Tag Archives: Katonah NY Realtor

Katonah NY Realtor

More First-timers Than Expected Are Now Buying Homes | Katonah Real Estate

First-time buyers may be entering the U.S. home market in greater numbers than industry watchers had assumed.

Nearly half of sales in the past year went to people who were buying their first home, according to a survey released Tuesday by the real estate firm Zillow. That’s a much higher proportion of the market than some other industry estimates had indicated.

Zillow’s survey results suggest that this year’s growth in home sales has come largely from a wave of couples in their 30s, who are the most common first-time buyers. If that trend were to hold, it could raise hopes that today’s vast generation of 18-to-34-year-old millennials will help support the housing market as more of them move into their 30s.

That’s among the findings in a 168-page report by Seattle-based Zillow. Its survey also found that home ownership is increasingly the domain of the college-educated. And it indicated that older Americans who are seeking to downsize are paying premiums for smaller houses.

Here’s a breakdown of Zillow’s findings:

— First-time buyers make up a larger chunk of the housing market than the real estate industry has generally thought. Forty-seven percent of purchases in the past year went to first-time buyers. Their median age was 33. By contrast, surveys from the National Association of Realtors have indicated that first-timers account for only about 30 percent of all buyers.

The difference between the two surveys may stem from their methodologies. The NAR has used a mail-based survey for its annual figures, while Zillow used an online survey that might have generated more responses from younger buyers.

— No college? Dwindling chance of homeownership

It’s become harder to realize the dream of home ownership without a college degree. Sixty-two percent of buyers have at least a four-year college degree. Census figures show that just 33 percent of the U.S. adults graduated from college. The gap between the education levels of homebuyers and the broader U.S. population indicates that workers with only a high school degree are becoming less likely to own a home.

This is a major shift for the middle class. Just 12 percent of homeowners in 1986 were college graduates, according to government figures. The trend is driven in part by falling incomes for people with only a high school degree.

— Millennial home buyers are increasingly Hispanic

Out of the 74 million U.S. households that own their homes, a sizable majority — 77 percent — are white. But these demographics are changing fast. Only 66 percent of millennial homeowners are white. The big gains have come from Latinos, who make up 17 percent of millennial homeowners but just 9 percent of all homeowners.

Asians also make up a greater share of millennials. This means that as today’s millennial generation ages, the housing market may look considerably more diverse than it does now.

— Older Americans aren’t just downsizing; they’re also upgrading.

The so-called “silent generation” — those ages 65 to 75— bought homes in the past year with a median size of just 1,800 square feet, about 220 square feet smaller than the homes they sold. But that smaller new home still cost more. These retirement-age buyers paid a median of $250,000, nearly $30,000 more than the home they sold. In some cases, the higher purchase price likely reflects the profits from the sale of their previous home, in other cases a desire by upscale buyers for luxury finishes and amenities.

— Starter homes are no longer popular.

When millennials buy, they’re leapfrogging past the traditional, smaller starter home. This younger generation paid a median of $217,000 for a 1,800-square-foot house. That median is nearly identical to what older generations buy.

 

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http://www.newsmax.com/Personal-Finance/zillow-housing-survey-homes-buyers/2016/10/18/id/753992/

Chinese real estate is ‘biggest bubble in history | Katonah Real Estate

Chinese billionaire Wang Jianlin made his fortune in the country’s real estate market — and now he’s warning that it’s spiraling out of control.

It’s the “biggest bubble in history,” he told CNNMoney in an exclusive interview Wednesday.

Bubble is a sensitive word in China after the dramatic rise and spectacular crash in the country’s stock market last year, which wiped out the savings of millions of small investors who thought Beijing wouldn’t allow the market to drop.

After struggling to contain the fallout from the stock market debacle, China’s leaders could face a similar headache in the real estate sector.

The big problem, according to Wang, is that prices keep rising in major Chinese metropolises like Shanghai but are falling in thousands of smaller cities where huge numbers of properties lie empty.

“I don’t see a good solution to this problem,” he said. “The government has come up with all sorts of measures — limiting purchase or credit — but none have worked.”

It’s a serious worry in China, where the economy is slowing at the same time as high debt levelscontinue to increase rapidly. There are massive sums at stake in the real estate market: direct loans to the sector stood at roughly 24 trillion yuan ($3.6 trillion) at the end of June, according to Capital Economics.

