Tag Archives: Mt Kisco Real Estate for Sale

Connecticut Feeling On Tolls Could Keep I-684 Free | Mt Kisco Real Estate

Connecticut’s governor proposed putting a toll gantry on the 1-mile section of I-684 that goes out of New York.

Connecticut Feeling On Tolls Could Keep I-684 Free
(Google Maps)

The proposal to put a tollbooth on the Connecticut mile of Interstate 684 apparently elicited negative reactions from Connecticut politicians as well as New Yorkers. Democrats in the Connecticut State Senate are less than enthusiastic about Gov. Ned Lamont’s plan for tolls at 14 spots throughout the state.

Lamont wants to put tolls on roads in his state to raise revenue and pay for repairs. One of the roads he picked is I-684, the “interstate highway” that runs down the east side of Putnam and Westchester counties in New York.

The toll plaza would go in the 1.4 mile stretch of I-684 that is in Connecticut. The toll gantry would be sandwiched between the exit for the Westchester County Airport to the south and the exit for Armonk, home of IBM, to the north.

Lamont met with the Democratic caucus Wednesday to go over his plan and hear questions and concerns from the caucus. Senate President Martin Looney told Patch that there was broad support for Lamont’s proposed transportation fixes, but disagreement on how to pay for them.

“We need to find something that is broadly palatable in the General Assembly and also to the public,” Looney said.

The caucus didn’t take a headcount on support for Lamont’s plan. Looney said Lamont was going to reflect on what he heard in the caucus meeting.

Senate Majority Leader Bob Duff said everyone acknowledges that it’s vitally important to upgrade Connecticut’s transportation infrastructure. He said Lamont carefully listened to concerns from legislators.

“How we get there and how we pay for it is certainly a different story,” Duff said. “But it was a very frank conversation with the governor.”

Lamont campaigned on truck-only tolling, but said after being elected it wouldn’t create enough revenue for the state and could run into some legal challenges from the trucking industry. Lamont rolled out a 50-toll gantry plan that took up part of the 2019 legislative session, but in the end never got a full vote. Any toll vote would likely become a hot-button issue in the 2020 election where state representatives and senators are up for re-election.

Legislative Republicans in Connecticut have been steadfast in their opposition to tolls. House Republican Leader Themis Klarides said that there is common ground in Lamont’s latest plan and it was more well-thought than previous iterations, but tolls are still a non-starter.

Non-starter was exactly the term New York State Senator Pete Harckham used, talking about his constituents in Dutchess, Putnam and Westchester counties who would be unfairly affected. “Governor Lamont’s plan to place a toll on I-684 is a nonstarter because it disproportionately impacts New York commuters. There are enough roads elsewhere in Connecticut to toll to fund infrastructure projects in Connecticut.”

read more…

https://patch.com/new-york/bedford/s/gwzdh/connecticut-feeling-on-tolls-could-keep-i-684-free?utm_term=article-slot-1&utm_source=newsletter-daily&utm_medium=email&utm_campaign=newsletter

Fed cuts rates again | Mt Kisco Real Estate

Federal Reserve Chairman Jerome Powell

The Federal Reserve cut rates for a third time this year today. While the 25 basis point rate cut won’t have a direct impact on fixed-rate mortgages, Fed actions do impact the market which touches lending.

Here’s what the rate cut means for homebuyers and homeowners.

What will happen to long-term fixed mortgages?

The federal funds rate does not directly affect long-term fixed-interest mortgage rates; those rates are pegged to the yield of U.S. Treasuries, which are set by market forces. However, those market forces are influenced by Fed policy, as we saw in July when the 10-year Treasury yields dropped after the Fed cut rates.

While fixed-rate mortgages don’t move in lockstep with the Fed, they’re not immune to Fed policy.

“The Fed does have an effect on rates and consumer sentiment because we look to the Fed for the health of the economy and because policy action does have an impact on the market,” says Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Variable-rate loans will get cheaper

Variable-rate loans, such as adjustable rate mortgages (ARMs) and home equity lines of credit (HELOCs) track with the Fed rate, so those borrowers will come out ahead.

A drop in the federal funds rate by 25 basis points means a 25-basis point drop in variable rates, as well. Usually, borrowers will see a change in their lender statements the month after the Fed lowers rates.

