Category Archives: Mount Kisco

What Is A Good Credit Score? | Mt Kisco Real Estate

Leave a reply

You’ve heard it all before – you need to take care of your credit score like it’s grandma’s prized china or maybe your new cellphone.

But if you’re more of the goal-oriented type, what constitutes a win when it comes to credit score?

How do you know when your score is among the best?

First, a few facts: When you hear the term credit score, most people are referring to your FICO score. Actually, it’s FICO scores. You have three separate scores – one from each of the three major credit reporting bureaus based on the information they have on you. This means that your FICO score from Equifax might be different from your Experian or TransUnion score, but probably not drastically different. It is, you’d better do some investigation.

The highest score possible is 850 while the lowest is 300. In reality, achieving an 850 probably isn’t going to happen. It would take a perfect combination of many factors to get there. A simple lack of negative entries on your credit report isn’t going to result in an 850.

For more on this, read What are the best ways to rebuild my credit score quickly?

What’s the magic number that will get you the best interest rates, payment terms and perks that come from being rated among the best of the best?

According to Anthony Sprauve, director of public relations at FICO, “If you have a FICO score above 760, you’re going to be getting the best rates and opportunities.” How hard is it to get that number? Looking at the averages, it’s no easy task. For people 25 to 34 years of age, the average score is 628. As you get older your score rises. By the time you reach age 45 to 54, the average is 647; at 55-plus, it’s 697.

If those statistics seem a little depressing, don’t worry. Even if you don’t reach that coveted 760 number, it’s not like you’ll have to pay cash for everything the rest of your life. Good Scores for Different Purposes For example, if you’re looking to buy a home, a score of 500 qualifies you for a FHA loan.

Other statistics show that more than 97% of all FHA loans went to people with scores above 620. Just because you qualify doesn’t mean you’ll be approved, but if you exceed that 620 number, your chances are quite good.

Conventional mortgages are hard to get with a score below 620 and some lenders require at least 700. This is why financial gurus advise people who want to buy a home to not miss bill payments or overextend themselves with credit cards or other loans.

You’re going to need stellar credit to become a homeowner in most cases. Also remember that the better your credit score is, the lower the interest rate you’ll be offered. Consider a 30-year mortgage of $200,000 at a fixed rate: According to one data set, the difference in interest rates for people with a 760 score versus a 620 could be 1.6%. That’s $68,000 difference over the life of the mortgage. Recent statistics showed that more than 70% of applicants are approved for car leases, and finding a credit card company to approve you probably won’t be difficult.

In both cases, the higher your score, the better your terms – and the less you’ll pay in interest.

read more…

 

http://www.investopedia.com/articles/personal-finance/120414/what-good-credit-score.asp?partner=YahooSA

 

Detroit-area homeowners apply to avoid foreclosure | Mt Kisco Real Estate

Leave a reply

More than 13,000 Detroit-area property owners have entered into payment plans hoping to avoid losing their homes to tax foreclosure, but another 16,000 living in their homes have yet to take advantage of the offer ahead of Tuesday’s deadline.

Hundreds of applicants sat in a hotel ballroom waiting for the chance to plead their cases before Wayne County Treasury workers. Many had lined up before 7 a.m. to be heard before the 4:30 p.m. deadline.

“I’m downhill and I can’t get out,” said Kevin Franklyn, who was waiting his turn to see if the more than $15,000 he owes on his home and a dozen or so rental properties can be turned into something more manageable.

“I’m going to try to pay what I can,” said Franklyn, 46, who blamed his tenants’ nonpayment of rent for his struggles.

More than 60,000 of the county’s 76,000 foreclosed properties are in Detroit, threatening neighborhoods hard hit by the national mortgage crisis. About $326 million in taxes, interest and fees are owed on the foreclosed homes, lots and other buildings in Detroit.

City officials fear that more foreclosures will only add to the glut of vacant houses in Detroit and blight that keeps potential homebuyers away.

Taxes have been paid in full for about 20,700 of the foreclosed properties, partly through the payment plan, according to Chief Deputy Treasurer David Szymanski.

Of the 38,100 properties still facing foreclosure, only 15,900 are occupied.

“Those are the ones we want to get to,” Szymanski said. The county has to collect property taxes by law.

City and county officials urged state lawmakers to pass foreclosure prevention bills and Gov. Rick Snyder signed the legislation in January to provide homeowners facing financial hardship with the option to sign up for a payment plan to avoid foreclosure. The bills also cut interest rates, reduced down payments and capped past due taxes.

Szymanski said more than 13,000 homeowners have entered into payment assistance plans already.

