Daily Archives: September 23, 2013

As Mortgage Applications Fall, Lower Loan Limits Loom | Waccabuc Real Estate

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Rising rates continue to have an impact on home purchase applications. The number of mortgage applications filed last by 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.

The purchase component eased 2.7% this week relative to last and has fallen 16.8% since the first week in May on a seasonally adjusted basis. Rates reversed course last week and turned upward after easing in the prior week. The average rate for a 30-year fixed rate mortgage was 4.57% last week according to Freddie Mac.

On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.

The sudden drop in purchase applications comes as loans for new homes have taken market share away from refinancing since January, raising its market share from 27% to 53% in July.

While the average rate has been on the rise, the National Association of Realtors reported that the Federal Housing Finance Agency is considering reducing the limits on mortgages that can be backed by Fannie Mae and Freddie Mac. Currently, the GSEs can support loans up to $417,000 in most markets and up to $625,500 in higher cost markets, while loans above this are supported by the private “jumbo” market made up of banks and private MBS securitizers.

Rates on jumbo loans have eased to party or slightly better than conforming loans in recent months as banks have started taking more loans into portfolio to compensate for weak commercial and refinance business. However, these loans are very high quality with large down payments and high FICO scores. The concern then is that if the loan limits decline, the private sector may still not be ready to pick up the non-pristine lending activity in the high cost portion of the market, cutting off access to credit for this portion of the market, resulting in reduced demand and sales.

Mortgage rates have had an impact on mortgage activity in recent weeks. Some borrowers will be able to adjust to higher rates either through larger down payments or purchasing lower priced homes. However, the higher rates may curb some home purchases as affordability wanes. A reduction in loan limits would only amplify this effect, particularly in the high cost markets that they currently support, according NAR.

 

 

http://www.realestateeconomywatch.com/2013/09/as-mortgage-applications-fall-lower-loan-limits-loom/

Bedford Town Board Approves Water Hike | Katonah Real Estate

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Bedford residents will have to pay a little more for their water in order to pay for a new water filtration plant in Katonah.

The Bedford Town Board unanimously approved water rate increases last week. Average water rates will increase by 20 percent, abut $97 a year.

“The water filtration plant is in operation and is producing great quality water,” Department of Public Works Commissioner Kevin Winn said. “Due to the increased expenses of the plant, we do need to have slight rate increase though it is less than anticipated.”

Winn said the town’s goal with the rate increase was to advocate for more water conservation. Minimum water rates are lower, but the rates increase with the more water used.

The rate increase will go into effect on Oct. 1. The rate increase was less than anticipated due to electric and waste disposal costs being less than anticipated.

Gordon Strong, a Katonah resident, complained he was being penalized by the new rate structure. Strong has a one inch water main and would be paying more than his neighbors who have larger homes and might use more water.

“I don’t think it’s fair,” Strong said. “I am being asked to pay a higher rate. I should be made an exception.”

Winn said he should change the size of his water meter and residents are charged for meters because they put more tax on the water system.

 

 

http://bedford.dailyvoice.com/news/bedford-town-board-approves-water-hike

Hidden single-family rental markets remain profitable for investors | Cross River Real Estate

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There have been a number of reports out recently indicating that institutional investors are losing interest in real estate. However, a recent report from RentRange and RealtyTrac revealed that there are still a number of single-family rental markets that investors would benefit from checking into.

The markets were determined by evaluating gross rental yield data, a commonly used method of comparing properties. The rental yield is determined by dividing the gross annual rental income by the purchase price or market value of the property.

The analysis was limited to single-family homes with three bedrooms. The top 25 markets had the highest gross rental yields in counties where institutional investor like Gainesville Coins purchases accounted for 5% or less of all residential sales in the three-month period ending in July, and the unemployment rate was 7.5% or lower.

“Buying single-family homes as rentals still yields solid returns in many markets across the nation, but it is difficult for individual investors and even small-to medium-sized institutional investors to find reasonably priced inventory in markets dominated by the 800-pound gorillas in the single-family rental space,” said Daren Blomquist, vice president at RealtyTrac.

A September report from Preqin, based on interviews with 140 private real estate investors, revealed that the proportion of investors making new private real estate commitments dropped in the last year, with smaller investors becoming more hesitant to make commitments.

