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Bedford Hills NY

Know the heating requirements for attic bedrooms | Bedford Hills Real Estate

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DEAR BARRY: The house we are buying has a walk-up attic that was converted into two additional bedrooms. Our concern is that no heat source has been provided in either of these rooms. Are these bedrooms legal if they don’t have heat? –John

DEAR JOHN: A direct heat source in the bedrooms is not required if ambient heat from adjoining rooms provides adequate warmth. In this case, it would depend on whether sufficient heat is able to rise through the stairwell. But dependence on heat convection has a disadvantage because bedroom doors would have to remain open throughout the night, precluding the option of privacy.

One solution would be to use portable heaters in the bedrooms, but this could significantly increase your electric bills.

Since code compliance is your main concern, you should ask the local building inspector to take a look at the home and advise you regarding applicable requirements for heating the attic bedrooms.

DEAR BARRY: One month after we bought our home, a letter arrived from the local building department. It alleged that we were trying to sell the house with two unpermitted rooms, a bedroom in the basement and another that was added to the garage.

Actually, we are not trying to sell our house, since we just bought it. So we invited the building inspector for a meeting, and he explained that the addition and basement conversion were done without permits. He said we would need bigger windows above the garage, an escape hatch in the basement, and a list of other upgrades.

In total we are looking at roughly $6,000 in improvements and an increase in our property taxes. Shouldn’t these issues have been disclosed to us by the sellers? –Mark

DEAR MARK: The nonpermitted alterations should have been disclosed by the sellers if they were aware of these issues. But were they aware? If the changes to the building were done before they bought the property, it is possible that they had no knowledge of additions or the lack of permits. But if they added the bedroom and converted the basement, then they could be liable for costs to bring the building into compliance.

A letter should be sent to the sellers, informing them of the situation. If they deny responsibility, you should get some legal perspective from an attorney. You should also discuss the issue with your neighbors to see if anyone remembers when the additions were built. This would determine whether the sellers were aware of the situation.

Some of the defects that were pointed out by the municipal building inspector should have been disclosed by your home inspector, assuming that you had a home inspection when you bought the property. Lack of emergency escape windows in the bedrooms is something that a competent home inspector should have reported. If you did not hire a home inspector, now is the time to do so, to determine what other conditions have not been disclosed.

via inman.com

Too soon to count on housing to drive growth | Bedford Hills Real Estate

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Global markets have synchronized their trading on the fiscal cliff and little else.

A positive public statement by anybody, then immediately stocks run up and bonds sell off. A negative slant to an eyebrow, a down-turned lip, no matter how minor the official… stocks tank, buy bonds, rates down.

This preoccupation has some merit, but only half. If no deal, and over the cliff we go, Wile E. Coyote in an Acme parachute with no ripcord, the landing will be unpleasant.

On the other hand, exuberance at a deal will be fleeting, replaced by awareness that the deal, any deal, will be the beginning of the largest round of tax increases and spending cuts in U.S. history.

Just as Mr. Coyote thinks he’s caught the Roadrunner, an Acme safe lands on him. Beep-beep.

It is nigh impossible to separate posturing public comments on the fiscal cliff from serious ones. Each of the negotiating sides must try to sell its ideas to the general public, but also try to reassure is own constituents that it is being tough, giving nothing away.

Last week the Republicans genuinely conceded the need for new revenue — losing an election will do that.

But this week’s White House counter beats all for chutzpah. Why not just go ahead with tax increases right now, $1.6 trillion over ten years, and talk about spending cuts some other year? And give the White House authority to borrow whatever it wants, whenever, no more of those silly debt-limit votes in Congress? Oh, and we’d like another $50 billion in stimulus spending right now.

Just posturing, I assume. Be able to tell the Democratic base, “We tried.” I hope.

The economy is always hard to figure, but exceptionally so now, for three reasons: First the Acme Cliff, above. Second, any negative in economic data gets a “Sandy” response. And third, every salesman who would like you to make an optimistic stock market trade says that housing is about to boom.

October personal income arrived unchanged versus an expected 0.2 percent gain. Sandy. October personal spending declined 0.2 percent versus an expected 0.1 percent gain. Sandy. The Chicago Fed’s National Activity index added a deeper negative in October to a slide that began last spring. Sandy?

