Tag Archives: Bedford Corners NY Real Estate

Bedford Corners NY Real Estate

US mortgage applications down | Bedford Corners Real Estate

Mortgage applications in the United States declined 7.3 percent in the week ended September 16th 2016 from the prior period, data from the Mortgage Bankers Association showed. It is the first fall in four weeks, following a 4.2 percent jump in the previous period. Refinance applications declined 7.6 percent and applications to purchase a home were down 6.8 percent. Average fixed 30-year mortgage rates increased 3bps to 3.7 percent, the highest rate in nearly three months. Mortgage Applications in the United States averaged 0.55 percent from 2007 until 2016, reaching an all time high of 49.10 percent in January of 2015 and a record low of -38.80 percent in January of 2009. Mortgage Applications in the United States is reported by the Mortgage Bankers Association of America.

United States MBA Mortgage Applications
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http://www.tradingeconomics.com/united-states/mortgage-applications

 

Pending Sales Expand | Bedford Corners Real Estate

Led by the West, the Pending Home Sales Index increased 1.3% in July to the highest level since April, and increased 1.4% year-over-year. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased to 111.3 in July from a downwardly revised 109.9 in June.

Pending Home Sales July 2016

The PHSI surged to 108.7 in the West from 101.3 in June. The Northeast and South increased by 0.8% in July, while the Midwest declined by 2.9%. Year-over-year, the PHSI increased 6.2% in the West, 1.1% in the Northeast and 0.4% in the South, but decreased 1.1% in the Midwest.

Although existing sales decreased 3.2% in July, there was a 2.5% increase in the West last month. The housing recovery is reaching the point in the cycle when new residential construction is adding smaller entry-level homes into inventory. Townhouse construction outpaced the rest of the single-family market during the second quarter of 2016. That trend toward smaller and less expensive new single-family construction has begun to improve affordability in the West, sparking momentum that suggests increasing sales among first-time buyers across a wider range of markets in 2016.

 

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http://eyeonhousing.org/2016/08/pending-sales-expand/

Mortgage rates average 3.66% | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly from last week, but still near three year lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.5 point for the week ending June 2, 2016, up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.5 point, up from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.5 point, up from last week when it averaged 2.87 percent. A year ago, the 5-year ARM averaged 2.96 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

Since jumping 11 basis points on May 18th, the 10-year Treasury yield has leveled-off around 1.85 percent. Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent. Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later. However, the market is fickle, and Friday’s employment report has the potential to swing opinion 180 degrees in the other direction.

 

 

Custom Home Building Flat | Bedford Corners Real Estate

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates that the number of custom home building starts (homes built on an owner’s land, with either the owner or a builder acting as the general contractor) posted a slight increase on a year-over year basis as of the third quarter of 2015.

Over the last four quarters, there were 157,000 construction starts of custom homes, compared to 154,000 for the four quarters prior that began with the fourth quarter of 2013.

Note that this definition of custom home building does not include homes intended for sale, so this analysis uses a narrow definition of the sector.

As measured on a one-year moving average, the market share of custom home building in terms of total single-family starts is now 22.2%, down from a cycle high of 31.5% set during the second quarter of 2009.

custom bldg_3q15

The onset of the housing crisis and the Great Recession interrupted a 15-year long trend away from homes built on the eventual owner’s land. As housing production slowed in 2006 and 2007, the market share of this not-for-sale new housing increased as the number of starts declined. The share increased because the credit crunch made it more difficult for builders to obtain AD&C credit, thus producing relatively greater production declines of for-sale single-family housing.

 

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http://eyeonhousing.org/2015/11/custom-home-building-flat/

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/

 

South Florida home flippers still on the hunt as prices rise | Bedford Corners Realtor

Even as local real-estate prices soar, home flipping is still a big business in South Florida.

While it’s getting harder to find a good deal, flippers say they’re riding the wave of rising home values to steady profits— and they don’t expect a crash that will leave them underwater.

Nearly 1,400 single-family homes were flipped in Miami-Dade, Broward and Palm Beach counties during the second quarter of 2015, according to a report from RealtyTrac released Thursday.

That’s about 10 percent of overall home sales, the highest rate among major metro areas in the U.S. Around the nation, only 4.5 percent of sales were flips. RealtyTrac defines a flipped home as one that sells twice in a single year.