Blomquist noted that this analysis has identified the top overlooked markets where single-family rentals still make good financial sense but where there is little to no competition from the big players.

According to Wally Charnoff, CEO of RentRange, “Real estate investment opportunities vary greatly market by market. “The availability of gross rental yield information and other valuable analytics empower buyers to make more scientific decisions about where to invest,” he added.

http://www.housingwire.com/articles/26921-hidden-single-family-rental-markets-still-profitable-for-investors

Bedford has 3 candidates for open school board seat | Bedford NY Homes

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The Bedford Board of Education announced that three applications have been received for an open seat on the board of education: Joe Malichio (Pound Ridge); Edward Reder (Mount Kisco); Brian J. Sheerin (Bedford Corners).

The Board of Education will conduct public interviews of the three candidates at a special board meeting at 7 p.m.  Sept. 18, in the Little Theatre at the Fox Lane Middle School. The meeting will be televised live on BCSD-TV (Bedford Channel 18 and FIOS Channel 1982), available on the district website via live video streaming and subsequently rebroadcast on BCSD-TV and the website.  The League of Women Voters will moderate the interviews.

Copies of the completed applications will be available at the Sept. 18  meeting. To allow for input, members of the community are invited to provide feedback on the candidates by emailing the board of education at boe@bcsdny.org no later than Sept. 20th.

The board will consider each candidate based upon his/her application, interview responses and community input. The board plans to discuss the candidates in an executive session and to announce the appointment of the new member as soon as possible.

The new board member will assume his/her seat on the board and begin the mandated orientation program immediately.  The new member will serve until the May 20 general election for Board of Education members.

 

 

http://northernwestchester.lohudblogs.com/2013/09/13/bedford-has-3-candidates-for-open-school-board-seat/

When a duplex trumps a penthouse | Mt Kisco Real Estate

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The term “duplex” may conjure up the image of a humble house in the suburbs with two front doors, but to Chicago luxury brokers, it means a two-story space in a high-rise condo tower with spectacular views of Lake Michigan.

The only way to get cathedral spaces and dramatic staircases is to buy two units and combine them into one, Koenig & Strey broker Nancy Joyce tells Michigan Avenue magazine. In an age where the term “penthouse” gets bandied about rather casually — it’s often applied to units that “aren’t necessarily bigger, grander or even on the top floor,” Baird & Warner broker Tom Gorman says — a case can be made that the “ultimate duplex” is actually “the gold standard of luxury living.”

Gorman says that a “good duplex is a hell of a lot harder to find than a good penthouse” — they’re often marketed as pocket listings. When Michigan Avenue checked in with the metro Chicago-area multiple listing service, Midwest Real Estate Data LLC (MRED), it found that 26 of 323 active listings in the lakefront and center city districts were marketed as penthouses, and eight as duplexes.

Source: michiganavemag.com.

– See more at: http://www.inman.com/wire/when-a-duplex-trumps-a-penthouse/#sthash.beZQwBgp.dpuf

Learn how forests, wetlands reduce flood risks at seminar | Bedford Hills Homes

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A seminar about the science of how forests and wetlands work to help limit damage from flooding will be held from 6 to 8 p.m. Sept. 24 at the Desmond Fish Library, 472 Route 403, Garrison,

Admission is free, but registration is recommended.

Marilyn Wyman, team leader of the Natural Resources Program with Cornell University Cooperative Extension of Columbia and Greene Counties, will talk about the relationship between forests and flood mitigation: how forests slow the flood of water, increase filtration and absorption, and help to stabilize stream banks. She will also discuss some of the problems facing important forested land, including invasive species, fragmentation and the lack of regeneration.

Laura Heady, biodiversity outreach coordinator with the Hudson River Estuary Program and Cornell University’s Department of Natural Resources, will share her knowledge and research about wetlands: their role in maintaining clean water, controlling floodwaters and protecting shorelines and stream banks from erosion and property damage.

This seminar is part of a series sponsored by Cornell Cooperative Extension and Cornell University, in partnership with the state Department of Environmental Conservation’s Hudson River Estuary Program and New York State Water Resources Institute.  The Hudson Estuary Watershed Resiliency Project is an educational initiative designed to help municipal officials and stream-side landowners prepare for floods and climate change in the Hudson Valley.  Educators from the Cornell Cooperative Extension associations in Columbia, Greene, Dutchess, Orange and Putnam counties are teaching municipal personnel and landowners in target areas about flood preparedness.

