Tag Archives: Bedford NY Luxury Homes for Sale

Real estate market worried | Bedford Real Estate

Home prices in the United States have never been higher. In January, housing values eclipsed their 2006 pre-crisis peak and since then have only pushed higher, according to the Case-Shiller home price index.

The culprits are a crazy tight job market, rising wages and the fact that the homeownership rate is rising again after bottoming in 2016.

But storm clouds are gathering as the Federal Reserve pushes interest rates higher, part of its ongoing fight to keep a lid on inflation. Higher rates weigh on home affordability — and thus depress demand. Here are three growing headwinds the housing market faces:

Affordability

Thanks to the resolve of Federal Reserve chairman Jerome Powell, who is resisting President Trump’s calls for a slowdown of the rate hike pace, monetary policy continues to tighten. That’s pushing up long-term interest rates, with the 30-year Treasury yield pushing back over the 3 percent threshold recently, up from less than 2.7 percent in December and a low of 2.1 percent in the summer of 2016.

afford.png

Looking at the 30-year fixed mortgage rate, rates are at 4.5 percent right now, up from 3.8 percent last September and lows around 3.3 percent in 2012 and 2013.

As a result of rising mortgage rates and higher home prices, Gluskin Sheff economists estimate that housing affordability has crashed to lows not seen since 2008, well off the highs seen in 2011 and 2012 when a combination of lower prices and lower rates helped put an end to the housing collapse.

Sales activity

A slowdown in new home construction during the housing crisis resulted in a backlog of demand for brand-new homes. Builders have responded to consumer appetite for newly constructed homes, which has helped pushed up the average price of a new home from a low of $250,000 in late 2011 to a high of $402,900 in December, before cooling slightly.

sales.png

But now sales activity is rolling over, threatening to break the recent trend of rising activity. Sales of existing homes has flatlined over the past year.

Demographics

Millennial homeownership rates are still poor, mired as they are with student loan debt and tepid wages.

According to the Urban Institute, the homeownership rate of millennials between the ages of 25 and 34 is about 8 percent below Gen X and baby boomers at the same age. If millennial homeownership matched previous generations, there would be 3.4 million more homeowners today, they estimate.

The risk is that the longer this generation delays homeownership, the more baby boomers looking to downsize will be pressured into lowering their home prices when they enter retirement.

Indeed, a study by Fannie Mae’s Economic and Strategic Research group warns of a “mass exodus” on the horizon as the “homeownership demand from younger generations is insufficient to fill the void left by multitudes of departing older owners.”

 

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https://www.cbsnews.com/news/3-reasons-to-worry-about-the-housing-market/

Core Logic: Mortgage rates average a 7-year high | Bedford Real Estate

Home prices continued to climb in May, according to the latest Home Price Index report from CoreLogica global property information, analytics and data-enabled solutions provider.

Home prices increased 7.1% nationally from May 2017 to May 2018, and increased 1.1% from the prior month, according to the report.

The chart below shows that home prices have increased moderately since 2013.

CoreLogic- July 4th

(Source CoreLogic)

“The lean supply of homes for sale is leading to higher sales prices and fewer days on market, and the supply shortage is more acute for entry-level homes. During the first quarter, we found that about 50% of all existing homeowners had a mortgage rate of 3.75% or less,” CoreLogic Chief Economist Frank Nothaft said. “May’s mortgage rates averaged a seven-year high of 4.6%, with an increasing number of homeowners keeping the low-rate loans they currently have, rather than sell and buy another home that would carry a higher interest rate.”

An analysis of home values in the country’s 100 largest metropolitan areas based on housing stock indicates 40% of metropolitan areas had an overvalued housing market as of May 2018, CoreLogic reported.

Another 26% of the top 100 metropolitan areas were undervalued, while 34% were at value. When looking at only the top 50 markets, 52% were overvalued, 14% were undervalued and 34% were at-value.

Several states posted double-digit increases in their 12-month price growth, including Utah at 12.9%, Washington at 12.8%, Nevada at 12.4% and Idaho at 11.2%.

The national home-price index is projected to increase by 5.1% from May 2018 to May 2019, according to the CoreLogic HPI Forecast.

