duty paper bag. Unless you make the effort to build an artistic shelter, chances are that an array of protected plants is going to look like a hastily abandoned campground. But I can live with the less-than-good looks for a year or two until a newly planted tree or shrub is well-established. Even so, any plantings that will need long-term coddling shouldn’t be positioned prominently in the stark winter landscape. To avoid aesthetic crises, I tuck my tender treasures at the bottom of a gentle slope in the backyard, where they can’t be seen from the house.

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http://www.finegardening.com/shelter-plants-winters-worst