Daily Archives: October 14, 2013

Mortgage refinance activity picks back up | South Salem NY Real Estate

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Mortgage applications shot back up this past week as the market corrected itself in the wake of the Labor Day weekend, analysts said Wednesday morning.

Despite seasonal factors having an impact on applications, other factors remain. The market overall continues to readjust as interest rates fluctuate and analysts wait to see whether the Federal Reserve will slow down its acquisition of mortgage-backed securities and Treasurys. An update from the latest Federal Open Market Committee Meeting is expected this afternoon.

Looking at the data, mortgage applications increased 11.2% from a week earlier, the MBA said. Refinance activity also came back, growing 18% from the previous week, while the purchase index rose 3%.

Collectively, the refinance share of mortgage activity inched back up to 61% of total applications this week, up from 57% a week earlier.

Mortgage analysts are attributing the rebound in refinance applications to a recent drop in mortgage rates and a natural pick-up resulting from the end of a holiday.

“However, refinance volume remains almost 70% below the peak in early May,” explained MBA vice president of research and economics Mike Fratantoni.

He added, “The decline and rebound were also caused to some extent by the slowdown around the Labor Day holiday. Although we included an adjustment for the holiday, it did not precisely capture this slowdown.”

Handling such a volatile market, it becomes difficult to discern what happens week-over-week in the mortgage space, explained Quicken Loans chief economist Bob Walters.

“The week before, you had people on holiday, so when consumers reengaged back into their every day life a lot more people were making more decisions on their homes,” Walters noted.

He added, “Additionally, the industry had a ton of people out on vacation, which also effects such a volatile series.”

On a similar note, Ellie Mae noted that purchase loans continued to gain share in August, climbing 4% to represent 57% of all loans analyzed by Ellie.

 

 

http://www.housingwire.com/articles/26898-mortgage-refinance-activity-edges-back-up

Identify hot buying behavior | Katonah NY Real Estate

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There’s nothing worse than working day and night chasing leads that never seem to amount to anything. Working manually through the process only exasperates the frustration, especially when it seems like leads are slipping right through your fingers. Below are thoughts to help you identify hot buyers and reach out effectively.

However, the tips assume you have already handled the following three items: (1) You have an automated marketing tool in place; (2) You are already capturing the name and email of browsers; and (3) You have property search and detail pages to monitor online behavior. For more information on why these assumptions are important, take a moment to read the previous Digital Mind Shift articles: part one | part two | part three.

Monitor hot behavior Think of your property search and detail pages as a stocked pond. Drive as much traffic to your pond as possible because that’s the best place to catch fish. This is where you can discover the hot buying behavior of browsers. Look for a combination of the following behaviors to determine how and when to reach out. Saved or preferred properties: Give your users the opportunity to favorite or save properties that most interest them. In doing so, you provide a value-added online benefit and know precisely the type of properties the user wants. Length of time browsing on site: Pay attention to browsers who are spending considerable lengths of time searching for properties.

This is a key indicator they are serious about finding the right home to buy. Expense level of properties: Buyers who are interested in more expensive properties should raise an eyebrow and warrant your attention. Just sayin’.Frequency of returns to the site: Buyers who are visiting your site frequently and searching for properties are demonstrating clear signs of hot buying behavior.

Frequency of returns to a particular property: When a browser keeps checking out the same property repeatedly over the course of a few weeks, you might want to take notice. Communicate like a human, not a machine It’s important you don’t scare customers away or annoy them with messages that look and feel like spam. Yes, you should set up automated campaigns to reach the maximum amount of people, but you can do it with a personalized and human approach. Here’s how: Let the customer know you’re paying attention by putting the property address she has shown interest in directly in the note.

This can be done automatically with most marketing tools. Give the impression the email is from a real person by always signing off with a name and contact information. Also, be sure to craft the messages like you would in any normal email correspondence. Be positive, personable and try to generate a dialogue.