The forecast is an econometric model that projects calculations from analyzing state-level forecasts, which are measured by the number of owner-occupied households for each state.

As of May, the report indicates that despite financial obstacles, there is a strong demand for homeownership.

“The CoreLogic consumer research demonstrates that, despite high home prices, renters want to get out of their rental property and purchase a home,” CoreLogic President and CEO Frank Martell said. “Even in the most expensive markets, we found four times as many renters looking to buy than homeowners willing to sell. Until more supply becomes available, we will continue to see soaring prices in cities such as Denver, San Francisco and Seattle.”

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https://www.housingwire.com/articles/43854-core-logic-mortgage-rates-average-a-7-year-high?eid=311691494&bid=2162019

Zillow 2017 real estate predictions | Bedford Real Estate

This year is nearly over, and 2017 will being in just a few short weeks. As the year comes to a close, predictions for next year are pouring in.

It’s hard to say what the new year will bring with the newly-elected President-elect Donald Trump. Zillow points out in its predictions how some of his policies could affect housing next year.

Here are Zillow’s six predictions for 2017:

1. Cities will focus on denser development of smaller homes close to public transit and urban centers.

2. More millennials will become homeowners, driving up the homeownership rate. Millennials are also more racially diverse, so more homeowners will be people of color, reflecting the changing demographics of the United States.

3. Rental affordability will improve as incomes rise and growth in rents slows.

4. Buyers of new homes will have to spend more as builders cover the cost of rising construction wages, driven even higher in 2017 by continued labor shortages, which could be worsened by tougher immigration policies under President-elect Trump.

5. The percentage of people who drive to work will rise for the first time in a decade as homeowners move further into the suburbs seeking affordable housing — putting them further from adequate public transit options.

6. Home values will grow 3.6 percent in 2017, according to more than 100 economic and housing experts surveyed in the latest Zillow Home Price Expectations Survey. National home values have risen 4.8 percent so far in 2016.

Relief from soaring home prices isn’t coming anytime soon | Bedford Real Estate

The US housing market is supply constrained, sending home prices in major US metros back to levels last seen in the winter of 2007.

Research out of JP Morgan published Thursday indicates that this situation appears unlikely to resolve itself anytime soon.

“Nationwide house price indexes have been pushing steadily higher—real house prices are now 25% above their 2012 trough and at the highest levels on record outside the pre-crisis boom years,” JP Morgan’s Jesse Edgerton writes.

“One might wonder if these high prices reflect growing demand that could soon elicit a wave of construction that would prove our forecasts wrong. We find, however, that high prices are concentrated in markets where supply is constrained by geography or regulation, suggesting there may be little room for additional construction.” (Emphasis added.)

In short, areas seeing home prices rise fastest — think San Francisco, San Jose, and Denver — are not in a position to meet the demand for housing implied by the rise in prices.

The problem here is two-fold.

As the chart below shows, high home prices haven’t influenced the aggressiveness with which homebuilders have added to the housing stock over time. This indicates the supply side of the market is content to accept elevated prices even if the volume of homes built and sold is below what the demand side alone might dictate.

View photos

Additionally, Edgerton’s work shows that markets equipped with both high home prices and an ability to meet the demand implied by these prices literally do not exist.

“Metro areas in the upper right quadrant of the chart would be the best candidates for a demand-driven construction boom,” Edgerton writes. “Unfortunately, sharp-eyed readers will note that there are no dots in the upper-right portion of the figure.”

View photos

Edgerton adds, “Thus, it is unclear how much we can expect high prices to drive construction in the coming years, as the data show that high prices are concentrated in areas where supply may be limited in its ability to respond to demand.”

Data out this week from S&P/Case-Shiller showed home prices rose 5.3% nationally in August, up from a 5% annual gain seen the prior month.

A report from the National Association of Realtors last week showed a 5.6% increase in median existing home prices, the 55th straight month of year-on-year gains. At the current pace of existing home sales, there exists just 4.5-months’ supply in the US market.

