Category Archives: Katonah

Last Year’s Foreclosures Hit Lowest Total Since 2007 | Katonah NY Real Estate

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In the past year, the national foreclosure rate declined each month by at least 20 percent from where it had been the year before, according to the CoreLogic Market National Foreclosure Report from December. Additionally, the 12-month sum of completed foreclosures hit its lowest level since 2007.

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The progress is encouraging ? about 837,000 homes in the United States were in a stage of foreclosure in December, down from almost 1.2 million in December 2012 ? but that’s still a lot of homeowners struggling to pay for their homes.

CoreLogic’s report puts the serious delinquency rate among U.S. mortgages at 5 percent in December, its lowest level since November 2008. Quarterly data from Experian-Oliver Wyman Market Intelligence Reports and Experian’s IntelliView tool also show a smaller share of mortgages were delinquent. In the final quarter of 2013, the percentage of mortgages that were more than 90 days past due dropped from the previous year’s and the previous quarter’s levels, the reports said. The delinquency rate declined to 2.52 percent, down from 2.74 percent in the fourth quarter of 2012 and 3.26 percent at the same time in 2011.

?Clearly, 2013 was a transitional year for residential property in the United States,” Anand Nallathambi, president and CEO of CoreLogic, said in the foreclosure report. ”Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long-awaited corner. The housing market should continue to heal in 2014, but we expect progress to remain very slow.?

Mortgage originations had been increasing year over year since the first quarter of 2012, but that momentum faltered in the third quarter of 2013, when new loans declined by about 110,000 from the previous year, according to Experian. Fourth-quarter data isn’t yet available.

 

http://www.realtor.com/news/last-years-foreclosures-hit-lowest-total-since-2007/

 

Saving for a House: It’s More Than a Down Payment | Katonah Real Estate

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It’s easy to get caught up in credit scores when considering a home purchase. But as lenders continue to loosen requirements, the need to have money in the bank doesn’t get any less acute.

Getting prescriptive about how much you need in savings to satisfy a mortgage lender is tough business. The answer can depend on a host of factors, from the type of mortgage and size of the loan to the property itself and more.

You’ll most likely need a solid chunk of change upfront to cover a down payment and closing costs. Lenders might also want to see a stockpile of “reserves,” which often translates to a certain number of months’ worth of mortgage payments.

The bottom line is that it’s tough to talk specifics about your bottom line. That’s why it’s important to get a solid understanding of your mortgage options and seek clear guidance from lenders.

Credit scores are critical, but so are income and assets when you’re applying for a home loan. Here are some of the important savings you’ll need to accumulate first.

Down Payment Needs

Down payments are inescapable for the vast majority of non-cash homebuyers. Outside of state or local programs, only government-backed VA and USDA rural development home loans allow qualified borrowers to purchase with no money down.

Conventional and FHA loans typically require minimum down payments of 5% and 3.5%, respectively. On a $200,000 mortgage, that’s $10,000 for conventional and $7,000 down for FHA. But buyers often put even more skin in the game.

Conventional borrowers last month had an average loan-to-value ratio of 80%, according to mortgage software firm Ellie Mae. For FHA loans, it was 95%. That means buyers are putting down an average of 20% for conventional loans and 5% for FHA loans.

Existing homeowners often have an advantage because they’re able to put the proceeds of a home sale toward a new purchase. It can take first-time buyers years to scrape together enough money for a down payment.

That’s partly why home sales among first-time buyers hit their lowest point last month since the National Association of Realtors began tracking the figure in October 2008.

 

http://finance.yahoo.com/news/kind-savings-mortgage-110023166.html

When to pay off your mortgage aggressively | Katonah Real Estate

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The clear advantages of paying off your mortgage as quickly as possible have changed quite a bit over the past few years. The urgency to pay it off has somewhat diminished, as interest rates have plummeted to historical lows. It’s no longer the black and white decision it was back when interest rates hovered between 6% and 9%, and even the 11% to 13% we saw a couple of decades ago.

I am a big proponent of paying down that ugly mortgage beast as soon as is practical. But, before you go cutting a check to the bank, there is a pecking order of financial priorities you need to address before you consider tackling your mortgage.

In order of importance, here are the places you need to put your financial attention first:

Take The Cards Off The Table: Pay off all credit cards with high interest rates. Consider the huge discrepancy between credit cards with interest rates of 13% – 23%, and a 4% mortgage interest rate.

In Case Of Emergency: You need to build an emergency fund, ideally 8-12 months of living expenses. Yes, today’s job market is improving, but if you suddenly find yourself facing a layoff, you need to be prepared to sustain up to one year of living expenses.

Build Up For Retirement: Are you able to make the maximum yearly contributions to your retirement accounts, 401K, IRA or an equivalent?  Ask your accountant what the maximum allowable is for you and go for it!

