Category Archives: North Salem

North Salem Real Estate | Late May Surge Drives Consumer Confidence

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The nation’s two most widely reported consumer confidence measures came up with May results that were polar opposites, throwing markets into disarray and raising questions about the housing recovery. But timing may explain the confusion.

Released Friday, the Thomson Reuters/University of Michigan Index of Consumer Sentiment rose to its highest level since October 2007 due to more favorable job and wage prospects, which are key drivers for the housing market. The index climbed to 79.3 in its final May reading last week, up from a midmonth tally of 77.8 and April’s score of 76. After four years of decline and uncertainty, suggesting that consumer confidence is ready to lead the housing economy out of its doldrums and into recovery mode.

This morning, however, the Conference Board Consumer Confidence Index®, which had declined slightly in April, fell nearly four points in May. The Index now stands at 64.9 (1985=100), down from 68.7 in April. However, the Conference Board’s cut-off date was May 16.

“Consumer Confidence fell in May, following a slight decline in April. Consumers were less positive about current business and labor market conditions, and they were more pessimistic about the short-term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending. Taken together, the retreat in the Present Situation Index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may moderate,” said Lynn Franco, Director of Economic Indicators at The Conference Board.

Consumers’ appraisal of present-day conditions deteriorated in May. Those claiming business conditions are “bad” increased to 34.3 percent from 33.2 percent, while those saying business conditions are “good” decreased to 13.6 percent from 15.5 percent. Consumers’ appraisal of the job market was also less favorable. Those claiming jobs are “hard to get” increased to 41.0 percent from 38.1 percent, while those stating jobs are “plentiful” decreased to 7.9 percent from 8.4 percent.

Consumers have also grown less upbeat about the short-term outlook. Those expecting business conditions to improve over the next six months decreased to 16.6 percent from 18.5 percent. However, those anticipating business conditions will worsen decreased to 13.1 percent from 14.2 percent.

Consumers’ outlook for the labor market was also less positive. Those expecting more jobs in the months ahead decreased to 15.8 percent from 16.9 percent, while those anticipating fewer jobs increased to 21.0 percent from 18.4 percent. The proportion of consumers expecting an increase in their incomes improved to 15.2 percent from 13.9 percent, according to the Conference Board Report.

On the other hand, University of Michigan study found that the fewest number of consumers reported hearing more about job gains than job losses in the index’s survey than at any time in the past four years, which improved consumer plans for buying household durables.

A third study, a daily poll of consumer sentiment by Rasmussen Reports, may explain the discrepancies. The daily Rasmussen survey of consumer sentiment registered a rise in consumer optimism in May over April, which averaged 88.6. The survey hit the mid-90s on May 18-20 and on May 23 through yesterday, which posted a level of 92.1.

The early cutoff date for the preliminary results of the Conference Board report may have caused it to miss the late month surge in optimism picked up by both the Thomson Reuters/University of Michigan report and Rasmussen.

via realestateeconomywatch.com

An Easy and Affordable Poultry Pen in North Salem New York | North Salem Real Estate

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This exercise pen is simple and practical. It’s inexpensive and easy to build, even without power tools. Although I call it an exercise pen, it could have all sorts of uses with minor modifications. I built this pen to keep ducklings on the lawn during the day, but put the ducks in a building at night.

duck pen
  TROY GRIEPENTROG

I used all 2-by-4 untreated pine. The premise is simple: make the pen 8-feet-by-4-feet so a minimal number of cuts will be necessary. It’s 2-feet high so cutting the chicken wire is also easy (assuming you buy or have a 2-foot roll of wire).

Materials List

  • 10 8-foot 2-by-4s
  • 40’ of 24-inch chicken wire
  • 2 hinges (not absolutely necessary)
  • Staples for attaching the chicken wire
  • 2.5” or 2.75” #8 or #10 screws

Some variation in materials is acceptable. Remember, this is a practical and quick project, so use what you have or use what you like. 2-by-3 lumber would work. Bigger screws are a little stronger, but this pen isn’t necessarily predator proof.

