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Survey: New York’s real estate market still strong, but ‘in transition’ | Bedford Corners NY Homes
Overall, current real estate sentiment remains positive, but a survey released Monday found that the market could be shifting from buyer-friendly to more of a seller’s market in some parts of the state.
According to the Siena Research Institute, the overall current real estate sentiment score was 12.0 in the fourth quarter of 2013, down 5.7 points from the previous quarter. In upstate, the score dropped 4.1 points to 15.3.
“New Yorkers’ attitudes towards the real estate market remain positive, but after seven quarters of steadily improving views, we stopped improving,” Siena Research Institute Director Dr. Don Levy said. “The market is strong, but for how long?”
Levy said the real estate market is “in transition,” with New York City consumers already experiencing “the dawning of a seller’s market.”
New York City voters surveyed had a lower overall current real estate sentiment score — 6.5 — than other parts of the state. While upstate’s was at 15.3, the sentiment score in the suburbs was 17.6.
Among other demographics, sentiment among men was 1.4 points higher than women. The highest score — 27.2 — was registered among those who earn more than $100,000 a year, while the score for those earning less than $50,000 was minus 2.1
The Hamptons House Market is Heating Up | Bedford Corners NY Real Estate
30 Indian Wells Highway Amagansett
10 images
From what we hear from friends and acquaintances looking to buy, the market is heating up, at least on the lower end. For example, we understand that the house pictured here, a charming 1860 property in the Amagansett Lanes, which was listed late last week, had several offers over asking price as of Friday. Ask was $2.1M; for that you get a 2000sf fixer-upper with four bedrooms and 2.5 baths and 0.65 of an acre of land. We hope it’s sold to someone who wants to spruce up the old house rather than a developer who will tear it down. If anyone knows more, you know where to reach us.
http://hamptons.curbed.com/archives/2014/02/03/the_hamptons_house_market_is_heating_up.php
Are falling new home sales in December a warning for 2014? | Bedford Corners NY Real Estate
New home sales decreased to an annualized pace of 414,000—down 6.9% from November (which was revised down from an initial estimate of 464,000 to 445,000) and up 5% from a year ago. Activity picked up in the Midwest while falling everywhere else. It’s important to understand that this number is an estimate, and these numbers are often revised several times. Investors should understand that these estimates can be volatile and should not read too much into any one specific number.
Restricted supply has been the theme of the U.S. housing market over the past year
At the end of December, there were 171,000 new homes for sale, representing a five-month supply. The median time a new home has been on the market has shrunk from nine months last summer to the current figure of five months. As professional investors have become major players in the real estate market, we’re seeing bidding wars for properties in the hardest-hit markets, like Phoenix, and even strong markets, like Washington, DC. For all the fears that a flood of properties would hit the market and drive down prices, the opposite problem has happened.
Prices are beginning to rise
The median sale price for a new home was $270,200, and the average price was $311,400. These numbers aren’t based on a repeat sales methodology, so you can’t project nationwide existing home prices from these figures. On balance, the jump in prices implies that more activity is happening at the high price points. That said, the report showed that the sweet spot for new home sales has been in the $200,000-to-$299,000 range.
Homebuilder earnings were strong
Homebuilders like PulteGroup (PHM) and DR Horton (DHI) will report fourth quarter and full year earnings this week. Reports noted particular strength in the West Coast, and also in the entry-level and first-time move-up sector. KB Home (KBH) and Lennar (LEN) recently announced fourth quarter numbers that showed that the increase in interest rates and home prices is keeping the first-time homebuyer on the sidelines. That said, homebuilder sentiment is at all-time highs, and the earnings reports we have seen so far from the builders don’t suggest activity is beginning to wane. If anything, the improving economy is driving more demand. The spring selling season is just around the corner.
http://finance.yahoo.com/news/falling-home-sales-december-warning-145013152.html
Homeowners Fear Values are Sinking | Bedford Corners NY Real Estate
Even though home prices rose more than 10 percent last year and lifted 1.4 million house poor homeowners above water, consumers have suddenly become concerned nervous about the value of their homes, according to a national opinion survey.
A new Rasmussen Reports national telephone survey last week found that homeowner confidence in the value of their homes dropped suddenly over the holidays. According to the latest survey of 670 adult homeowners conducted on January 16-17 some 53% of owners feel the value of their home is more than what they owe.
That’s down from 62% a month ago, which was the highest level of owner confidence since Rasmussen Reports began regular tracking on this question in April 2009. It’s also down from 58% reported in November and October.
Not only have positive attitudes decreased, negatives have risen. Thirty-two percent (32%) now say their home is not worth more than the amount they owe, up from 24% in December. Fifteen percent (15%) are not sure.
Home prices flattened in the fall, as they normally do, but in reports prices ended up 10 percent or more higher than they were at this time last year. Rising prices have restored equity to homes nationwide. For example, last week CoreLogic reported that nearly half the nation’s states plus the District of Columbia have reached their price peaks from the housing boom or are within 10 percent of doing so, today