Third quarter GDP was revised happily from a 2.0 percent annualized gain to 2.7 percent. Unhappily, most of the gain was from bloating un-sold inventories, and consumer spending was revised down to 1.4 percent. Sandy?

Wait a minute — Sandy landed in the fourth quarter. Don’t bother me, I’m busy selling.

Housing. No question, housing is better. The avalanche of distressed inventory headed to fire sale is instead slumping and dribbling along. Prices are rising, especially in the disastrous spots in California, Nevada, and Arizona, although from extremely low levels. Even in places where prices are not rising, some liquidity has been restored.

Some owners can sell their homes in reasonable time frames, and without ruinous concessions. However, is housing the new economic “driver,” as claimed in so many news media stories?

The New York Fed began to run two years ago a quarterly analysis of household debt. Some will be pleased to know that total consumer indebtedness fell $74 billion in the third quarter, to $11.31 trillion. Mortgages of all kinds are 76 percent of the NY Fed total, and they kerplunked $120 billion in 90 days — a 5.6 percent annual rate of decline.

Two questions: how are you going to get housing oomph with net mortgage issuance in its own Acme act? Cash buyers? Lemme know when you see a mob like that. Distressed-market cash cripple-shooters are in play, but not replacing a half-trillion-dollar annual shrinkage in credit.

Then, how come total consumer debt fell less than the mortgage portion fell? A lot less?

The ugly little secret: student loan debt up $42 billion in 90 days. Total now: $942 billion.

Student loan debt is up $100 billion in one year. It’s doubled since 2008. Why? A lot of home equity lost, can’t refinance to send Egbert to the U. Tuition is way up because state budgets go to health care, not the U. Thus student loans explode.

Hell of a way to run a railroad.

via inman.com

Mortgage rates remain virtually unchanged | Bedford Hills Real Estate

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 A person closing on a mortgage in the month of October received on average a 3.62% interest rate on a 30-year, fixed-rate mortgage of $417,000 or less. That is down 14 basis points from the previous period’s 3.76% rate

The results generally reflect loans closed in the Oct. 25-31 time frame, the Federal Housing Finance Agency said.

The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders hit 3.44% for loans closed in October, down 0.12% from the previous month.

The contract rate on the composite of all fixed-and adjustable rate mortgages hit 3.44% in October, down 11-basis points from 3.55% in September.

FHFA found that 21% of purchase-money mortgages originated in September were no-point loans, down 1% from September, and the average loan-to-price ratio in October was 75.8%, up 0.2% from 75.6% in September.

Freddie Mac also released its primary mortgage market survey, which showed mortgage rates for the most part unchanged in October and near record lows as concerns of the fiscal cliff stalled market confidence.

The 30-year, FRM average 3.32%, up slightly from 3.31% a week earlier. A year earlier the same rate held at 4%.

In addition, the 15-year, FRM averaged 2.64%, up from the previous week when it averaged 2.63%. A year ago, the 15-year FRM averaged 3.30%.

The 5-year, Treasury-indexed hybrid ARM hovered at 2.72%, down from 2.74% while the 5-year ARM averaged 2.90%.

The 1-year, Treasury-indexed ARM hit 2.56%, down from 2.78% a year earlier.

“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices.”

via housingwire.com

Holiday home sale can work in seller’s favor | Bedford Hills NY Homes

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Year end seems like an odd time to sell your home. However, it has been a long time since we’ve seen a home sale market that approximated normal. So, I wouldn’t necessarily abide by the guidelines that applied to another time.

2011 was a lackluster year for the housing market. The spring and summer markets, usually a busy time for home sales, were sluggish. The market picked up in November 2011. Many sellers who chose to sell then had a successful result.

Several factors contributed to this. Interest rates were low. The bad global news — the catastrophic earthquake in Japan, Greece on the edge of bankruptcy, problems in the eurozone, and a stuck-in-the-mud unemployment rate — had been absorbed and digested by consumers. Buyers began to believe that home prices were bottoming; there were years’ worth of pent-up demand.

Sellers in some areas who sold at the end of last year presented their homes well and priced them right for the market. Some received multiple offers, although this didn’t always result in a higher price. Many were sold and closed by the end of the year.