 

http://www.usatoday.com/story/money/personalfinance/2014/03/12/when-to-pay-off-mortgage/6327487/

Atlanta House with ‘Gone with the Wind’ Link Asks $3.25M | Katonah NY Homes

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Location: Atlanta, Ga. Price: $3,250,000 The Skinny: Though Atlanta has played host to plenty of culturally important events, including the Olympics, the first season of the Walking Dead and, of course, the canonical live recording of Free Bird, the 1939 premiere of Gone with the Wind was such a huge milestone for the city that any association with it is trumpeted to this day. That’s the case with this 1935 home in the Peachtree Heights district of Buckhead, which the BrokerBabble claims hosted the cast party for the film. And it might very well have, though the homes where Clark Gable is said to have been fêted approaches the number of homes wherein George Washington purportedly lay down his wigged, weary head for a nap. Designed by Atlanta firm Cooper and Cooper, it’s all classical symmetry and reassuringly staid formalism (a combination the dim echoes of which can be seen in McMansion developments across the Sunbelt), while the decor veers queasily between traditional (downstairs) and blandly contemporary (upstairs). It’s asking $3.25M, which includes almost two acres of beautifully landscaped grounds that Vivien Leigh might have strolled through.

http://curbed.com/archives/2014/03/10/atlanta-home-with-gone-with-the-wind-connection-asking-325m.php

 

5 Reasons to Say ‘No’ to a Listing | Katonah Real Estate

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For all the hoops real estate agents have to jump through in order to secure a highly-coveted listing, it may seem crazy to say, but the truth is: Sometimes a listing just isn’t worth it. Before you take on a property you’re not sure about, ask yourself if it falls under one of the categories below. If it does, it’s probably not worth your time or trouble, so it’s a smart move to back away before it’s too late.

Instead, focus on the listings that you know will be a great partnership between you and the seller and lead to a successful sale. And remember, a listing that isn’t the right fit for you is the perfect chance to make a referral to one of another trusted agent in your network. You’ll avoid a situation that will cost you more time and money than it’s worth, and you’ll build goodwill within your own network.

Here are five red flags to look for that will let you know when it’s okay to say, “No way!” to a listing.

1. Sellers Want to List a Property Before Its Ready

A seller might want to list a property right away—before all of its challenges are solved. And when a property is listed before issues are resolved, it will stay on the market longer, negatively affecting the selling price and wasting your time and marketing budget.

2. You’re Not Qualified to Handle a Property’s Challenges

When there are known issues like repairs, zoning restrictions, or environmental hazards that pose obstacles to a smooth closing, you need to ask yourself if you have the qualifications and time to deal with them. If you’re not, tell the property owner they need to bring in the appropriate experts first.

3. The Seller Isn’t Authorized to Sell the Property

In certain cases, the person who presents himself or herself at the seller might not actually be authorized to sell the property, so it’s up to you to clear up any murky issues before taking on a listing. In instances of divorce, find out who the legal decision maker is and whether both parties must sign.

 

 

http://www.trulia.com/pro/sellers/5-times-to-say-no-to-a-listing/?ecampaign=tnews&eurl=trulia.com%252Fpro%252Fsellers%252F5-times-to-say-no-to-a-listing%252F

Katonah Hardware Reports $50,000 Stolen; Employee Suspected | Katonah NY Homes

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A Katonah hardware store reported to police that an employee stole about $50,000 in cash during a four-month period, Bedford police said.

The employee is unknown and police are investigating the matter.

Katonah Hardware, on Katonah Avenue, reported the thefts on Feb. 20. They told police the thefts happened between October 2013 and February 2014.

Because the investigation is ongoing, few details are available

 

http://bedford.dailyvoice.com/news/katonah-hardware-reports-50000-stolen-employee-suspected

Craigslist real estate listings can help agents keep deals in-house | Katonah Real Estate

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Craigslist is the grandfather of listing sites.

So like grandfathers everywhere, it’s associated with the past, not the future. As a result, some agents may neglect the old-timer, seeking to harvest leads using cutting-edge tools instead.

But while some might consider Craigslist a bit of an old fogey, agents who shun it are passing up a marketing opportunity that remains a fertile (and typically free) source of high-quality leads, according to Amy Gerrish, leader of The Phoenix Metro Group, an agent team part of Phoenix-based HomeSmart.

As a resource for buyer leads, Gerrish — the latest winner of Inman News’ #madREskillz contest — says Craigslist seems to offer a better return on investment than advertising on listing portals or Facebook.

The leads she’s picked up from those sites seem to be of about equal quality to those she gets from Craigslist, which have translated into six sales for her team in the last year, she said.

“If they’re the same quality, then I just want the ones that you don’t have to pay for,” she said.