Show yourself as helpful and friendly by offering to answer any questions about the property. Every customer who responds to an email should immediately be contacted by a real person (even though they think the note came from a real person to begin with). Start building your campaigns around hot buying behavior and personalized messaging techniques. Happy fishing!

 

– See more at: http://www.inman.com/next/identify-hot-buying-behavior/#sthash.Ucbg1gup.dpuf

Will Housing Save the Economy? | Bedford Hills NY Homes

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Don’t count on it, says a leading macroeconomist at the Booth School of Business at the University of Chicago.   “We need to temper our optimism on what a housing recovery can do,” says Amir Sufi, professor of finance.

Thought leaders ranging from President Obama to Bill Dudley, the president of the Federal Reserve Bank of New York, have pinned the nation’s economic progress on the housing recovery, but the fact is that “we will not be returning to the boom years that preceded the Great Recession. The days when housing was the predominant force driving economic activity are gone, and I view that as a good thing,” says Sufi in an article in the fall issue of Capital Ideas, a Booth School publication.

However, the housing wealth effect is less than meets the eye and price growth owes as much to investors as to homeowners, which means home ownership won’t recover more to

“An increase in house prices drives economic activity in two ways. First, it induces investment in new residential construction. Second, it leads some households to spend, either for home improvement or consumption. The latter effect has generally been called a “housing wealth effect,” but in my view that’s the wrong way of thinking about it. Instead, the positive effect of house prices on household spending relies crucially on the degree to which a given household is constrained from spending as much as it would like in the short run, either because of borrowing constraints or behavioral biases.

But Sufi argues that spending as a response to an increase in house prices was not uniform, which is a critical point often neglected in the discussion of housing wealth effects. “In our study of the housing boom, we found enormous differences in the propensity of homeowners to extract equity from their home based on credit scores. Homeowners with the lowest credit scores were very aggressive, borrowing 40¢ against every dollar of increased home equity. Homeowners with the highest credit scores were almost completely passive, pulling almost no equity out of their homes when house prices increased,” said Sufi.

“In research with Kamalesh Rao of MasterCard Advisors, Mian and I also found the exact same relationship during the housing bust. For a given dollar decline in house prices, constrained borrowers cut back on spending much more dramatically than unconstrained households. The marginal propensity to consume out of housing wealth was three-to-four times larger for constrained versus unconstrained households.” wrote Sufi.

Today these constrained borrowers have been shut out of housing and mortgage markets, he said. ‘The only households that can buy a home or borrow against one are precisely the unconstrained households that are least likely to spend out of an increase in housing wealth. Therefore few homeowners are aggressively borrowing against their homes, precisely because they have high credit scores. If we take the results from our previous research, the housing wealth effect for these households may be close to zero, which would substantially dampen the effect of house prices on spending.”

Another way to measure the wealth effect is to look at home improvement, he said.  Year-over-year spending on home improvement, appliances, and furniture was up 2.4% in January through March of 2013, while other retail spending was up 3.5%. Spending on home-related purchases remained weak even as house prices climbed. In contrast, during the 2002-06 boom, year-over-year spending on home improvement, appliances, and furniture outpaced other retail spending every single year.

“The nature of the housing recovery is quite different than what we’ve seen in the past. Up to this point, it appears to be driven in large part by investors and cash-buyers. The direction of causality is difficult to discern: investors may be responding to house price growth as much as driving it. But the recent growth should be understood in the context of the boom in investor activity,” he wrote. The most direct effect would be a permanent return to homeownership rates in the United States of 65% or perhaps even lower. Further, investors renting out apartments and single-family homes are likely to invest less in the homes than homeowners would. We still need good theory and data to back up this argument, but it seems to be accepted wisdom among professionals working in housing and durable goods markets. It does make intuitive sense. Landlords tolerate more depreciated washing machines and kitchen appliances, and more transient renters are less willing to pay the landlord for better equipment.

