Category Archives: Bedford Hills

Credit Scores: Mortgage Lenders Ease Requirements | Bedford Hills Real Estate

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According to a report prepared by Ellie Mae, a mortgage technology company, the average FICO credit score for approved mortgage loans dropped to 727 in December 2013. It was 748 a year earlier.

The average credit score for home loans backed by Fannie Mae and Freddie Mac also dropped a little; December 2013 borrowers had an average credit score of 756, down from December 2012′s average of 761.

Refinance mortgages backed by Fannie Mae or Freddie Mac were approved with an average credit score of 729 in December 2013; this was a significant drop from the average credit score of 763 in December 2012.

Only 46 percent of mortgage applicants approved had credit scores above 750 in December 2013 while approximately 57 percent of applicants had credit scores over 750 a year earlier. 

Reasons for approving mortgages with lower minimum credit scores include mortgage lenders’ growing confidence as the economy improves and mortgage defaults decrease.   As rates rise and refinancing activity dries up, lenders may also exercise more flexibility with credit scores in order to encourage more business.

While this isn’t life-changing news for would-be mortgage applicants with sub-par credit scores, a mortgage lender’s willingness to work with less-than-perfect credit is a positive sign in the aftermath of the recession.

But wait — there are conflicting opinions concerning how or if mortgage lenders will change their minimum required credit scores for any but the best-qualified applicants. Mortgage applicants with credit problems can expect to encounter glitches on the path to mortgage approval. Mortgage Underwriting Policies: Out with Overlays — or Not

Another practice that can limit a mortgage applicant’s chances of approval is the use of “lender overlays.” Lender overlays are underwriting requirements, imposed by lenders, in addition to the guidelines set out by Fannie Mae, Freddie Mac or the federal government. Overlays create extra hoops for applicants to jump through (or get stuck in).

Some analysts have said that mortgage lenders may be willing to reduce or eliminate lender overlays if economic conditions continue to improve.

So far, most lenders have not reduced or stopped using overlays. Other economists and analysts believe that new federal “qualified mortgage” regulations will encourage mortgage lenders to maintain or further strengthen their mortgage approval requirements.
Unfortunately, the recession has caused home buyers to be less prepared to buy homes. The Ellie Mae report notes that homeowners who wanted to trade up were frequently blocked by a loss of home equity. The report also found that the weak economy made it more difficult to save for a down payment due to low yields on savings and ongoing unstable economic conditions.

 

http://blog.listedby.com/uncategorized/1064/

Metro-North Trains Running Smoothly After Harlem Explosion | Bedford Hills Real Estate

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Service on Metro-North has not suffered many residual effects Thursday as a result of the explosion in Harlem Wednesday morning.

The explosion that killed seven people occurred adjacent to tracks along Park Avenue at 116th Street, knocking debris onto the tracks and shutting down all service into and out of Grand Central Terminal. Metro-North crews were able to restore service to the New Haven, Harlem and Hudson Lines prior to the evening rush hour Wednesday.

Trains are being run through 116th Street as per usual, according to Metro-North spokesperson Aaron Donovan. While trains normally travel through the area, they are traveling at 45 mph through 116th Street instead of the normal 60 mph while work is being done at the site. This is causing some train delays of between 6 and 10 minutes.

Donovan said that the railroad was able to get train service back up quickly by coordinating with the New York City Fire Department, New York City Police and Metro-North Police.

“It was all hands on deck. We devoted as many resources as we had to,” Donovan said, adding that there were at least a dozen crew members out on the tracks clearing debris.

MTA crews were not out on the tracks while the fires were still blazing. Members of the FDNY made sure that the area was safe before allowing MTA crews to work.

“Once they authorized us to go in, we were able to begin the clearance of debris,” Donovan said. “Overall it went as smooth as one could hope given the tough circumstances.”

Service was first returned to the New Haven and Harlem lines because they run on the two tracks furthest from where the explosion occurred. While those trains began running, crews continued to clear debris on the closest two tracks, and were able to restore service to the Hudson Line about an hour later.

Debra Oria of Danbury, Conn., traveled to the city for a work meeting, and had to take a subway from Grand Central to Woodlawn Station in the Bronx to take a Harlem Line train home. She said the trip took twice as long as it normally would, but praised Metro-North’s efforts to make traveling as easy as possible.

“When we arrived at the Woodlawn station, there was a line of Metro-North workers eight across. They just kept talking to people, telling us what was going on,” Oria said. She said employees worked to direct commuters and ease the crowds. “I thought it would be crowded on the platform, but they had great crowd control. It was good communication.”

