Last week, we completed a deep dive into what real estate consumers — a term I use to include everyone who pays for housing, whether they rent or own their homes, whether they are contemplating buying or selling or walking away — really want, inspired by author Meir Statman’s recent parallel exploration into “What Investors Really Want.”
The parallels between the desires of human beings who invest in traded assets, fine wines and films as compared with those people who “invest” money in real estate are innumerable.
But there is one area in which our cravings as housing consumers have no parallel in the other investment asset classes, arising from the fact that our homes are not just investments — they are the places in which we live. (I don’t, for example, know anyone who lives inside their stock portfolio.)
Have you ever had that experience where you hear yourself say a word, then repeat it aloud or in your head, then type it and read it and say it again, maybe even spell-checking it to make sure you do have it right, marveling the whole while at how strange, as a matter of actual fact, the word “that” or “detergent” really is?
The real estate recession has caused many to do a similar rethink with the largely American concept of home as both habitat and investment.
When you take a step back, it can seem a bit strange that our homes, the places we live, double as our biggest financial asset (or liability, as the case may be), especially when you take a world tour and realize that in many other places the investment and home aspects of real estate ownership are nowhere near so intertwined.
For better or for worse, in America we do see homes as investments. But a home is also the place where we report at the end of the day, the place where we curl up and hibernate when we’re sick, the place that serves as our headquarters for family life, and the hub for our non-work-related interpersonal relationships and recreational pursuits.
(In fact, for a growing chunk of the population, home also serves as the workplace, some or all of the time.) The places we live can boost — or batter — both our health and our happiness, not just our financial net worth.
So, the question we’ve left unanswered in our largely investment-oriented exploration of what real estate consumers really want is a profound one: What do we want from our homes — not financially, but as the environment, the habitat, the locale, the stage for and actor in our daily lives?
Some have devoted their entire lives and careers to answering just this question.
Swiss architect and lifestyle designer Le Corbusier answered it simply and profoundly (as was his style): “Space and light and order. Those are the things that men need just as much as they need bread or a place to sleep.”
Modern British philosopher Alain de Botton, in his book, “The Architecture of Happiness” (Vintage International, 2006), approaches the question over and over, describing homes as providing “not only physical but also psychological sanctuary,” and serving the role in their occupants’ lives as, among other things, “a guardian of identity.”
I suspect, from years of selling and writing about real estate, thousands of in-the-car sessions with homebuyers anticipating what’s inside the listing they saw online and post-viewing downloads of their delight or disappointment at what they found, that the answer to the question is actually a pretty short bullet list comprised of a mixture of elements as simple as Corbusier’s ingredients for a good home and as abstract or emotional as de Botton’s:
Space and light: Most people know they want or need a certain amount of space, and increasingly, buyers seek out homes with the “right” directional exposure and amount of windows for optimal natural light. But this craving for space and light is just as frequently subconscious, and is often wrapped up in the package of a desire for a “floor plan with good flow.”
In fact, many buyers don’t know this is their hot button until they fall instantly in love with a home that has it, without knowing exactly why, or they walk into a home that meets their requirements on paper but is so chopped up and dark that it causes them to spontaneously yelp, as a client of mine once did: “I would cry!” (i.e., if she lived in this particular place). Wall height and color can also contribute to the emotional impact of a home, on this score.
Lifestyle-easing and -enhancing features and amenities: This is where Le Corbusier’s “order” comes in. Housing consumers crave for their homes to fit and improve and make easier their lives, and this is increasingly so as the technology and design solutions to the challenges of daily life evolve. Clutter is a lifestyle problem that causes people to be less effective at doing the things they want to do, and can even cause relationship discord and psychological depression.
So, people want their homes to have a place for everything and help them keep everything in its place. They also want gadgets and custom spaces and conveniences that fit well with the things they (and their family members) have to or want to do with their lives.
Outdoor kitchens, spa bathrooms, heated driveways, and even office nooks and closet systems all fall within this realm. And so does location — real estate consumers want their home’s location to either make their life better (e.g., good schools, desirable neighborhood hot spots, beautiful natural surroundings, quiet neighbors) or easier (e.g., close to work or public transportation) or both.
Style and beauty: Generally speaking, housing consumers want their homes to help them live more beautiful lives. We seek out homes — or we seek to add to our homes — with a style that reflects who we think we are (or, more often, who we want to be).
This is aligned with de Botton’s reference to homes as guardians of our identity. We want our home’s aesthetics to either reflect or effect our own personal sense of what is beautiful, whether that be the wrought-iron curlicues and pink stucco or stark, modern minimalist concrete and wood, and to saturate our lives more deeply with that beauty, by living there.
To be clear, these are broad categories that contain our human, even American, wants in terms of the physical aspect of our homes for ourselves — above and beyond the real estate characteristics we believe will create status or engender the envy of our friends. You know, the things every self-respecting celebrity real estate reporter relates by rote — e.g., Cher’s 9,000-square-foot Hawaiian hacienda.
