Daily Archives: January 27, 2014

Thirty Somethings Flip-Flopped on Homeownership | Pound Ridge Real Estate

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An analysis by Chris Porter, a senior manager at the John Burns Real Estate Consulting practice, has some frightening findings for the housing industry.  Americans aged 30 to 34 years old in 2012 had the lowest homeownership rate of any similarly aged group before them… yet just five years earlier, in 2007, the same people had the highest homeownership rate at 25-29 years old than any group before them.

Porter calls it an amazing reversal of fortune and possibly the most amazing, underreported demographic fact today.

Using homeownership-by-age data from the Census Bureau, Porter compared households by years of birth to examine how homeownership changes over consumers’ lifetimes.

•            Lowest ever in 2012: 30-34 year-olds in 2012 (born between 1978 and 1982) had a 47.9% homeownership rate. This is a full 6.5 percentage points lower than those five years older had achieved at the same age and lower than any group before them! (This is based on data available beginning with those born in 1948.)  Porter calls them the “Subprime Generation.”

•            Highest ever 5 years prior: Those same 30-34 year-olds had a 40.5% homeownership rate 5 years prior when they were 25-29 years old in 2007. This is 6.2 percentage points higher than 25-29 year-olds in 2012 and higher than any 5-year cohort before them.

‘Our consulting team has been pointing out a real dearth of entry-level buyers over the last several years, which is counterintuitive when you consider that this has been the most affordable time in generations to buy a home. What we learned is that a huge percentage of households bought a home earlier than usual, and that same group has gone through more foreclosures than any generation before them,” Porter wrote in his blog.

What does this mean? It is more difficult than usual to sell entry-level homes today, but the pent-up demand for entry-level housing is huge, he said.

 

 

http://www.realestateeconomywatch.com/2014/01/thirty-somethings-flip-flopped-on-homeownership/

Homeowners Fear Values are Sinking | Bedford Corners NY Real Estate

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Even though home prices rose more than 10 percent last year and lifted 1.4 million house poor homeowners above water, consumers have suddenly become concerned nervous about the value of their homes, according to a national opinion survey.

A new Rasmussen Reports national telephone survey last week found that homeowner confidence in the value of their homes dropped suddenly over the holidays.  According to the latest survey of 670 adult homeowners conducted on January 16-17 some 53% of owners feel the value of their home is more than what they owe.

That’s down from 62% a month ago, which was the highest level of owner confidence since Rasmussen Reports began regular tracking on this question in April 2009.  It’s also down from 58% reported in November and October.

Not only have positive attitudes decreased, negatives have risen.  Thirty-two percent (32%) now say their home is not worth more than the amount they owe, up from 24% in December. Fifteen percent (15%) are not sure.

Home prices flattened in the fall, as they normally do, but in reports prices ended up 10 percent or more higher than they were at this time last year.  Rising prices have restored equity to homes nationwide.  For example, last week CoreLogic reported that nearly half the nation’s states plus the District of Columbia have reached their price peaks from the housing boom or are within 10 percent of doing so, today

 

 

 

If you work in real estate, you better know these | Armonk NY Real Estate

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So you are entering the real estate world? Whether you are trying to buy or sell a home (or do both!), you need to familiarize yourself with the lingo.

You don’t want industry jargon to confuse you and keep you from missing something crucial. Here are 15 real estate buzzwords to keep you in the know.

1. Adjustable Rate Mortgage (ARM)

When applying for a home loan, you can get an adjustable-rate mortgage (ARM) or a fixed-rate mortgage. An ARM usually has a specific interest rate for a set time and then the interest rate fluctuates. Most of these mortgages have a cap on how high the interest rate may increase.

2. Amortization Schedule

First off, amortize basically means to reduce a debt. An amortization schedule is a detailed breakdown that illustrates how much interest and principal of the mortgage has been paid off and how much remains with each payment.

3. Closing

The final step in a real estate transaction, a closing is the transfer of the title of the property for money or other considerations.

4. Down Payment

The down payment is the amount of money that a buyer pays upfront in order to purchase a property. This amount is typically between 5% and 25% of the value of the property.