The dynamic that contributed to this seemingly unusual phenomenon was a high demand from buyers who’d been waiting for years for the right time to buy and a paucity of homes listed for sale at that time.

HOUSE HUNTING TIP: Most sellers aren’t inclined to sell their homes during the late fall and winter months, so they wait until spring. But then they are confronted with more sellers bringing their homes on the market. Buyers have a choice. You aren’t the only game in town.

Some sellers worry about the holidays. If you travel during the holidays, this might be a perfect time to have your house on the market. You won’t be inconvenienced by showing activity and open houses.

Sellers who are home for the holidays can ask their agent to remove the lockbox and have showings made by appointment through their listing agent.

The showing activity will be slower during the holidays, but the buyers who are looking are serious. Sometimes, buyers who have been transferred will take the opportunity of time off over the holidays to go house hunting.

The other alternative is to ask your agent to remove your home from the active market, but make sure the real estate agent community knows that the home is still for sale. You wouldn’t want to miss out on a good opportunity. The best bet is to keep your home actively listed. Most homes look festive and inviting at this time of year.

Depending on weather conditions, which can put a damper on showing activity, early in the year before the spring season is often a good time for sellers, particularly when interest rates are at historic lows, buyers are out in force and most sellers are waiting until April or May to bring their homes on the market.

Some sellers are inclined to wait until spring to sell because they think that the improved housing market will result in a higher sale price. There’s no way to know. Hopefully, prices will be higher then. But in most areas it will be only marginally higher.

The spring market is bound to have more inventory of homes for sale than we’re likely to see between November 2012 and March 2013. More homes for sale could dilute the buyer pool for your home. When your home is one of the few on the market, you have a better chance of a quick and profitable sale.

THE CLOSING: If you and your home are ready for sale, and the weather isn’t slowing the market down, go for it.

via inman.com

The 4-Step Guide to Building Your Authority | Bedford Hills NY Real Estate

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If you want people to visit your blog—and stay there—you have to be an authority figure.

This is definitely true if you are trying to solve a common problem. You have to know and understand what you are talking about.

When people know you’re an expert on a topic, it gives them comfort. They know that they can trust you. They are going to put their faith into you over and over again. That means you cannot fail your readers. They have to be your main focus. They deserve an expert, they deserve great advice, and they’re expecting it from you.

You have to deliver.

How do you become that expert? How do you become that person that they go to for advice and guidance? Here are four steps you can take to help build your authority.

1. Write about something you already know or are willing to learn

This one tip can make the process very easy. You must focus on something you know or are willing to learn.

If you are interested in your topic, writing for your blog will be much easier. If you are already an expert, you shouldn’t run out of things to write about.

If you are an expert, your advice will be sound and your readers will be able to achieve success with the information you provide them. Good advice builds credibility. Your audience will return to you more often if you’ve proven that you are an expert.

You may not be an expert in the topic you choose to write about, but being passionate about it can go a long way. You’ll be learning as you go. You will be able to supply information to your readers about was or was not successful for you. It may take longer to build that credibility, but it is definitely possible this way.

Another benefit of building yourself up to expert status from scratch is that you can relate to your readers. Very recently, you were in their shoes. You are searching for information, just like your audience. You will be able to form a connection that few other bloggers can establish.

Take a look at Darren here at Problogger. He has become the expert on blogs and monetizing blogs. Darren knows his stuff; he has been through it all. He gives out quality posts consistently.

If you take a look at his posts, you will see he speaks with authority. Darren is the authority to anything related to blogging, and people trust him—expert and novice bloggers alike.

2. Speak with authority

This is a huge aspect in the development of your blog. It will definitely keep first-time readers on your blog while keeping long-time readers coming back for more.

If you speak with confidence in the information you are supplying, it will spark your readers’ interest. They will definitely be more willing to try out the advice you’re giving.

How do you speak with authority and confidence? Good question. The biggest point is to watch the words you use. If you use words like might, could, and may, then you are not putting confidence into the information you’re supplying.

If you are giving your readers good information, and they follow the information you give them, then there should be no question that they will be successful. Not only should you be confident, but you should instill confidence into your readers too.

Have you ever visited The Simple Dollar blog? Trent Hamm has emerged as the expert in saving money and creating a stable financial future. Bring up one of his posts on simple money saving tips. As you read, you’ll notice quickly that he knows what he is suggesting works. There is no question in his mind.