 

http://www.realestateeconomywatch.com/2013/09/will-housing-save-the-economy/

 

 

 

 

Mixing It Up in a Century-Old Edwardian | Bedford NY Real Estate

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e get to see the results of designers’ hard work for their clients here on Houzz, but we don’t often get to peek into their own homes. For interior designer Shirley Meisels, her house is a reflection of her family’s lifestyle and collections, and it also serves as a design laboratory where she can experiment with ideas and test products and materials.
“Over the years I have had the opportunity to collect various objects and furnishings that I love — since this has happened over time, my home has an eclectic, almost ‘accidental,’ feeling,” she says. In her work she strives to give her clients’ homes that same casual yet pulled-together, collected-over-time look.
Meisels and her blended family moved into this hundred-year-old Edwardian house in Toronto in early 2013. They chose it because it was the right size, it was structurally sound and it had a nice flow. It only needed a facelift, which she pushed hard to complete in six weeks. Here’s how this self-confessed “clutter nut” has chicly organized and designed the house for family life.
Houzz at a Glance Who lives here: Shirley Meisels and her blended family: her husband and his two kids, ages 9 and 11, and her daughter, 10. Location: Midtown Toronto Size: 2,850 square feet; 4 bedrooms plus office, 4 bathrooms
Photography by Stephani Buchman

contemporary entry by Shirley Meisels

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“We love the flow of the house and that it has the perfect amount of space when we are all together, enough to feel spacious but not vast. I hate the idea of heating rooms that no one uses,” Meisels says.
She makes the space work by having a place for everything. In the entryway she insists upon a designated place to drop bags, keys, mail, coats and shoes. A custom wardrobe by Mhouse serves as a coat closet.
“At the same time I like some kind of dramatic design detail that will wow guests as they first enter — in this case the oversized mirror really has impact,” she says. A Sputnik chandelier foreshadows more retro style moves in the rest of the house.
Console table: Ikea; rug: Elte

traditional HT: Shirley Meisels2

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The home originally had transitional style, with yellow walls  and oak trim. Meisels painted everything with Benjamin Moore’s Chantilly Lace, using washable flat on the walls and satin finish on the trim.
In addition to all of that painting, renovations included replacing all the flooring, cutting a window and sidelights into the front door, adding air conditioning, renovating the powder room, replacing radiators, completing a master bathroom that had been roughed in, working on the kitchen (more on that later), adding built-ins and reconfiguring closets. Later on the couple dug down and finished the basement, which took another six weeks.
contemporary staircase by Shirley Meisels

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AFTER: Through the entryway a glimpse of a wall mural by Lulie Wallace draws you into the house. “I thought that would be a fun corner to add a pop of color and pattern without overwhelming the hallway,” Meisels says.

traditional HT: Shirley Meisels2

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Just off the entryway, the living room features a beautiful bay window and fireplace. This is the old furniture and rug setup.

Sparks Should Fly In First Debate Of County Exec Race | Pound Ridge Real Estate

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As November draws closer, the county executive race heats up with the first debate between the two candidates after months of campaigning.

Incumbent Rob Astorino (R) and opponent, mayor of New Rochelle Noam Bramson (D) will be going head to head on Wednesday, Oct. 2 at the White Plains Reckson Metro Center Auditorium. The debate will be hosted by the Westchester Business Council.

Lee Miringoff, director of the Marist Institute for Public Opinion at Marist College, will be serving as moderator in what promises be a fiery debate, based on the campaign’s publicly combative tone thus far.

A panel composed of Business Council members representing various sectors of the local economy will pose questions to both candidates.

“The Business Council is honored to be holding the first official debate of the County Executive race,” said Marsha Gordon, President and CEO of the Business Council of Westchester, in a statement. “This race is the main event of the November election in Westchester with important implications for the county’s economy and business climate. We look forward to a highly informative and insightful debate.”

The debate begins at 6 p.m. and is open to council members only. To register to attend, members can access a form here.

The Reckson Metro Center auditorium is located at 360 Hamilton Avenue.

