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bedford corners ny homes for sale

Freddie Mac Weekly Rate Report Lagging Reality | Bedford Corners Real Estate

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The venerable Freddie Mac Primary Mortgage Market Survey (PMMS™) is a cornerstone of mortgage rate data.  It is both longstanding and highly accurate in capturing week-over-week movement.  The only problem is that it is unavoidably backward-looking due to its methodology.  There’s no scandal here and Freddie does a good job of convey that methodology, saying

“The survey is collected from Monday through Wednesday and the results are released on Thursdays at 10 a.m. ET. Survey reminder emails are sent out on Mondays and lenders are asked to  respond by close of business Wednesday. If we have received no response  on Tuesday, we follow-up with a reminder email on Wednesday morning.”

There’s no harm in this if one of two conditions are met.  Either rates need to be flat enough so that there’s a minimal discrepancy between Thursday morning’s rates and Freddie’s (which will be most similar to Monday or Tuesday’s rates) or mortgage rate watchers must be familiar enough with the methodology that they know it’s backward-looking.  The latter isn’t going to happen on a broad scale and the former is hit and miss.

This week is a miss.

The very best rates of the week (close to the best in more than 3 months!) were seen on Monday.  There would be no issues with today’s PMMS had it not been for the abrupt increase in rates over the past 2 days.  As it happens, the 0.09% drop reported is more like a 0.14% increase.  This is based on the average of actual lender rate sheets (not quotes that lenders subjectively report to Freddie) from last Thursday morning to this morning.

Mortgage News Daily’s “daily mortgage rate” is updated every day and adjusted for changes in closing costs that aren’t necessarily large enough to prompt a change in the actual “note rate.”  These typically move in .125% increments and rates typically don’t move that much in a day–many times even in a week!

This week they did.  Last Thursday morning, we calculated an adjusted “Best-Execution” rate of 4.35%, meaning that most borrowers would be quoted 4.375% with minimal closing costs and that some would be seeing 4.25%.  Apart from this Monday, that’s the closest we’ve been to 4.25% since February 10th.

Today’s calculated rate is all the way up to 4.49%!  It’s still early in the day for a final calculation as lenders may undergo price changes in the middle of the day, but as of right now, the true difference in cost–expressed in terms of interest rate–is indeed 0.14%.  That means that most borrowers will be at least .125% higher in actual note rate (i.e. a quote of 4.375% last Thursday is likely going to be 4.5% with minimal differences in closing costs.  4.25% would be 4.375%).

Home price gains continue to slow | Bedford Corners NY Homes

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Home prices fell for the second consecutive month in December in another sign of a sagging real estate market, according to a closely-watched barometer.

December prices declined 0.1% from November based on Standard & Poor’s/Case-Shiller 20-city index.

Year over year, the index was up 13.6%, but that was less than November’s annual gain.

Home prices showed monthly gains in only six cities in the 20-city index — Dallas, Las Vegas, Miami, San Francisco, Tampa and Washington, D.C.

“The S&P/Case-Shiller Home Price Index ended its best year since 2005,” says David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over.”

The market was affected by cold weather in much of the country, strong gains in prices earlier in the year and interest rates that were higher than in the first half of 2013.

But the report adds more color to a picture of a slowing housing market. The National Association of Realtors reported last week that existing home sales for January fell to the lowest level in 18 months. And home building fell 16% in January from December, the government reported.

Some highlights for cities in the Case-Shiller Index:

• Phoenix showed a 0.3% drop in December, its largest decline since March 2011, ending a 26-month string of gains.

 

 

http://www.usatoday.com/story/money/business/2014/02/25/dec-home-prices-case-shiller/5803101/

Smart alternatives to putting 20 percent down | Bedford Corners NY Homes

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These days, there are a number of alternatives to the 20 percent down payment, with some options requiring down payments of 3 to 5 percent, while others offer loans with 0 percent down.

Keep reading to learn more about these alternatives…

Alternative #1 – FHA Loan

If you’re a first-time homebuyer, consider a Federal Housing Administration (FHA) loan. It’s a type of federal assistance loan that allows lower-income Americans to borrow money to purchase a home they could not otherwise afford.

Buyers can get an FHA loan with a down payment as low as 3.5 percent of the purchase price, according to the U.S. Department of Housing and Urban Development.

“The FHA loan is designed to protect buyers from buying more house than they can afford,” says Paula Pant, founder of Afford Anything, a website that helps people reach their financial goals. “It limits buyers to spending no more than 31 percent of their gross monthly income on their total house payment. In other words, it protects buyers against making risky decisions.”

However, Pant says there is one drawback: Buyers will need to pay mortgage insurance as a result of not furnishing a 20 percent down payment.

“The cost of this insurance counts towards the total house payment, which is capped at 31 percent of a buyer’s gross monthly income. So, for example, if they earn $1,000 per month (gross), they can’t pay more than $310 per month towards all mortgage expenses, including the principal, interest, taxes and insurance, including PMI.”