5. Escrow

When a third party holds property, cash and the property title until all conditions of the property agreement have been satisfied. The third party, likely a lawyer, will then hand over the assets to the respective parties, as outlined in the agreement.

6. Fannie Mae/Freddie Mac

The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are two government-sponsored enterprises that purchase mortgages from lending institutions. Their purpose is to promote stability and affordability in the housing market.

 

 

 

http://therealdeal.com/blog/2014/01/25/14-real-estate-terms-that-everyone-should-understand/

New York State rejiggers 80/20 program | Mt Kisco Real Estate

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A tweak in New York State’s implementation of its 80/20 program aims to give affordable housing developments a boost, and balance demand for tax-exempt bonds issued by the state division of Homes and Community Renewal.

The plan, starting in January, is to spread a smaller subsidy amount over more projects. Up until now, developers were able to finance more than 50 percent of an 80/20 building via the program, which offers cheaper financing and qualifies a project for lucrative tax credits. Now, only the 20 percent of affordable units in a development will be eligible.

This new approach mirrors a Tribeca project that teamed the city with the Related Companies, where only $7.5 million in tax-exempt bonds were allowed to finance the project’s affordable housing portion. Under this model, Related was forced to seek traditional financing for the remainder of the project.

“This is a very positive step and very welcome in the affordable housing community,” Martin Dunn, principal at Dunn Development Corp., told Crain’s. “It will free up more tax-exempt bonds for affordable projects, and coupled with the expanded housing subsidies announced by Gov. Cuomo last week, we’re going to see more affordable units in the coming years.”

 

 

http://therealdeal.com/blog/2014/01/27/state-rejiggers-8020-program-distribution-model/

Princess Firyal’s Pierre duplex hits the market for $70M | North Salem NY Homes

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A sprawling Upper East Side home believed to belong to HRH Princess Firyal of Jordan is once again on the market — this time, with an asking price of $70 million.

The duplex apartment, which spans the 30th and 31st floors of the Pierre at 795 Fifth Avenue, was owned by the late financier Lionel Pincus and later handed over to the Jordanian princess, Pincus’ longtime companion. The luxurious 7,000-square-foot, five-bedroom home boasts 360-degree views of Central Park and the Manhattan skyline, a 42-foot library along Fifth Avenue and two master bedroom suites with custom wood-paneled dressing rooms and marble baths, according to the listing. Sotheby’s International Realty broker Serena Boardman has the listing.

Boardman declined to comment for this story, and a spokesperson for Sotheby’s declined to confirm the seller’s identity. Calls and emails to Firyal’s publicist were not immediately returned.

Pincus, who co-founded private equity firm Warburg Pincus, was incapacitated in 2003. His sons listed the apartment in 2007 for $50 million, claiming the upkeep was too expensive. They listed it again In March 2008 for $35 million.

 

http://therealdeal.com/blog/2014/01/27/princess-firyals-pierre-duplex-hits-the-market-for-70m/

New home sales fell 7% in December | Cross River Real Estate

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New home sales fell in December, falling 7% below November’s revised rate of 445,000 sales to a seasonally adjusted annual rate of 414,000 units, the Commerce Department reported Monday.

However, December statistics are still 4.5% above the December 2012 estimate of 396,000 units.

Additionally, the median sales price of new houses sold in December 2013 fell to $270,000, while the average sales price for the same month came in at $311,400.

The estimate of new houses up for sale at the end of December came in at 171,000, representing a 5-month inventory supply at the current sales rate.

Meanwhile, 428,000 new homes were sold in 2013, which is 16.4% above the 2012 figure of 368,000 units.

Despite the dampening numbers, Jeff Taylor, managing partner at Digital Risk, is still very bullish on new home sales going into 2014 since you still have historically low interest rates and you will get more for your money.

“I think last year the market got so hot nationally that a lot of investors bought a lot of these houses and started to put them on the market, but since they were not doing significant repairs to the houses, people took a step back from buying them,” Taylor said.