 

http://armonk.dailyvoice.com/news/metro-north-trains-running-smoothly-after-harlem-explosion

25 Biggest Real Estate Mistakes | Bedford Hills Real Estate

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HGTV has brought together some of the top real estate experts to compile the definitive list of the biggest mistakes we all make when buying and selling our homes.

25. Buying a House for Its Decor Remember that you are buying the house, not the things inside it, so make sure you see beyond the decorations and look at the bones of the home. Focus on the floor plan and the square footage. You also might want to measure the dimensions and graph out how that’s going to work with your belongings.

24. Not Providing Easy Access for Showings Make your house easily accessible to potential buyers. If there’s nowhere to park or it’s difficult to get into, buyers may just skip it and look at someone else’s property. 23. Not Researching the Neighborhood It’s absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. Also attend a community meeting, if possible. You’re not just buying a house, you’re buying a piece of that real estate and the land around it.

22. Losing Money With Auctions While the starting bidding price for a house on auction might be a good deal, it doesn’t mean the final price will be. Make sure that you are very strict with your budget when you are bidding; do not go over your final price because you got wrapped up in the excitement of a bidding war. Another thing to keep in mind is that when you buy a property at auction, you aren’t able to get any of the warrantees or guarantees, and you are not able to do a home inspection. Find out if the auctioneer is going to add those charges on top of the sale price as well as if there are any liens on the property. You could be responsible for paying the property taxes on that house you just bought, which could make what looks like a good deal into a really bad deal. 21. Trying to Make the “Hard Sell” While Showing If you are selling your house, you really shouldn’t be around at the open house. You might want to try to sell the place on all the reasons you think the house is great, but that might not translate to the buyer. If you leave, you allow the buyers to give unbiased objective feedback to the agent, which is only going to help you in the end. 20. Waiting Until Spring to Sell Your House Spring is the busiest real estate activity period, but that does not mean that people don’t buy houses 365 days of the year. That doesn’t mean you can’t emphasize your home’s seasonal amenities.

When the real estate market is really hot and is appreciating really fast, people tend to look at it like it’s the stock market. But playing real estate is nothing like the stock market; when you invest in real estate, you really need to take a long-term approach.

 

http://shine.yahoo.com/at-home/25-biggest-real-estate-mistakes-avoid-them-202100124.html

 

Design Lessons From Tiny Homes | Bedford Hills Real Estate

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There are small spaces, and then there are microspaces. The architects and designers who show at the MicroDwell exhibition specialize in the latter. Architect Lynne Reynolds’ Lean2 home is just 189 square feet. It’s inspired by 19th-century landscape follies and built with recycled aluminum billboard sections and translucent panels. Meanwhile, architectural designers Hunter Floyd and Damon Wake built their 200-square-foot Cinder Box home using glass and charred wood siding, finding a way to include a sofa, a desk alcove, bookshelves and a sleeping loft.
These tiny structures are joining a dozen others at MicroDwell 2014, the second annual small-space building and design exhibition held at the Shemer Art Center.  The projects, all well under the 600-square-foot maximum requirement, were designed and built by architects, builders, artists, hobbyists, students (high school as well as college) and others as tangible experiments to learn how to do more with less, as well as be creative with materials. This year’s theme was live-work, so many of the projects have office, commercial space or studio themes.
I checked out the event, which runs through March 23, 2014, and realized there’s a lot everyone can learn from living small.

Play with materials. Small spaces mean smaller material needs, allowing budgetary leeway to try something new, like the Japanese shou-sugi-ban-style charred wood siding used here on the exterior of Hunter Floyd and Damon Wake’s Cinder Box.
Use slim, low-slung furniture. Inside the Cinder Box, the tight space feels spacious with a sleek sofa, an almost-there coffee table and a slimmed-down chair.

4 Outside-the-Box Ways to Sell Your Home | Bedford Hills Real Estate

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Real estate people often say that this business is hyperlocal. That’s just another way of saying that whether your market is a buyer’s market, a seller’s market or otherwise can vary state to state, county to county, town to town and even in various neighborhoods in the same town.

But when it’s your own home for sale, hyperlocal takes on an all new meaning. Your perspective on the market zooms all the way in and it can suddenly seem like nothing matters except how many buyers show up to your open house, how long your home has been on the market, whether any offers have come in on your house and, if so, precisely which numbers appear on those digital sheets of paper.

