Monthly Archives: March 2014

Fixed Mortgage Rates Move Down a Tad | Cross River Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly after last week’s uptick, and remaining within range of average fixed rates for the first quarter of 2014.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
  • 15-year FRM this week averaged 3.32 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.61 percent.
  • 1-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.48 percent. At this time last year, the 1-year ARM averaged 2.63 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates eased this week as housing starts declined 0.2 percent in February to a seasonally adjusted annual rate of 907,000, below consensus forecast. The rate on the 10-year treasury note rose following the Fed’s announcement Wednesday afternoon and, if this holds, interest rates may begin to trend higher going into next week.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.

The Data You Need to Make a Compelling Case for Inbound Marketing | Katonah Realtor

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Whether you’re trying to convince your company that adopting inbound marketing is beneficial for business, or you’re hoping to get budget so you can start using a new inbound marketing platform, getting executive buy-in can be a challenge. In a world where people fear change and constantly try to minimize risk, bold, innovative solutions are often met with skepticism, if not disdain. Continue reading →

6 Ways to Upgrade Your Home This Weekend | Bedford Hills Real Estate

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Create amazing changes in 48 hours (no table saw or big budget required).

By Pamela Masin

Photo: Claire Richardson – Creating the Vintage Look

If You Have 2 Hours…

Update your window treatment-without any sewing. Ellie Laycock, the author of Creating the Vintage Look, created curtains from fun, appealing dish towels. To do it yourself, establish that the length of your dish towels covers the height of the window. Then, add the width of all your towels together and make sure that number equals the width of your window times 2.5. You can sew a hem on top, like Ellie does, but an easier option is to clip on curtain rings and slide the dishtowels across a wire. Another simple window treatment: Take a twin-size flat sheet in a fun pattern or color and, again, clip on rings to hold it to the rod.

Read More: Why Lindsay Lohan Says She Feels Like a Prisoner In Her Hotel Room

Photo: Kelle Boyd of Ann Kelle

If You Have 3 Hours…

Please give a warm welcome to Washi tape. The decorative Japanese masking tape is known for its affordable price and durability for all sorts of projects. But our favorite use of the tape is as an alternative to wall stencils. Create a rainbow-striped room like Kelle Boyd, the designer behind the brand Ann Kelle, put up a honeycomb pattern using Jane and Fern’s how-to guide or add different-colored polka dots. Don’t worry if you mess up-Washi tape can easily be removed without leaving any marks and you can reposition the same piece of tape without it losing its stickiness. A dream come true for renters and (anxious, all-thumb) crafters.

Photo: Modern Masters, Inc.

If You Have 5 Hours…

Make over your front door in metallic copper. The metal is a pretty-established home interior trend-usually found on kitchen countertops and fireplace fronts-but we love the idea of taking the trend outdoors. Try painting a metallic copper finish over a charcoal or dark-colored door to create a weathered look. Or, go for a more modern approach by painting the trim of a metallic copper door in an inky black color. For more ideas on how to update your front door, here are five more dazzling projects

 

http://shine.yahoo.com/at-home/6-ways-upgrade-home-weekend-172500833.html

Should I Use a Mortgage Broker or a Bank? | Bedford Real Estate

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This week’s reader question is about who to approach when you’re looking for mortgage money. Here it is:

I am going through the mortgage process the second time. The first mortgage was for a very low amount, so I didn’t really learn much about the process. My question is what is the difference between using a mortgage broker and a bank to secure financing? What are the advantages and disadvantages of both? – John

Before we get to John’s answer, check out a video I did a couple of years ago about mortgage shopping.

Now let’s get to John’s answer, starting with what the term “broker” means and what they do.

What brokers do

Whether you’re talking real estate broker, stockbroker, insurance broker, mortgage broker or pawnbroker, they all have one thing in common: They’re middlemen who get paid to facilitate a transaction.

Logic would suggest that leaving out the middleman and dealing directly would allow for a less expensive transaction. But if brokers didn’t routinely save more than enough to offset their expense, they wouldn’t exist.

Stockbrokers have relationships with several exchanges, so they can get you the best price when you buy or sell stocks. Insurance brokers have relationships with multiple insurance companies, so they can get you the best price when you buy insurance.

http://finance.yahoo.com/news/ask-stacy-mortgage-broker-bank-150040816.html

Tips for Buyers in a Sellers’ Market | Bedford Corners Real Estate

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There is nothing more frustrating than wanting to buy a home but being unable to through no fault of your own. In many markets across the country, there simply are more buyers than sellers and homes are moving quickly — sometimes for more than the asking price due to high demand and low inventory.

Home buying is not as easy as seeing a new listing online, going to view it in person and making an offer. In a seller’s market the gloves come off and would-be buyers need to act fast, think outside the box and be prepared to work at the home-buying process.

Don’t use conventional search methods

With limited inventory and many buyers looking for the same thing, next-generation buyers need to think outside the box. You must assume that every home out there, even those that lack “For Sale” signs, are for sale in this day and age. Work with your agent to look at pocket listings, Make Me Move listings, and expired or withdrawn listings from years past. Look at pre-market homes or “For Sale By Owner” homes that may not be listed by conventional methods like the MLS. If you like a home in your neighborhood, don’t be afraid to reach out to the owner with a personalized letter. It’s worked before.

Get pre-approved for a mortgage

The buyers who get the house in a competitive market are the buyers who are organized, well prepared and ready to move when the right home comes along. What does this mean? Know about any issues with your credit report and make sure your financial house is in order. Start by getting a pre-approval letter from a reputable lender, that you can show to agents and sellers. A pre-approval letter is typically good for 90 days and shows sellers that you are a motivated, credit-worthy buyer who is able to act fast. Faced with multiple offers, the seller won’t just consider the highest offer but, rather, the person who can close quickly and is a sure thing financially.

