Tag Archives: Bedford NY Realtor

Bedford NY Realtor

Bank of Mom and Dad Puts Kids in Houses | Bedford Real Estate

New research by loanDepot LLC indicates the number of parents who expect to help their Millennial-age children purchase a home in the future will increase by 31 percent compared to the past five years, from 13 to 17 percent. Half (50%) of the parents who will help their children buy a home say they’ll contribute toward down payments, while 20 percent will cover closing costs and 20 percent will cosign the loan.

In the future, about two-thirds of parents (67%) say they they’ll use savings to help their children buy a home, compared to 72 percent in the past. The number of parents who plan to use cash from a refinance or take out a personal loan to help their children buy a home is expect to double. In the past, just 4 percent of parents refinanced their homes and 3 percent used personal loans. In the future, those numbers are expected to increase to 8 percent for parents who will refinance and 8 percent for parents who will take out a personal loan.

“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” said Dave Norris, president and chief operations officer at loanDepot LLC. “First time home buyers comprise 28 percent of the today’s home buying market[1], an almost all-time low. Through the survey, 75 percent of Millennial-age home-buyers who received financial support from their parents said that assistance made it possible for them to buy a home. Without that financial support, it’s likely the pool of Millennial first-time home buyers would be even smaller than today.”

AGREE TO DISAGREE

The loanDepot research surfaced opposing views between parents and Millennial-aged buyers about whether or not the parent’s financial support was or will be a gift, loan, inheritance or something else altogether. While most parents (68%) view the financial support as a gift, only 29 percent of Millennial-aged children agreed. More Millennials (36%) view their parent’s financial support as a loan to be repaid than as a gift (29%).

 

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http://www.realestateeconomywatch.com/2015/03/bank-of-mom-and-dad-puts-kids-in-houses/

Snow and Housing Starts | #Bedford Real Estate

Construction on new homes in the United States slumped 17% in February, mostly because of heavy snowfall that sidelined builders in the Northeast and Midwest. But nationwide permits for future construction rose to the second highest level since the end of the Great Recession, suggesting construction will pick up in the spring.

So-called housing starts sank to an annual rate of 897,000 in February from a revised 1.08 million in January, the government said Tuesday. That was well below the estimate of analysts polled by MarketWatch, who predicted that starts would total a seasonally adjusted 1.03 million.

New construction in the Northeast tumbled 56% to mark the lowest rate since 2009, with the number of single-family houses being built slipping to a record low, the Commerce Department reported. Builders were frozen out in many major markets such as the Boston that was buried beneath a record nine feet of snow during the winter.

Starts also sank 37% in the frigid Midwest and 18.2% in the West, but just 2.5% in the South, where almost 50% of all new construction takes place.

At the same time, though, permits for new construction, a sign of future demand, rose 3% to an annual rate of 1.09 million. That’s the highest level since October and the second strongest increase since the end of the recession in mid-2009.

Permits rose in all major regions except for the Northeast, where they dropped 17.4%.

The biggest increase in applications for new construction once again involved multi-dwelling projects such as apartment buildings and townhouse rows. Permits for projects of five units or more jumped nearly 20%, reflecting a postrecession trend in which more people are renting instead of owning, especially younger people.

Permits for single-family homes, which make up three-quarters of the housing market, fell 6.2% compared to the prior month. They were up 2.8% from a year earlier, however.

 

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http://www.marketwatch.com/story/housing-starts-slump-on-winter-weather-2015-03-17?link=MW_Nav_NV

A Big Mortgage Change Happened This Weekend: Should You Care? | Bedford Real Estate

 

Saving up to buy a home might not be as much of a challenge as it used to be, now that the Federal Housing Finance Agency (FHFA) will allow some first-time homebuyers to make down payments of as little as 3%.

The change went into effect Saturday with the goal of making homeownership more accessible to Americans than it has been in a tight post-recession mortgage market. These low-down-payment loansapply to 30-year, fixed-rate mortgages guaranteed by Fannie Mae and Freddie Mac. (The FHFA regulates Fannie and Freddie, which guarantee the majority of U.S. mortgages.)

What does this mean for you? Well, if you want to buy a home but don’t have a ton of cash on hand for a down payment and closing costs, you might be able to qualify for an affordable home loan. Keep in mind lenders will require you to pay private mortgage insurance (PMI) if you pay less than 20% upfront, a cost homebuyers often overlook when determining how much they can pay — you can figure out how much house you can afford using this free calculator and watch how your monthly payments change with different down payments.

Even with a low-down-payment mortgage, you can find ways to make the monthly payments more affordable. One of the first things you’ll want to look at before applying for a home loan is your credit score. Your credit standing not only affects the mortgage rate you qualify for, it also impacts how much you must pay in PMI. You can also get rid of PMI after you’ve built a certain amount of equity in your home, among other requirements, but it’s on you to go through the process of removing PMI from your loan.