“To quantify this, on a HELOC of $100,000, every change of 0.25 percent in interest rate (either upwards or downwards) will cause a borrower’s interest expenses to rise or fall $250 per year. As this works out to only about $21 per month, it should not have a very significant impact on most borrowers unless they have a very large HELOC,” says Daniel Shlufman, Mortgage Banker at Classic Mortgage LLC.

Those with variable-rate mortgages may have to wait a while to see their payments fall. Such loans typically adjust annually on their anniversary dates. Some don’t adjust at all for the first two, three, five or even seven years.

What borrowers should do

Would-be homebuyers interested in a fixed-rate mortgage or those who want to refinance should take advantage of today’s low interest rates, experts say. There’s no way to time the market to get the best deal on rates, says Kan.

The best course of action for homebuyers is to decide whether they can afford the home they want based on their down payment and current mortgage rates. Today’s mortgage rates are low by historical standards, so waiting for even lower rates can mean missing an opportunity.

read more…

https://www.bankrate.com/mortgages/federal-reserve-decision-heloc-arms/

Leftist Utopia -California Can’t Keep the Lights On | Mt Kisco Real Estate

(Roza/Dreamstime)

Decades of misgovernance and misplaced priorities have left the state fighting fire with . . . blackouts.

California is staying true to its reputation as the land of innovation — it is making blackouts, heretofore the signature of impoverished and war-torn lands, a routine feature of 21st-century American life.

More than 2 million people are going without power in Northern and Central California, in the latest and biggest of the intentional blackouts that are, astonishingly, California’s best answer to the risk of runaway wildfires.

Power — and all the goods it makes possible — is synonymous with modern civilization. It shouldn’t be a negotiable for anyone living in a well-functioning society, or even in California, which, despite its stupendous wealth and natural splendor, has blighted itself over the decades with misgovernance and misplaced priorities.

The same California that has been the seedbed of world-famous companies that make it possible for people to send widely viewed short missives of 280 characters or less, and share and like images of grumpy cats, isn’t doing so well at keeping the lights on.

The same California that has boldly committed to transitioning to 50 percent renewable energy by 2025 — and 100 percent renewable energy by 2045 — can’t manage its existing energy infrastructure.

The same California that has pushed its electricity rates to the highest in the contiguous United States through its mandates and regulations doesn’t provide continuous access to that overpriced electricity.

California governor Gavin Newsom, who has to try to evade responsibility for this debacle while presiding over it, blames “dog-eat-dog capitalism” for the state’s current crisis. It sounds like he’s referring to robber barons who have descended on the state to suck it dry of profits while burning it to the ground. But Newsom is talking about one of the most regulated industries in the state — namely California’s energy utilities, which answer to the state’s public utilities commission.

This is not exactly an Ayn Rand operation. The state could have, if it wanted, pushed the utilities to focus on the resilience and safety of its current infrastructure — implicated in some of the state’s most fearsome recent fires — as a top priority. Instead, the commission forced costly renewable-energy initiatives on the utilities. Who cares about something as mundane as properly maintained power lines if something as supposedly epically important — and politically fashionable — as saving the planet is at stake?

Meanwhile, California has had a decades-long aversion to properly clearing forests. The state’s leaders have long been in thrall to the belief that cutting down trees is somehow an offense against nature, even though thinning helps create healthier forests. Biomass has been allowed to build up, and it becomes the kindling for catastrophic fires.

As Chuck DeVore of the Texas Public Policy Foundation points out, a report of the Western Governors’ Association warned of this effect more than a decade ago, noting that “over time the fire-prone forests that were not thinned, burn in uncharacteristically destructive wildfires.”

In 2016, then-governor Jerry Brown actually vetoed a bill that had unanimously passed the state legislature to promote the clearing of trees dangerously close to power lines. Brown’s team says this legislation was no big deal, but one progressive watchdog called the bill “neither insignificant or small.”

On top of all this, more people live in remote areas susceptible to fires, in part because of the high cost of housing in more built-up areas.

There shouldn’t be any doubt that California, susceptible to drought through its history and whipped by fierce, dry winds this time of year, is always going to have a fire problem. But there also shouldn’t be any doubt that dealing with it this poorly is the result of a series of foolish, unrealistic policy choices.