– See more at: http://www.inman.com/2014/03/05/craigslist-real-estate-listings-can-help-agents-keep-deals-in-house/?utm_source=20140305&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.i2Zmr3w0.dpuf

Four-Step Guide to Refinancing Your Home Mortgage | Katonah Real Estate

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Refinancing your home mortgage can be a great way to save some money in the long run. If rates have dropped since you obtained your original loan, you can potentially see a substantial drop in your payments. But there are other reasons you may also want to consider refinancing your home mortgage.

It gives you the option to reach into the equity that’s built up in your home since you purchased it — it’s known as a “cash-out refi.” It lets you take out a new mortgage based on the home’s current worth, pay off what you still owe on the old loan, and pocket the difference, Realtor.com says. You could also shorten the time period that you’ll be making payments, which can be done by swapping your current 30-year mortgage for a 15-year loan or another similar option.

But how do you know when it’s a smart move for you to go through the refinancing  process? And when exactly will it start saving you money?

Click through for our guide to help you determine if it’s the right time to refinance

1. When to consider refinancing

source: http://www.flickr.com/photos/sleepyjeanie/

source: http://www.flickr.com/photos/sleepyjeanie/

According to USA Today: “Some borrowers can save money when they spot a rate that’s at least half a percentage point lower than their existing rate, experts say. More typically, people tend to move when they see more than a full percentage-point drop.”

ABC News reports that it’s also important to ask yourself this question: How long will it take for your new monthly payment to yield enough savings to make up for the closing costs for the new loan? If you can find a way to keep your closing costs down, refinancing becomes an even smarter option. And you should expect closing costs on refinancing to be even lower, because there is less work for the lender and title company to do.

2. Determine when it will start saving you money

think money save

Figuring out how long it will take you to start recouping costs is key. For example, someone who is in their 80s probably shouldn’t spend $4,000 upfront in order to save $50 a month, according to USA Today. Just make sure you’re looking at your costs and how long you plan to stay in your home. If you plan on being there for quite a while, there’s a good chance refinancing is a smart option.

Realtor.com recommends weighing monthly savings against upfront costs. Let’s say you can save $100 a month on your mortgage payment by refinancing but it requires you to pay $2,500 upfront — then you’d need to keep the new loan for at least 25 months to make up the difference. If you’re not going to be in your current house for at least that long, it’s not going to do you any good.

When in doubt, talking to a mortgage broker is always a good idea. They can look at your specific situation and figure out what’s going to be your best move.

3. Where mortgage rates are at

housing Real Estate Mortgage Loan

In February, the average rate on a 30-year fixed home mortgage was 4.28 percent, which is near historically low levels. A 15-year loan was 3.33 percent, according to Freddie Mac, a mortgage buyer.

These are great rates, but economists aren’t expecting them to stay that low for long, according to USA Today. “Most economists expect home sales and prices to keep rising this year, but at a slower pace,” the publication reports. They forecast that both will likely rise around 5 percent, down from double-digit gains in 2013.”

This means that if it’s something you’re interested in doing, the sooner the better. As interest rates continue to rise, it’ll save you less money when you do make the move to refinance.

4. Preparing to refinance

Source: Thinkstock

You’ve decided refinancing is for you, and so your next step is to start the loan process again. Make sure to get all of your records together and check to see that your credit profile look goods, Realtor.com says: “Your lender will need to verify your income, employment, account balances and the like, so be prepared. The lender will tell you exactly what you need, but generally you’ll be required to produce current pay stubs and savings and checking-account statements.”

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http://wallstcheatsheet.com/personal-finance/mortgages/four-step-guide-to-refinancing-your-home-mortgage.html/?ref=YF

Before you buy, try that mortgage on for size | Katonah Real Estate

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If you’re a future homebuyer, you might have used one of those “How much mortgage can I afford?” calculators online. These calculators typically gather information like your down payment amount, credit score range, monthly or annual income and debts.

 

Then, they’ll spit out an estimate of what a bank might lend you mortgage-wise.

These calculators work primarily by figuring out your debt-to-income ratio and then how much you can afford to pay for your monthly mortgage payment. This is similar to how banks decide how much to lend you.

The typical bank limit on monthly mortgage payments is about 28 percent of your gross monthly income. Therefore, the bank thinks you can devote up to 28 percent of your household income to your mortgage payment and expenses (including taxes, insurance and association dues).

Banks will also typically allow a total debt-to-income ratio of up to around 36 percent. This means that your mortgage, credit card payments, student loan payments and car payments shouldn’t exceed 36 percent of your total monthly income. (Note that if your other debt payments are already at 15 percent of your monthly income, you only have 21 percent of your income to devote to your mortgage, regardless of the 28 percent rule.)

So when you put your current income and expenses into a house affordability calculator, it will tell you how much you can afford to pay for your home per month. Then, based on factors such as estimated interest rate, tax payments, insurance payments and available down payment, it’ll tell you how much house, in total, you can afford.

 

http://homes.yahoo.com/news/before-you-buy–try-that-mortgage-on-for-size-211830352.html