“South Florida is a hot spot,” said Daren Blomquist, vice president at RealtyTrac.

Blomquist said that the region’s high rate of foreclosuresand strong record of price growth make flipping a good bet in South Florida.

Even so, local home flipping is slowing somewhat, with the number of flips down about six percent year-over-year. “The prices are starting to hit a level that is out of the sweet spot for a lot of flippers,” Blomquist said. “We’re seeing the number of flips come down and that to me is a sign that we’re in a sustainable housing economy and not a bubble.”

Flips accounted for nearly 14 percent of all sales in South Florida during the headiest days of the bubble, RealtyTrac found.

Although flipping is down slightly, the profits are still there. The average flipped home in South Florida cost $220,000 to buy but sold for $302,000 about six months later, RealtyTrac found. That’s a healthy gain even after repairs and closing costs are taken out

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http://www.miamiherald.com/news/business/real-estate-news/article30337368.html#storylink=cpy

Peek Inside the Rembrandt’s Former House | Bedford Corners Homes

As far as famous artists go, Rembrandt Harmenszoon van Rijn, born July 15, 1606, has to be among the most celebrated and well-known. He’s most revered for his oil-on-canvas paintings and his etchings completed during the Dutch golden age of painting in the 17th century. This period saw several Dutch artists practicing in a style of detailed realism.

A big chunk of Rembrandt’s work, including several famous self-portraits and arguably his most famous painting ever, The Night Watch (1642), was created over two decades while he lived in a central Amsterdam house. In celebration of the renowned master’s birthday, more than four centuries ago today, here’s a look at his former home.

11 Things You Need to Know When You’re About to… Buy a House | Bedford Corners Homes

Buying a home can be a stressful, complicated process—even if it’s not your first time. To help you take stock and get ready to find your way into a new home, here are some key things you need to know:

1. Know your goals.

This should go without saying, but house-hunting can make even the most practical of people lose sight of what’s really important.  Homeowners may dream of settling in, customizing and forgetting about yearly rent increases. Even so, there are trade-offs: decreased mobility, increased debt and more responsibility (there’s no super to call when the toilet springs a leak). Doing a quick pro and con of rent v. buy helps you make sense of your decision, given your lifestyle goals.

2. Have a five (or seven) year plan.

Staying put for five to seven years is a good rule of thumb for homebuyers but factors such as closing costs, market fluctuations and expenses like maintenance fees could mean it’ll take even longer to break even.

3. Bring 20 percent (or more) to the table.

Some lenders offer low- or no-down payment options for cash-strapped buyers but the terms are typically less attractive than for those with 20 percent. A 20 percent down payment also means avoiding Private Mortgage Insurance (PMI), which can cost an annual 0.3 to 1.15 percent of the original loan balance.

4. Make your own budget.

A mortgage lender may qualify you for more than you actually want to pay each month. Do your own budget analysis to figure out how much you’re comfortable shelling out for housing each and every month. And don’t forget extras like real estate taxes.

5. Check the score.

Higher credit score can add up to tens of thousands of dollars in savings over the life of a mortgage. Get a free copy of your credit report (available once per year) and look for ways to improve your score.

6. Find a real estate agent who fits your profile.

Typically, you start with recommendations from friends or financial professionals, like your CPA. But don’t stop there. Interview three or four agents with a keen eye for one with aspecific knowledge of your desired neighborhood, price range and property type. Then figure out if your personalities will work together—or against each other.

7. Don’t forget the emergency fund.

A house is the most expensive thing most people will ever buy. But costs go well beyond the purchase price. Routine maintenance, landscaping or pool care fees and unexpected repair bills can catch a new homeowner off guard. Upfront budgeting for these annual costs can save a lot of frustration when the HVAC unit needs to be serviced.

8. Location, location, location.

It’s hard to predict the future, but long-term neighborhood changes can have a dramatic effect on property costs. Homes within desirable school districts tend to be more expensive up front, but they’re also more likely to maintain property value.

9. Don’t scrimp on insurance.

A typical homeowners insurance policy will cover many different types of damage to your home—but be sure that it covers the full cost to rebuild the home. Your coverage should include replacing the structure and your personal possessions, the cost of living expenses if you have to live elsewhere while your house is repaired, plus your liability to others—otherwise, in the event of a loss, you may discover gaps in your coverage.

