Daily Archives: February 4, 2014

Mortgage rates plummet following stock market plunge | Bedford NY Real Estate

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Mortgage rates fell to lows not seen since November, in response to yesterday’s stock market plunge. As the S&P 500 got shellacked, mortgage rates fell about 0.06 percent yesterday, and the most highly-qualified borrowers could be looking at 30-year fixed mortgage rates of 4.25 percent.

The average 30-year fixed mortgage rate, however, is still at about 4.375 percent, according to Mortgage News Daily. The monthly U.S. employment situation report, which is due Friday, will also have a big influence on rates , according to the website.

 

http://therealdeal.com/blog/2014/02/04/mortgage-rates-plummet-following-stock-market-plunge/

 

The best and worst housing markets in America right now | Bedford Hills Homes

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Valuation services provider Pro Teck releases a monthly home value forecast listing the top 10 real estate markets, ranked by the impact of foreclosure sales on localized housing recovery.

It’s somewhat of a different approach, to hinge a data call on distressed properties, but nonetheless exceedingly fascinating.

Right now, in America, according to Pro Teck, Long Island, New York, leads the rankings of hottest real estate markets.

“Many factors account for Long Island’s strong market, including foreclosures making up an inconsequential 2.18% of sales and available housing inventory at only 3.63 months,” said Tom O’Grady, CEO of Pro Teck. “Looking at the extended forecast, we see Long Island reaching peak highs again within five years.”

The following top ten lists highlight the best and worst metros in January with regard to a number of leading real estate market indicators, including: sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity, according to Pro Teck.

 

January’s top ten:

Nassau County-Suffolk County, N.Y.

Los Angeles-Long Beach-Glendale, Calif.

Ann Arbor, Mich.

Anaheim-Santa Ana-Irvine, Calif.

Oxnard-Thousand Oaks-Ventura, Calif.

San Diego-Carlsbad, Calif.

San Luis Obispo-Paso Robles-Arroyo Grande, Calif.

Santa Maria-Santa Barbara, Calif.

Ashville, N.C.

Houston-The Woodlands-Sugar Land, Texas

 

 

 

http://www.housingwire.com/blogs/1-rewired/post/28843-the-best-and-worst-housing-markets-in-america-right-now

Can home prices record 23 months of increases? | Katonah NY Real Estate

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Home prices maintained their course and increased 11% in December 2013 compared to a year ago, recording the 22nd consecutive monthly year-over-year increase in home prices nationally, according to the latest December CoreLogic Home Price Index.

Month-over-month, home prices, including distressed sales, dipped by .1% in December compared to November.

Home prices, excluding distressed sales, jumped by 9.9% in December compared to a year prior and .2% month-over-month compared to November.

“Last year, home prices rose 11%, the highest rate of annual increase since 2005, and ten states and the District of Columbia reached new all-time price peaks,” said Mark Fleming, chief economist for CoreLogic.

“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” Fleming added.

Looking ahead, the HPI forecasts that January homes prices, including distressed sales, will increase 10.2% year-over-year from January 2013. But on a month-over-month basis, home prices are projected to dip .8% from December 2013 to January 2014.

 

 

 

http://www.housingwire.com/articles/28839-can-home-prices-record-23-months-of-increases

One thing you should do before refinancing | Waccabuc NY Real Estate

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Thinking about refinancing? Before you do, put some time and effort — and some money too — into sprucing up.

For anyone selling a home, sprucing up is a no-brainer. Repairs, upgrades, painting and landscaping can raise the sales price. But homeowners who are staying put and refinancing often don’t bother with these improvements. If you’re not looking for a buyer and have years to get around to these things, why bother?

Because the home’s condition will be reflected in the lender’s appraisal, which will determine whether you get the new mortgage and how large it can be.

 

http://realestate.msn.com/blogs/listed-homerefinancing.aspx?post=8b61048d-904f-4407-add8-695be3ff8d74

London housing market showing ‘bubble-like’ conditions | Cross River Real Estate

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London’s housing market is beginning to show “bubble-like conditions” as overseas investors bid up prices and buyers take on more debt to purchase properties, according to a report today by the EY Item Club.

Homeowners are now borrowing as much relative to their income to purchase real estate in the UK capital as they were before the financial crisis, the London-based economic forecaster sponsored by EY, formerly Ernst and Young, said.

The average London home will cost about £600,000 by 2018, it estimates. It is around £404,000 now, according to the land registry. Prices across most of the UK “remain well below their pre-crisis peaks and there seems little danger of a bubble,” Andrew Goodwin, senior economic adviser to the EY Item Club, said in the report.

“But London, which is suffering from a combination of strong demand and a lack of supply, is increasingly giving us cause for concern.”

Surging London home prices, buoyed by demand from overseas investors and government initiatives to aid buyers, have prompted economists, analysts and politicians to warn of unsustainable gains. Asia has been a particularly strong source of demand for the best London properties, EY Item Club said, citing brokers.