 

http://homes.yahoo.com/news/tips-buyers-sellers-market-165650088.html

Homebuyers eager for spring real estate price thaw | Pound Ridge Real Estate

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Consumers planning to jump into the real estate market this spring will need to reassess pricing, whether they are looking to buy or sell.

The spring real estate market has been off to a slow start, but experts foresee plenty of pent-up demand that could heat up the market as warmer weather arrives. Earlier this month, a report from Zillow.com found that 10 percent of U.S. renters say they would like to buy a home within the next year.

In February, asking prices were 10.4 percent higher than a year earlier, according to Trulia.com. Even without a bidding war in play, buyers have less leverage to negotiate lower prices. That, combined with stricter borrowing limits from lenders, could mean buyers have a smaller budget than anticipated, said Michael Corbett, a real estate expert with Trulia.com. Before starting a house hunt, secure pre-approval from a lender. “Otherwise, you’ll end up looking at houses that aren’t in your price range, and putting in offers that won’t fly with the bank,” said Corbett, author of “Before You Buy.”

 

http://www.cnbc.com/id/101503932?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=101503932%7CHomebuyers%20eager%20for%20spri

Spring Housing Market Shaping Up as Tale of Two Coasts | Bedford Corners Real Estate

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As the spring home shopping season heats up, buyers and sellers nationwide can expect very different experiences when it comes to negotiating power. Zillow took a look at recent data to determine markets where sellers have the power and those where buyers are in control. Our analysis shows many home sellers are thriving in the Bay Area, San Antonio and Los Angeles metro areas, where price cuts are sparse and homes often sell at or near their asking price.

On the other end of the spectrum, the Cleveland, Philadelphia and Tampa metros are buyers’ markets, with homes taking longer to sell, less competition in the marketplace and more room for bargaining on prices.

In this analysis, a sellers’ market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to (or greater than) their last listing price. In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.

“The real estate data in markets on both coasts are telling markedly different stories. Relatively strong job markets in the West are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge. In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” said Zillow Chief Economist Dr. Stan Humphries.

He added, “In general, buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency. Sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along. As we put the housing recession further in the rear-view mirror, the broad-based dynamics that applied during those days, when all markets were reacting similarly to nationwide economic conditions, are fading. Real estate has always been local, and as the spring market gains momentum, this old adage will only become more pronounced.”

 

http://homes.yahoo.com/news/spring-housing-market-shaping-tale-two-coasts-041831660.html

 

Latest Figures Show New Home Sales and Prices Drop in New York | Chappaqua Real Estate

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The New York, NY market saw a drop in new home closings year-over-year in November, a downhill move after a bump in October 2013. New home closings saw a 13.0% decline from a year earlier to 547. This was after the housing market saw a 39.6% hike year-over-year in October.

A total of 7,604 new homes were sold during the 12 months that ended in November, down from 7,686 for the year that ended in October.

As a percentage of overall housing closings, new home closings accounted for 5.2%. This is a decline 7.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in November after also increasing in October year-over-year.

 

http://www.builderonline.com/local-housing-data/mid-atlantic/new-york-northern-new-jersey-long-island-ny-nj-pa.aspx?cid=lmkt:new-york-northern-new-jersey-long-island-ny-nj-pa:20140315&rdrnum=1000073719

 

Historic Aspen Cottage With New Wing Asks a Colossal $18M | Armonk Real Estate

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25 images

Location: Aspen, Colo. Price: $17,995,000 The Skinny: Some enterprising developers in Aspen have renovated a tiny historic cottage, added an adjacent modern wing, and slapped a mind-bogglingly huge $17.995M price tag on it, which is one way to get around pesky preservation ordinances while still cashing in on a perpetually hot luxury market. The cottage, which was built in 1885 by a local candyman and now functions as the compound’s guest house, has been returned to its original exterior appearance, while the interior has been renovated and modernized. Its two-story modern addition is crammed into the same lot as the old home, and adds 6,000 square feet of living space, including five bedrooms, eight bathrooms, and a rooftop patio with tremendous mountain views. The décor is what you might expect from a luxury spec home, tasteful and uninspired, creating the sort of atmosphere where, per the listing photos, you’d feel comfortable casually tossing your fur throw on an easy chair before heading out for a long day on the slopes

 

http://curbed.com/archives/2014/03/18/historic-aspen-cottage-with-new-wing-asks-a-colossal-18m.php

What to Know Before You Buy a Sectional | Mt Kisco Real Estate

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Even though sectionals are a family-friendly alternative to the traditional sofa and love seat, they’re one of the more polarizing elements in room design.  People either love them or hate them.  Add to that the available configurations and myriad options (which can be confusing at best, and mind-boggling at worst), and you have a full-blown case of design angst. Let’s take some of the mystery out of sectionals, and help you avoid a costly mistake.

First, let’s get comfortable with sectional terminology.  “Right arm facing” (RAF) means that when you are facing the piece or section, the arm is on your right.  “Left arm facing” (LAF) means that the arm is on your left.  Getting the proper-facing arm is critical, because you will be joining two or more pieces, and the placement of the arm will determine if your new sectional works in your room.
The sectional shown here is composed of a left-arm-facing love seat and a right-arm-facing chaise.
A sectional is usually made up of two or more pieces.  Generally speaking, the fewer pieces you use to create your sectional, the more reasonable the price will be.
This sectional appears to be made of a left-arm-facing sofa (three seat cushions), a square corner and a right-arm-facing love seat.