“The problem is the economy hasn’t bottomed out,” Wang said. “If we remove leverage too fast, the economy may suffer further. So we’ll have to wait until the economy is back on the track of rebounding — that’s when we gradually reduce leverage and debts.”

He says, though, that he’s not worried about the prospect of a “hard landing” — a sudden and catastrophic collapse in economic growth.

Wang’s comments carry weight. He is the richest man in China, according to Forbes and Hurun Report data from 2015, and his real estate and entertainment empire brought in revenue of about $44 billion last year.

Wang has been warning of trouble in the Chinese property market for a while. His Dalian Wanda Group, which has developed huge malls and office complexes across China, has been gradually cutting back on its real estate business.

Instead, it’s pouring resources into entertainment, sports and tourism — areas where it sees potential for growth.

Wang has been on an overseas shopping spree lately, with a particular focus on the U.S. movie industry. And he’s on the hunt for more juicy targets.

In January, he bought the Hollywood studio Legendary Entertainment, which made blockbuster movies like “Jurassic World” and “Godzilla.” Less than two months later, his movie theater business AMC snapped up Carmike Cinemas, forming the biggest cinema chain in the world. And Wanda’s in talks to buy Dick Clark Productions, which produces shows like the American Music Awards and the Golden Globe awards.

But the major prize he’s seeking is control of one of Hollywood’s “Big Six” movie studios: 20th Century Fox, Columbia, Paramount, Universal Pictures, Warner Brothers and Walt Disney.

“We are waiting for the opportunity,” he said. “It could come in a year or two, or longer, but we have patience.”

His relations with Disney (DIS) came into the spotlight in May when he said the U.S. company“really shouldn’t have come to China” with its giant new Shanghai resort. Wanda is also investing heavily in theme parks in the country.

 

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http://money.cnn.com/2016/09/28/investing/china-wang-jianlin-real-estate-bubble/

Mortgage Rates average 3.69% | Katonah Real Estate

Fixed 30-year mortgage rates in the United States averaged 3.69 percent in the week ending July 22 of 2016, up 4bps from the previous week. Mortgage Rate in the United States averaged 6.45 percent from 1990 until 2016, reaching an all time high of 10.56 percent in April of 1990 and a record low of 3.47 percent in December of 2012. Mortgage Rate in the United States is reported by the Mortgage Bankers Association of America.

United States MBA 30-Yr Mortgage Rate
Actual Previous Highest Lowest Dates Unit Frequency
3.69 3.65 10.56 3.47 1990 – 2016 percent Weekly
MBA 30-Year Mortgage Rate is average 30-year fixed mortgage lending rate measured during the reported week and backed by the Mortgage Bankers Association. . This page provides the latest reported value for – United States MBA 30-Yr Mortgage Rate – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States MBA 30-Yr Mortgage Rate – actual data, historical chart and calendar of releases – was last updated on July of 2016.
read more….
http://www.tradingeconomics.com/united-states/mortgage-rate

#Emotions influence the homes we choose | Katonah Real Estate

It’s a fact of life: Homes come with far more emotional weight than any other investment we make.

A home is a refuge from the world, a place to raise a family and, for some people, an investment they hope will bring them a good chunk of money down the road. We fall in love with houses in a way that we never fall in love with a portfolio of stocks and bonds.

All too often, though, we don’t realize that how we feel about homes blinds us when it comes time to buy or sell. We let our emotions blind us to cold facts about the market or the realities of ownership. Or we prioritize one set of emotional needs over others that are just are strong but may not be evident at first. And ignoring them can lead us to make bad financial decisions that can affect us for decades to come.

For instance, people might focus on their desire for a house that’s a certain size or style, but ignore the fact that they want to spend as much time as possible with family. So they might buy a “perfect” house that requires them to make a long daily commute to work and keeps them away from home for two extra hours each day.

The home-selling side of the equation brings its own set of thorny issues. Homeowners often have an overly rosy view of their home and expect it to increase in value far beyond reasonable expectations. And when they put it on the market, they often stubbornly cling to their asking price—even if it means leaving it up for sale far longer than they planned, and risking the possibility of not selling it at all.

Here’s a closer look at some psychological missteps that buyers and sellers often make as they wade into the housing market.

