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Daily Archives: October 20, 2011
Are Tattoos too Taboo for the Workplace? – Bedford-Katonah, NY Patch | Waccabuc NY Real Estate
Is it Time to Buy a Generator? – Bedford-Katonah, NY Patch | North Salem NY Real Estate news
Joseph and Teresa Genovesi have lived in Bedford for 79 years, the last 47 years at their house in Katonah.
“I’ve never seen anything like this storm,” Joe Genovesi said, of Irene. He’s used a portable generator for the past ten years—one that he bought after a bad winter storm and is powered by gasoline. “It makes us feel very comfortable to have the generator when we really need it, like we did last Sunday,” he said. “Though we feel very fortunate compared to some in our region and in places like New Jersey who are seeing damage that is mind-boggling.”
After enduring a long, aggravating stretch without electric power, many area residents are looking to prevent similar frustrations in the future by investing in a generator.
There has been high demand this week at large distributors, like Home Depot in Brewster— who sold over 200 portable generators during the weekend of the storm, according to a sales associate. Neighborhood shops like Paul’s Power Products in Bedford Hills and Arroway Tractor in Katonah have received an enormous amount of calls for repairs of overused and damaged generators.
“A generator at a private home used to be only for the very wealthy,” said Tim Bland, of Bland Electric of Bedford Hills who has been in the business for 33 years. “Then we saw a surge in demand for generators for the Y2K event, when people were willing to spend large amounts to prepare for any widespread power loss.”
As prices have come down for generators and more families are obtaining them, Bland advised buyers consult a licensed electrician (he no longer installs them) before purchasing one. He said electrician will direct customers to generator that fits their needs—be it for just the essentials like well water, heating and refrigeration or for setting up a larger back-up system— and will install them according to safety code requirements.
Bill Richards, a sales associate at Home Depot, cautioned first-time generator buyers to educate themselves.
“These are serious machines that can do harm to your home and your neighbors if they are not used properly,” he said. “People should know what they are doing when operating and maintaining them.”
Prices range from about $700 to $1000, depending on the generator’s size.
More permanent units, called “home standby generators” are connected to a home’s circuitry and are housed outside the home in a weather-protective enclosure. Companies like Northeast Generator, based in Bridgeport, CT, will send an engineer for a “load evaluation” and then recommend an appropriate unit.
“These types of generators are good for someone who does not want to deal with the machine themselves,” says service manager Adam Pryor. “They kick in automatically when the power goes off; they exercise (start-up) once a week and are serviced by our company.”
Prices are steeper for this option, and range from approximately $5,000-$15,000. But for some, the benefits outweigh the costs.
“The other night, a guy just called me because he was driving home to another night in his power-less house and saw our truck on the highway,” said Pryor. “He just had to call.”
Town Expected to Approve New Fees, Endorse Leaf Mulching – Bedford-Katonah, NY Patch | Mount Kisco Real Estate
Police: $50K in Jewelry Missing From Bedford Home – Bedford-Katonah, NY Patch | Bedford Hills NY Real Estate
Police Detail a Brutal Slaying in Cross River Murder-Suicide – Bedford-Katonah, NY Patch
Police: Couple, 2 Children Dead in Cross River Murder Suicide – Bedford-Katonah, NY Patch | Katonah NY Real Estate
Husband Kills Wife, 2 Children in Cross River Murder-Suicide – Bedford-Katonah, NY Patch | South Salem Real Estate
Best day to list real estate for sale: Friday | Inman News for Pound Ridge Real Estate
Best day to list real estate for sale: Friday
Redfin study: day of the week may make a difference
By Inman News, Tuesday, October 18, 2011.
Sellers should list their home on a Friday for the best chance of selling it, according to Seattle-based brokerage Redfin.
Redfin analyzed data for 1.2 million listings in 16 markets nationwide over the past 21 months. The brokerage found that of all listed homes in those 16 markets, those listed on a Friday were 12 percent more likely to sell within 90 days, and homes listed on a Thursday or Friday sold, on average, for slightly closer to list price: 94.4 percent compared with 93.9 percent when homes are listed on a Sunday or Monday. Put another way, that’s a $1,000 difference on a $200,000 home.
Homes listed on a Friday were also 18.8 percent more likely to be toured by Redfin customers. Homes listed on a Sunday or Monday were the least likely to be toured.
"Our theory is that since homebuyers tend to tour homes on the weekends (Saturday and Sunday have 2.5 times more tours per day than weekdays), homes listed on Fridays are the freshest in buyers’ minds when they’re making their weekend plans. It also seems likely that many homebuyers sort their weekend ‘must see’ lists by date listed, going to see the freshest homes first so they have the best chance of getting in on a potential good deal before other buyers," the brokerage said in a blog post about the findings.