 

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http://bridgingthegaps.yahoo.com/post/119298350072/

Credit News | Bedford Corners Real Estate

Some Great Ways to Take Advantage of an “Average to Good” or “Excellent” Credit Score
For those who achieve an “average to good” FICO score (660 and above) or an “excellent” score (740 and above), there are many ways to take advantage of this achievement by opening new doors for opportunity and savings. As a real estate/financing professional, you can share these tips with your client base to bring value added and allow your clients to do further business with you.
Here are some things those with great credit can take advantage of (but must be aware of the potential downsides):
● Transferring Credit Card Balances
Many credit cards can charge an exorbitant interest rate, and these rates coupled with debt can lead to large payments and wasted money. In fact, the average credit card debt in the US is currently over $6,500. Fortunately, those with great credit are eligible for a method to pay debt off rather quickly and easily. People with great credit should be eligible for a 0 percent interest rate on balance transfers, which essentially allows one to transfer credit card debt from a high interest card to a no interest account for a certain time period.
It’s important to note a few things when considering this option:
– Some of these cards will slap on a 3% fee for transferring balances, and you should make sure to find a card that doesn’t charge this fee.
– Opening new credit reduces your average age of credit which will drop your credit scores.  Do not open new cards if you plan on applying for a mortgage or loan  within 2 years since scores may drop substantially after opening new credit.  Make sure the cards you open are done strategically and not often.
●​ Credit Card Upgrades
High FICO scores will also make consumers eligible for the best credit card offerings. Many of the cards offered to those above a 660 score have better benefits, rewards, and perks unavailable to others. In addition, these cards often offer sign-on bonuses.  Clearly if your scores are above a 740 the perks are even better.   However, consumers have to make sure that they follow our tips when opening a new card in order to maintain their score (see the tips here) and should contact us with any questions.
●​ Home Refinance
Those with great credit can also take advantage of historically low home interest rates. With a higher FICO score, many can lock in a much better rate for their mortgage. Even a small improvement in interest rates can lead to savings in the hundreds of thousands over the life of a mortgage.
●​ Negotiating better interest rates or transfer offers with current credit cards
If you have existing cards and have excellent credit scores you can ask the creditor for lower interest rates or transfer offers on your existing cards.  This is great if you don’t want to reduce your scores by opening new credit.
● ​Requesting limit increases on current cards
The higher your credit limits the more leeway you have to charge without reducing your credit scores.  Since balance-to-limit ratios on revolving credit (credit cards) must be under 10% for the best score increases, it is great to have high limits.  Calling your creditor and asking for a limit increase can help your scores.  The creditor will pull your credit reports and scores for approval so the scores can drop a little from the inquiry.  If you have had many third party inquiries during the year it could drop scores significantly and it might be best to wait a year from the latest third party review.
Do you have any credit questions?
Tracy Becker, President
155 White Plains Road
Suite 200
Tarrytown, NY 10591
or  (toll free) 866-388-9400
F :(914) 524-5014 ​​

Most renters are not ready (or willing) to buy | Bedford Corners Real Estate

The rent may be too damn high, but it’s not enough to turn most renters into buyers.

The gap between rental costs and household income is widening to “unsustainable levels” in many parts of the country, new research published Monday by the National Association of Realtors found, “and the situation could worsen unless new home construction meaningfully rises.” In the last five years, a typical rent rose 15% while the income of renters grew by only 11%, the study found. The top markets where renters have seen the highest increase in rents since 2009 are New York (51%), Seattle, (32%), San Jose, Calif., (26%), Denver, (24%) and St. Louis. (22%).

“Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities,” Lawrence Yun, NAR’s chief economist said in a statement. “With a stronger economy and labor market, it’s critical to increase housing starts for entry-level buyers or else many will face affordability issues if their incomes aren’t compensating for the gains in home prices.”

But most renters are reluctant to buy. Only 12% of current renters say they plan to buy a home within the next year, according to the latest “Housing Confidence Index” published last week by real-estate company Zillow, although this was up 25% on the previous year. On a scale of 1 to 100, with a reading of more than 50 indicating general confidence, the housing confidence index rose to 70.6 in January 2015, up 4.4 points over the previous year.

 

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http://www.marketwatch.com/story/most-renters-are-not-ready-or-willing-to-buy-2015-03-14