Two more debates between Astorino and Bramson are also scheduled. The second is Oct. 16 at RPW Group, Inc., 800 Westchester Avenue in Rye Brook. The third debate is on Oct. 23 at Pace University’s White Plains campus on 1 Martine Avenue.

 

 

 

 

Phoenix’s booming housing market leaves lower-priced homes behind | Bedford Corners Real Estate

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Phoenix, one of the hardest-hit metros in the housing crisis, is seeing housing roar back thanks to an uptick in jobs and a streamlined foreclosure process that has curbed its shadow inventory.

But developers are not building enough lower-end homes to satisfy demand. Post-crisis, luxury homes — those that go for millions of dollars — now make up 21 percent of the housing stock, up from 15 percent before the crash, according to Mike Orr, director of the Center for Real Estate Theory and Practice at Arizona State University.

On the other side, the share of homes on the market for $150,000 or less dropped from 25 percent before the crash to 14 percent today, Orr told the New York Times.

 

 

Source: New York Times

 

 

– See more at: http://www.inman.com/wire/phoenixs-booming-housing-market-leaves-lower-priced-homes-behind/#sthash.kYpfDo06.dpuf

With 8,000-plus units planned, Queens rivals Manhattan for growth | Chappaqua Real Estate

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As developers make up for lost time during the recession, the New York City borough of Queens will see 60 big residential housing projects with more than 8,000 units built in the next three years, The Real Deal reports, citing its own research and estimates from brokerage Aptsandlofts.com.

Queens is just about as popular with developers as Manhattan, where an estimated 5,350 units are expected to be built during the next two years.

 

 

Source: therealdeal.com –

 

 

See more at: http://www.inman.com/wire/with-8000-units-planned-queens-rivals-manhattan-for-growth/#sthash.QtUqpGvO.dpuf

Find the Best Energy-Efficient Window Treatments | Armonk NY Homes

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Windows have a huge impact on how our homes look, feel and function, so we  want to get them right. But even the best windows have a hard time doing  everything we want them to do — let in light and views, keep out the cold, etc.  Happily, homeowners can make their windows perform better by choosing  energy-efficient window treatments such as insulated curtains and blinds.

You can find some great solutions for how to make windows more  energy-efficient — and your home more comfortable — without spending a lot of  money. You can even make some insulated window coverings yourself. Find out more about how to save money and spread the cost for new windows.

Out the Window

Windows are often described as “holes in the wall” for good reason. The U.S.  Department of Energy (DOE) reports that windows typically account for 25 percent  of annual heating and cooling costs in older houses, and can even be responsible  for as much as 40 percent.

Even those of us whose homes have high-performance windows want them to work  better. “It doesn’t matter whether you get the best window in the world. The  first thing that anybody is going to do is change the way it works,” says Peter  Yost, vice president for technical services at the publisher BuildingGreen.  These changes take place with the addition of blinds, insulated shades, thermal  curtains or other coverings.

So how do we make window treatments work for us, and still be efficient? To  get the most out of our windows, we need them to be adjustable. Depending on the  season and time of day, we may want to let in as much light, heat, fresh air and  view as possible — or do our best to keep those things out — in the name of  comfort, energy efficiency and privacy.

Check the Payback on New Windows

Many window replacement options are easy to get excited about because they offer  efficiency features that can lower your energy bills. However, many  green-building professionals agree that replacement windows are usually not an  effective way to spend your money. Less expensive energy-efficient window  treatments — such as plastic sheeting and thermal curtains — are often better  bets. “If you have decent windows now, does it pay to replace them? No. They’re  not going to pay you back in energy savings,” says Ken Riead, a home-energy  rater and trainer with Hathmore Technologies in Independence, Mo.

The easiest way to find out whether you have efficient windows is to have a  home energy audit. For a few hundred dollars — a fraction of the price of  installing new windows, new wall insulation, or even a new heating and cooling  system — a home energy professional will come to your residence to evaluate  which options are a good deal by calculating the energy saved and the payback  period. Specifically regarding windows, a home energy audit will assess whether  your best investment would be new windows, storm windows, or additional  weatherstripping and caulking. (Get the full scoop at Home Energy Audits: Measure Your Energy Costs and Add Up the  Savings.)