Bryan Ely, 28, of Detroit, said he owes about $20,000 in back taxes on his home on Detroit’s northwest side.

 

read more…

 

http://finance.yahoo.com/news/1000s-detroit-area-homeowners-apply-151653604.html

Stuck selling your home | Mt Kisco Real Estate

Leave a reply

When you ask 29-year-old Anthony Walker about the home he owns, his response is a chorus of resigned sighs. It’s not quite the reaction you’d expect from one of the few in his generation who has managed to achieve homeowner status. But the property Walker co-owns with a good friend and former roommate is deeply underwater. That means that since he purchased the property, the value has slipped so much that the house is worth less than total mortgage debt taken out to buy it. As time passes, he’s growing increasingly doubtful that he’ll ever see the property value back in the black.

If you are still looking for a place to live you can check out this website where you can read every Property Detail online from the commodity of your house. Find a location that is always favorable for business, tourist, and leisure activities.

It’s a predicament that more and more owners of less expensive starter properties are facing. Homes that were bought for a “reasonable” price at the top of the market are now floundering in negative equity and according to Svenja Gudell, the director of economic research at the real-estate data firm Zillow, there’s a good chance that such properties will never be worth the mortgage debt owed on them. “In the lowest third of the housing market, not only are you more likely to be underwater, but homeowners tend to be very deeply underwater,” says Gudell. “It will take a really long time to lift some of those homeowners out of negative equity. And some of them will never reach positive equity.”

Have you been losing sleep at night thinking “I want out of my mortgage”? A cash for homes program could be the solution you’ve been looking for. Stop stressing about how to get out of a mortgage, visit the https://www.housebuyersofamerica.com/how-to-get-out-of-a-mortgage.

Walker bought his home in 2007. The two-bedroom, two-bath condo is in a renovated building in East Orange, New Jersey, which borders Newark. Though the neighborhood isn’t the most polished, Walker says that they were already constrained by price because they were close to New York City, which is less than 20 miles away. “The budget restrictions forced us into neighborhoods that were probably fringe, transition-zone neighborhoods at best,” Walker says. “There were several new townhouse communities, condos, or residential buildings that were going up within a mile radius of where we were looking to buy. So in some respects we thought that the neighborhood was transitioning to be more like neighboring West Orange and Orange than Newark.”

Walker, like most Americans in 2007, figured he was making a sound investment in real estate that would surely appreciate during his lifetime. Even if he chose to move, he thought, his condo might provide some financial benefit down the line

read more…

http://www.theatlantic.com/business/archive/2015/03/

Consumer Credit Expands on Auto, Student Loans | Mt Kisco Real Estate

Leave a reply

The Federal Reserve Board recently reported that consumer credit outstanding rose by a seasonally adjusted annual rate of 4.2%, $138.7 billion, in January 2015. Consumer credit outstanding now totals $3.3 trillion.

The expansion of total consumer credit outstanding reflected an increase in the outstanding amount of non-revolving consumer credit. Non-revolving consumer credit includes auto loans and student loans. According to the report, non-revolving credit outstanding grew by a seasonally adjusted annual rate of 6.3%, $152.7 billion, in January 2015, 0.5 percentage points faster than the 5.8%, $140.2 billion, growth recorded in December 2014. There is now $2.4 trillion in outstanding non-revolving credit, 73.3% of the total amount of consumer credit outstanding.

The growth in non-revolving credit was partially offset by a contraction in the outstanding amount of revolving credit. Revolving credit outstanding is largely composed of consumer credit card debt. After recording an increase of 8.4%, $74.2 billion, in December 2014, revolving credit outstanding registered a 1.6% decrease, -$13.9 billion, in January 2015. As of January 2015, revolving credit outstanding totals $0.9 trillion, 26.7% of total consumer credit outstanding.

Presentation1

A previous post illustrated that depository institutions are the largest holders of outstanding consumer credit. According to data from the Federal Deposit Insurance Corporation (FDIC), which collects banking statistics from depository institutions as part of its responsibility to guarantee the safety of depositor’s accounts, the growth in the amount of loans to individuals, which includes credit cards, other revolving credit plans, automobile loans, and other loans to individuals, but excludes loans to individuals that are secured by real estate, has been accelerating since 2012. As a result, the gap between growth in outstanding loans to individuals and growth in total net lending has converged.