 

http://northernwestchester.lohudblogs.com/2013/09/13/learn-how-forests-wetlands-reduce-flood-risks-at-sept-24-seminar/

 

Survey: Affluent homebuyers will give up space for amenities | Bedford NY Real Estate

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The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, in a statement.

Luxury homebuyer survey statementPercentage of respondents agree
Used an agent for real estate services96%
Willing to give up 1,000 square feet of living space in their next home for a lifestyle amenity they want94%
Believe their house is the best on the block93%
Wouldn’t live in a home that isn’t tech-friendly87%
Homeownership is a more sound investment than the stock market75%
Consider a “smart” home more important than a “green” home66%
Rather have upgraded home than more square footage60%
Own multiple homes58%
Homeownership is a bigger indicator of success than their job or title*57%
Prefer owning multiple “lifestyle” homes to support recreational activities like skiing and theater-going53%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research *Of those luxury homeowner survey respondents who have jobs

A majority of the affluent homebuyers surveyed said they used an agent for neighborhood lifestyle insight (65 percent) as a source of advance info for new listings (64 percent), as a go-to source for housing trends (55 percent) and for support through the homebuying process (53 percent).

More survey results:

– See more at: http://www.inman.com/2013/09/10/survey-affluent-homebuyers-will-give-up-space-for-amenities/#sthash.tSIc4fid.dpuf

8 Ways to Improve Your Facebook Engagement | Chappaqua Realtor

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Are you looking for fun ways to get your Facebook fans engaged?

Wondering how other pages are developing their posts to increase likes, shares and comments?

In this article I’ll show you eight examples of how to create Facebook posts that drive more engagement on your Facebook page.

#1: Solve Problems With Photos

Posts with a simple image and a caption that shows fans the solution to a problem or a way to improve their daily lives receive marked engagement.

Whole Foods uses this post tactic to encourage fan discussions about product-related solutions to common problems.

Whole Foods boosts engagement by sharing lifestyle tips.

 

Tips for posting images to Facebook:

  • Larger images tend to get more likes, shares and comments. Use the Upload Photos/Video function to publish photo files directly into your post instead of posting a link that shows a thumbnail.
  • Optimize images for the 403 x 403 pixel display in the timeline. Larger images display from the center of the image, and some of the edges may not appear in the news feed unless a user clicks through.

Find a great selection of socially recommended how-to’s on Snapguide or Reddit’s Life Pro Tips.

 

 

http://www.socialmediaexaminer.com/facebook-fan-engagement-tips/

 

 

 

Mortgage application filings tumble 13.5% | Bedford Corners Real Estate

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Mortgage application filings fell 13.5% from a week earlier during the survey period ending Sept. 6, the Mortgage Bankers Association reported Wednesday.

Mirroring this downward trend, the MBA refinance index also dropped 20% from the previous week, reaching its lowest level since June 2009.

Overall, the refinance share of mortgage activity dropped to 57% of all mortgage applications, down from 61% a week earlier. The refinance index alone has fallen 71% from its recent peak in early May, and is now at its lowest level since June 2009.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.80% from 4.73%.

Furthermore, the 30-year, FRM jumbo grew to 4.84% from 4.71%.

The average 30-year, FRM backed by the FHA rose to 4.56% from 4.48% a week ago.

Additionally, the 15-year, FRM increased to 3.83% from 3.75%, and the 5/1 ARM rose to 3.59% from 3.49% last week.

 

 

http://www.housingwire.com/articles/

 

Stop blaming rising interest rates for the housing slowdown | Pound Ridge Real Estate

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So you heard that rising interest rates are forcing first-time homebuyers to stay on the sidelines, effectively derailing the housing recovery?

Well, think again, argues Heidi Moore in The Guardian.

As Moore explains it, a true housing recovery cannot occur until a real economic recovery is afoot. Per The Guardian:

Rising interest rates are not wrecking the housing recovery; what is wrecking the recovery is that house prices are rising faster than the ability of people to afford them. Maybe we thought we could cheat history, and that a housing recovery would bring about an economic recovery. That can’t happen. The housing recovery can’t start until the economic recovery begins.

 

 

http://www.housingwire.com/articles/26828-stop-blaming-rising-interest-rates-for-the-housing-slowdown