California’s overriding goal should have been safe, cheap, and reliable power, a public good so basic that it’s easy to take for granted. The state’s focus on ideological fantasies has instead ensured it has none of the above.

read more…

https://www.nationalreview.com/2019/10/california-cant-keep-the-lights-on/

Existing home sales up 3.9% year over year | Mt Kisco Real Estate

After reaching 17-month high last month, existing home sales, released by the National Association of Realtors (NAR), fell more than expected in September despite low mortgage rates.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, dropped 2.2% to a seasonally adjusted annual rate of 5.38 million in September. However, sales were still 3.9% higher than a year ago.

The first-time buyer share rose to 33% in September from 31% last month and 32% a year ago. The September inventory stayed the same at 1.83 million units from August but decreased from 1.88 million units a year ago. At the current sales rate, the September unsold inventory represents a 4.1-month supply, up from a 4.0-month supply last month and down from a 4.4-month a year ago.

Homes stayed on the market for an average of 32 days in September, up from 31 days last month and equal to a year ago. In September, 49% of homes sold were on the market for less than a month.

The September all-cash sales shared 17% of transactions, down from 19% last month and 21% a year ago.

The September median sales price of all existing homes was $272,100, up 5.9% from a year ago, representing the 91st consecutive month of year-over-year increases. The median existing condominium/co-op price of $248,600 in September was up 4.5% from a year ago.

Case Shiller home price index up 2% year over year | Mt Kisco Real Estate

Regionally, all regions saw a decline in existing home sales in September compared to the previous month, ranging from 0.9% in the West to 3.1% in the Midwest. On a year-over-year basis, sales rose in all four major regions except for the Midwest, ranging from 1.5% in the Northeast to 6.0% in the South. Sales in the Midwest was nearly unchanged to September 2018.

This monthly decline indicates that sales are not consistently increasing in response to falling mortgage rates, as rapidly rising home prices and tight inventory continue to weigh on housing sector and prevent home sales growth. As mortgage rates below 4% are very attractive to homebuyers, more new home building is needed to meet housing demand. Indeed, supported by low mortgage rates and solid job growth, builder confidence continued to improve, which rose to 20-month high in October.

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Case Shiller home price index up 2% year over year | Mt Kisco Real Estate

July 2019 saw an annual increase of 3.2% for home prices nationwide, matching the previous month’s pace, according to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic.

The 10-City and 20-City composites reported a 1.6% and 2% year-over-year increase, respectively. During the month, 15 of 20 cities reported increases both before and after seasonal adjustment.  

“Year-over-year home prices continued to gain, but at ever more modest rates,” says Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices. “Charlotte surpassed Tampa to join the top three cities, and Seattle may be turning around from its recent negative streak of YOY price changes, improving from -1.3% in June to -0.06% in July.”

According to the index, Phoenix, Las Vegas and Charlotte reported the highest year-over-year gains among all of the 20 cities.

In July, Phoenix led with a 5.8% year-over-year price increase, followed by Las Vegas with a 4.7% increase and Charlotte with a 4.6% increase. Seven of the 20 cities reported larger price increases in the year ending July 2019 versus the year ending June 2019.

“Overall, leadership remains in the southwest (Phoenix and Las Vegas) and southeast (Charlotte and Tampa),” Murphy said. “Other pockets of relative strength include Minneapolis, which increased its YOY gain to 4.2%, and Detroit, which is closely behind at 4.1% YOY.”

“The 10-City and 20-City Composites both experienced lower YOY price gains than last month, declining to 1.6% and 2.0% respectively. However, the U.S. National Home Price NSA Index remained steady with a YOY price gain of 3.2%, the same as prior month,” Murphy said. “Home price gains remained positive in low single digits in most cities, and other fundamentals indicate renewed housing demand.”

 The graph below highlights the average home prices within the 10-City and 20-City Composites:

Case-Shiller - July

Mortgage rates average 3.49% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.49 percent, the lowest it has been since October 2016.

Sam Khater, Freddie Mac’s Chief Economist says, “Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.49 percent with an average 0.5 point for the week ending September 5, 2019, down from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 4.54 percent. 
  • 15-year FRM averaged 3.00 percent with an average 0.6 point, down from last week when it averaged 3.06 percent. A year ago at this time, the 15-year FRM averaged 3.99 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30 percent with an average 0.4 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 5-year ARM averaged 3.93 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.

New fixer upper loan out | Mt Kisco Real Estate

House under construction

Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners can use it to repair or improve their properties.