According to Figure 2, loans to individuals made by depository institutions fell by 2.9% in 2009, but total net loans and leases fell by 8.4% indicating that the contraction in loans to individuals was not as severe as other lending made by depository institutions in 2009. Total net loans and leases is equal to the total amount of loans and leases less the reserve for debts gone bad. In 2010, loans to individuals rose by 24.4% while total net loans and leases grew by 1.3%, indicating that growth in loans to individuals exceeded the growth of total net loans and leases. However, the 2010 increase in consumer lending of 24.4% reflects financial institutions’ implementation of the FAS 166/167 accounting rules which moved loans from pools of securitized assets to the balance sheets of lenders. Since 2011, the gap between the growth in loans to individuals and total net loans and leases has closed as growth in loans to individuals has accelerated.

Presentation2

In contrast, the gap between growth in single-family and multifamily lending compared to growth in total net loans and leases had steadily widened until 2014. In 2014, the gap between lending secured by single- and multifamily real estate and total net loans and leases converged. Figure 3 illustrates this result. According to the figure, between 2009 and 2013, the widening gap in growth rates occurred during a period in which lending secured my single-family and multifamily residences was declining and overall lending by depository institutions was growing. In 2014, the gap between the growth in single-and multifamily loans outstanding and total net loans and leases closed as loans for single- and multifamily real estate returned to growth.

 

read more…

 

http://eyeonhousing.org/2015/03/consumer-credit-expands-on-auto-student-loans-2/

Flips Flopped in 2014 | Mt Kisco Real Estate

Leave a reply

Don’t tell the HGTV producers who find audiences for their endless stream of shows devoted to house flipping, but it’s looking like flipping is losing popularity.

RealtyTrac® reports that last year flips fell to their lowest market share since 2011.  Some 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the year.

A total of 32,578 U.S. single family homes were flipped in the fourth quarter, representing 5.3 percent of all single family home sales during the quarter. The 5.3 percent share of flips in the fourth quarter was up 11 percent from the previous quarter but still down 12 percent from a year ago.

Flips are dwindling despite improving returns.  The average gross profit — the difference between the purchase price and flipped price — for completed flips of single family homes in the fourth quarter was $65,993, representing a 37.1 percent gross return. That was up from an average gross profit of $65,285 representing a 36.5 percent gross return in the third quarter, and an average gross profit of $63,017 representing a 36.4 percent gross return in the fourth quarter of 2013.

“Investors have picked much of the low-hanging fruit when it comes to home flipping over the past three years since home prices bottomed out in the first quarter of 2012,” said Daren Blomquist, vice president at RealtyTrac. “As home price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target.

“In many cases the best neighborhoods for profitable flipping in a slower-appreciating market are those that come with a higher risk because of location and condition of properties, but also have a bigger upside if investors are able to correctly predict the path of progress in the region,” Blomquist added. “It appears that most investors completing flips in the fourth quarter were able to do just that. Even though the share of flips was down from a year ago during the quarter, the average gross return per flip increased.”

Zips with highest share of Q4 flips in Detroit, Los Angeles, Memphis, Miami
Among zip codes with at least 10 single family home flips completed in the fourth quarter of 2014, there were 10 where flips represented 25 percent or more of all single family home sales during the quarter. Metropolitan statistical areas with top 10 zip codes for share of flips in the fourth quarter were Detroit, Los Angeles, Memphis, Miami, Jacksonville, Florida, Tampa and San Diego.

 

read more…

 

http://www.realestateeconomywatch.com/2015/02/flips-flopped-in-2014/

A Game Plan for Setting Your Listing Price | Mt Kisco Real Estate

Leave a reply

Setting a home’s list price isn’t an exact science. A good real estate agent will recommend a price range, but never assign an exact price — that’s ultimately for the seller to decide.

Although sellers aren’t required to price according to inventory levels or the market condition, it’s smart to discuss these matters with your agent early and often to make an informed decision. Here are some considerations to keep in mind when choosing your listing price.

Discuss price reductions before listing

If you aren’t highly motivated to unload your home, time is on your side. Absent recent or obvious comparable sales, the market value of your home could fall within a broader range. If you want to give it a shot at the top of the range, go for it. Then monitor buyer traffic to see how the market responds.

If you try the higher end of your home’s price range, agree with your agent early on that, after a set amount of time, you will drop the price. You can then use that price reduction as a marketing tool to get more people in the door. At least you will know that the higher price strategy did not work.

Pricing low doesn’t guarantee multiple offers

When homeowners hear about other sellers who received multiple offers or sold their homes for over the asking price, they assume it can happen to them, too. But just because your neighbor received three offers within two weeks does not mean you will.

The homes that receive multiple offers are sometimes purposely priced low to get that activity. These home are generally in a good location and in their best showing condition. And for all you know, the seller of the low-priced home with multiple offers was in a rush to sell and left money on the table.

If you price your home low, be prepared to take that price. While it’s not unheard of, raising your list price several weeks into the listing will surely turn off potential buyers.

