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Senate passes bill to delay flood insurance premium hikes | Katonah NY Real Estate
In a 67-32 vote, the U.S. Senate has passed a bill to postpone steep increases in flood insurance rates across the country, the National Association of Realtors announced today.
The Homeowner Flood Insurance Affordability Act calls for a four-year delay on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates. The bill also creates an advocate within the Federal Emergency Management Agency (FEMA) to investigate homeowner complaints regarding rates.
The measure now goes to the U.S. House of Representatives where it currently has 181 co-sponsors in favor of the bill — 30 votes shy of a House majority, NAR said.
“NAR will redouble its efforts there to persuade the House leadership to bring a similar bill up for a floor vote at the earliest opportunity,” the trade group added.
Source: realtor.org
– See more at: http://www.inman.com/wire/senate-passes-bill-to-delay-flood-insurance-premium-hikes/?utm_source=20140131&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.3EjBkEO2.dpuf
Average US rate on 30-year loan at 4.32 pct. | Katonah NY Real Estate
Average U.S. rates for fixed mortgages slipped this week as new data showed a decline in home prices in November and a drop in new homes sales last month.
Mortgage buyer Freddie Mac said Thursday the average for the 30-year loan fell to 4.32 percent from 4.39 percent last week. The average for the 15-year loan eased to 3.40 percent from 3.44 percent.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. Deeming the economy to be gaining in strength, the Fed pushed ahead Wednesday with a plan to reduce the bond purchases, which have kept long-term interest rates low.
Data issued this week suggested a pause in the housing market’s recovery. Home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains, the Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday showed.
http://finance.yahoo.com/news/average-us-rate-30-loan-4-32-pct-154913251–finance.html
Should I Update the Flooring in My Entry Hall? | Waccabuc NY Real Estate
Q. The floors in our home are mostly hardwood except for the entry hall, which is dated tile. Is it worth replacing?
A. “If you and your broker notice it as a flaw and something that needs to be updated, you can be sure the buyer will, too,” said Aimee Scher, a real estate sales representative at Douglas Elliman Real Estate in Manhattan. So in most cases, she said, it is probably a good idea to replace the tile.
But you should consider the condition of the rest of the home, and your asking price. If other parts of your home require work, and you plan to set the asking price below similar properties, it may make sense to leave it as is.
“Some people would be willing to buy it with that flaw,” Ms. Scher said, “and then rip it out and replace it themselves.”
If the rest of your home is in pristine condition, though, and you plan to set your asking price at the high end of the range for similar properties, you should deal with the problem.
Ms. Scher said, “A $10,000 fix that might add $30,000 or $40,000 to your purchase price is something worth doing.”
Housing Shortage Is Highest in These Cities | Katonah NY Real Estate
Douglas Elliman Realtor Elaine Richheimer has noticed that the South Shore of Long Island is buzzing with real estate activity despite continuing efforts to recover from the water damage of November 2012’s Super Storm Sandy. In fact, home sales have increased 48.5% in the region stretching from Queens to the Hamptons.
“Although sales of waterfront properties are quieter, pricing is attractive and, as a result, living in a house on the water overlooking the South Shore is more obtainable now,” Richheimer told MainStreet.
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Richheimer’s optimistic glow on home sales in New York reflects an estimated 56% of real estate agents who say now is a good time to buy compared to 55% in the fourth quarter of 2013, according to Redfin data.
While 71% of current homeowners are contemplating selling in 2014, according to a Lending Tree survey, buyers continue to be frustrated by housing shortages with 87% of Redfin realtors citing limited inventory as the biggest challenge for buyers.
“The housing crash lead new home construction to fall off dramatically, restricting the number of homes available for sale,” said Ellen Haberle, economist with Redfin, a national real estate brokerage. “New home construction has increased slowly over the past two years, but factors such as a lack of developed lots and skilled labor, expensive materials and tight credit conditions have challenged builders’ ability to boost construction quickly.”
http://www.mainstreet.com/article/real-estate/housing-shortage-highest-these-cities
US home prices dipped in Nov. on colder weather | Katonah NY Real Estate
U.S. home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains.
The Standard & Poor’s/Case-Shiller 20-city home price index slipped 0.1 percent from October to November, partly reversing the previous monthly increase of 0.2 percent. But the index is not adjusted for seasonal variations, so the monthly decline partly reflects slower buying in the late fall as temperatures drop.
“November was a good month for home prices,” said David Blitzer, chairman of the S&P Dow Jones index committee. “Prices typically weaken as we move closer to the winter.”
Despite the overall decline, home values have continued to rise in many Sun Belt cities. Las Vegas, Los Angeles and Phoenix have registered 20 straight months of rising prices.
But home prices surged for much of 2013, driven by big gains earlier in the year. Prices have risen 13.7 percent over the past 12 months.
Dallas enjoyed its strongest annual gain since 2000. And Chicago home prices climbed at their strongest annual clip since December 1988. Among the cities in the index, only Detroit prices remain below their 2000 level.
http://finance.yahoo.com/news/us-home-prices-dipped-nov-colder-weather-140018478–finance.html
Are You Making These 25 Common Decorating Mistakes? | Cross River NY Homes
3. Too Many Knickknacks Knickknacks, decorations, tchotchkes, accessories, call them what you want, but we all have too many of them. Rotate what you have, and if you really like something but it’s been out for a while, store it for a bit. You don’t have to have it all out at once and every surface should not be covered. Edit your collections so they’re pointed and look good as a small grouping.
2. Pillow Overload If the pillows actually hinder being able to sit on a couch or lie comfortably on a bed, then it’s obviously too much. Instead of buying so many pillows, spend your time, energy and money decorating an area of the room you’re actually looking at when sitting in bed.
1. Fake Flowers This is a controversial topic, but fake flowers (and plants) are a mistake. They gather dust and don’t bring life into your home like real flowers, which look and smell better. Fresh flowers are expensive, but there are other things you can do instead of buying them all the time. Put lemons or other fruit in a bowl for a punch of color. Or, use some dried natural material like curly willow or bamboo stalks for a fresh look.
http://shine.yahoo.com/at-home/making-25-common-decorating-mistakes-002000324.html
Water Main Break Shuts Edgemont Road In Katonah | Katonah Real Estate
A water main break in the downtown Katonah area Tuesday morning has caused Edgemont Road to be shut between Bedford Road and Katonah Avenue, Bedford Police said.
Police did not know how long the road would remain closed, saying it would be shut for “an extended period of time.”
The closure will affect passenger pick up at the Katonah Train Station. Passengers can be picked up in Commuter Lot 1 on Jay Street.
http://bedford.dailyvoice.com/news/water-main-break-shuts-edgemont-road-katonah-tuesday
Home prices show signs of topping out | Katonah NY Real Estate
Home prices are showing signs of topping out: The S&P/Case-Shiller index posted its first month-over-month decline in 10 months on Tuesday.
The annual measure of home prices still increased 13.7% in November, but that was only narrowly better than the rise posted in October.
The housing recovery was one of the stronger aspects of the economy last year, boosting household wealth and home construction.
But with mortgage rates climbing steadily since hitting record lows in May, it’s clear the housing recovery is starting to lose some steam.
“While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
But housing experts say that more modest price increases are probably a good thing for the housing market. The rapid increases of the last year are not sustainable, they said.
“Sellers used to seeing huge price gains month after month may feel some whiplash as that slows down,” said Stan Humphries, chief economist for sales tracker Zillow. But more modest price increases mean “the housing market is still a long way from normal, but it’s getting there.”