Bottom line: it doesn’t matter how hot the market is or how many multiple offers your neighbor’s house got, unless and until yours sells.  Times might not be desperate overall, but if it’s your house lagging on the market you might need to do something more than just hang a sign in the yard to get your home sold. And the only thing you can control in that process is your actions: your choice of agent, your pricing, your property preparation and your marketing.

If you’re a seller committed to doing everything within your power to sell your home and it’s not coming as easily or instantly as you’d hoped, here are a few outside-the-box strategies for getting your home sold:

1. Put your network to work. Anywhere there are people who know you or know your neighborhood, there might be the ultimate buyer for your home-or someone who knows them. In particular, social networks like neighborhood email lists, NextDoor.com and even your personal Facebook feed are great places to make sure you are publicizing your home’s listing.

If your home is well-located vis-a-vis your workplace, don’t hesitate to also make your colleagues aware of the listing. If you work for a very large organization or institution, you might even go so far as to let your Human Resources team know of the listing: many HR departments actively help new hires relocate and find housing as part of their services.

 

http://www.fool.com/investing/general/2014/03/09/4-outside-the-box-ways-to-sell-your-home.aspx

What The Home-Price Slowdown Really Looks Like | Bedford Hills Real Estate

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The current slowdown of home prices has been sharpest in markets that crashed during the bust and bounced back last year. And although asking-price gains have been slowing since last spring, price increases remain high by historical standards.

The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what’s really happening to asking prices and rents. Because asking prices lead sales prices by approximately two or more months, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed.

Asking-Price Gains Have Been Slowing Down Since April 2013 Nationally, asking home prices rose 10.4% year-over-year in February 2014, down slightly after peaking in November 2013. But the year-over-year change is an average of the past twelve months and therefore obscures the most recent trends in prices. Looking at quarter-over-quarter changes instead, it’s clear that price gains have been slowing for most of the last year: asking home prices rose just 1.9% in February – a rate similar to those recorded in January and December – compared with increases near 2.5% from July 2013 to November 2013 and over 3% from April 2013 to June 2013. The quarter-over-quarter change in asking prices topped out at 3.5% in April 2013 and now, at 1.9%, the increase is just over half of that peak.

But even with this slowdown in gains, prices are still rising much faster than the historical norm. The quarter-over-quarter increase in February of 1.9% implies an annualized rate of almost 8% – which is well above the long-term average.

 

http://www.huffingtonpost.com/jed-kolko/what-the-home-price-slowd_b_4915392.html?ncid=txtlnkusaolp00000592

How Many Homeowners Are Still Underwater? | Bedford Hills NY Homes

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With the help of low inventory levels and unprecedented actions by the Federal Reserve, higher home prices have been a life preserver to the real estate market. Millions of Americans are no longer underwater on their mortgages, but millions of homeowners are still struggling in the wake of the housing bubble.

In the fourth quarter of 2013, the national negative equity rate declined to 19.4 percent of all homeowners with a mortgage, according to Zillow’s latest Negative Equity Report. The reduction comes after the previous quarter witnessed the fastest decline on record. In comparison, 27.5 percent of homeowners with a mortgage were underwater one year earlier. The peak was made in the first quarter of 2012, at 31.4 percent.

The national negative equity rate has now declined for six consecutive years. In fact, this is the first time in years that the rate dipped below 20 percent. Almost 3.9 million homeowners were freed from negative equity during the final three months of 2013. While this is a significant improvement, many people are still underwater, especially in certain states. Nevada leads the nation with 34 percent of borrowers owing more than their homes are worth, followed by Georgia at 32 percent.

 

http://wallstcheatsheet.com/politics/economy/how-many-homeowners-are-still-underwater.html/?ref=YF

Mortgage Loan Rates Slid Last Week, Mortgage Applications Rise | Bedford Hills Real Estate

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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning. It noted an increase of 9.4% in the group’s seasonally adjusted composite index, following a drop of 8.5% for the previous week. Mortgage loan rates fell slightly on all types of loans.

The seasonally adjusted purchase index increased by 9% from the prior week’s report, but it is 19% lower year-over-year. On an unadjusted basis, the composite index increased by 11% week-over-week. The unadjusted purchase index increased by 12% for the week.

Adjustable rate mortgage loans account for 8% of all applications, unchanged from a week ago.

The MBA’s refinance index increased by 10%, after declining 11% in the previous week. The share of refinancings fell slightly to 57.7% of all applications, the lowest level since last September.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.53% to 4.47%. The rate for a jumbo 30-year fixed-rate mortgage declined from 4.47% to 4.37%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.56% to 3.52%.

 

http://finance.yahoo.com/news/mortgage-loan-rates-slid-last-122559352.html