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Monthly Archives: February 2014
Southern California housing market loses momentum in January | Armonk Homes
January metro home sales down, but prices are up | Bedford NY Real Estate
January’s chilly weather put a bit of a freeze on the Twin Cities housing market, as the number of pending and closed sales dropped with the temperature.
But while the volume of sales was lower, sellers still were able to command higher prices. Median prices were up 12.4 percent compared with January 2013, with the median in the 13-county area now at $179,900.
The Twin Cities real estate market typically slows down in December and January, as prospective house hunters are hunkered down and enjoying the holidays. That trend was apparent this year, as pending sales were down 16 percent in January and closed sales were down 12.8 percent. The sales data was included in a report released Wednesday by the Minneapolis and St. Paul Associations of Realtors.
The uptick in median housing prices in January included a 14.4 percent bump in Ramsey County, from $138,000 a year ago to $157,900 last month. In Hennepin County, the median rose to $189,000 from $167,500.
New residential home construction did pick up last year in the Twin Cities, and is expected to carry over into 2014. More than 10,000 residential units were permitted for construction in 2013, the first time that level’s been reached since 2006, according to the Builders Association of the Twin Cities. About half of the permits were issued for multi-family dwellings, such as townhouses.
In December, Minneapolis led the way among area cities with 371 units permitted for construction. Edina was second with 253, followed by Maple Grove with 38 and Woodbury with 31.
http://www.twincities.com/business/ci_25123028/january-metro-home-sales-down-but-prices-are
Canada house prices rise in January to record high | Pound Ridge NY Homes
Canadian home prices rose to a record high in January as Vancouver prices surged, the Teranet-National Bank Composite House Price Index showed on Wednesday, even as other housing indicators have shown a cooling market.
The index, which measures price changes for repeat sales of single-family homes, showed national prices rose 0.4 percent last month from December, the largest monthly rise in five months. They had risen 0.1 percent in December.
Canada’s housing market had roared back to life through much of 2013 after a 2012 slowdown, but was showing signs of cooling in the final months of last year, and economists have been calling for a soft landing as construction and demand slow and price gains decelerate.
The Teranet data showed prices were up 4.5 percent from a year earlier, an acceleration from December’s 3.8 percent price gain. The index does not show actual prices.
“Despite the uptick in home prices, we maintain the view that prices will soften,” Mazen Issa, senior Canada macro strategist at TD Securities, said in a research note.
“Very favorable financial conditions are expected to erode as continued tapering by the Federal Reserve and a more robust growth backdrop lead to higher mortgage rates.”
http://www.reuters.com/article/2014/02/12/canada-economy-teranet-idUSL2N0LH0R520140212
Home Prices Rose in Fewer U.S. Markets in Fourth Quarter | Bedford Corners NY Homes
Prices for single-family homes rose in 73 percent of U.S. cities in the fourth quarter, fewer than in the previous three months, as surging values in the past two years started to reduce affordability.
The median transaction price for an existing home climbed from a year earlier in 119 of 164 metropolitan areas measured, the National Association of Realtors said in a report today. In the third quarter, 88 percent of markets had increases.
While tight inventories and improving employment are bolstering the housing recovery, home-price gains are poised to decelerate as an increase in mortgage rates from record lows cuts into affordability. Values have been rising faster than incomes, particularly in the West, the Realtors group said.
Wash. state housing prices up 6 percent from year ago | Chappaqua NY Real Estate
The state’s housing market softened in the fourth quarter of 2013 compared to the quarter before, but remained stronger than a year ago.
That’s according to a new report from the Runstad Center for Real Estate Studies at the University of Washington.
Sales of existing homes declined 8.6 percent from the third to the fourth quarter of 2013. But they were still 9.2 percent higher than the fourth quarter of 2012.
The report says the statewide median home sales price during the fourth quarter was 6 percent above a year ago at $256,300. Price increases were especially strong in the metropolitan Seattle area.
Median home prices ranged from $70,000 in Lincoln County to $421,000 in King County.
http://www.komonews.com/news/local/Wash-state-housing-prices-up-from-1-year-ago-245218321.html
IMF: Sudden drop in housing prices could cause recession | Armonk NY Homes
If housing prices fall too quickly, it could trigger a recession in Israel, the International Monetary Fund wrote in its annual consultation, released Wednesday.
Home prices are about 25% higher than their long-term fundamental value, the report said, noting that levels of income and rent do not justify the prices. That level is in and of itself worrisome, but its effects the real economy will depend on how quickly the prices come down.
“A slow correction would allow the economy to escape a recessionary episode, but economic prospects would be weak for a prolonged period of time. By contrast, a rapid adjustment would lead the economy into recession, with consumption and output recovering two years after the shock,” the report said. A third scenario, in which prices slowly adjust to their equilibrium value, would leave the economy relatively unscathed.