With the new directive from the FHFA, buying your first home may be more attainable, but the decision requires just as much careful thought as it would if you needed to put down 20% of the home’s value to get a mortgage. Consider the overall impact on your life of buying a home, and make sure your credit is in good shape before applying for a mortgage. You’re entitled to free annual credit reports from each of the major credit reporting agencies, and you can get two of your credit scores for free every 30 days on Credit.com.

 

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http://finance.yahoo.com/news/big-mortgage-change-happened-weekend-120039626.html

Mortgage rates average 3.93% | Bedford Real Estate

 

Mortgage Rates Inch Up Slightly

 Freedie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slightly up from the last week, but with the average 30-year fixed-rate mortgage remaining below four percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending December 11, 2014, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent.
  • 15-year FRM this week averaged 3.20 percent with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.43 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.51 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 Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed mortgage rates rebounded this week with the 30-year fixed mortgage rate increasing to 3.93 percent after declining for four weeks in a row. The rate rise comes on the heels of an uplifting jobs report showing nonfarm payrolls adding 321,000 new jobs in November — 91,000 more jobs than expected. The unemployment rate remained unchanged at 5.8 percent.”

From Houston to LA, “luxury housing” remains relative | Bedford Real Estate

 

Luxury living is highly dependent on the local market when it comes to defining it, an article in the Los Angeles Times said. The article covered a panel of experts at the National Association of Real Astate Editors’ annual conference.

While the luxury price start point differs with geographic region, Frank Malpica of ERA Franchise Systems pegs it at about $500,000 outside of metropolitan areas.

Popular amenities vary by location as well. Media rooms are still “in” in L.A. — less so in Houston. Fireplaces are shrinking and changing in L.A., since newly constructed houses can no longer have wood-burning ones.

Source: L.A. Times

Refinance share continues to grow | Bedford NY Real Estate

 

After weeks of steady declines and levels well below originations the same time last year, mortgage applications jumped a surprising 10.3% from one week earlier, according to data for the week ending June 6 from the Mortgage Bankers Association.

The previous week’s results included an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 10.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 11% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 19% compared with the previous week and was 13% lower than the same week one year ago.

“The jump in applications shows folks are taking notice of rates near six-month lows,” said Quicken Loans vice president Bill Banfield. “The jump in purchase applications is especially good to see, as homeowners may finally be getting comfortable putting their home on the market with the level of inventory they see around them.”

The refinance share of mortgage activity increased to 54% of total applications from 53% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.34% from 4.26%, with points increasing to 0.16 from 0.13 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate increased from last week.

 

 

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http://www.housingwire.com/articles/30280-mortgage-applications-unexpectedly-jump-10-for-week

Fixed Mortgage Rates Near Seven Month Low | Bedford NY Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the fourth consecutive week with fixed mortgage rates hitting new lows for this year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.63 percent.
  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55 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 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 continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast. Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.

 

 

 

 

10 carpet-cleaning secrets from the pros | Bedford NY Real Estate

Despite your best efforts at cleanliness, your carpet will eventually become the victim of drops, spills, accidents and whatever’s on the bottom of your shoes. To learn how professionals handle problem areas and keep carpets looking new, we spoke with cleaning expert Mark Tarbox, the owner of Best Carpet Cleaning Experts in San Antonio, Texas, who has more than 30 years of experience. Mark spent many years working in the family business with his father and mother at their shop, carpetkings in Sydney, before stricking out on his own. He is certainly making his mom and pops proud.

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http://realestate.msn.com/10-carpet-cleaning-secrets-from-the-pros

What $3,400/Month Can Rent You Around New York City | Bedford NY Real Estate

 

7 images

↑ This full-floor townhouse apartment on Saint Johns Place and Fifth Avenue in Park Slope has three bedrooms, which is good, and a cat sleeping on one of the beds, which is adorable. It’s asking $3,500/month.

See how other neighborhoods stack up >>

↑ On the Upper West Side, a corner one-bedroom in condop building on 89th Street is asking $3,300/month. It does not allow pets, but the building offers such amenities as a gym, doorman, concierge, roof deck, and laundry.

 

 

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http://ny.curbed.com/archives/2014/05/02/what_3400month_can_rent_you_around_new_york_city.php

Bedford NY Supervisor update | Bedford NY Homes

 

Dear  Residents,

It’s been a brutal winter – and as last night’s snowfall  tells us, it keeps coming back at us.

 

The winter has been tougher than usual on our roads.  We  are working as promptly as we can to restore them to good condition.  In  addition to working to fix potholes, the Town Board is considering a substantial  increase in funding for paving – approximately 30% to $1.1 million.  Further, we  have moved up to May 6 the scheduled date for adoption of the Capital Plan to  allow us to begin paving.   We aim to complete most paving and associated  drainage work projects in the summer before school  starts.

I also wish to mention that we are discussing with the  New York State Department of Transportation the need for attending to the even  greater deterioration in the state roads in our Town, such as Routes 22, 117,  121, 137 and 172.

 

As to potholes you find in our Town roads, please call  our Pothole Hotline at 666-7669 or feel free to contact me at 666-6530 or  Supervisor@BedfordNY.gov.

 

We  appreciate your understanding and patience.

 

Chris  Burdick

Supervisor