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Rising mortgage rates, closing costs joining higher home prices | Bedford Corners NY Homes

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Home prices are higher in metro Atlanta, and so are mortgage rates and closing costs.

All three are signs that the local housing market continues to roar  back from the meltdown just a few years ago as the economy continues to  strengthen with more homeowners and prospective homeowners finding jobs  and a paycheck.

The strengthening economy was a primary reason that Federal Reserve  policymakers signaled recently that they will do a little less in trying  to stimulate economic activity by influencing interest rates.

In interviews with Biz Beat, analysts at Zillow, the online housing  listing service, and Bankrate, which tracks loan rates in Georgia and  nationally, say consumers can expect to see mortgage rates trending  higher in the new year even if they are still at historically low  levels.

Erin Lantz, director of mortgages at Zillow, said weeks of  anticipating that the Fed would “dial back” its influence on interest  rates and the actual announcement that changes in its economic stimulus  program would begin in January have already begun to push rates higher.

“The stimulus program was meant to keep interest rates lower,” Lantz said. “The economy is getting back on its own footing and doesn’t need to rely on federal stimulus as much.”

In a weekly report, Bankrate said the average 30-year fixed-rate mortgage in metro  Atlanta rose to 4.54 percent most recently, from 4.47 percent in the previous report and  3.76 percent at the start of 2013. The average 15-year fixed rate  rose to 3.59 percent from 3.48 percent.

Greg McBride, Bankrate’s senior financial analyst, said closing  costs, which lenders charge to process a loan, are up 6 percent from  last year in metro Atlanta. By comparison, inflation is up less than 2  percent.

McBride said lenders, who are paying out billions of dollars to  settle claims they botched loans and wrongly foreclosed on thousands of borrowers, are  facing higher costs in complying with new regulations designed to  prevent the problems that led to the housing crises. The due diligence now includes verifying  applicants’ employment, income and debt obligations multiple times before closing on a loan.

Those higher loan processing costs are being passed on to borrowers.

“Secondly, there is no wiggle room in terms of fees quoted by a  lender on the good-faith estimate of costs,” McBride said. Lenders are  required by law to provide borrowers with a written best estimate of  what a loan will cost, and it shouldn’t come as a surprise if they go with the higher end of a range. “Once they put that number on the form they are  locked in. It can’t be a penny more,” McBride said

 

http://www.ajc.com/weblogs/biz-beat/2013/dec/23/mortgage-rates-closing-costs-joining-higher-home-p/

Rising home prices speed Bay Area market recovery | Bedford Corners Homes

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The recovery of the Bay Area housing market reached a turning point this year as rising prices restored equity to tens of thousands of homes and low interest rates attracted flocks of buyers.

The rebound in 2013 “was very convincing,” said Andrew LePage of DataQuick, which released a report Tuesday on Bay Area home sales and prices for November. “There were virtually no markets left behind.”

The report is the last look at the Bay Area’s housing market to be released in 2013.

Historically low interest rates helped fuel the market until midyear. Thousands of homeowners were finally able to refinance their mortgages, take out a home equity loan or sell and move up to a bigger house.

This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif.

Sales slowed and price increases flattened midyear when interest rates rose above 4 percent, where they remain today. A slight uptick in the number of homes for sale also made for a less frenzied market.

But as the number of less expensive homes for sale dwindled, many buyers were priced out of the market for single-family homes and turned to condos and townhouses instead.

Jerry Molnar and his wife Cecilia Villar moved from Chicago to the Bay Area 18 months ago and began shopping for a home, just as prices began escalating. As prices soared, they realized a single-family home where they wanted to live had gone beyond their reach, so they bought a townhome for $590,000 in a new development in Dublin.

 

 

 

http://www.mercurynews.com/business/ci_24741822/bay-area-home-sales-dip-november

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

 

Century 21 breaks into Manhattan real estate market | Bedford Corners Real Estate

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Century 21 is set to open its first franchise office in Manhattan in a bid to strengthen its international network and tap foreign buyers.

In joining the Century 21 network, Manhattan-based Metropolitan Residential Partners will rebrand as Century 21 Metropolitan next month. At a holiday party where the news was announced to Metropolitan agents, Century 21 CEO Rick Davidson told Inman News that the brand selected Metropolitan after spending a “tremendous amount looking to the marketplace for the right partner.”

Ultimately, Century 21 settled on Metropolitan due to its “experience and expertise,” particularly with foreign buyers, he said.

Douglas Magid, co-owner of Metropolitan, said that half of his brokerage’s agents speak two to three languages fluently and that the company has focused on “building a boutique real estate practice.”