"These factors put homes listed on Friday in front of more touring buyers on the weekend (which our touring data bears out). More tours leads to more offers, and more offers leads to a better price and a better chance of selling."
In one respect, Sunday beat out any other day of the week: Homes listed on Sunday attracted slightly more online page views than the average on Redfin.com.
While the vast majority of homes are listed on weekdays, no one weekday was especially popular, with between 17 percent and 19 percent of homes listed on any given weekday. About 19 percent of homes were listed on a Friday during the time period studied, Redfin reported.
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Existing-Home Sales Off in September | Pound Ridge NY Real Estate news
Existing-home sales were down in September on the heels of a strong gain in August, but remain well above a year ago, according to the National Association of REALTORS®.
Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 3.0 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010.
Lawrence Yun, NAR chief economist, said the market has been stable although at low levels, and there is plenty of room for improvement. “Existing-home sales have bounced around this year, staying relatively close to the current level in most months,” he said. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable — this speaks to an unfulfilled demand.”
Market Issues
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.11 percent in September, down from 4.27 percent in August; the rate was 4.35 percent in September 2010.
Contract failures were reported by 18 percent of NAR members in September, unchanged from August; they were 9 percent in September 2010. Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses.
NAR President Ron Phipps said access to credit is unbalanced. “All year we’ve been discussing the fact that many creditworthy home buyers are being denied mortgages,” he said. “On top of that, loan limits have been lowered, which means buyers of higher priced homes, including many in more expensive housing markets, now have to pay a higher interest rate for a jumbo mortgage than buyers who can qualify for a conventional loan. We need to remove the roadblocks to a housing recovery — not place more obstacles in the way of financially qualified buyers.”
Who’s Buying? What’s Selling?
All-cash sales accounted for 30 percent of purchase activity in September, up from 29 percent in August and 29 percent also in September 2010; investors make up the bulk of cash purchases.
Investors purchased 19 percent of homes in August, down from 22 percent in August; they were 18 percent in September 2010. First-time buyers accounted for 32 percent of transactions in September, unchanged from August; they were also 32 percent in September 2010.
The national median existing-home price for all housing types was $165,400 in September, down 3.5 percent from September 2010. Distressed homes — foreclosures and short sales typically sold at deep discounts — accounted for 30 percent of sales in September (18 percent were foreclosures and 12 percent were short sales), down from 31 percent in August and 35 percent in September 2010.
Total housing inventory at the end of September declined 2.0 percent to 3.48 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace, compared with an 8.4-month supply in August.
Single-family home sales fell 3.6 percent to a seasonally adjusted annual rate of 4.33 million in September from 4.49 million in August, but are 12.2 percent above the 3.86 million-unit level in September 2010. The median existing single-family home price was $165,600 in September, down 3.9 percent from a year ago.
Existing condominium and co-op sales rose 1.8 percent a seasonally adjusted annual rate of 580,000 in September from 570,000 in August, and are 5.6 percent above the 549,000-unit pace one year ago. The median existing condo price was $163,800 inSeptember, which is 1.0 percent below September 2010.
Around the U.S.
Regionally, existing-home sales in the Northeast rose 2.6 percent to an annual level of 790,000 in September and are 6.8 percent above a year ago. The median price in the Northeast was $229,400, down 3.3 percent from September 2010.
Existing-home sales in the Midwest slipped 0.9 percent in September to a pace of 1.09 million but are 17.2 percent higher than September 2010. The median price in the Midwest was $137,400, which is 1.4 percent below a year ago.
In the South, existing-home sales declined 2.6 percent to an annual level of 1.89 million in September but are 10.5 percent above a year ago. The median price in the South was $144,400, down 3.0 percent from September 2010.
Existing-home sales in the West fell 8.8 percent to an annual pace of 1.14 million in September but are 10.7 percent higher than September 2010. The median price in the West was $207,400, which is 4.5 percent below a year ago.
“The falloff in Western sales from a surge in August was expected because many lenders had lowered mortgage loan limits over concerns that sales wouldn’t close before the higher loan limits expired at the end of the September,” Yun said. “Given the concentration of higher cost housing in the West, particularly in California, many buyers were motivated to close in the months leading up to the changeover while they could still get low interest rates on conventional mortgages. Unless Congress reinstates the higher limits, the overall housing market recovery will be slower than it otherwise could be, and will hold back the broader economic recovery.”
Source: NAR