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In a hot real-estate market, buyers make their pitches personal | Bedford Hills Real Estate

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With painfully few homes on the market and the “sweet” Medford Colonial the perfect place to raise the baby they are expecting, Elizabeth Deutsch and Brian Rosen were determined to vanquish the competing bidders. Not only did they offer $11,000 above the asking price, but they wrote the couple who owned the home a personal note. “Dear Caleb and Autumn,” it began.

 

Small problem: Lisa, not Autumn, is the name of Caleb’s wife. Autumn is their dog, a boxer-terrier mix : beloved, but not a decision-maker in real estate matters.

 

“They got the place anyway,” said their broker, Ed Greable of Keller Williams Realty. “The owners got a laugh out of it.”

 

You would be cheerful, too, if you were a seller in spring 2013. And if you were a buyer, you might also be writing nice notes to sellers.

 

 

With inventory down and prices rising, buyers are exhibiting the kind of frenzied behavior not seen since 2005. It is not enough that they are mobbing open houses, bidding thousands of dollars over asking price, and making all-cash offers. They are going so far as to Google owners and craft pitches in which they pretend to enjoy the same things the sellers do. Family photos are not uncommon.

 

“The garage would be a great place to store my kayak,” one aspiring buyer, a nonkayaker, wrote to a kayaking owner. Some would-be buyers linger at open houses to eavesdrop on the competition. Greable said one client regularly called him from packed open houses. “The vultures are here,” she would whisper.

 

In a hot real-estate market, buyers make their pitches personal – Lifestyle – The Boston Globe.

What to know about open houses | Bedford Hills Real Estate

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A full 94% of sellers do some “staging,” such as repainting or bringing in new furniture, says Coldwell Banker. “You can be so wowed by staging that you overlook important things,” says San Jose Realtor Carl San Miguel.

To focus on what matters, lift rugs to look at floors, ask the agent to turn off music so you can listen for nearby noise, and beware of any smells masked by candles. Also request a disclosure sheet, which lists known structural issues.

See what else CNNMoney advises regarding open homes here.

 

What to know about open houses | HousingWire.

Impact Of Mortgage Refinance On Housing | Bedford Hills Homes

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Mortgage refinance applications have been taking a hit recently.

This morning’s MBA purchase applications showed that refinance index was down 15% for the May 31st week.

The refinancing index is down four straight weeks, and was down 12% the previous week.

Refinance applications tends to be more sensitive to a rise in mortgage rates.

The MBA 30-year fixed mortgage rate climbed from 3.59% in the first week of May to 4.07% in the first week of June. The decline in refinance activity reflects the rise in mortgage rates, Ed Stansfield, chief housing economist at Capital Economics explained in an email interview.

There are three key reasons to watch this data.

First, despite the recent sharp rise, mortgage rates are still at low levels. So the impact on refinance activity shows that both the housing market and overall economic confidence are still “fragile” and the the recovery is dependent on the loose monetary policy.

Second, is the impact on consumer spending, which Stansfield doesn’t think will be “large.”

Third, for those with adjustable rate mortgages (ARM) the rising interest rates have been a bigger blow. “This could offset some of the benefits of falling unemployment on delinquency rates, though again I would not really expect this effect to be large based on the rise in mortgage rates seen so far.”

But how significant is it?

“In terms of its significance, in my view, it is less of a concern than if home purchase approvals had fallen to a similar degree – they have been softening too, but not by as much,” Stansfield said. “After all, home purchase approvals are a better gauge of the strength of the demand for housing than the number of people who are switching from one mortgage deal to another.”

Bottomline: Stansfield expects the housing market to continue to recover but says this data shows that the recovery “may not proceed in a straight line.”

 

Impact Of Mortgage Refinance On Housing – Business Insider.

Another subprime bomb on the way? | Bedford Hills Real Estate

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The Telegraph says demand for subprime bonds surged in the first part of 2013, leading global investors to fear a repeat of the financial crisis.

The demand for subprime bonds is higher with yields on Treasury bonds still low, The Telegraph added.

The paper quotes Peter Schiff, head of investment firm Euro Pacific Capital, as saying it seems the financial markets are willing to travel down the same road again.

 

Another subprime bomb on the way? | HousingWire.

Social Media Behavior Akin to Cicada Swarm | Bedford Hills Realtor

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Some parts of the east coast are already experiencing the highly anticipated emergence of cicadas.  There reception to these buggers has been decidedly mixed.  Some see the mass numbers of cicadas as gross and their presence is little more than a noisy pestilence.  Others view the coming of the cicadas as a rare sight of beauty, appreciating the significance in their appearance.  Whether or not one favors the hordes, it may behoove every observer to stay their judgment until they take a more personal look at their cicadabrethren.

Use of social media brings the casual observer much closer to cicadas than they might realize.  If one breaks down the purpose of varying social media platforms into its most basic forms and apply a bit of abstract thinking, there are five ways in which social media bridges the gap between humans and cicadas.