 

http://www.housingwire.com/articles/28729-new-home-sales-fell-7-in-december

Top 10 WordPress Plugins That You Need To Be Using In 2014 | Waccabuc NY Realtor

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If you’re running a WordPress-powered website or blog, then you’re always  searching for a way to innovate and make your site easier to use –for both you  and your visitors.  This is one reason why WordPress plugins are so  unbelievably awesome, because they seem like quick little cheats and hacks that  take little-to-no time to learn, install, and use.

One of the most important parts of the plugins we chose is that all ten of  them can help just about any blog in some way.  Also, we wanted high  functionality, low cost, ease of use, popularity, and simple installation.   To make the cut, they basically have to be foolproof and downright powerful.

Well, it is now the year 2014, and this top-10 list of the year’s best  plugins has arrived.  If you haven’t yet download these plugins, your life  is about to get a whole lot easier…

Here are top 10 WordPress Plugins you should consider using in 2014.

#1: WordPress   by Yoast

With over 7 million downloads to date, that makes this one of the #1  WordPress plugins for its power, ease-of-use, and functionality for optimizing  your posts for search engines.  Basically, the plugin works the way it  sounds: simply download it, install the plugin, and it goes to work getting your  blog or website search engine optimized.  According to the raving customer  reviews, this plugin is not to be overlooked.

Top 10 WordPress plugins Yoast

#2: WP Google  Drive

Don’t get caught in a sticky situation.  Backing up the files from your  WordPress site is just as essential, as it is easy with this plugin, called WP  Google Drive.  Backup plugins for WordPress are a dime-a-dozen; however,  the fact that this backs up to Google Drive makes it unbelievably simple and  convenient.

Top 10 WordPress plugins Google Drive

#3: Ebyline  WordPress Payments

Ebyline is an industry leader in connecting freelance writers and clients who  need content creation.  Thus it makes sense that they would develop a  plugin that allows clients to pay freelance writers directly from their  WordPress dashboard.  Not only is this convenient, but the plugin even  keeps track of W9 tax information too.  Clever.  Very clever.

Top 10 WordPress plugins EByline

#4: Google  Analytics Dashboard

If you need to track your traffic, but don’t want to navigate away from your  WordPress dashboard, then you can do it with this plugin: Google Analytics  Dashboard.  The convenience of this plugin is monumental, giving you a  realtime picture of what your traffic is doing, directly from inside  WordPress.

#5: Shareaholic

If you want one of the best plugins in the history of blogging, you’ll need  to download Shareaholic.  It’s basically a platform, from which you can get  your blog posts noticed, via social networking media.  Not only will this  work with Facebook, but you can also use it with LinkedIn, Twitter, Pinterest,  and even Google+.  Also, it will provide the usual Facebook buttons, just  so you can increase your blog post’s ‘shareability’.  In addition, its  sleek design cuts down on the clutter, helping your blog get noticed and stand  out.  Few plugins are this powerful.

Top 10 WordPress Plugins Shareaholic

#6: Thank Me  Later

Have you ever posted a comment on a blog, or provided your email to a site –then receiving an email mere seconds from doing so?  You automatically  think, “Well either that’s the most obsessive blog admin on the web, or this is  an auto-generated email.”  Well, with Thank Me Later, you can make your ‘Thank you,’ emails far more personal through the ability to customize certain  fields, and the best part… you can tell it to send hours after you the  signup.  The beauty of this is the fact that it provides a much more  personal touch to the emails that are programmed to be sent to new commenters  and visitors.

Top 10 WordPress Plugins Thank Me later

#7: Akismet

Of course, not all comments are generated without ulterior motives.   Having to deal with spam and those annoying ad comments is synonymous with the  success of a blog… until now.

Askimet is a WordPress plugin that will filter junk comments and sift through  the real ones and the spam.  Simply set it and forget it, but you can  moderate all comments if you wish.  Also, your use of Askimet will send  reports and help improve the plugin to provide better filtering.

Top 10 WordPress Plugins Akismet

#8: Contact Form  7

Basically, Contact Form 7 is a WP plugin that provides one of the most  functional, simplest, and easiest contact forms for blogs.  If you’ve  recently filled out a contact form on a blog, then there’s a good chance it was  one powered by Contact Form 7.  Also, do you remember how we talked about  those annoying spammers in #7?  Well, CF7 even works with Askimet, so that  you can rest assured –those spammers aren’t going to abuse your contact  form.