Ignoring the big picture

Home buyers are always on the lookout for features—like a longer driveway or bigger backyard—that will make them happier with their home. But people don’t realize that those changes may not make them happier with their life as a whole.

“When people move to better housing, they think they will be a lot happier overall,” says Shige Oishi, a co-author of a 2010 study on the subject in Social Indicators Research. “When they actually move, however, their overall happiness does not often change because there are many trade-offs in moving.”

One of the biggest trade-offs is commuting. Many move to live in a bigger house, but that bigger house is often farther away from work — so that means more commuting, which tends to add stress and detract from overall happiness. A 2008 study in the Scandinavian Journal of Economics shows that people who had longer commutes reported “lower subjective well-being” than those with shorter commutes. “If you’re moving to a place far away from your friends, but it has nicer stuff, it’s not a great deal for your happiness,” says Elizabeth Dunn, a psychology professor at the University of British Columbia.

In another study in the Personality and Social Psychology Bulletin, Dunn and her co-authors explored the matter of expectations vs. reality in another way — by looking at Harvard undergraduates who were randomly assigned to different dormitories. The study showed that first-year students incorrectly predicted what would bring them the most satisfaction from their dorms — physical features like location on campus, the attractiveness of the residence, room size and desirability of the dining hall and facilities.

In the initial survey, the students put no weight on social features, such as relationships with roommates and a sense of community in the residence. But when the researchers checked back in with the students after they’d been living in their dorms, the only thing that appeared to matter for their happiness was the quality of the social factors.

“It’s so easy to get caught up in comparing the physical features of the places you’re looking at,” says Dunn, “but you should really stop to consider how the places you’re considering will shape your social relationships.”

Overlooking big expenses

People who are buying homes tend to compartmentalize their expenses and not add up the total cost of everything needed to fix up and furnish the house, says Alex Tabarrok, a professor of economics at George Mason University. That can lead them to make poor choices about how much to pay for a home. For instance, they may overspend on a down payment for the house itself and leave themselves without enough money to buy the sort of decorations or furniture that they want. “When you’re getting a house, think about furnishing it at the same time,” says Tabarrok.

 

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http://www.marketwatch.com/story/

Sales of unbuilt homes hover near a 10-year high | Katonah Real Estate

The latest new home sales report presents a more positive forecast on the future of today’s current inventory crisis after several industry reports give strong concerns over the market’s daunting lack of inventory.

In Trulia Chief Economist Ralph McLaughlin’s analysis of Wednesday’s new home sales report, he explained that the share of new home sales not started, in other words homes purchased off a plan, hovers near a 10-year high.

“Why? The inventory of existing homes continues to fall. Low existing inventory likely pushes prospective buyers away from existing homes towards new homes, and as new home sales rise, this allows builders to sell more new homes off plan,” McLaughlin said.

Click to enlarge

new home sales one

(Source: Trulia Chief Economist Ralph McLaughlin)

The housing market can’t seem to get past the inventory shortage that keeps penetrating into all crevasses of the industry. And while this won’t change this year, there may be hope for next year as builders start to play catch-up, a Fitch Ratings report recently said.

The National Association of Realtors’ latest report posted that in January, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slightly increased 0.4% to a seasonally adjusted annual rate of 5.47 million, up from a downwardly revised 5.45 million in December.

“The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints,” Lawrence Yun, NAR chief economist, said on the existing-home sales report.

The latest S&P/Case-Shiller report echoed similar inventory concerns, with Zillow Chief Economist Svenja Gudell commenting on it saying, “There are a lot of economic forces at work behind the scenes that will have a big impact on housing as we enter the busy home-shopping season. Low inventory is a factor in almost every market, so buyers should be prepared for a limited selection in the months to come.”

According to the U.S. Census Bureau and the Department of Housing and Urban Development report, sales of new single-family houses in January 2016 were at a seasonally adjusted annual rate of 494,000. This is 9.2% below the revised December rate of 544,000 and is 5.2% below the January 2015 estimate of 521,000.

However, McLaughlin cautioned, “All new home sales numbers from the U.S. Census are extremely volatile: the margin of error is wide and often includes zero, which means we can’t be certain whether the month-over-month or year-over-year changes actually increased, decreased, or stayed flat.”