Century 21 has about 7,100 independently owned and operated franchised broker offices in 75 countries and territories worldwide with more than 102,000 agents, according to the franchisor’s website. The franchisor has offices in New York City’s four other boroughs, but had not expanded into Manhattan until now.

The expansion is part of a broader effort by Century 21 to both grow and leverage its international presence, according to Davidson. In October, Century 21 launched a multilingual, global listing site that lets consumers view listings around the world in 16 languages and 37 currencies, according to Davidson.

– See more at: http://www.inman.com/2013/12/13/century-21-breaks-into-manhattan-real-estate-market/?utm_source=20131213&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.16qTIYyb.dpuf

Home prices continue steady rise, as sales slow | Bedford Corners Homes

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Home prices in the Baltimore metro region continued a slow and steady climb in November, while sales grew sluggish, a seasonal trend exacerbated by economic uncertainty.

Home prices rose just over 4 percent in November compared with the same time last year, according to a Tuesday report by RealEstate Business Intelligence, a subsidiary of MRIS. Prices have been rising at about that rate for almost two years, although the numbers still fall short of the pre-recession peaks.

The median sales price in the Baltimore metro area was $239,450 in November, up from $230,000 in November 2012, but below November 2006’s $270,000, according to the RBI data, which are based on listing service information. In Anne Arundel and Carroll counties, the percentage increase rose in the double digits.

“It’s been a reasonable-sized change, but not too huge,” said Andres Carbacho-Burgos, a housing economist for Moody’s Analytics. “It shows that house prices are starting to recover.”

R. Andrew Bauer, a Baltimore-based senior regional economist for the Federal Reserve Bank of Richmond, agreed, adding, “The fundamentals are in place for the housing market to continue to move forward solidly. The question is the pace.”

RBI data showed buyer activity slowing during the month, with about 2,000 units sold, down 10 percent from October and flat compared to last year, a seasonal trend that RBI’s analysis said was “intensified” by the shutdown of the federal government. The market update, which is compiled with George Mason University’s Center for Regional Analysis, predicted a continuation of this trend in the coming months.

Maryland’s housing market is particularly vulnerable to uncertainty about government funding, with positions in the public sector or funded through federal contracts accounting for more than 27 percent of the state’s total jobs, according to a November study by the Mercatus Institute.

“It’s a little bit weird out there,” said Dominic Cantalupo of Champion Realty Inc. in Pasadena. “I just think people are still a little squeamish about diving in with both feet.”

Uncertainty in the economy makes people concerned about home values and hesitant to buy, particularly when confronted with a small number of desirable properties, said Stephanie Yungmann, an agent with Keller Williams Realty in Baltimore. Inventory remains about 43 percent lower than the July 2008 peak, according to RBI data.

“Anytime there’s any sort of a little hiccup in the market, buyers immediately start talking again … about not wanting to make a decision,” she said.

 

 

http://articles.baltimoresun.com/2013-12-10/business/bs-bz-housing-20131209_1_home-prices-rbi-data-median-sales-price

 

Flood Insurance Spikes Threaten to Cripple Local Real Estate Market | Bedford Corners Homes

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It was a way to remove FEMA subsidies from flood  insurance, but now, an act passed by congress and now in effect  nationwide, is threatening to cripple local real estate markets.

A week ago, WTRF introduced you to two home buyers, who like thousands, are  struggling with the cost of a new flood insurance policy. Now,  another homeowner says the problem is so massive that he’s not about to  sit and watch his neighbors lose their homes.

Greg Kloeppner says he is not optimistic they could find a buyer for his home. He wants to even the playing field and slash residential property values by 90 percent, and commercial  and industrial properties by half to make up for the increasing cost of flood insurance.

 

 

 

http://www.wtrf.com/story/24154577/flood-insurance-spikes-threaten-to-cripple-local-real-estate-market

Refinance share of mortgage activity falls again | Bedford Corners Homes

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Mortgage applications tumbled during the week ending Nov. 29, sinking 12.8% from the last report, the Mortgage Bankers Association said Wednesday.

Similarly, the refinance index also dropped 18%, hitting its lowest level since the beginning of September 2013.

The purchase index dipped 4% from the previous week after recording a slight fall in the last update.

Overall, the refinance share of mortgage activity fell again and now represents 63% of all applications filed, down from 66% a week ago.

The 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.51% from 4.48%, while the 30-year, FRM with a jumbo loan balance edged up to 4.49% from 4.48%.