Top 10 WordPress Plugins Contact form 7

#9: Simple Pull  Quote

If you run any kind of a research-based blog or write about anything  concerning current events, then it is important to be able to quote your  sources.  However, quoted sources are often overlooked by readers.   One great way to keep people reading (even your quotes) is to make the quote ‘stick out’.

Simple Pull Quote is a plugin that simply adds a button to your post  dashboard, which allows you to highlight the text that was pulled from another  source.  The visitor then sees a clear, concise quote that sticks  out.  Simple.

 

 

 

Read more at http://www.jeffbullas.com/2014/01/28/top-10-wordpress-plugins-that-you-need-to-be-using-in-2014/#aEujhXXIjH2ip6zW.99

3 proclamations from social media ‘experts’ | South Salem Realtor

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Social media “experts” abound these days. Many send conflicting messages every time technology changes, delivering “urgent” signals to hop on the next big thing or be left in the dust.

If someone refers to themselves as a social media expert, your first red flag should go up. The landscape of social media is huge. Someone may be an expert in strategies, tactics or particular channels (for example, Mari Smith is an expert in Facebook), but an expert in all of social media? Nope.

If you hopped on every bandwagon as instructed, you would be in a constant state of disarray. How could you possibly have time to run your business?

The following are directives you may receive as you search the Web, and things to consider as you hear them.

1.  ”Be on every social media channel or be left behind”

Particularly for those just getting started, this will take you down before you begin. If you have a goal of running a marathon, are you going to put “run 26.2 miles” on your calendar tomorrow morning? No. You would map out a plan that takes you from point A to the point of reaching your goal in digestible pieces. This sort of overwhelming statement is what causes people to procrastinate — sometimes for years

 

 

 

– See more at: http://www.inman.com/next/3-proclamations-from-social-media-experts-that-will-kill-your-implementation-strategy/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.qAKuE3yS.dpuf

Existence of year-round Martha’s Vineyard rentals confirmed | Katonah Real Estate

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Search HomeAway.com for vacation homes and cottages on Martha’s Vineyard and you’ll have to sift through more than 2,000 properties.

Ask a broker if he knows of a place where you can stay year-round, and you’ll probably hear what Martha’s Vineyard Patch.com editor Louisa Hufstader heard from her Realtor mom: Keep looking, and ask around.

Who wants to rent year-round on Martha’s Vineyard? Well, all the hard-working people who take care of the tourists but can’t afford to own, for one. Hufstader ultimately found an apartment through a Facebook group, but rounds up a bunch of other resources for year-round renters, ranging from regional housing authorities to local newspapers and, of course, Patch.com’s real estate section. Source: patch.com.

 

 

– See more at: http://www.inman.com/wire/existence-of-year-round-marthas-vineyard-rentals-confirmed/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.EnYYXrjb.dpuf

What we value in U.S. is not the same as in other countries | Bedford Hills Homes

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How does marketing to and negotiating with U.S. clients differ from working with global clients? Understanding the difference and adapting your style can dramatically improve your income in 2014. Global buyers and sellers continue to be a growing segment of the U.S. real estate market. A critical step in serving this market is being able to identify the unique cultural needs of your clients. The next step is to adjust your marketing and negotiation style to fit their cultural background.

The reptilian always wins Psychologist and marketing specialist Clotaire Rapaille’s research shows that the brainstem, rather than the cortex, has the greatest influence on buying decisions. This area is sometimes known as the reptilian brain. It lacks words, yet it regulates virtually all of your vital functions.

When you can discover what motivates a person’s reptilian brain, you greatly increase the probability of making a sale. As Rapaille puts it, “The reptilian always wins.” In other words, the brain’s desire for food, comfort and other basic needs outweighs the logical decisions made in the cortex.

 

 

 

– See more at: http://www.inman.com/2014/01/27/my-home-is-my-castle-4-tips-for-understanding-americans-unique-real-estate-needs/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.dOdsKWwH.dpuf