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” chief economist for the National Association of Realtors Lawrence Yun said in a report.

read more…

http://finance.yahoo.com/news/relief-from-soaring-home-prices-isnt-coming-anytime-soon-174136415.html?_fsig=arxQ.NYjpRCtxgAPQstl9A–

I wish all remodelers and the industry would change, but won’t | Bedford Real Estate

The majority of remodeling contractors who participate in the remodeling industry are holding the industry back from becoming much more professional and successful. Remodelers continuously complain about what they perceive the government and even what their consumers do to them to make running a business and earning a profit difficult. However in many ways remodelers are their own worst enemies, creating problems for themselves and the industry by both their actions as well as their lack of action. Below are just five things I wish all remodelers and those in the industry would change, but won’t.

Before you check out my list keep this in mind. If you’re a remodeler and you eliminate and or address most of these things in your business you will stand out as different. You will also be more successful, be at much less risk and can also make much more money.

#1: Stop calling them estimates; they are not estimates

Home owners ask for estimates. This doesn’t mean they want your best guess, they instead want a fixed price. Next time a consumer asks for an estimate give them one right away; “That will cost somewhere between an arm and a leg depending on your final product selections.” Then help them discover what it will really take to help them assemble a fixed price for a fixed scope of work that meets their needs. Then let them know how your professional services can help them do so, and what you charge for those services. One way to explain it is your estimates are free; you charge to help develop solutions… (Check out this Design/Build Agreement)

#2: Calling employees Lead Carpenters when they are not

Although most remodelers really don’t know what a true lead carpenter is, many claim they have several on staff. If you don’t believe me, read this job description first, then ask a few to define the difference between a carpenter and a lead carpenter. Giving the title to an employee who is not a true lead carpenter does a disservice to the employee and misleads consumers. It’s like passing off roof cement as a flashing. It’s just not right to do so if you are really a roofer. Becoming a lead carpenter is an accomplishment; let’s reserve the title for those who have earned it.

#3: Claiming to be Design/Builders when they are not

Like Yoda said; “Do or do not, there is no try.” You either are a Design/Builder or you are not. If you allow others to bid on and or build from your plans you are not a Design/Builder; that is something else. Decide what you are or will be. There is a big difference between Design/Build and design-bid. (Design/Build definition) Remember, in a bid situation it’s often the biggest loser who wins! If you hate bidding, become a real Design/Builder. That’s what motivated me to become a Design/Builder when I had my business.

 

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http://www.jlconline.com/business/estimating-job-costing/five-things-i-wish-the-remodeling-industry-would-change_o?utm_source=newsletter&utm_content=Opinion&utm_medium=email&utm_campaign=JLC_042416%20(1)&he=e8bfa1f3a4de51077b99729cac2a5d6f27f2dfea

Mortgage Rates Up to 4.04% | #Bedford Real Estate

Freddi Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reaching new highs for 2015 with the average 30-year fixed-rate mortgage above four percent for the first time since November 6, 2014 when it averaged 4.02 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending June 11, 2015, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.6 point, up from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.05 percent.
  • 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.40 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.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged. Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”

Pending Existing Homes Sales Reaches Nine-Year High | Bedford Real Estate

The NAR Pending Home Sales Index increased for the fourth straight month in April to a level 14% above April of 2014.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts produced by the National Association of Realtors (NAR), increased 3.4% in April to 112.4, up from an upwardly revised 108.7 in March. The PHSI increased year-over-year for the eighth consecutive month and reached its highest level since May 2006.

pending sales_apr15

Regionally, the April PHSI increased 2.3% in the South and 0.1% in the West. The index rebounded in the Northeast by 10.1% after declines in prior months. The PHSI was up 5% in April for the Midwest.

 

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http://eyeonhousing.org/2015/05/

#FoxLane High School Ranks Among New York’s Best | #Bedford Real Estate

John Jay and Fox Lane high schools have been ranked among the best in New York State in rankings by U.S. News & World Report released Tuesday.

JJHS was ranked 35th in the state, good for 10th-best in Westchester County.

John Jay’s student population of 1,189 exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 78 percent.

FLHS was ranked 46th in the state, good for 14th-best in Westchester County.

Fox Lane’s student population of 1,394 met or exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 64 percent.