The government-sponsored enterprise announced its new CHOICE Renovation loan product on Wednesday, saying it’s available immediately to all approved lenders. Lenders have two paths for delivering the loan to Freddie. They can either wait until the renovations are complete, or, for approved lenders, they can deliver the loan while work is ongoing if they’re providing oversight for the projects.

“We recognized there’s a significant amount of aging housing stock, both in under served areas and in the broader housing market, and there’s also a need for affordable housing,” Kelly Marrocco, director of credit policy at Freddie Mac said in an interview. “This is a new offering that allows people to purchase a home that needs repair, or allows existing homeowners to renovate without having to do a cash-out refinance.”

The new mortgage product has a unique feature to address the danger of natural disasters and flooding. It allows owners to use the funds to renovate or repair a property that has been damaged in a natural disaster or for changes that will help to prevent damage from a future disaster, such as work on storm surge barriers, foundation retrofitting, or retaining walls.

The funds “can be used to address housing resiliency items that will either repair damage or improve the homes ability to withstand environmental hazards,” Marrocco said.

The renovation market has grown by more than 50% since the Great Recession ended in 2009, Freddie Mac said in its announcement of the new loan product. Nearly 80% of the nation’s 137 million homes are at least 20 years old and 40% are at least 50 years old.

“Given the increasing age of existing housing stock, the growing number of millennials and other first-time home buyers looking for more affordable home buying options, and the increase in retirees opting to age in place, the Freddie Mac CHOICE Renovation mortgage is a flexible solution to finance or refinance these fixer-uppers,” Danny Gardner, a Freddie Mac senior vice president, said in the announcement.

read more…

https://www.housingwire.com/articles/49371-freddie-mac-announces-fixer-upper-mortgage

Millennials increase buying in February | Mt Kisco Real Estate

As the housing market shifts further in favor of homebuyers, Ellie Mae’slatest Millennial Tracker Survey reveals that purchase requests from Millennials increased to 87% of all purchase requests made in February, a 2% increase from January.

The survey also revealed that although conventional loans continue to be the most popular loan product among the generation, they fell slightly to 68% of all loans.

Interest in refinances fell two percentage points from the previous month, coming in at 11% of all loans for Millennial borrowers.

“The percentage of purchase loans is on the rise with Millennials continuing to enter the homebuying market for their first or maybe even second purchase,” Executive Vice President of Strategy and Technology Joe Tyrrell said. “The increase in days-to-close we saw in February is relative to the percentage increase in purchases versus refinances, as purchases typically take longer to close.

According to the survey, it typically took Millennials 46 days to close on conventional loans, which is the longest average time to close since January 2017. Among conventional loans closed by Millennials in February, it typically took the generation 44 and 53 days to close on a purchase and refinance loans, respectively.

Notably, ​​​the Millennial Tracker also discovered that the average time to close on all loans decreased to 42 days in February. During the same period, the average closing time on FHA loans fell to 42 days, while the average time to close on VA loans increased to 59 days month-to-month.

Lastly, the survey highlighted that the average FICO score for Millennial borrowers edged up to 723 in January, rising from 722 in January, according to Ellie Mae.

read more…

https://www.housingwire.com/articles/48714-ellie-mae-millennials-are-taking-advantage-of-cooling-housing-market?id=48714-ellie-mae-millennials-are-taking-advantage-of-cooling-housing-market&utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=71438785&_hsenc=p2ANqtz-_Gafi0qhppC7OwUuK27kQ-cuE-5XaaX3WMuEgJRTy5xo_V9NyrxD4fGTwuNxZLA0OukTYBNiW-Ny31KAk_u79D4j4PFA&_hsmi=71438785

Millenials favor remodeling | Mt Kisco Real Estate

Millennials are finding it increasingly difficult to become first-time buyers. Even for those that have managed to find (albeit shaky) footing on the housing market, it’s not easy. Moving to a bigger and better house is often out of the question, for example. But millennials are a crafty lot; if moving isn’t an option, why not remodel? In fact, over 25% of millennials are choosing to do just that. In this article, we focus on what they decide to focus their remodelling energies on. 

SIZE MATTERS 

As we’ve already mentioned, millennials are either choosing or being forced to stay in their homes. With moving an impossibility, even with growing families, millennials have had to get creative with maximizing space: 

  • Function first. Style is important, but if space comes at a premium, then function is the first thing on the millennial’s mind. 
  • Storage everywhere. Hooks against kitchen walls to hang pots and pans. Drawers under the couch. Pull-out closets. Cabinets against the ceiling. You get the drill. 
  • Natural light. Sometimes it’s impossible to create extra space. So why not the next best thing? Adding a window or skylight can give you the illusion of a bigger home. 

