CORELOGIC: 2013 Housing Market Outlook | Bedford Realtor
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Average 2012 selling price for the Bedford New York Area | Bedford NY Homes
Average 2012 selling price for the Bedford New York Area | Bedford NY Homes
2012 Ave. Sales Price 2012 $781,510.00 Mt Kisco $1,083,327.00 Bedford Hills $1,356,741.00 Bedford $639,674.00 North Salem $652,715.00 South Salem $892,754.00 Pound Ridge $1,030,634.00 Chappaqua $1,264,648.00 Armonk
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Fitch Ratings Calls for Housing Price Correction | Bedford NY Homes
Home prices are overvalued and price growth is not being driven by fundamentals but by technical factors that could easily change, advised Fitch Ratings Friday. The ratings service believes national prices are 10 percent overvalued, but will likely drop by no more than 2 percent due to inflation. Low prevailing mortgage rates, the limited supply of existing homes for sale (either due to the few foreclosure completions or the number of underwater borrowers who cannot sell), and the anemic levels of new home construction are facilitating affordability and feeding demand. They are also offsetting weak fundamentals like unemployment, low wage growth, Fitch said in a special report. In addition, Fitch stated it believes price movement is “highly dependent on the pace of distressed sales and liquidations.” For example, states such as Michigan, Arizona, and Georgia have been able to dispose of their distressed inventory quickly and have also seen “both steeper drops and quicker stabilization,” while states with long foreclosure timelines-New York, New Jersey, and Connecticut-may see price declines. In order to determine sustainability, Fitch conducted an analysis using its Sustainable Home Price (SHP) model. The ratings agency found 22 metros out of 41 are currently “undervalued” or “sustainable,” while five were categorized as “overvalued” by 5 to 10 percent. In 2010, 23 metro areas were overvalued by 10 to 25 percent. The report highlighted hardest hit metros such as Phoenix, Atlanta, and Riverside, noting they are now beginning to recover and are currently considered “undervalued.” New York and New Jersey, though, were categorized as overvalued by 10 percent to 15 percent, hindered by their large inventory of distressed properties and long foreclosure timelines, according to Fitch. And, high unemployment could hurt Los Angeles and Union, New Jersey and lead to a roughly 10 percent decline. On a national level, Fitch said price growth “is likely to be muted or even modestly negative in the near-term as liquidation volumes increase and expand supply, particularly in the lengthy judicial states where inventory has been off the market.” Fitch warned “short-term price movements can be misleading when the impact of distressed properties has been withheld from the market.” “Many models place a high value on price momentum, which can skew long-term projections. Another factor differentiating our model from many in the market is that our projections are in real terms as opposed to nominal dollars,” said Stefan Hilts, director of Fitch Ratings.
Americans are Moving More Often | Bedford NY Real Estate
Rising home values, affordable prices, pent up demand and fewer households underwater on there are motivating more American families to move more often. The average home buyer is expected to stay in a home only 13 years, down from a peak of 20 years in 2009.
Based on a long-run calculation that averages mobility tendencies over a number of years, the typical buyer of a single-family home-including first-time buyers as well as move up buyers- can be expected to stay in the home is now approximately 13 years, according to recent article published by the National Association of Home Builders.
The NAHB work updates a previous article that used data from the American Housing Survey (funded by the Department of Housing and Urban Development and conducted in odd-numbered years by the Census Bureau) through 2007. The new study incorporates AHS data through 2011.
The mobility tendencies observed in the 2011 data imply that the expected length of stay in an owner-occupied, single-family home would be about 16 years (the time it would take half of single-family buyers to move out). However, 2011 is likely to be an atypical year, so the article repeats the analysis using mobility tendencies observable in earlier years, with results as shown in the figure below.
If a single estimate is needed for how long buyers who move in today or in the near future can be expected to remain in their homes, the article recommends 13 years, based on the rounded average across all data points.
The article also shows that, over the 1987-2011 period, the expected length of stay in a single-family home has been consistently longer for trade-up buyers than for first-time buyers. Averaged over those years, the expected length of stay in a single-family home is about 11 and a half years for first-time buyers, compared to 15 years for buyers who have owned a home before.
The National Association of Realtors reported that the average tenure is still nine years in its recent 2012 Profile of Home Buyers and Sellers, up from six years before the housing crash in 2007, but the average buyers expectation is to live in theuir new home 15 years.
Online Video Weekly News Round Up – New Year’s 2013 Edition | Bedford Hills Realtor
Happy 2013! If 2012 was any indication on where online video is going, then 2013 is set to be a major year again for several parts of the industry. As we watch it unfold it’s always nice to see what’s going on in areas that we don’t quite cover here at ReelSEO, including, daily news.
It was both a short week and a fairly quiet one with the holiday and the tech industry practically holding its breath waiting for CES next week. So hang in there for now. Next week we’ll see what the TV makers will be pushing this year. I have to believe it will be a lot of connected TV and multi-device options.
Washington Post Political Video Channel In Works
The Washington Post is set to offer around 30 hours of online video for a dedicated political channel by summer 2013.
Source: Washington Post
Sony Looking to Become Virtual MSO Provider?
Variety reports that Sony is set to create its own multichannel TV service, which would most likely send content to its line of Bravia TVs and Playstation consoles most likely.