Several other high schools in Westchester County were ranked in the top 50 in the state, including:

  • Blind Brook (No. 9)
  • Rye (No. 11)
  • Yonkers Middle/High School (No. 18)
  • Hastings (No. 24)
  • Horace Greeley (No. 25)
  • Byram Hills (No. 27)
  • Edgemont (No. 29)
  • Briarcliff (No. 31)
  • Irvington (No. 32)
  • John Jay (No. 35)
  • Pleasantville (No. 36)
  • Ardsley (No. 43)
  • Rye Neck (No. 39)
  • North Salem (No. 49)

The top ranked high school in New York was The High School of American Studies in the Bronx.

 

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http://mtkisco.dailyvoice.com/schools/fox-lane-high-school-ranks-among-new-yorks-best

Bedford-bred Upstart could break New York’s Kentucky Derby drought | #Bedford Real Estate

COURTESY OF CHURCHILL DOWNS

Although Empire City Casino’s Kentucky Derby Day and fancy hat contest are local traditions, this year’s Derby-related activities have the added appeal of a hometown favorite: Upstart, a Bedford-bred horse, will try to bring home a Derby win for New York for the first time in more than a decade.

The three-year-old Upstart, owned by Ralph Evans and bred by Sunnyfield Farms Owner Joanne Nielsen, has a solid record, with a career total of seven starts: three first-place finishes, three seconds, and one third.

The first New York horse to win the Kentucky Derby was Funny Cide in 2003. Since then, no New York horse has made it to the top of this crème de la crème of horse races. Upstart, who won the Holy Bull and was a runner-up in the Florida Derby, has been given 15-1 odds—not impossible, certainly, but he’ll need a bit of luck to pull out a win. Coincidentally, his foalhood nickname was “Lucky;” he was born on April, 13, 2012—a lucky Friday the 13th. And given that only 20 thoroughbreds make it to the Kentucky Derby out of the approximately 30,000 that are born yearly, one could argue luck has always been on Upstart’s side.

It’s not every year New Yorkers get to see a hometown contestant in the Kentucky Derby, so be sure to tune in and root for Upstart. Coverage starts at 4 pm on Friday on NBC.

 

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http://www.westchestermagazine.com/Westchester-Upstart-Horse-New-York-Kentucky-Derby/

Bedford Town Cleanup Days | Bedford Real Estate

Town Wide CleanUp Days

Please join us for Bedford 2015 Town-Wide Clean-up Days at the Crusher Road Highway Facility off Route 22, just North of Route 172, in Bedford Village.

Town residents can bring household debris and metal waste to the Crusher Road Yard during the following periods:

Thursday, April 30th & Friday, May 1st – 7:30am to 3pm

Saturday, May 2nd – 7:30am to 4:30pm

Proof of Bedford residency is required, and fees are as follows:

  • $25 per carload
  • $60 per pickup truck load
  • $115 for small dump trucks (<6 yd)
  • $230 and up for large dump trucks (>6 yd)

Residents may also take brush and tree debris to the Beaver Dam Highway facility on Beaver Dam road off Harris Road during the same days and hours listed above. THERE IS NO CHARGE FOR THIS!

The Highway Department will not accept any of the following items:  tires, batteries, refrigerators, freezers, pressure treated lumber, air conditioners, propane tanks, paint, varnish, chemicals, medical waste, or other toxic materials. See http://bedford2020.org/recyclopedia/ for information on disposing of various types of items.

We also will not accept E-Waste (Televisions, computers, printers, scanners, fax machines, cell phones, VCRs) at our Crusher Road facility, although ewaste is accepted at our 301 Adams Street Recycling Center in Bedford Hills on Tuesdays, Thursdays, and Saturdays from 7am to 3pm.

Please contact the Bedford DPW Highway Division at 666-7669 with any questions.

Bedford Village Chowder & Marching Club will hold their Tag Sale on Friday May 1st and Saturday, May 2nd at the Crusher Road Highway Facility. Chowder & Marching Club also provides truck pick-ups of old household items in exchange for a tax-deductible donation to C&M. Pickups can be scheduled at http://www.chowderandmarching.org/events/clean-up-weekend/