ENJOYING OUTDOOR SPACE 

Millennials are massively investing in their gardens. In fact, it’s becoming kinda cool, with millennials now spending more on average than their parents. Growing vegetables is definitely becoming a thing, with millennials liking growing their own organic food. It’s tastier, better for the environment, and it’s a fun project to get involved in. 

Millennials don’t tend to live in homes with a lot of outdoor space. Gardens are like gold dust, so it’s no surprise that if they manage to get their hands on one, millennials take care of it.They spend a lot of time researching sustainable designs and plants to occupy it.

LOW MAINTENANCE BEATS STYLE 

Millennials are big on homes that don’t really take much effort to maintain. They want practical homes built with eco-friendly products. Homes that are built with cheap and sturdy materials, rather than the stylish but overpriced stuff. Here are two examples of what we’re talking about: 

  • Hard flooring, not carpet. Carpets are expensive, get stained easily, will only be in decent condition for a few years tops (less if you have kids!), and it doesn’t look as cool as hardwood flooring. 
  • Metal roof. Tiles have the traditional vibe going for them, but they’re more annoying to maintain than metal roofing. And it doesn’t have to look worse either; many of the newer metal roof varieties are modern and slick. 

SMART TECHNOLOGY IS THE SMART CHOICE 

Millennials are huge on tech, so it’s no surprise that many of them are turning to smart technology to transform their homes. And it’s not just buying an Amazon Echo. These are some remodelling upgrades that help millennials smarten up their homes: 

  • USB outlets. Power outlets aren’t enough these days. 
  • Built-in speaker systems. When it’s challenging to find space in smaller homes, solutions like built-in speaker systems are a cool way to solve the problem. 
  • Motion sensors. Security is important, especially for millennials living in the big cities where break-ins are a little more common. 
  • Smart thermostats. Not only to save bills, but these also help the environment by limiting your energy usage to when you actually need it. 

read more…

Pending home sales drop for 12th straight month | Mt Kisco Real Estate

Pending home sales declined as a whole in December, but for the second straight month the Western region experienced a slight increase, according to the National Association of Realtors®.

The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, decreased 2.2 percent to 99.0 in December, down from 101.2 in November. Additionally, year-over-year contract signings fell 9.8 percent, making this the twelfth straight month of annual decreases.

Lawrence Yun, NAR chief economist, cited several reasons for the decline in pending sales. “The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December,” he said.

See and share this infographic.

All four major regions experienced a decline compared to one year ago, with the South sustaining the largest decrease.

Yun says so far, the partial government shutdown has not caused any obvious damage to home sales. “Seventy-five percent of Realtors® reported that they haven’t yet felt the impact of the government closure. However, if another government shutdown takes place, it will lead to fewer homes sold,” he said.

According to Yun, as the government reopens, more mortgage options will come available for consumers. “Some home transactions were delayed, but we now expect those sales to go forward,” he said.

Still, there is growth in certain pockets. Yun cited year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., San Diego-Carlsbad, Calif., and Portland-Vancouver-Hillsboro, Ore.-Wash. saw the largest increase in active listings in December compared to a year ago.

Yun says despite the low home sales in December, he is confident that the housing market will see improvement in 2019. “The longer-term growth potential is high. The Federal Reserve announced a change in its stance on monetary policy. Rather than four rate hikes, there will likely be only one increase or even no increase at all. This has already spurred a noticeable fall in the 30-year, fixed-rate for mortgages. As a result, the forecast for home transactions has greatly improved, “Yun said.

December Pending Home Sales Regional Breakdown

The PHSI in the Northeast rose 2.0 percent to 93.2 in December, and is now 2.5 percent below a year ago. In the Midwest, the index fell 0.6 percent to 97.5 in December, 7.2 percent lower than December 2017.

Pending home sales in the South fell 5 percent to an index of 109.7 in December, which is 13.5 percent lower than a year ago. The index in the West increased 1.7 percent in December to 88.4 and fell 10.8 percent below a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
 

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

read more…

https://www.nar.realtor/newsroom/pending-home-sales-dip-22-percent-in-december