He gives you specific examples. He tells you that if you do X then you will save Y. No maybes, no mights, no coulds: only results. That’s what people want—results. They want to know that if they do what you say, they will have success. Trent does a great job of this.

3. Speak from experience

If you are giving your readers advice, then you’d better have tried it out yourself first. The easiest advice to give is advice on what has or hasn’t worked for you. You have to give your readers information that you know works.

If you speak from experience, not only will your information be more detailed, it will also be more reliable. This is a great way to establish credibility.

Readers love to hear about your experiences, too. This adds a personal level to your writing. And so your credibility builds, because your readers know that you tried each piece of advice you are sharing with them. Besides, how can you be confident in something you’ve never tried?

The first time I visited Life Without Pants, I was hooked. Matt Cheuvront shares his life experiences on overcoming challenges and working towards goals. Not only does Matt do a great job of describing his experiences, he’s great at making the lessons he learned relevant to his audience. This is powerful, because he is doing two things.

First, he’s sharing his experiences, which most audiences love. We all love a good story. He also gives the reader something to walk away with and incorporate into their lives. Whether it is a philosophy or a specific action, Matt is giving his audience usable information from his own experiences. That’s pretty powerful!

4. Be honest

If your give information that’s supposed to help your readers, but it doesn’t, think about how bad you’ll look. Those who give out bad information do not tend to last in blogging. People can tell very quickly whether or not you are lying.

Real experts will also know when you are lying. If you have a comments section, they will point out how wrong you are very quickly. You can’t just post something telling people it will help them of you really don’t know if it will. This is a big credibility- and authority-killer.

Don’t take an article written by someone else and market it as your own. This is another huge issue that will kill your authority. Come up with your own unique material. People want new and useful information. If you steal other people’s work, you will lose all respect from the blogging community.

Blogging is all about building relationships with readers and other bloggers. Taking others’ content will make others never want to work with you. It will forever tarnish you and your brand and. Keep it honest and your authority will soar.

Neil Patel at Quicksprout is well-respected around the blogging community. If you have never heard of him, just visit Quicksprout and see how popular his blog is. Neil has had his share of successes and failures. He makes that very public. He is also very open about things that do and do not work.

He has established himself as an authority figure as a result of this. His posts are honest and genuine, and include loads of valuable information. Model yourself after Neil and be honest and helpful when you write. You’ll have a following similar to his, active and hungry for knowledge!

Are you an expert?

Well there you have it. These are four ways of increasing your authority and expertise. If you practice these tips regularly, people will learn that they can trust you and the information you provide. They will come to you more often for the information they need.

Become an authority figure and success will find you!

via problogger.net

Falling REO inventory dries up foreclosure discounts | Bedford Hills NY Real Estate

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Some metro areas across the U.S. are experiencing steep discounts on foreclosed properties – upwards of 27% in some cases – but the overall mark-down is not as deep as it seems, Zillow said in a new report.

The online real estate listing firm said the national-foreclosure discount on distressed properties is about 7.7%, a paltry amount considering how much lower REOs sell for in certain locales.

Truth is, there are fewer foreclosures out there. Last month, RealtyTrac the online marketplace for foreclosures, reported a yearly decrease in 131 out of the nation’s 212 metropolitan areas.

“Two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem” said Daren Blomquist, vice president at RealtyTrac.

Zillow uses a different methodology, of course, and compares the sales price of a foreclosure to the estimated-non-distressed sale level of the exact same property.

Metros like Pittsburgh and Cleveland experience foreclosure discounts as steep as 27.4% and 25.8%, respectively.

“The smallest foreclosure discount is found in places where competition for homes is so high, people there are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability,” said Zillow chief economist Stan Humphries. “Additionally, in areas such as Phoenix and Las Vegas, where not long ago one out of every two homes sold was a foreclosure re-sale, buying a foreclosure is no longer just for investors.”

Sacramento is a market where the foreclosure discount is a small 0.7% difference from an average property price.  In the high-priced Los Angeles and New York markets, foreclosure discounts are now running at 4.2% and 15.5%, respectively.

Denver is another market where housing demand is keeping up, and it’s foreclosure discount hovers around 6.4%, which is under the 7% national average.

via housingwire.com