 

 

http://homes.yahoo.com/news/alternatives-to-20-percent-down-003911752.html

How’s The Real Estate Market? | Bedford Corners NY Homes

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One of the most (if not the most) asked question of a real estate agent is regarding how the market is doing.  The answer depends largely on the intent behind the question.  If you are simply making conversation, you may get more of an answer than you counted on.

Many people in the real estate industry rely on trends to gauge how the market has been performing.  Since trend data looks at what has happened over time, they may also serve as an indication of where the market may go – but no one knows the outcome for certain, until it has happened.

The picture accompanying this article shows a snapshot of the South County residential sales market during January 2014 in terms of how many homes were sold, how many were in escrow and how many were actively for sale; the total dollar value by community is also shown.  The information included in the snapshot was obtained from our local MLS (Multiple Listing Service) and does not include rental properties, private sales or activities conducted outside the MLS.

We’ve all heard the national and state news address the housing market, but they do little to explain what we’re experiencing in Gilroy, Morgan Hill and San Martin.  In evaluating the real estate market, one must take into consideration not only the community, but also the neighborhood of interest.    For example, the Eagle Ridge real estate market differs from CordeValle housing.  Similarly, Holiday Lake Estates real estate is substantially different than Castlewood Park.

South County real estate sells year round; there’s always a market.  It becomes a seller’s market when there are very few homes available for sale, and a buyer’s market when there is a surplus of homes and very few buyers.  Local statistics document we were predominately in a seller’s market during 2013 and suggest we will continue in that direction until more sellers make the decision to sell.

 

http://www.gilroydispatch.com/blogs/real_estate_round-up/how-s-the-real-estate-market/article_f4945f80-642e-5f25-81fb-9d2f406d024e.html

 

Down to Earth Farmers Markets | Bedford Corners NY Real Estate

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JAN2014-DTE-E-Mail-Masthead_(722x226pxl)FRESH-2-(1

Fresh Food from Local Sources: January 30th-February 5th, 2014 Down to Earth Markets
Game Day Edition: What’s New and On Special This Week
                                    *Place order for SuperBowl Sunday & pick up Saturday                                     at Mamaroneck market – See Announcements below for details* Taiim Falafel Shack                                     Beef Burgers                                     $1 OFF/lb = $10.25/lb                                     (Reg. $11.25/lb) Kiernan Farm
Black Bean Chili Flourish Baking Company
Butternut Squash and                                     Brussels Sprout Hash Sourced from                                     Gajeski Farm Produce Flourish Baking Company
 		Caramelized Garlic Loaf                                     50 cents OFF (Reg. $7) Wave Hill Breads
Chicken Wings – Buy one bag, get second bag HALF PRICE! Yellow Bell Farm
DIY Apple Crumb Pie Flourish Baking Company
DIY Chocolate Chip Cookies Flourish Baking Company
Fingerling Potato & Parsnip Chips Flourish Baking Company
French Boules for Dips, Chowders, Chili,                                     & Slicing – $3.50 each Wave Hill Breads		Just Crush Antioxidant Chips                                     Flavors: Garlic, Naked, and                                     With a Kick – $5/bag Wave Hill Breads
Mutzu Apple Chips Sourced from Migliorelli Farm Flourish Baking Company
Pickled Eggs Jalapeño and plain                                     Yellow Bell Farm
Pork Sausages                                     Buy five (5) packages, get one FREE! (reg. $9.50/lb) Breakfast, Hot Italian, and                                     Sweet Italian Kiernan Farm
SuperBowl Cupcakes &                                     Decorated Cookies Meredith’s Bread
Click on a Market to see all vendor and event details…

    Westchester County
Mamaroneck Winter                                     Saturdays, 9:00 am-1:00 pm St. Thomas Episcopal Church                                     168 West Boston Post Road (at Mount Pleasant Ave) Ossining Winter
Saturdays, 9:00 am-1:00 pm At the corner of Spring & Main                                     in downtown Ossining		Headed to the city soon? Visit a Down to Earth                                     Farmers Market in NYC!
Announcements
Mamaroneck Host your SuperBowl Party with delicious foods from Taiim Falafel Shack. They offer several hummus varieties, babaghanouj, Spicy Red Pepper Spread, Vegetarian Grape Leaves, Falafel, and more. Place your order via phone (914-478-0006) or email (info@taiimfalafelshack.com). Then pick it up from Taiim at Mamaroneck’s Down to Earth Market on Saturday, anytime from 9 am to 1 pm.                         How easy – and deeelish – is that?
Westchester Magazine Contest: The BEST OF Westchester                         Vote for your favorite Down to Earth Farmers Market for the BEST Farmers Market in Westchester!                         Our eligible markets include: Croton, Larchmont, Mamaroneck Winter, New Rochelle,                         Ossining, Rye, and Tarrytown. Westchester Magazine hosts this annual online survey, and this year for the first time, they’ve added “Farmers Markets” as a category. Please find your online ballot right here. Voting ends on February 7th at midnight. Thank you for singin’ it loud and proud about your favorite Down to Earth Farmers Market in Westchester.                                                  Stay tuned to all market happenings via our Down to Earth Markets Facebook page                           and follow us on Twitter @DowntoEarthMarkets
Down to Earth Markets is Now a Certified B Corp!
B the Change Photo
Here’s what we’re talking about!

