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What Every Homebuyer Should Know About Mortgage Rates in 2014 | Bedford NY Homes

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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.”

 

http://www.fool.com/investing/general/2014/03/23/what-every-homebuyer-should-know-about-mortgage-ra.aspx

 

The Best Real Estate Markets 2013 | Bedford NY Real Estate

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When considering which real estate markets are the best, it is wise to look at home sales among other aspects as this number often reveals a thriving real estate market. Below is a list of the top 25 real estate markets in America today from the least to the greatest:

 

Oklahoma City, Oklahoma:

According to trulia.com, the median sales price for homes in Oklahoma City from April 13th to June 13th was $126,000. This represents an increase of 0.8 percent compared to the prior year. The average price per square foot was listed as $83, which is a 6.4 percent increase from the same period last year. Popular neighborhoods in Oklahoma City include Gatewood UCD, Woodland Park, Shepherd Historic District, the Greens, Cleveland UCD and Quail Creek. According to moneyjournal.com, the 2013 real estate market in Oklahoma City is forecasted to grow 4.3 percent.

Omaha, Nebraska:

According to trulia.com, the median sales price for homes in Omaha was $150,000. This is an increase of 5.6 percent compared to the previous year. The price per square foot for Omaha homes increased 13.7 percent from the previous year and is currently averaging $116 per square foot. Moneyjournal.com predicts an increase in the market of 4.5 percent in the year 2013.

El Paso, Texas:

The median home price in El Paso, Texas, increased 8.8 percent compared to the same period the previous year. The average list price for a home in El Paso is $194,499. The moneyjournal.com predicts a 5.3 percent growth in the El Paso’s real estate market in 2013.

 

http://www.housingpredictor.com/the-best-real-estate-markets-2013/

How to Get the Best Home Loan for Your Needs | Bedford NY Real Estate

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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

Source: tribecca.ca/home-equity-loans-toronto/

Restaurateur Michael White takes over at Bedford Post Inn | Bedford Real Estate

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Amid reports of a split between Richard Gere and Carey Lowell, the restaurants at the Bedford Post Inn are changing hands. Chef Michael White, owner of Altamarea Restaurant Group, has signed a long term lease for the Bedford restaurant, previously operated by the famous couple.

Altamarea will operate all of the food and beverage operations at the Bedford Post Inn, including the Barn, the private events space, the outside grill terrace and the flagship restaurant, the Farmhouse, which will be renamed “Campagna.” The chef de cuisine will be  Devin Boyzaka, who was sous chef at The Inn at Little Washington. Richard Gere and Russell Hernandez will continue to own the inn, which has eight suites.

According to the Altamarea Grou, Campagna will serve its well-known upscale Italian cuisine, that features plenty of seasonal dishes to reflect the restaurant’s location in the Lower Hudson Valley and its abundant local produce. Other restaurants in the Altamarea group include Marea, Osteria Morni, Ai Fiori, all in Manhattan, and restaurants in New Jersey and London.

In 2007, Richard Gere and Carey Lowell brought the 1700’s era farmhouse property back to life as a gourmet destination in a country setting. Recent reports of the couple’s split are not officially confirmed.

http://food.lohudblogs.com/2014/03/04/richard-gere-turns-restaurants-bedford-post-inn/

US home prices rose at solid pace in January | Bedford Real Estate

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U.S. home prices rose in January after three months of declines as a tight supply of properties likely supported prices despite slower sales.

Real estate data provider CoreLogic said Tuesday that prices rose 0.9 percent in January after dipping 0.1 percent in December. Over the past 12 months, home prices have risen 12 percent, the biggest year-over-year gain in more than eight years.

Such outsize price gains might not continue much longer, however. Paul Diggle, an economist at Capital Economics, notes that January’s price gains reflect conditions several months ago, when buyers first made offers. The supply of available homes was smaller than it is now, and it helped lift prices. The sales were completed in January.

Since then, more homes have come on the market while sales have slowed. That trend has modestly boosted the supply of homes and “points to a slowdown in price gains later this year,” Diggle said.