Furthermore, the 30-year, FHA rate escalated to 4.17% from 4.14%, and the 15-year FRM rose from 3.52% last week to 3.56%.

Meanwhile, the average contract interest rate for a 5/1 ARM fell to 3.09% from 3.18%.

 

 

http://www.housingwire.com/articles/28188-mortgage-applications-drop-128

Tree-named streets: Which are most common? | Bedford Corners Homes

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Danielle Coats lives on West Peachtree Street, one of 90 streets in Atlanta with “peachtree” or “peach tree” in the name. But don’t be fooled — there are no peach trees in sight.

 

The same holds true for many of the other “peachtree” streets in Atlanta, says Coats, a real estate agent with Redfin.

 

Streets with tree names, such as elm and pine, are reminiscent of an idyllic version of suburban America. They are also highly popular, appearing in numerous towns and cities across the country. We asked real estate website Trulia to examine real estate listings to determine where tree streets are likely to be found and which tree names tend to be most often used.

 

 

http://realestate.msn.com/blogs/post–tree-named-streets-which-are-most-common

 

 

 

 

 

US Home Values Fall for Second Straight Month in October | Bedford Corners NY Homes

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National home values fell in October from September, according to the October Zillow Real Estate Market Reports, the second month in a row of falling home values and the first consecutive monthly declines since the market hit bottom in October 2011. The U.S. Zillow Home Value Index was $162,800 in October, down 0.1 percent from September.

Half of the 388 metros covered experienced monthly home value depreciation in October from September. Among the 30 largest metro areas covered by Zillow, 10 exhibited monthly depreciation in October, and two more were flat.

Home values nationwide rose 5.2 percent year-over-year, a much slower pace than annual appreciation rates in the 7 percent range experienced over the summer, and further proof that the market has begun to cool off after months of unsustainable appreciation. For the 12-month period from October 2013 to October 2014, national home values are expected to rise just 2.7 percent, roughly half the current pace, according to the Zillow Home Value Forecast. Seven of the top 30 metros covered by Zillow are expected to see home values fall over the next year, with the biggest declines in St. Louis (-1.5 percent), Philadelphia (-0.9 percent) and New York (-0.7 percent).

“The months-long period of annual home value appreciation rates in the 6 and 7 percent range was great while it lasted, but we knew it would not continue indefinitely. The slowdown we’ve seen these past few months was expected and is largely welcome news for a market still struggling to find its natural balance,” said Zillow Chief Economist Dr. Stan Humphries.  “The conditions that led to the robust appreciation experienced earlier this year, including historically low mortgage interest rates, high affordability, low inventory and high demand, are waning. In their place, we’re beginning to see more inventory and rising mortgage rates, which will lead to further normalization in the market going forward.”

National rents rose in October from September, up 0.2 percent to a Zillow Rent Index of $1,300. Year-over-year, national rents were up 2.3 percent in October.

The number of completed foreclosures in October fell to 5.44 homes foreclosed out of every 10,000 homes nationwide, down from 5.5 homes in September. Foreclosure resales represented 8.7 percent of homes sold in the U.S. in October, up 0.5 percentage points from September but down 2.1 percentage points from October 2012.

 

 

 

 

http://www.zillow.com/blog/2013-11-25/us-home-values-fall-for-second-straight-month-in-october/

How to Improve Your Facebook Engagement Using Controlled Experiments | Bedford Corners Realtor

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Are you wondering what type of Facebook post works best?

Are you struggling with getting engagement or reach on your Facebook posts?

You may have heard that you need to post more photos or more questions or more photos with questions…

But what really works best for your audience?

In this article, you’ll learn how to find out which types of Facebook posts work best for your page.

Why Experiments?

Running controlled experiments from time to time will help you discover what works on your page so you won’t have to take someone elses word for it.

It’s also a great way to help you come up with a posting structure that may help you streamline your content creation in the future.

#1: View Insights for Ideas

In your Insights section, you do have some data on your best post types (under Posts), but that can be a function of what types of content you have been posting lately. So you may not get the whole picture if you haven’t been posting many links recently. But it’s a good place to start your investigation.

best post types

Take a look at the best post types for your page.

 

Another good place to start is to look at the Posts section and click on one of the posts. You will get a lot of information on your individual posts. The example shown here is a photo tip, which typically does very well on my page.

post level data

Clicking on a post will give you a lot of information.

What I wanted to see is how posts did in a more controlled experiment. If I posted similar information with a link or a text post, would it do as well? Here’s an idea of how you can set up an experiment on your own page to do a little investigation.

 

 

 

http://www.socialmediaexaminer.com/how-to-test-your-facebook-posts/