“The Japanese conglomerate is in active negotiations with at least two major content companies about licensing their channels for a package that could roll out in the U.S. later this year, according to sources.”
YouTube Expanding Content Beaming to More Devices and Players
We all know Google and Apple have been going at it on a variety of fronts with the latest being remote playback of content, or beaming content from one device to another.
YouTube’s take on AirPlay allows users to browse videos with the YouTube Android app for phones and tablets, and then initiate playback on the TV screen with the click of a single button. Device discovery is facilitated automatically as long as the devices are in the same network. Previous iterations of YouTube second-screen control functionality required users to first manually pair their devices.
Source: GigaOm
Rovi Selling VOD Venture
Rovi has announced that it will sell its CinemaNow, which powers Best Buy, but will retain the rights to the DivX codec.
In announcing the decision, Rovi president and CEO Tom Carson said the company is aligning “primarily around delivering enabling solutions for our service provider customers and using those efforts to also generate growth with our consumer electronics and other customers.”
Source: Multichannel News
Samsung Upgrading Smart TVs
A new year, a new CES, an upgraded Smart TV from Samsung. It makes sense.
The company’s Evolution Kit, announced a year ago, attaches into the back of select 2012 Samsung Smart TV models. The module provides additional processing and memory to provide faster Internet browsing speeds, enhanced voice and motion controls, and app multitasking while watching TV, according to Samsung.
Source: Multichannel News
Intel Stumbles on its Virtual MSO Service
With so many trying to get into the game, is it any surprise they’re having content licensing issues as well as hardware?
One person familiar with Intel’s thinking on Monday predicted the company would launch its offering by mid-2013. Another person said a service might not arrive until as late as the fourth quarter, citing delays in reaching content-licensing agreements with entertainment companies that own major TV channels.
Source: WSJ
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Seth’s Blog: What people buy when they buy something on sale | Bedford Realtor
New Florida bill would speed up the foreclosure process | Bedford NY Real Estate
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Bedford NY Realtor | Failing to Start, Why We Accept Mediocrity and How to Change
Foreclosures for sale: deals disappear on foreclosures for sale | Bedford NY Real Estate
In four-county Metro Orlando, a RealtyTrac snapshot of more than 1,300 foreclosure sales in July and August revealed an average discount of 4 percent below the homes’ market value — only slightly more than what banks are shaving off repossessed homes nationwide.
“This is likely the result of home prices stabilizing and even increasing in many markets, along with a limited supply of bank-owned properties, giving the edge to the sellers,” said Daren Blomquist, a RealtyTrac vice president. “Unlike an individual homeowner selling his or her home, the banks are not emotionally attached to these properties or to a certain value that they think the properties are worth.”
The local price-slashing varies widely by lender and location, however.
Some Metro Orlando locales reported deep discounts in bank-owned homes — from 15 percent to 29 percent below market value, according to RealyTrac’s July-August sample. Those areas, which are disparate geographically and in terms of income levels, include:
Orlando’s 32806 ZIP code, an eclectic area between downtown and Conway.
Lady Lake, a haven for retirees in Lake County.
Orlando’s 32807 ZIP, with the working-class subdivisions of Azalea Park.
Maitland, a city of middle-class and lakefront neighborhoods.
Orange County’s 32818 ZIP code, which includes parts of the historically low-income Pine Hills area.
Discounts on bank-owned homes are important not only to deal hunters but also to other homeowners. Orlando’s housing market is so thin on for-sale listings that, although it could absorb more foreclosed homes without crippling property values, the market’s recovery could slow if banks slash prices to move their distress sales faster. And getting rid of properties quickly is attractive to lenders trying to minimize legal costs, homeowner-association dues, property taxes, repair bills and other fees.
Orlando real-estate broker Dean Asher, president of the statewide industry group Florida Realtors, said the market is moving in a direction that is conducive to investment groups armed with cash buying up multiple residential properties directly from large lenders. Homebuyers dependent on financing, he added, are having a difficult time competing for the bargains.
“Years ago, we would have gotten these [foreclosures] off the books and cleaned up” the market, Asher said. “We’re moving forward, but [banks,] they’ve been holding on to these assets, and as they’re tightening the discount, they are discouraging ordinary buyers.”
According to the Orlando Regional Realtor Association, the much-larger gap between prices paid for bank-owned homes and those paid in “normal” home sales has also been shrinking. For example, in the Realtors’ core Orlando market, the single-family homes sold by lenders had a median price of $90,000 — or 42 percent less than November’s conventional sales, which had a midpoint price of $155,048. A year earlier, in November 2011, the gap had been 46 percent.
Latest from the NYC market | Bedford NY Realtor
from the top:
We have just released the “Elliman Report: Manhattan Sales 4Q 2012,” the leading resource on the state of the Manhattan co-op and condo market. Our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
Manhattan closed out 2012 with the most fourth quarter sales in 25 years and the lowest level of inventory in more than a decade. Tax planning in advance of the “fiscal cliff,” rising rents, an improving regional economy and record low mortgage rates were some of the key reasons for increased sales in the quarter. Although housing prices remained stable through the year, the shortage of inventory could bring pressure to them in the new year. We continue to be impressed with the depth and strength of the market and look forward to an active 2013.
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