Many agents look for a quick sale

Well-intentioned agents don’t want to watch your home sit on the market. They understand that homes that go weeks or months with few showings will ultimately sell for less than if they had been priced correctly right out of the gate.

Sometimes it becomes a battle — one you need to avoid. If your agent pushes for a lower number but still agrees to take the listing at your higher price, you may want to reconsider working with that agent. He or she represents your interests in the marketplace, both to other agents and the buyers they encounter. An agent who doesn’t get their way on pricing may end up sabotaging your sale. A good agent will agree to support your higher price strategy, but have a price discussion after some time on the market.

Determining the real market value

The true market value of a home is what an able and willing buyer and seller agree to in an arms-length transaction. But you won’t know that until the end of the process.

If the home sells within a few days of listing, chances are you listed too low. If months go by without any action, you hit the high mark. A home that is priced right will get some steady action. If you receive second or third showings from multiple buyers over the course of a few weeks, you’ve likely hit the mark with pricing.

 

read more…

 

http://www.zillow.com/blog/setting-your-listing-price-170573/

Here’s the budget of a 27-year-old who owns 2 houses | Mt Kisco Real Estate

Leave a reply

After graduating college in 2009, Brian Maida lived with his parents for about two years in order to save the money to buy his first home.

He bought a second one in 2013.

Maida, 27, lives in New Jersey and works in business development and sales. He says it only took about $14,000 to buy that first place, which he now rents out for supplemental income.

“I was able to refinance that loan within a year and show them that I had 20% equity based on their appraisal, and that lowered my payment by almost 20%,” Maida explains. “You can get pretty good deals on real estate if you look hard and negotiate.”

He bought his second place, where he now lives, in  a short sale with  5% down, and he currently pays private mortgage insurance (PMI).

In fact, Maida devotes the bulk of his monthly budget to his properties, and plans to buy a third property in March of this year. “I liquidated my 401(K) and Roth IRA,” he explains. “I no longer believe in investing in the stock market — I follow it too much. I would rather buy real estate and leverage my money. Right now I own about $250,000 in real estate, and I put in maybe $40,000.”

Below, Maida shares his monthly budget based on his $5,656 monthly income ($4,306 from his salary, $1,350 rental income from his investment property). He budgets according to take-home pay from his base salary, plus paycheck withdrawals like medical insurance but excluding taxes. He chooses to list out the withdrawals in case he ever becomes a contractor in the future. “I don’t even put commission on here, because in my role, I could make $100,000 one year and $200,000 the next,” he adds. “All the commission is extra money I’d save.”

All numbers are rounded to the nearest dollar.

View gallery

.

maida budget

Brian Maida

To simplify the visual, we’ve abbreviated Maida’s primary home, where he lives, as “PH.” We’ve also condensed the costs of his investment property ($1,307) into one category that includes his separate payments for the mortgage, taxes, HOA fee, the landlord/tenant policy, and any other costs.

The “pets” category includes two categories that Maida lists separately for his two dogs and a cat: food/treats/toys/vet ($200) and walking/sitting ($60). His “accident insurance” category includes both his personal death and dismemberment coverage and his enrollment in his employer’s legal plan.

“Vegaprocity” includes costs associated with the vegan website Maida runs on the side. In fact, he provides a downloadable budgeting template on his site.

His monthly costs, which he splits into fixed and variable categories, add up to $4,674 a month, leaving a difference of $982. “If stick to this budget, I save about $12,000 a year,” Maida explains. “My tax return is another approximately $3,000 — that’s $15,000 a year.  Next, I’d like to buy a house for $250,000 to $500,000.”

 

read more…

 

http://finance.yahoo.com/news/heres-budget-27-old-owns-160000217.html

Local Farmers Markets | #Chappaqua Real Estate

Leave a reply

DTE-E-Mail-Masthead_(722x126pxl)_(1-14-15)07

Mamaroneck:
Seasonal Chef Maria Reina Cooks Up Meal Inspiration from 11am-1pm +
Shovel Ready String Band Entertains from 10am-Noon
Simple Eats with Chef T Debuts + More

Ossining:
Enjoy Celtic Fiddle Tunes with Brian Vegh +
Local Author, Denise Martin, Shares A Taste Back in Time
Kontoulis Family Olive Oil Joins Market for 1st time in 2015 + More!

February 19-25th, 2015
DowntoEarthMarkets.com

BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Arugula Pesto
Made with arugula from Gajeski Produceand Kontoulis Family Olive Oil
Trotta Foods
Click on a market to see all vendor and event details…

Ossining Winter
​
Saturdays
9:00 am-1:00 pm

Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details. 