According to the report, there is a 20% probability of a housing “bust,” in which real estate loses over a tenth of its value, happening in the next five years. If prices were to fall 6.5% in one year, consumption growth would fall 3% in the long run.
That may come as a surprise to both Finance Minister Yair Lapid and Housing Minister Uri Ariel. When The Jerusalem Post asked Lapid about the danger of a rapid drop in house prices in September, he responded, “When somebody lives within his house and the price is lower, it doesn’t affect his life in any way. I’m more concerned about not succeeding to lower the price.”
5 tips to help sell a home on Instagram | Bedford Corners NY Homes
There is a fair number of social media platforms out there, from Facebook to Twitter to Vine.
And perhaps one of the more overlooked resources — especially sad given its popularity among millenials — is the photo sharing website Instagram.
Instagram boasts more than 150 million users and is a simple way to capture and share photos on your phone.
As a millennial and part of the generation of future homeowners, Instagram is where I gravitate most.
Unlike other platforms, Instagram only hosts photos, and as the saying goes, a picture is worth a thousand words.
However, the real estate industry still has yet to fully capture this audience.
Currently, if you search the hashtag Realtor, you only get 98,681 posts. And although others contain more results, this is still miniscule compared to words like vegan, which has almost 3 million pictures. If you want to see and learn from a group that has thrived on Instagram, look no further than the food community.
But with each platform comes its own rules of etiquette. So, here are five tips from an avid user on what not to do on Instgram and how to make your pictures captivate people, complete with stunning examples of the strategy being done right.
1. Make sure you are not in the photo.
The bathroom is notorious for this since it is hard not to capture yourself in the mirror, but it is still possible. While selfie was officially added to the dictionary, you are picturing the house, not you
http://www.housingwire.com/blogs/1-rewired/post/28917-tips-to-help-sell-a-home-on-instagram
NAR: Rising home prices infringe affordability | Chappaqua NY Real Estate
The vast majority of metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter, the latest quarterly report by the National Association of Realtors revealed.
However, a companion metro area annual affordability report pictures less favorable conditions, especially in the West.
The median existing single-family home price rose in 73% of measured markets, with 119 out of 164 metropolitan statistical areas recording gains based on closings in the fourth quarter compared with the fourth quarter of 2012.
In addition, forty-two areas, 26%, had double-digit increases, two were unchanged and 43 recorded lower median prices.
There are two ways of looking at the price gains, Lawrence Yun, NAR chief economist, said.
“The vast majority of homeowners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” Yun said.
“At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability,” he added.
On Monday, HousingWire reported on Yun’s remarks at the alabama Commercial Real Estate Conference after he noted that it feels like America is still in a recession.
“Looking at the economy, last year was overall a sub-par performance with 2% GDP. That is below the historical norm of 3% and it’s been several years of under 3% growth,” he added.
http://www.housingwire.com/articles/28920-nar-rising-home-prices-infringe-affordability
5 Ways To Add Cheer To Your Home Decor | Armonk NY Real Estate
Winter is here, but spring is coming. Throughout the country, the ground is covered with snow and the sky is overcast. There is no reason that inside your home needs to be as gloomy as the outside. Below are a few ideas for adding some cheer to the inside of your home while we wait for spring.
1. Fresh Flowers
Bright, sunny colors plus a sweet fragrance can brighten any room. If you don’t want to use cut flowers then purchase a flowering potted plant. Plus, if you use a potted plant it could be relocated into the garden in the spring for it to continue growing and add years of enjoyment.
2. Decorate your table
Find a table runner with bright colors then add some candle holders along with it. I have glassybabys all throughout my home and they definitely add some cheer to these dreary days. Earlier last year I started swapping out my table runner each season and holiday; I love how it makes my kitchen a little bit more festive. It is a small change that can make the entire room look decorated. To create one for yourself, visit this post for a step by step tutorial.
3. Festive Kitchen Decor
In addition to decorating your table, swap out your kitchen towels for some bright and fresh ones. In addition to adding something happy to your kitchen this also gives your regular towels a bit of a rest so they last longer. Or get a few kitchen pieces such as plates and mugs that add a smile to your face when you use them.
4. Bunting
There is something youthful and happy about bunting, especially when the fabric is full of bright stripes and polka dots. Make a set for yourself or find a great vendor off Etsy then hang it on a blank wall. In addition to putting this in a main living space, it would be a great focal point to a playroom or child’s bedroom.
5. Pillows
A quick change to any couch or chair is by adding or swapping out a pillow. Use an unconventional design or your favorite color to make you smile whenever you see it. What would you pick? Yellow? Teal? Chevron? Polka Dots? Check out Pinterest for lots of….
http://finance.yahoo.com/news/5-ways-add-cheer-home-150654840.html