Regardless of whether you end up replacing your existing windows, you should  look into ways of improving their performance. With the exception of storm  windows, recommendations about energy-efficient window treatments (cellular  shades, thermal panels, retractable awnings, etc.) are probably beyond the scope of a home  energy audit, so you’ll need to do some further research. Luckily, much of the  legwork has been done for you.

A good starting place is the “Weighing Your Window Options” chart (See also in Image  Gallery). As you can see, no single energy-efficient window treatment will work  for everyone. You may think the hands-down best choice is insulated cellular  shades — because the chart shows they have one of the highest possible  insulation values — but cellular shades have poor resistance to condensation,  which can be a serious issue in cold, wet climates. Indeed, any window covers  that allow warm, moist interior air to come into contact with cold glass will  cause water droplets to form — risking rot and mold on wooden window frames.  Homeowners can stop condensation from forming by creating a vapor barrier that  prevents moisture from reaching the glass’s cold surface. A window quilt (that  is, an insulated shade) made of airtight material will do the job nicely as long  as the edge of the quilt is sealed to the window frame using bottom weights,  magnetic tape, Velcro strips, or snaps and hooks. High-insulating window quilts  are an easy do-it-yourself project — but maybe you’d prefer energy-efficient  curtains that don’t block the view, ventilation and daylight. Exterior storm  windows let you enjoy both the light and view, but they don’t resist  condensation — and they’re not cheap. Old-fashioned homemade curtains are easy  to pull aside and they’re quite affordable, but they provide negligible  insulation value. Be sure you weigh the pros and cons before making your  choice.

Before you start sewing insulated curtains or budgeting to buy storm windows,  compare a range of energy-efficient window treatments at Window Coverings and Attachments, a joint project of  BuildingGreen, Lawrence Berkeley National Laboratory and the DOE. The website is  pretty slick: The tool makes suggestions based partly on the climate and  location selected by the user. For example, in cold northern climates, moisture  condensation issues need special attention, and the wrong type of window covers  can do permanent damage. To avoid problems, you should look at window treatments  rated highly for condensation resistance, and if you indicate that you live in a  northern climate, the tool will automatically default to those options. You can  also narrow the search by your preferences. If you’re only interested in  products that will provide shade in summer, the selection tool will direct you  to those types of window covers. And it provides information on warranties to  help you choose energy-efficient window treatments that are also durable.

Do It Yourself

For information on basic window repair and air-sealing, check out the book Green Home Improvement by Dan Chiras. The book gives  step-by-step instructions for caulking and weatherstripping, installing  insulated shades, and putting in your own storm windows.

Another great online resource is Build It Solar, the website managed by Gary Reysa, a retired  aircraft engineer whose DIY home-energy projects have been featured in Mother  Earth News. The website has a lot of good information on energy conservation,  including how to make windows more energy-efficient. Reysa offers links to  numerous resources, as well as details on three window covers he’s tried  himself: homemade cardboard shutters, Bubble Wrap window coverings, and fixed  interior window panels.

Finally, if you’re interested in learning more about the hows and whys of  insulated window coverings, and especially if you want to try making your own,  be sure to snag a copy of the book Movable Insulation by North  Carolina-based architect William Langdon. First published in 1980, it remains a  useful resource. (You can search online for used copies or order a reprint from Knowledge  Publications).

“Blinds, thermal shades, insulated curtains, shutters or other creative  window devices can make your windows more dynamic with regard to energy  conservation,” says Langdon. Altogether, they can help you save hundreds of  dollars on heating and cooling costs and raise the comfort level inside your  home.

Read more: http://www.motherearthnews.com/print.aspx?id={925AA504-40C4-45C6-A4B5-AA6366FD411C}#ixzz2hhqSQ8Lf