We tweet, they buzz:

Most savvy social media users know that Twitter is a micro blog designed to allow people to send out short messages.  Cicadas send out brief bursts of buzzing.  In essence our tweets and their buzzes function in very similar fashion, they are meant to get attention.  Furthermore, in order to be effective, tweets and buzzes happen with high frequency.  Finding one individuals tweet in a lengthy string of tweets is difficult, especially if they don’t tweet often.  Likewise, for one cicada to find another specific buzzer, the buzz needs to be reoccurring.

Summer Lovin’:

Online dating sites are essentially a form of specialized social media.  They serve to bring people together for the specific purpose of making a connection with that special someone.  While common interests and hobbies are all well and good, the end goal is to find a mate.  At the end of the 17 year life cycle for the cicadas, their buzz is a search for another cicada to help continue the species.  Humans simply have the added benefit of not expiring after reproduction.

Finding Opportunity:

LinkedIn is perhaps the most notable way for people to make those professional connections.  The idea is to present one’s credentials in order to network with like professionals or even seek new opportunities.  When all is in order, success is likely the end result.  However, others have difficulty and fall short of their goals.  Humans and cicadas both run the risk of running out of time before finding what they are looking for and miss out on an opportunity of a lifetime.

Countless Friends:

Few social media platforms allow you to claim as many friends as Facebook.  Some profiles claim numbers of friends large enough to populate a small country.  In reality the quality of those friends vary significantly but they are still apart of an individual’s social circle.  When cicadas come out in force they number in the billions.  In both cases, a sharing of significant events, like weddings or the last few days of your insect life, can be experienced with those around you.

 

Social Media Behavior Akin to Cicada Swarm | Social Media Today.

Tornado damage not easy to quantify | Bedford Hillls Real Estate

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Early estimates suggest the tragic tornado outbreak in Oklahoma this week resulted in $2 to $5 billion in insured property losses, according to weather risk-monitoring firmEQECAT. 

But calculating accurate property damage estimates in the wake of a tornado remains a challenge for analysts, insurers and the mortgage industry.

CoreLogic Spatial Solutions is currently working on a new modeling system that aims to expedite and more accurately assess tornado property damage in the days following a storm.

But tornadoes remain a challenge for scientists on the property damage front.

When compared to hurricanes and earthquakes, tornadoes are less predictable — and the damage is not equitable, making it hard to simply declare losses in an entire neighborhood without sending out ground troops to separate total losses from homes that were only partially damaged.

There is no rhyme or reason to how a tornado hits; it hits one house and leaves another, creating an inconsistent trail of destruction that is difficult to study by simply analyzing property values within a given parameter, says Tom Jeffery, senior hazard scientist at CoreLogic Spatial Solutions.

EQECAT made its initial estimate after the National Weather Service confirmed 16 tornado touchdowns on May 18, another 29 on May 19 and 31 tornadoes on May 20.

“Advance tornado forecasts and warnings were not sufficient to reduce the loss of life from these events,” EQECAT said in its report.

Jeffery says his group “was originally created to provide mortgage and insurance industries with an idea of where the risk is and where the potential for the highest amount of damage is going to be.”

The company has a large database of parcel boundaries and can use that information to easily estimate the number of properties damaged within an impacted area by combining that data with property valuation research.

But the inconsistent nature of tornadoes makes it much more difficult to get the best property damage estimate early on, Jeffery told HousingWire.

In a tornado, there will always be total losses sitting next to homes that are not damaged or only 10% damaged, he said.
“This is where the feet on the ground is valuable,” Jeffery explained.

While hurricanes and floods generally have definitive boundaries where every property is mostly impacted in some way, tornadoes create an inconsistent path for researchers.

“When those events occur, we can usually put out an estimate fairly quickly,” Jeffery said. “They leave a definitive boundary. Unfortunately, tornado activity does not provide us with a nice clear boundary. There are going to be homes that are less damaged next door to those that were completely destroyed, so we are trying to work our way through an algorithm that will allow us to do that.”

Jeffery said the goal is to be as accurate as the firm can be in the wake of a tornado incident.

 

Tornado damage not easy to quantify | HousingWire.

Jessica Simpson lists one home, keeps the other | Bedford Hills Real Estate

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The “Fashion Star” judge just listed her longtime residence for $7.995 million, according to Zillow, who writes:

Custom-built in the early ’90s by award-winning L.A. designer Kerry Joyce, the 5,500-square-foot home is located in a private celebrity enclave with a gated entrance and vine-covered exterior. Simpson has owned the 5-bedroom property since 2005, when she bought it for $5.275 million following her separation from then-husband Nick Lachey.

To see photos of the California home, click here.

 

Jessica Simpson lists one home, keeps the other | HousingWire.

New York Yankees star Alex Rodriguez sells Florida mansion for $30M | Bedford Hills Real Estate

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Injured Yankees third baseman Alex Rodriguez already rakes in more dough than any player in baseball, earning $30 million a year for playing — or, this year, not playing — like a shell of his former self. And as it turns out, A-Rod also has a pretty good real estate racket going, too.

According to TMZ, the 37-year-old Rodriguez, who has been on the disabled list all season following January hip surgery, recently sold his nearly-20,000 square foot Miami mansion for a whopping $30 million, netting himself a profit of $15 million.