Putting It Together

Start by cutting six 2-by-4s in half. If you want to account for the width of the saw blade, it’s a good idea, but not critical. Take two of the 4-foot sections and cut them in half again. You should now have four 8-foot pieces, 10 four-foot pieces and four 2-foot pieces.

Make a rectangle out of two 4-foot pieces and two 8-foot pieces, but be sure to put the 4-foot pieces between the 8-foot pieces; that is, you’ll drill holes all the way through the 8-foot pieces where you’re going to attach them and the screws will anchor in the ends of the 4-foot pieces. After you’ve secured the corners with at least two screws each, make another rectangle the same way.

Next, attach the 2-foot corner “posts.” It’s a good idea to put screws through both the 8-foot pieces and 4-foot pieces that you’re attaching to the posts. It will make the entire structure stronger. You should now have the basic frame for the pen. If you don’t want to mess with putting a top on the pen, simply staple chicken wire all the way around it and you’re done. But if you want to keep cats or wild birds from getting in the top, read on.

duck run top
  TROY GRIEPENTROG

Topping it Off

Attach three of the 4-foot pieces of lumber to the top rectangle. Place them 2-feet apart on center so that the chicken wire will reach across the span without much overlap.

I added a “door” to the top of the pen. Of the four sections created in the top by the separating 2-by-4s, I put mine in the second section. Putting the door in an end section would probably be better because the birds always run to one end when you’re trying to catch them. But if you put the door in an end section, you have to account for the corner posts, which complicates the project.

To build the door, make another rectangle, this time using the 4-foot sections for the long sides. You should have a 4’ piece of lumber left over at this point. Cut two 20.25-inch pieces from that to make the door. You’ll want it to fit somewhat loosely so that you can open and close it. Attach it with hinges. I made rough handles with the left over ends of the 2-by-4s.

Cover the door and the top with chicken wire and you’re done. The pen isn’t terribly heavy, so it’s easy to tip it up to get the birds out.

If you want better predator protection, heavier wire attached more securely should improve your chances of success. You might also want to add something to the top to provide some shade for your birds.

duck run ducks
  TROY GRIEPENTROG
  Ducklings enjoy spending time on the lawn on a sunny spring day.
via motherearthnews.com

North Salem NY Real Estate | Make the Most of a Small Living Space

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The following is an excerpt from Compact Cabins by Gerald Rowan (Storey Publishing, 2010). Whether it’s a first or second home, at the lake, in the woods, on a mountaintop or at the ocean’s edge, a small-footprint cabin may be the perfect housing option for you, and Compact Cabins has 62 interpretations of the cabin getaway dream that are affordable and energy-efficient without skimping on comfort or style. This excerpt is from Chapter 2, “Design: Architecture, Logistics, Environment.”

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Though cabins may have a small footprint, with good design, they can offer a comfortable living space. The challenge is to create that feeling of space in a small cabin. I find that, in particular, high ceilings and strategically placed windows make even very small cabins feel comfortable.

High Ceilings

High ceilings give a sense of roominess and space in even a small footprint. They also let in more light and make ventilation easier, and increasing ceiling height yields space with less expense than adding floor space.

The additional ceiling height can be used for storage. (After all, small cabins, by definition, have small storage spaces.) For example, two rows of cabinets could be hung in the kitchen, one over the other, doubling the kitchen storage. A small, folding kitchen stool provides access to the higher set of cabinets. In the bedroom, additional shelving could be mounted on the walls. Using clear plastic storage tubs on this shelving would add visible, climate- and insect-proof storage. In the living room, a kayak or canoe could be stored by hanging it from the ceiling with a pulley system. That same pulley system could double as a wash line to dry wet clothing on rainy days.

One drawback with high ceilings is that warm air rises and collects near the peak of the roof during the heating season. Installing a simple auxiliary duct system can overcome this problem. Install a duct with an air intake near the high point of the cabin roof and extending down to near the floor. Equip that duct with a small circulation fan that is reversible. In the winter, the fan is set to draw warm air from near the ceiling and recirculate it to the floor. In the summer, the fan is set to reverse the airflow, drawing cool air from near the floor and circulating it near the roof. Install a thermostat near the top end of the duct, and airflow will change automatically.

via motherearthnews.com

FHA Condo Lending in a New Paradigm | North Salem Real Estate

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FHA rules on lending for condos have been in the news recently. The rules that govern which apartment buildings the agency can offer lending at are blamed for limiting demand in the condo market and even driving down prices.