The more you read Architectural Digest, the more obvious it will be to you that the higher end you go, things like architect, designer and extreme gadgetry also earn status and swanky real estate street “cred.”
But while there may be a status element that factors into what we normal folk want from our homes, this is less and less important in the minds of today’s homebuyers and even renters who — if anything — want to flaunt their frugality and the sustainability of their real estate decisions.
What do real estate consumers really want from their homes, outside of financial perks? They want their logistical problems solved and their lives made easier, more convenient and more beautiful. And that’s a good standard for what makes a good home.
Tara-Nicholle Nelson is author of “The Savvy Woman’s Homebuying Handbook” and “Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions.” Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.
Category Archives: Chappaqua
The Closing Process | Buying a Home in Chappaqua NY
Closing consists of all the necessary final steps involved in sealing the deal on a home purchase. It includes:
The offer to purchase
There’s no foolproof way to make an offer that’s guaranteed to be accepted by the seller. But once you find your perfect house, it’s wise to move fast. A good rule of thumb is to make an offer that’s eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don’t top what you’ve predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home’s purchase price and is included in an offer to purchase. Either the real estate agent or the seller’s lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer’s securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller’s market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a “closing statement” or a “settlement statement,” this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home (find details about managing Orlando homes for sale, as an example). It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party – the escrow agent – to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner’s insurance (necessary for securing a mortgage).
Closing costs
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender’s inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
Final arrangements
Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement
Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.
Chappaqua NY Real Estate Hit With Double Dip | 45% Drop In Sales | RobReportBlog
Chappaqua NY real estate got hit hard over the last six months through March 2011. Sales dropped 45%. In the same period in 2010 there were 46 sales in Chappaqua and in 2011 that number fell to 25.
The median price of a Chappaqua NY home rose 3% to $900,000. Last year the median price of a Chappaqua NY homes was $873,800.
2011 Chappaqua NY Real Estate stats
25 homes sold
$900,000 median price
$1,800,000 high price
$288,000 low price
3095 average square feet
$316 average price per foot
187 average DOM
93.76% average sold to ask
2010 Chappaqua NY Real Estate stats
46 homes sold
$873,800 median price
$2,625,000 high price
$545,000 low price
3240 average square feet
$310 average price per foot
179 average DOM
94.15% average sold to ask
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Harvard’s Steps To Success In Chappaqua NY | Chappaqua NY Homes
Why have you been so successful in reaching some of your goals, but not others? If you aren’t sure, you are far from alone in your confusion. It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail. The intuitive answer — that you are born predisposed to certain talents and lacking in others — is really just one small piece of the puzzle. In fact, decades of research on achievement suggests that successful people reach their goals not simply because of who they are, but more often because of what they do.
1. Get specific. When you set yourself a goal, try to be as specific as possible. “Lose 5 pounds” is a better goal than “lose some weight,” because it gives you a clear idea of what success looks like. Knowing exactly what you want to achieve keeps you motivated until you get there. Also, think about the specific actions that need to be taken to reach your goal. Just promising you’ll “eat less” or “sleep more” is too vague — be clear and precise. “I’ll be in bed by 10pm on weeknights” leaves no room for doubt about what you need to do, and whether or not you’ve actually done it.
2. Seize the moment to act on your goals. Given how busy most of us are, and how many goals we are juggling at once, it’s not surprising that we routinely miss opportunities to act on a goal because we simply fail to notice them. Did you really have no time to work out today? No chance at any point to return that phone call? Achieving your goal means grabbing hold of these opportunities before they slip through your fingers.
To seize the moment, decide when and where you will take each action you want to take, in advance. Again, be as specific as possible (e.g., “If it’s Monday, Wednesday, or Friday, I’ll work out for 30 minutes before work.”) Studies show that this kind of planning will help your brain to detect and seize the opportunity when it arises, increasing your chances of success by roughly 300%.
3. Know exactly how far you have left to go. Achieving any goal also requires honest and regular monitoring of your progress — if not by others, then by you yourself. If you don’t know how well you are doing, you can’t adjust your behavior or your strategies accordingly. Check your progress frequently — weekly, or even daily, depending on the goal.
4. Be a realistic optimist. When you are setting a goal, by all means engage in lots of positive thinking about how likely you are to achieve it. Believing in your ability to succeed is enormously helpful for creating and sustaining your motivation. But whatever you do, don’t underestimate how difficult it will be to reach your goal. Most goals worth achieving require time, planning, effort, and persistence. Studies show that thinking things will come to you easily and effortlessly leaves you ill-prepared for the journey ahead, and significantly increases the odds of failure.