 

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http://www.housingwire.com/articles/36361-can-new-home-sales-end-the-housing-inventory-crisis?eid=311691494&bid=1320985

Boomers Prefer Suburbs and Cul de Sacs | Katonah Real Estate

NAHB’s recently published Housing Preferences of the Boomer Generation shows that homebuyers in the Baby Boom Generation want a suburban neighborhood consisting of all single-family detached homes more often than any other community feature (of the 19 listed), and nearly 80 percent prefer a cul de sac over efficient traffic flow when given the choice.

These results are based on a survey conducted by NAHB in September 2015 that collected data from 4,326 recent and prospective homebuyers, stratified and weighted to be representative of the age, geography, income, and race and ethnicity of homeowners in the U.S.  Although the published study emphasizes housing preferences of Boomers (those born from 1946 to 1964), for comparison purposes the survey also captured buyers in other generations (including Millennials born in 1980 or later, Gen X’ers born 1965 to 1979, and Seniors born in 1945 or earlier).

Among other things, the survey asked buyers to rate 19 community features on the following four-tier scale:

  • Do not want – not likely to buy a home in a community with this feature.
  • Indifferent – wouldn’t influence decision.
  • Desirable – would be seriously influenced to purchase a home because this design or feature was included.
  • Essential/Must have – unlikely to purchase a home in a community unless it has this feature.

For home buyers in the Boomer generation, the most desired of these features is a “typically suburban” community (defined as consisting of all single-family detached homes) rated desirable or essential by 70 percent of Boomer respondents.  After that comes a group of three community features rated essential or desirable by 61 to 64 percent of Boomers: being near retail space, a park area and walking/jogging trails.

Boomer Pref Fig 01A

At the other end of the scale, tennis courts, high density (defined as smaller lots and attached/ or multifamily buildings), other mixed use (homes near office or other commercial buildings, to distinguish it from homes near retail space like grocery or drug stores), a golf course, baseball or soccer fields, and daycare center are relatively unpopular, each being rated essential or desirable by fewer than one-fifth of Boomers.

Compared to buyers in other generations there are many similarities in the way Boomers rank the top community features.  Seven community features (typically suburban, park area, near retail space, walking/jogging trails, a lake, swimming pool, and exercise room) make the top eight irrespective of the home buyer’s age.

Top 8 by Gen

The main generational differences in the rankings are 1) playgrounds are particularly important for buyers in the Millennial generation, but fall entirely out of the top eight for Boomers and Seniors; and 2) an outdoor maintenance service becomes relatively more important for older buyers, moving all the way up to number five on the list for Seniors.

 Another section of the NAHB survey asked home buyers about street design trade-offs, which can be useful in helping inform land planning decisions.  A number of advocacy groups (e.g., the National Complete Streets Coalition) recommend interconnected streets for efficent traffic flow, implying that designs like cul de sacs that seek to limit through traffic should be avoided.  But home buyers in the Boomer generation have the opposite opinion: 78 percent prefer the cul de sac or other street design with limited traffic flow—more than triple the 22 percent who prefer the alternative of a home on a continuous street with more efficient traffic flow.

 

read more…

 

http://eyeonhousing.org/2016/02/boomers-prefer-suburbs-and-cul-de-sacs/

Refis and purchases see big declines | #Katonah Real Estate

A week after rising 1.3% and about four weeks after a 49% jump, mortgage applications decreased 9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Feb. 6, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week. The Refinance Index decreased 10% from the previous week.

The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 1% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 69% of total applications from 71% the previous week. The adjustable-rate mortgage share of activity increased to 5.7% of total applications.

The FHA share of total applications increased to 14.1% this week from 13.1% last week. The VA share of total applications decreased to 8.3% this week from 8.5% last week. The USDA share of total applications increased to 0.7% from 0.6% last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.84%, the highest level since Jan. 9, 2015, from 3.79%, with points increasing to 0.31 from 0.29 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.90% from 3.82%, with points decreasing to 0.19 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.72% from 3.69%, with points increasing to 0.13 from 0.07 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

 

read more…

 

http://www.housingwire.com/articles/32896-mortgage-applications-drop-a-hefty-9-after-strong-january-gains

