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Property prices are rising swiftly. The Bank of England may intervene | Bedford Real Estate
BRITAIN’S housing market is like food in a microwave, says Spencer Dale, the chief economist at the Bank of England. It can “turn from lukewarm to scalding hot in a matter of a few economic seconds”. Since the crisis the bank has gained new tools to control the market’s temperature. Now that the heat is rising, it may soon start testing them out.
Until last year house prices were rising predominantly in prosperous central London boroughs. That was largely because of an influx of cash-rich buyers, says Neal Hudson of Savills, an estate agency. People saw posh property in the capital as a shelter from economic turmoil abroad. Elsewhere in Britain, the housing market was torpid. Potential buyers struggled to find mortgages. Falling real wages, economic uncertainty and the memory of plummeting house prices during the crisis curbed Britons’ obsession with property.
Jumbo mortgages fill in lending gap | Bedford NY Real Estate
Mortgage credit availability remains on the upward trajectory that it has been on since November 2013, a trade industry group said.
According to the Mortgage Bankers Association, the mortgage credit availability index increased .44% from 113.5 in February to 114 in March.
The index was benchmarked to 100 in March 2012, and if the MCAI was tracked in 2007, it would have been at a level of roughly 800.
“Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs,” said Mike Fratantoni, MBA’s chief economist.
This trend in jumbo mortgages follows the recent mortgage application reports from the trade group, which show a growth in purchase volume for applications with higher loan amounts and contraction in home purchase application volume for lower-balance loans.
According to the most recent survey, the average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances increased to 4.46% from 4.45%.
“Over the month, some lenders made a complete exit from wholesale lending operations, while other lenders moved to enter that space or expanded operations,” Fratantoni said.
http://www.housingwire.com/articles/29603-jumbo-mortgages-fill-in-lending-gap
Two Types of Real Estate I’ll Never Invest In | Bedford Real Estate
I generally try to avoid blanket statements such as this, but I’m confident I will never invest in the following two types of real estate:
1. A Speculative Development Project I know, I know some of the most successful real estate investors in the world have made vast fortunes and built empires through development. I just won’t be one of them. Right or wrong, here is my rationale:
- Development is all about timing and I’m not clever enough to consistently time the market over an entire investing career. Often the best time to build is when the market is in the gutter and development doesn’t “pencil” (i.e. the numbers look awful). If you start to build when the market is on fire, you’ll often miss the party before you finish construction.
- Developers often have to “land bank” to wait for the right time to build. The holding cost of land creates a negative carry investment, which eats into the project’s final returns.
- The entitlement and permitting process is expensive and tortuous. Get out your checkbook, because every consultant and city agency is going to have its hand out. The EIR (Environmental Impact Report) alone can wreck a pre-development budget (traffic study, wind study, etc.) and everything takes 2-3 times longer than your “most conservative” project timeline.
- Too much construction / execution risk. One failed development can crush a company’s reputation and balance sheet; erasing years of positive returns. Why not let others develop and just wait for a market dip to buy buildings below replacement cost?
2. A Suburban Office Property I probably wouldn’t be able to sleep at night if I owned a leveraged office property outside of a major city. Here’s why…
http://www.fool.com/investing/general/2014/04/06/two-types-of-real-estate-ill-never-invest-in.aspx
What Every Homebuyer Should Know About Mortgage Rates in 2014 | Bedford NY Homes
Get in while the gettin’s good.
That’s one way to sum up what homebuyers should know about mortgage rates in 2014.
Of course, there’s a little more to it than that, so if you’re looking to get the best possible rate in 2014 you should be aware of where mortgages stand and where experts think they’re going.
What’s happening now The good news is that rates are still attractive right now. In January, the average commitment rate on a 30-year, fixed-rate mortgage was 4.43 percent, according to Freddie Mac. That’s up from last year, but still lower than the annual average of every year from 2011 back to 1971. (Freddie Mac was chartered by Congress in 1970.)
The bad news? Rates will continue to rise. How high they rise depends on two things: the Federal Reserve and the economy. Here are a couple of ways those two factors are affecting rates.
The Fed is scaling back its economic stimulus program The Fed has reduced its bond purchasing program, which helped to keep mortgage rates low. As it continues to scale back on bonds, rates will likely increase.
Investors just aren’t that into mortgage notes According to Reuters, “Upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors’ appetite for risk.”
So what does that have to do with mortgage rates? Confident investors don’t buy safe investments like mortgage notes — they bet on riskier (and more profitable) investments. That usually means that mortgage rates will go up.
Predictions for 2014 It’s likely that mortgage rates will rise above 5 percent this year, according to the Mortgage Banker’s Association (MBA).
“We expect mortgage rates will increase above 5 percent in 2014 and then increase further to 5.5 percent by the end of 2015,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Education in a press release. “As a result, mortgage refinancing will continue to drop, and borrowers seeking to tap the equity in their homes will be more likely to rely on home equity seconds rather than cash-out refinances.”
How to Get the Best Home Loan for Your Needs | Bedford NY Real Estate
Location, school ratings, number of bedrooms, outdoor spaces. These are the things potential homeowners focus on when they start house hunting. They’re all important factors, for sure. Even more crucial: How will you pay for your home?
Home loans are not a one-size-fits-all proposition. They differ based on their type, such as fixed or adjustable rate, and their loan term. Loans also vary in interest rate and annual percentage rate (APR).
To ensure you’re getting the best home loan for your situation, you’ll want to do your homework, talk to reputable credit counselors and lenders and follow these tips:
Fixed or adjustable?
There are two main types of mortgages: fixed rate and adjustable rate.