Diggle, like most other economists, foresees year-over-year price gains of below 10 percent in the coming months.

 

http://finance.yahoo.com/news/us-home-prices-rose-solid-pace-january-133450485–finance.html

Buying your own home? Read this first | Bedford NY Real Estate

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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

Monthly Home Prices Are On the Rise | Bedford NY Homes by Robert Paul

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Are higher monthly mortgage payments a good or bad trend for the economy?

It’s probably bad, but either way, rising home payments are increasingly a fact of life for new homeowners, as house payments for U.S. homebuyers rose by 21% in the fourth quarter of 2013.

The hike in monthly payments is forged from two separate real estate trends — rising median prices and higher interest rates, reports RealtyTrac, the Irvine, Calif., housing data provider.

The firm says that, in the last quarter of 2013, median home prices rose by 10% and interest rates rose by 33%, on average, in 325 counties.

The monthly payment hike covers the full gamut of homeownership expenses for an average three-bedroom home — data reached by combining mortgage, insurance, taxes and maintenance and by subtracting the estimated income tax benefit, RealtyTrac reports.

So that 21% figure is surprisingly high, especially as higher home prices significantly outpace household incomes, which are virtually stagnant.

“A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year,” says Daren Blomquist, vice president at RealtyTrac.

“The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints,” he adds.

 

 

http://www.mainstreet.com/article/real-estate/buying/monthly-home-prices-are-rise?puc=yahoo&cm_ven=YAHOO

How to Encourage Google+ Fans to Share Your Content | Bedford NY Realtor

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Are you using Google+ to promote your brand or content?

Do you want to find Google+ fans who love what you do and will share it with others?

When people share your stories, campaigns or products with their friends, they’re giving it their stamp of approval and their friends take notice.

This word-of-mouth marketing is invaluable, but how do you find these super-fans?

In this article, I’ll show you how to use Google+ to find the evangelists who want to tell the world about you.

How Do You Find Your Best Fans?

As a marketer, you want to find people who engage with your message and amplify it, spreading it on to others. These loyal fans, your brand evangelists, fall in love with your company and tell the world.

Google+ can help you find and engage with your evangelists, and lead you to a wider pool of potential clients. The process includes finding potential candidates, seeing which of those actually engage with your campaigns, and finally, those who share your campaigns with others (your true evangelists).

Prepare for Your Search

Before you start your search, create three empty Google+ circles to help you keep track of your evangelist candidates.

  • Potential candidates
  • People who engage
  • My 100 brand evangelists

 

http://www.socialmediaexaminer.com/encourage-google-fans-share-content/

CoreLogic Projects January Prices up 10.2 Percent | Bedford NY Real Estate

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Prices in the new year will pick up almost where last year left off, registering a 10.2 percent increase in January over a year ago according to CoreLogic.   However, the double digit increase is a slight decline from December’s 11 percent.  Is it a sign of softer prices to come?

Rising foreclosure and short sale prices helped December record the 22nd consecutive monthly year-over-year increase in home prices nationally, according to CoreLogic’s December CoreLogic Home Price Index (HPI®) report.

The CoreLogic Pending HPI indicates that January 2014 home prices, including distressed sales, are projected to increase 10.2 percent year over year from January 2013. On a month-over-month basis, home prices are expected to dip 0.8 percent from December 2013 to January 2014.  Excluding distressed sales, home prices increased 9.9 percent in December 2013 compared to December 2012 and 0.2 percent month over month compared to November 2013. Distressed sales include short sales and real estate owned (REO) transactions.

Excluding distressed sales, January 2014 home prices are poised to rise 9.7 percent year over year from January 2013 and 0.2 percent month over month from December 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measures price changes for the most recent month.

“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and ten states and the District of Columbia reached new all-time price peaks,” said Dr. Mark Fleming, chief economist for CoreLogic. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.”

 

 

 

http://www.realestateeconomywatch.com/2014/02/corelogic-projects-january-prices-up-10-2-percent/