Investors from countries such as China and Singapore are taking advantage of the pound’s depreciation since the financial crisis to buy London homes.

 

http://www.irishtimes.com/business/economy/london-housing-market-showing-bubble-like-conditions-1.1677825

Dec. home prices see 11% annual rise | Chappaqua Real Estate

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Home prices were up 11% in December year over year as 2013 marked the strongest year for home price gains since 2005, market watcher CoreLogic says.

Ten states and the District of Columbia reached new all-time price peaks, mostly in the second half of the year, CoreLogic says.

Home price gains this year are not expected to be as robust. Rising prices will attract more sellers, leading to an increased supply of homes on the market, and that will have a “moderating effect on prices,” says Mark Fleming, CoreLogic chief economist.

The 10 states hitting all-time price peaks tend to be ones with strong energy economies or places where the home price bubble didn’t inflate as much so prices fell less during the downturn.

The states are Texas, North Dakota, Nebraska, Vermont, South Dakota, Iowa, Colorado, Alaska, Oklahoma and Wyoming, CoreLogic’s data shows.

It’s hardly surprising that 2013 was the strongest year for home price gains since 2005. The historic housing bust took off in earnest in 2006 and it wasn’t until 2011 before prices started to recover in the first major markets.

Most economists see price growth slowing a lot this year, but the nagging question remains how much inventory will come on the market.

 

 

http://www.usatoday.com/story/money/business/2014/02/04/december-home-prices-corelogic/5189675/

7 Homebuying Mistakes to Avoid | North Salem Real Estate

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For most people, a home is the largest purchase they’ll ever make, so choosing the wrong property can have disastrous implications for their wallets and well-being. Still, many homeowners feel a strong sense of pride in putting their mark on the property, building equity and having a place to truly call their own. Whether you’re a seasoned or first-time buyer, here’s a look at seven homebuying mistakes to avoid.

1. Using the wrong real estate agent. Just because your sister’s college roommate’s friend just got a real estate license doesn’t mean she’s the right agent for you. San Francisco real estate agent Herman Chan suggests vetting agents and looking for someone who does real estate full time and knows the local inventory. “You can lose an offer if you’re not responsive in a couple of hours,” he says. Request the agent’s sales data, and find out how he or she communicates. Chan recommends asking questions like these to gauge the agent’s tech-savyness: “Is it OK if I text you? Is it OK to DocuSign things? If I can’t make an open house on Sunday, can you shoot me a video?” If you prefer to check texts and emails on your phone, you may not want an agent who insists on faxing contracts.

2. Shopping before you get preapproved. Before you get serious about buying real estate, find out how much mortgage you qualify for and get a preapproval letter from your lender. “If you fall in love [with a property], write that offer and then find out you can’t afford it, it’s an emotional roller coaster you can’t afford,” Chan says. Many agents won’t even take buyers to showings until they have a preapproval letter for that very reason.

 

 

http://news.yahoo.com/7-homebuying-mistakes-avoid-152000789.html

Sean Payton selling Texas mansion with disco | Mt Kisco Real Estate

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After going 11-5 during the regular season, the New Orleans Saints were looked at as a possible Super Bowl contender. That was, of course, until they hit the brick wall that is the NFC champion Seattle Seahawks. With the season having come to a close the Saints’ head coach, Sean Payton, has turned his attention to a bit of housecleaning. Specifically, he’s selling his sprawling home in Westlake, TX.

Payton is asking $3.45 million for the modernized ranch-style home at the Vaquero Club, an exclusive guard-gated golf course community. According to the astute eye of our friend Candy Evans of Candy’s Dirt, the current ask is exactly what the home last publicly listed for in 2011.

Before moving into the house in March 2012, Payton was renting another home in Westlake, Texas owned by former Texas Ranger and current New York Yankees first baseman Mark Teixeira.

Payton was on the Dallas Cowboys coaching staff from 2003-05, and coached his son’s football team in the nearby Dallas suburb of Argyle during his suspension from the NFL in 2012.

 

http://canadajournal.net/sports/sean-payton-selling-texas-mansion-disco-photo-3303-2014/

The X factor in the buy vs. rent equation: How long will you stay? | Armonk NY Homes

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A home is the biggest purchase many people will ever make, and because home values can move abruptly in either direction, homebuyers are often advised to think of a prospective home primarily as a place. If it also happens to turn out to be a good investment, that’s icing on the cake. Even when home prices march steadily upward, it still takes time to for homebuyers who have financed a purchase with a mortgage to recoup their investment. Transaction costs — like mortgage origination fees and title insurance on the front end, and real estate brokerage commissions on the back end — can add up to 10 percent or more of a home’s purchase price. The way mortgages are structured, most of a homebuyers initial loan payments are going toward interest, rather than principal.

 

– See more at: http://www.inman.com/2014/02/03/the-x-factor-in-the-buy-vs-rent-equation-how-long-will-you-stay/?utm_source=20140204&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.qKj4wttM.dpuf