Most homeowners today opt for fixed-rate mortgages. With a fixed-rate mortgage, you are locked in to a set interest rate, resulting in monthly mortgage payments that remain the same for the entire term of the loan. The No. 1 benefit of this type of mortgage is inflation protection. If mortgage rates go up, your rate will not follow suit. Conversely, if rates drop, your interest rate will not drop. (Of course, you could refinance your mortgage if rates dropped significantly.)
Most lenders offer 15- and 30-year fixed mortgages, and some also offer 20-year terms. The longer the term of your fixed mortgage, the lower your monthly payment because you’re paying over many years. With a 30-year term, however, you will end up paying more interest over time.
A 15-year fixed mortgage will have a higher monthly payment because you’re paying for fewer years. On the other hand, you’re building equity at a faster rate and will pay less interest over the life of your loan. The shorter the term of your loan, the lower your interest rate will likely be.
An adjustable-rate mortgage (ARM) is a loan with an interest rate that will change over the life of the loan. ARMs have adjustment periods that determine how often their interest rates can change and they have initial “fixed” periods during which their interest rates won’t change at all — most often 3, 5 or 7 years. After this period, rates can readjust. These loans are often considered riskier because the interest rate and payments can increase when the loan adjusts. However, if you’re planning to live in your home for a shorter period of time, these loans may make sense for you, especially because you’re likely to obtain a lower interest rate than with a fixed mortgage.
http://homes.yahoo.com/news/best-home-loan-needs-224044975.html
Bedford Schools Make More Cuts To Keep Budget Under Tax Cap | Bedford Real Estate
Bedford residents would see a 2.99 percent drop in their property tax bill under the 2014-2015 Bedford Central School District preliminary budget, while residents from Pound Ridge, New Castle and North Castle will see an increase.
The tax rate would drop in Bedford to $134.29 per $1,000 of assessed value. It would increase in:
- Mount Kisco by 5.75 percent to $73.45 per $1,000 of assessed value
- Pound Ridge by 4.31 percent to $83.89 per $1,000 of assessed value
- New Castle by 8.86 percent to $73.03 per $1,000 of assessed value
- North Castle by 7.84 percent to $650.47 per $1,000 of assessed value
While no major programs were cut in the $123.5 million budget, School Superintendent Jere Hochman said this will be the last year he will be able to say that.
“In spite of negotiations with all unions which resulted in a significantly reduced trajectory of salary and benefit increases (reduced to 3 percent), the board’s use of reserves ($3 million), and previous year’s cuts and efficiencies, this budget includes over $2 million in cuts and some changes in service expectations,” he said.
http://mtkisco.dailyvoice.com/news/bedford-schools-make-more-cuts-keep-budget-under-tax-cap
Something is out of whack for housing | Bedford Real Estate
It is hard to look at the falling snow across much of the mid-Atlantic on Monday and not blame the weather for sluggish home sales this winter. For anyone east of Nevada, this has seemed like one of the coldest and snowiest winters in a very long time, and it is. While Americans hunker down in their homes, the prospect of house hunting is less enticing.
Home sales numbers so far back that up, but some claim the lackluster sales are not due to the weather but to the seasons, or specifically, seasonal adjustments that are out of whack.
The housing market has been abnormal in many respects over the past few years. Analysts at Goldman Sachs point to an elevated level of distressed sales, the first-time homebuyer tax credit in 2009 and 2010, and significant investor activity in 2012 and 2013.
“Now that the housing market is normalizing with fewer distressed sales and less investor activity, applying these unusual seasonal factors may distort housing indicators,” the analysts wrote in a report.
Bring the Outside into Your Home by Decorating with Green | Bedford NY Real Estate
Buying your own home? Read this first | Bedford NY Real Estate
It seems nothing can stop Americans from wanting to buy their own homes. It’s almost as if the credit crisis didn’t happen, even though not too long ago we were bombarded daily with stories about crashing prices, underwater mortgages and home foreclosures. It was an American nightmare, not the American Dream.
But if you think about the emotional and economic reasons people want to buy instead of rent, it’s not so hard to understand. As a financial advisor, I meet many potential first-time homebuyers who cite these reasons for wanting to buy: —”Why should I pay a landlord when I can put the money toward building equity in something myself?”
—”Paying rent is like throwing money away.” —”I don’t trust the stock market. I’d rather put money in real estate.” —”Renting feels like a temporary situation. I want to put down roots and nest.” —”I want to be able to remodel my home in any way I want, with no restrictions from landlords.” What I usually do at this point in the conversation is a back-of-the-envelope analysis of what it would look like for my client to buy a home. The key components of the analysis involve money saved and money earned. (Read more: Roth IRA a better way to pay for college?)
Home sales are at the lowest level in two years. CNBC’s Diana Olick explains what role the “unusually disruptive weather” played in the slumping numbers.
Comprehend your costs How much is saved for the down payment, closing costs and cash reserves? The best scenario involves putting 20 percent down. With 20 percent down, the borrower can receive gifts of up to 100 percent of the down payment with no private mortgage insurance (PMI). PMI can add several hundred dollars to the monthly payment. However, many first-time homebuyers are cash-constrained. Some may qualify for a Federal Housing Administration (FHA) loan, which requires only 3.5 percent down. Many end up putting 10 percent down, which requires PMI and only 5 percent of the down payment can be a gift. Closing costs are approximately 2 percent of the purchase price and include title insurance, escrow fees and appraisal fees. There may be a local transfer tax due on the purchase.
http://homes.yahoo.com/news/buying-your-own-home–read-this-first-185149044.html