5. Focus on getting better, rather than being good. Believing you have the ability to reach your goals is important, but so is believing you can get the ability. Many of us believe that our intelligence, our personality, and our physical aptitudes are fixed — that no matter what we do, we won’t improve. As a result, we focus on goals that are all about proving ourselves, rather than developing and acquiring new skills.
Fortunately, decades of research suggest that the belief in fixed ability is completely wrong — abilities of all kinds are profoundly malleable. Embracing the fact that you can change will allow you to make better choices, and reach your fullest potential. People whose goals are about getting better, rather than being good, take difficulty in stride, and appreciate the journey as much as the destination.
Weekly Online Video News Reel: The Lethargic Edition | Chappaqua NY Homes
Home Insurance Primer For Chappaqua NY | Chappaqua NY Homes
What you need to know when you are considering Home Insurance:

1. You’re a statistic.
To an insurer, you’re not a person; you’re a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors,” including your occupation, who you are, what you own, and how you live.
2. Know your home’s value.
Before you choose a policy, it is essential to establish your home’s replacement cost. A local builder can provide the best estimate.
3. Insurers differ.
As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
4. Don’t just look at price.
A low price is no bargain if an insurer takes forever to service your claim. Research the insurer’s record for claims service, as well as its financial stability.
5. Go beyond the basics.
A basic homeowners policy may not promise to entirely replace your home.
6. Demand discounts. Insurers provide discounts to reward behavior that reduces risk.
However, Americans waste money every year because they forget to ask for them!
7. At claims time, your insurer isn’t necessarily your friend.
Your idea of fair compensation may not match that of your insurer. Your insurer’s job is to restore you financially. Your job is to prove your losses so you get what you need.
Chappaqua NY Weekend Real Estate Report | RobReportBlog | Chappaqua NY Homes
Chappaqua Real Estate Report | RobReportBlog
86 homes available
$1,100,000 median price
$27,500,000 high price
$449,000 low price
$411 price per foot
106 average days on market
4159 average size
Oil Versus Gas Fuel. What do I do? | Chappaqua NY Homes
Gas Furnaces vs. Oil and electric Furnaces
Most residential furnaces are old, highly inefficient, and a cause of high energy bills and pollution. And many are oil furnaces, which raises the question: is it worth changing to a gas furnace?Furnace and fuels
For many years oil and natural gas heating systems were in direct competition, without no clear economical advantage of any of them.Today, in most cases, gas furnaces are a better option due to their efficiency, cleanness, easier maintenance, and also by economical reasons. Propane isn’t such a good option, and electricity isn’t a true economical choice, except for small needs…
Fuel Prices
The oil and gas prices are still fluctuating, making it difficult to give a definitive advice. But most experts bet on gas, even considering prices fluctuations or the supply and connection charges, surcharges, discounts, etc. involving the different fuels.Electric furnaces
Electric furnaces have low maintenance requirements and are easy to install and cheap, but they are much more expensive to operate than gas (and oil…) furnaces.Electric furnaces should only be considered for infrequently uses and small needs, mostly in moderate climates. But in this case electric furnaces have other well positioned competitors, like modern gas stoves or even insert fireplaces…
Oil furnaces
Oil furnaces are no more a popular option. Their efficiency has risen a lot (80% and more are the standard), and there are now new high-efficient oil furnaces offered by manufacturers like Carrier/Bryant or Thermo Pride, but that doesn’t make them a first option.High efficient oil furnaces – with a reliability that prior models didn’t offer – require a different and better chimney, often an upgrade with a stainless steel liner inside the old structure. Installing a sealed-vent model is highly advantageous, even if that costs more…
Oil Furnaces disadvantages
Oil furnaces are now a relatively clean option, but not as cleaner as the gas one; they also require more maintenance than their gas or electric counterparts, besides storage tanks and insurance costs and other higher requirements; but above all, they involve higher running costs – a trend that will not be reversed in the future, according to most forecasts…New natural gas and propane furnaces
In most cases, switching from oil or electric furnaces to gas units is an economical option. Even if the gas furnaces require relining the chimney or a plastic venting out the side wall, as high-efficiency furnaces do.Gas furnaces are cleaner, require low maintenance, provide higher energy savings and are more friendly for the environment. Bet on a highly efficient gas furnace system, if you are not considering hypotheses like solar, heat pumps or space heating combined with high levels of home insulation and sealing…
Propane furnaces are usually modified natural gas equipment, for regions where natural gas isn’t available.
Chappaqua NY Weekly Real Estate Report | Chappaqua NY Homes – Robert Paul’s blog
Chappaqua NY Weekly Real Estate Report | Chappaqua NY Homes
Chappaqua NY Real Estate Report | RobReportBlog
84 homes available
$27,500,000 high price
$449,000 low price
$1,097,500 median price
4097 average square feet
$414 average price per foot
107 average days on market
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