Announcements
Tune in Tonight 2/19: Miriam Haas & Jon Zeltsman on The Local Live: Food for Thought

Down to Earth Markets Founder, Miriam Haas, and President, Jon Zeltsman, look forward to joining a discussion tonight on the Local Live: Food for Thought, a production by Larchmont Community Television. Along with nutritionist, Elyssa Hurlbut, the group will talk about the state of local food today, including what “organic” truly means, GMO foods, and the role of big business in food production.
The program begins at 7:30 pm – find all the details HERE!

Mamaroneck: Music + Cooking Demo + Meet & Greet with The Journal News

The Shovel Ready String Band will play the market this Saturday from 10 am to noon!
Enjoy their jugband & bluegrass musical style as you shop for delicious market foods.
Speaking of deliciousness, Seasonal Chef Maria Reina, will host a cooking demo from 11 am to 1 pm.
She’s well-known for her recipes in the Small Bites column of The Journal News, and we look forward to her creative cooking at the market. Staff members from The Journal News will be on hand, too, as part of our Community Table program. Stop by and learn about the publication’s latest developments.

Ossining: Celtic Fiddle Songs & Local Author Book Signing
Celtic violinist, Brian Vegh, will share his musical talents with the Ossining market this Saturday from
10 am to noon. Also, stop by the market Community Table and meet author, Denise Martin. Denise grew up in Hastings-on-Hudson and now lives in Ossining. She’ll sell and sign copies of her book, A Taste Back in Time. It celebrates the traditions of her large Italian family and contains over 50 classic Italian recipes, as well as heart-warming stories of people and places in Westchester County.
Denise will also give out free printed copies of two beloved family recipes featured in her book.

Ossining: Please Order Tierra Farm Nut Products with Market Manager, Samantha

Down to Earth Markets is happy to partner with Claremont Elementary School to hold the Ossining Indoor Winter Farmers Market. In an effort to meet the needs of the school community, Tierra Farm will no longer be a vendor at the indoor market. For customers interested in purchasing Tierra Farm products, there will be weekly order forms available at the market. Please submit your Tierra Farm order form to the market manager, Samantha, during market hours, 9 am to 1 pm. During the week, you can pick up your Tierra Farm order at Down to Earth’s office on Main Street in Ossining.
We look forward to seeing you!

Tierra Farm will return on Saturday, April 4th, when the market moves back outside to its longtime home at the corner of Spring and Main Streets in downtown Ossining.

Next Learning Center Class: Wednesday, March 11th

Join us for the next session of the 2015 Learning Center: Tastes of Spring Bloom with Great Olive Oil.
In this class, the owners of Demi Olive Oil and Kontoulis Family Olive Oil will share their family techniques from farm to bottle. The evening will include a cooking demonstration with fresh, local produce.
Great olive oil opens up a new world of taste!
All classes take place at our office at 173 Main Street, 3rd Floor, in Ossining.
Each class is $15 or $40 for three.
Click HERE to learn more and buy tickets.

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities. Here’s where to find them this week:

Mamaroneck – Saturday, February 21st

Calcutta Kitchens
Christiane’s Backstube
Hudson River Apiaries
**NEW TO MARKET!** – Simple Eats with Chef T (Healthy prepared foods to go)

Ossining – Saturday, February 21st

Kontoulis Family Olive Oil
Sisters Wicked Good Soap
Taiim Falafel Shack

Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837
DowntoEarthMarkets.com

Housing Affordability Edges Up in the Fourth Quarter | Mt Kisco Real Estate

Leave a reply

Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).  In all, 62.8 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $63,900.   The HOI in the third quarter was 61.8 percent.

HOI PPT Q414

The national median home price declined from $220,800 in the third quarter to $215,000 in the fourth quarter. Meanwhile, average mortgage interest rates decreased from 4.35 percent to 4.29 percent in the same period.

Syracuse, N.Y. claimed the title of the nation’s most affordable major housing market, as 92.8 percent of all new and existing homes sold in the fourth quarter of 2014 were affordable to families earning the area’s median income of $67,700.

Cumberland, Md.-W.Va. topped the affordability chart among smaller markets in the final quarter of 2014. There, 96.2 percent of homes sold during the fourth quarter were affordable to families earning the area’s median income of $54,100.

For a ninth consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. was the nation’s least affordable major housing market. There, just 11.1 percent of homes sold in the fourth quarter were affordable to families earning the area’s median income of $100,400.

All five least affordable small housing markets were in California. At the very bottom was Napa, where 12 percent of all new and existing homes sold were affordable to families earning the area’s median income of $70,300.

 

read more…

 

http://eyeonhousing.org/2015/02/