Bedford Corners NY real estate by robert paul realtor
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Builder confidence on the decline: NAHB | Bedford Corners NY Real Estate
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Daily Archives: April 16, 2012
Chappaqua NY Real Estate | 10 (More) Awesome Things Google Search Can Do For You
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The Many Faces of the Internet User | Armonk NY Real Estate
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Renters Qualified to Purchase a Home: 2011 vs 2005 | Mount Kisco NY Real Estate
- Did you know that nearly 10 million more renter households had the income to qualify to buy a home in 2011 versus 2005?
- Many factors have increased the number of renter households qualified to purchase a home in 2011 versus 2000 and 2005: 1) incomes have increased, 2) population has grown, 3) mortgage rates are lower, and 4) prices have fallen since 2005.
- The tables below show the data underlying the change in required income. Because of lower home prices and mortgage rates, qualifying income required to purchase a median priced home has fallen from $56,600 in 2005 and $40,300 in 2000 to $33,100 in 2011.
- Finally, based on all of these factors, we see that while 33 percent of renters qualified to buy the median priced home in 2000 and 24 percent of renters qualified to buy the median priced home in 2005, 47 percent of renters would qualify in 2011[1]. Translating these numbers into households, 7.7 million renters qualified to purchase the median priced home in 2005 while in 2010, 15 million renter households qualify.
- These calculations assume that potential buyers meet credit qualifications and have sufficient cash on hand to close a transaction. Lending standards, credit quality, and access to funds will affect the number of households who will be able to buy a home.
[1] This calculation assumes that income distribution in 2011 is the same as it was in 2010.
Cash Sales Increase | North Salem NY Real Estate
According to information in the latest Realtors® Confidence Index, cash sales were 31 percent of residential sales in February. The high preponderance of all-cash sales appears to be due to a number of factors: Unrealistically high loan underwriting standards, a significant level of investor participation in the market, and sales of properties as second homes.
Mortgage Purchase Applications | Cross River NY Real Estate
Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses mortgage applications.
- Mortgage applications decreased 2.4 percent during the week ending April 6, 2012, with the Purchase Index declining 0.5 percent from the prior week.
- The Refinance index dropped 3.1 percent, despite declining interest rates on 30-year fixed mortgages, which reached 4.10 percent.
- Cash purchases—which have been steady at about 30 percent of transactions—were not captured in the data.
- Import and export prices during the month of March increased 0.5 percent, according to a report by the Labor Department.
Foot Traffic: North Carolina | Waccabuc NY Real Estate
- Foot traffic can give a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
- Foot traffic in the area covered by the Wilson Board of REALTORS® (North Carolina) rose only 3% in March of this year compared to March of 2011, but this modest improvement was important.
- This spring’s trend marks the first improvement in foot traffic in roughly four years, a sign that the local market is bottoming and headed toward recovery.
- For more information on this data and its use, see the economist’s commentary, “Foot Traffic – Getting a Step Ahead”.
First Time Buyers – Still Below 40 Percent | South Salem NY Homes
According to information in the latest Realtors® Confidence Index, first time buyers were 32 percent of total buyers in February 2012. Normally first time buyers are in the neighborhood of 40 percent of total residential sales, according to NAR’s Profile of Home Buyers and Sellers.
Realtors® have reported that investors offering all cash-sales to sellers have crowded out first-time buyers in some cases. Unsuccessful first-time buyers typically continue their property search, sometimes making a number of bids before securing a property.
Distressed Real Estate – Below Market Prices | Katonah NY Real Estate
According to information in the latest Realtors® Confidence Index, distressed properties sell below the market price of comparable, non-distressed properties; the discount level fluctuates depending on sales location and types of properties. Foreclosures have been selling at approximately 20 percent below market. Short Sales have been selling at approximately 15 percent below market.
The discount to market is affected by property condition. Well maintained properties tend to sell at a lower discount than is the case for properties in poor condition. The graph below is based on data from November 2011 to February 2012.
23 Cool Examples of Facebook Page Cover Photos | Bedford NY Real Estate
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