 

We have an exciting announcement to share: Down to Earth Markets is now a certified B Corporation.

                        B Corporations – the B stands for Benefit – represent a new generation                        of companies that are in business to solve social and environmental problems. The certification is                        awarded by the B Lab organization.
To further explain, Jon Zeltsman, President, Down to Earth Markets, shared this: “When my wife, Miriam Haas, started our first farmers market in Ossining in 1991, her goal was                        to rediscover community. The 1980s had ushered in the era of big, impersonal business. Since                        then, it’s become clear that the focus of big business has left the community. Our work of strengthening community – and the                        local economy – has only grown more vital.”

He continued, “We’re proud to be a certified B Corporation because it unites us with the                        movement to realign business values to the values of community and environmental care.”

During the rigorous assessment process, our company was evaluated in four                        categories: Governance, Workers, Community, and Environment. At the core of our                        successful bid for certification was our primary purpose of “creating economic opportunity for                        local farmers, processors, and consumers to trade with one another for mutual benefit.”

“When we first started, the rally cry was to save the family farm. And that’s still the rally cry.                        But, we realized that if farmers could earn their livelihood through strong sales at the market,                        they would save the family farm. We had to become business-minded,” Zeltsman said.

He added, “Sustainable business is an enduring way to secure sustainable food for everyone. If                        local food is not economically viable, then we won’t have local food. Our business structure keeps                        us innovating to make it viable. We very happy to be in business as a certified B Corp.”
Our final step of the B Corp certification process was to sign The Declaration of Interdependence. We love the vision stated in this document.
Thank you for supporting local farmers and food makers at Down to Earth Farmers Markets. We look forward to seeing you this weekend.

Day Vendors This Week
Mamaroneck
Calcutta Kitchens                         **NEW FULL SEASON VENDOR** – Danascara Cheese                         Flourish Baking Company                         Pie Lady & Son                         Third Day Naturals (Handmade, all-natural soaps and body care products)                         Trotta Pasta
Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837

Are falling new home sales in December a warning for 2014? | Bedford Corners NY Real Estate

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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

Real estate market sees gains statewide in 2013 | Bedford Corners NY Homes

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It isn’t just the Pittsburgh region seeing a strong real estate market: A real estate group said all of Pennsylvania saw gains in key indicators in 2013.

Home sales throughout Pennsylvania were up 11 percent in 2013 compared to the previous year, according to a report released Monday by the Pennsylvania Association of Realtors. There were 140,165 closed sales in Pennsylvania during 2013.

Median home sales prices rose and days on the market declined. The median home sale price was $169,900, up 3 percent from 2012. The average home was on the market for 86 days in 2013, down 12 percent from a year ago.

“Statewide we’ve seen a continued upward trend in the housing market in the last year. While local markets vary based on a number of issues, overall, we believe the market conditions are progressing favorably,” Pennsylvania Association of Realtors President Kim Skumanick said in a prepared statement. “We expect to see these trends continue into 2014 and we’re optimistic that we’ll continue to see a robust housing market throughout the commonwealth.”

 

 

 

http://www.bizjournals.com/pittsburgh/news/2014/01/13/real-estate-market-sees-gains.html

Move-in-ready homes are hot | Bedford Corners NY Real Estate

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Luxury buyers are gravitating toward homes fully stocked with furniture, knickknacks and elaborate decor, the Los Angeles Times reports. In some cases, they are drawn by the allure of inheriting a lifestyle — sometimes bequeathed by celebrities. In others, their busy schedules make homes that do not initially require significant time and energy preferable.

 

 

Source: Los Angeles Times – See more at: http://www.inman.com/wire/move-in-ready-homes-are-hot/?utm_source=20131223&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.jweuxyBW.dpuf

Renovation Do No. 2: Revamp your bathroom | Bedford Corners NY Homes

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A toilet that looks old, cracked or dirty (or doesn’t flush properly) is a turn-off, and the same goes for a vanity, which should be eye-catching and practical. “Install a vanity that recesses into the wall, so it saves space,” advises Alen Moshkovich, a broker for Douglas Elliman in New York City.

Proper lighting can also be a great value booster, such as adding a window in the bathroom, so natural light can illuminate the space.

And homeowners tend to overlook one other simple fix: Reglazing a tub, rather than getting a new one, will save you money and upgrade the look of your bathroom.

http://money.msn.com/home-loans/good-and-bad-renovations-for-your-homes-value