Down to Earth Markets | Katonah Real Estate

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Bake Up the Love: Valentine Baking Class with Christiane’s Backstube on Feb. 11th;
Brand New Vendor Debuts at Mamaroneck Farmers Market;
Ossining Winter Market Hosts Music with Shovel Ready String Band + More

February 5-11th, 2015

DowntoEarthMarkets.com
BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Dark Chocolate Challah Bread
Perfect for Valentine’s Day – offered
only once a year!
Orwasher’s Bakery
Pork & Ale Pub Pie
Stone & Thistle Farm

SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company
Valentine’s Day Cookies & Cupcakes
Regular and gluten-free
Meredith’s Bread
Click on a market to see all vendor and event details…

Ossining Winter

Saturdays
9:00 am-1:00 pm

Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details

Announcements
Mamaroneck: Armelle for Kids Plays this Saturday
Calling all kids who like to dance and sing: You are in for a treat.
Larchmont-based singer, Armelle Gloaguen, and her band, The Hand Jive Tribe, know how to get kids moving and grooving to music from around the world. She sings in English, French, Spanish, Korean, Chinese, and in a Sierra Leone dialect. They’ll play from 10 am to noon – see you there!

Ossining: Shovel Ready String Band Lights Up the Stage

This Saturday, join us for the Shovel Ready String Band! This local band knows how to celebrate the joy of bringing people together at the market. They play bluegrass, country blues, snappy good time tunes – and more – so make sure to stop by between 10 am to noon to enjoy their sound.

Ossining: The 2015 Learning Center at Down to Earth Markets

Down to Earth Markets is delighted to announce our 2015 Learning Center series. Once a month, we’ll invite local food makers to share their secrets to a class held in our office at 173 Main Street, 3rd Floor, in Ossining. The kick-off event is “Bake Up the Love with Christiane’s Backstube” on
Wednesday, February 11th from 7-9 pm. Each class is $15 or $40 for three.
Click HERE to learn more and buy tickets!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities. Here’s where to find them this week:

Mamaroneck – Saturday, February 7th

Calcutta Kitchens
Hudson River Apiaries
Kontoulis Family Olive Oil
**NEW TO MARKET!** – LizBeth’s Dessert Boutique

Ossining – Saturday, February 7th

Bombay Emerald Chutney Company
Kontoulis Family Olive Oil
Taiim Falafel Shack
Wave Hill Breads

Local Farmers Markets | Katonah Real Estate

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SIX Rotating Vendors & Music at Mamaroneck Winter Farmers Market;
Join Us: Down to Earth Markets’ 2015 Learning Center;
Vendors Offer Yummy Specials in both Ossining & Mamaroneck!


January 29th-February 4th, 2015

DowntoEarthMarkets.com
BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Bacon Marmalade
Stone & Thistle Farm

Full Sour Pickle Special:
$1 OFF on all quart sizes

Pickle Licious

JUST CRUST Chips and
Rustic Croutons
: 1 bag for $5 or
2 for $7.50

Flavors include Naked, Garlic, &
With a Kick

Wave Hill Breads

Marble Loaf (slices)
Christiane’s Backstube

Pate de Campagne
Stone & Thistle Farm

Pistachio Cookies
Christiane’s Backstube

Roasted Bone Broth
Stone & Thistle Farm

Roman Focaccia
Buy 2 at $5 each & get 1 FREE

Wave Hill Breads

SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company

Wheat Grits with Pear Loaf (slices)
Christiane’s Backstube

Valentine’s Day Cookies & Cupcakes
Regular and gluten-free
Meredith’s Bread

Click on a market to see all vendor and event details…

Ossining Winter

Saturdays
9:00 am-1:00 pm

Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details

Announcements
Mamaroneck: Music at the Market

This Saturday, January 31st, enjoy music by guitarist Ed Packer from 10 am to noon.
He‘s a farmers market favorite with both his original and fun cover songs!

Ossining: The 2015 Learning Center at Down to Earth Markets

Down to Earth Markets is delighted to announce our 2015 Learning Center series. Once a month, we’ll invite local food makers to share their secrets to a class held in our office at 173 Main Street, 3rd Floor, in Ossining. The kick-off event is “Bake Up the Love with Christiane’s Backstube” on
Wednesday, February 11th from 7-9 pm. Each class is $15 or $40 for three.
Click HERE to learn more and buy tickets!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.