The FHA’s rules restrict the FHA from lending in complexes where:

  • More than 50% of the units are not owner occupied
  • More than 25% of a complex’s square footage is for commercial use
  • 15% of the units are 30 days late or more on their HOA dues Continue reading →

Construction Jobs for the North Salem NY Real Estate Market | North Salem NY Homes

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In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses construction jobs.

  • Construction job hires fell in March from the prior month. But the number of layoffs in the sector declined even more, thereby resulting in a slight net increase in the overall employment in the construction industry.
  • Even better news is that the number of construction job openings rose in March, implying more hires in the upcoming months. No doubt, rises in home sales are beginning to make an impact on construction jobs.
  • Related to the broader economy, the number of job openings is on the rise. This should make it a tad less stressful for job hunters. But for those with jobs already, they should not feel totally comfortable because the number of job separations are also on the rise. Part of job separation could be voluntary as existing workers seek out better jobs.
  • Home sales are somewhat dependent on people finding a new job and relocating. The rise in both job hires and job separations will therefore be a positive for home sales. The job dynamism is also good for the broader economy as people move into jobs that are demanded in the ever-changing free market economy.
  • On separate news, the home price index from CoreLogic squeezed out a small gain of 0.6% in March. This closing price would reflect negotiations from late last year. Home price measurements are therefore a big lagging indicator and do not reflect what may be happening in May.  Listing prices, which have been on the rise based on Realtor.com data, suggest home price measurements will show an even stronger positive gain for May, but we will only know of this in July and August. Idaho and North Dakota are the top gainers in March, but Arizona and Florida are close behind and ready to take the lead in a few months.

via economistsoutlook.blogs.realtor.org

Fitch predicts housing bottom in 2013 | North Salem NY Real Estate

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U.S. home prices could drop another 7.8% before reaching bottom next year, Fitch Ratings said in a report released Thursday. 

A Fitch report from director Stefan Hilts forecasts steady economic growth and inflation levels that are close to 3% annually. The combination of the two could cause prices to reach bottom by next year, leading the market into a slow recovery, analysts with the firm said.

“The economy continues to grow with economic indicators on a positive trajectory and pointing to a recovery,” Fitch said. “But struggles remain. High unemployment, a declining labor force, stagnant wages, and a large delinquent inventory across many parts of the country are slowing the recovery’s momentum.”

States like Arizona and Michigan, which were hit with hefty price declines, are starting to see a turnaround, Fitch asserted.

Arizona saw small quarterly gains for the first time in two years in the most recent report and Michigan is beginning to stabilize, the study suggested.

While those markets stabilize, prices are falling in the Northeast as inventory backlog starts to move onto the market. Fitch says New Jersey and New York alone have watched prices drop 10% and 7%, respectively, over the past five quarters. The ratings giant expects further drops in those states in the coming months.

The state of Georgia also became an interesting case study for Fitch, with the ratings giant reporting that home prices in the state are now 32% lower than 2000 levels. However, Georgia is very much a divided state with the affluent northern suburbs of Atlanta and central city area holding onto their values and the overall economy collapsing to the city’s south.

via housingwire.com

8 things to know about buying a home today | North Salem NY Real Estate

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The home-sale market is showing signs of life. More buyers are confident now than they were a year ago that now might be a good time to buy. Interest rates are near all-time lows and home prices in some areas are back to 2002-2003 levels.

Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it’s too soon to know if this will result in a sustainable increase in prices.

The recent home sales in areas around California’s Silicon Valley defy the norm. Significant job growth in the area combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn’t necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.

It’s important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you’d really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you’re anticipating competition or not, you should be preapproved for the mortgage you’ll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren’t the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they’ve been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today’s sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you’re applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.

In mid-March, buyers in Oakland, Calif., who were seeking approval for a jumbo loan were told they could close a transaction in 21 days. Not only could they not close in 21 days, it took more than 21 days for loan approval due to lender backlog.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

via inman.com