Rodriguez reportedly purchased the sprawling estate for $7.4 million in 2010. Then after putting in $7.6 million into renovating it, Rodriguez listed the nine-bedroom, 11-bath palace for $38 million in August. (It’s a shame he had to settle for such a lowball offer.)

Here are a few photos, via TMZ, of what you could have gotten for the equivalent of one year of A-Rod’s salary:

    

It’s currently not known who the buyer is — TMZ says it’s a celebrity from Palm Beach — butaccording to the New York Daily News, Rodriguez had been renting the home for more than $125,000 a month before settling on the $30 million purchase offer.

 

Report: New York Yankees star Alex Rodriguez sells Florida mansion for $30M – MLB News | FOX Sports on MSN.

15 Actionable Takeaways From Social Media Marketing World 2013 | Bedford Hills Realtor

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Did you miss Social Media Marketing World in April?

Or perhaps you were there but weren’t able to attend all the sessions you would have liked to.

In this article I’ve assembled for you 15 actionable social media marketing takeaways from some experts who presented at the event.

Here’s what they had to say.

#1: Prepare for Social Displacement

michael stelzner

Michael Stelzner

With maturity of any new industry comes disruption. Just as email, the web and search disrupted entire industries several years ago (e.g., the postal service, print publications and traditional sales), we can also expect a lot of online disruption to happen because of social media.

  • Facebook messages are displacing email (it’s becoming easier to send your friend a Facebook message rather than find their email address).
  • Asking friends rather than searching (more and more people are asking their Facebook friends or Google+ circles for referrals instead of searching online for a product or service).
  • Listening to podcasts is beginning to replace radio.

This obsession with social is happening because people love social media. According to a McKinsey & Nielsen survey, 76% of people feel good when they network using social media.

social networking sentiments graph

Consumers generally feel good after engaging in social media.

Michael Stelzner is founder and CEO of Social Media Examiner.

#2: Connect With Anyone You Want by Giving Value

larry benet

Larry Benet

Connecting is the ability to identify and relate with people to increase your influence with them. If you can add value, serve others and give freely, then you can connect with anyone, power your business and get whatever you want faster. Here’s what you need to do to become a valuable connector:

  • Make meaningful and authentic connections with others
  • Find out what’s important to them
  • Help them get it
  • Become a value-creator (by connecting people with other people, resources, tools or ideas)
  • Follow up systematically (because out of sight, out of mind)

“The more you give, the more you receive; the more value you add, the better things become.” This is the secret sauce of making powerful connections.

humans holding hands

Add value, serve others and give freely.

Larry Benet is known as the Connector and president of the Speakers and Authors Networking Group (SANG).

#3: Invest in Passionate Community Managers to Improve Facebook Reach

mari smith

Mari Smith

“Content may be king but engagement is queen and she rules the house,” says Mari Smith. One of the best ways to increase your reach on Facebook is to invest in a passionate community manager who understands how to engage with fans. A great community manager is one who has these qualities:

  • Proper training (knows how to be persuasive and is focused on good customer service)
  • Focused on prompt engagement
  • Focused on quick response to fan posts and comments. Responding to questions makes money (e.g., Gina Alexander Photo Handbags made $28,000 in sales within 24 hours of hosting a live Q&A about her handbags on her Facebook page!)

Mari Smith is a social media leader and Facebook marketing expert.

 

15 Actionable Takeaways From Social Media Marketing World 2013 | Social Media Examiner.

Existing-home sales remain below underlying demand | Bedford Hills Real Estate

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After falling in March, existing-home sales increased in April, although they were still not enough to meet underlying demand due to limited inventory and tight credit, reports the National Association of Realtors. All regions recorded year-over-year price gains.

“The powerful combination of all-time low mortgage rates and home prices that were significantly reduced after the housing crisis is fueling demand,” says Quicken Loans Chief Economist Bob Walters. “It’s quite likely that we will look back on this period as being among the best times in history to purchase a home. As the economy continues to firm, the likelihood that interest rates will rise increases and home prices will continue their upward climb as well.”

In April, existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — rose 0.6% to a seasonally adjusted rate of 4.97 million from an upwardly revised 4.94 million in March. April’s numbers are up 9.7% from the 4.53 million-unit level in April 2012.

Lawrence Yun, NAR chief economist, said the market recovery is solid. “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the 5-million unit pace,” he said.

Buyer traffic is 31% stronger than a year ago, according to Yun, but sales are running only about 10% higher. “It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction,” he said.

Existing-home sales are hovering at the highest pace since November 2009, when the market saw 5.44 million sales in response to the homebuyer tax credit. This marks the 22ndstraight month of year-over-year sales gains and the 14thconsecutive month of year-over-year price increases.

Inventory inched up slowly to 2.16 million existing homes available for sale. This represents a 5.2-month supply at the current sales pace versus 4.7 months in March.

The median sales price for existing homes was up 11% year-over-year, reaching $192,800. The last time the nation saw 14 consecutive months of year-over-year price gains was April 2005 to May 2006. 

 

Existing-home sales remain below underlying demand | HousingWire.