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Bedford NY Realtor

In Tight Housing Market Baby Boomers Block Young Buyers | Bedford NY Real Estate

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Baby Boomer homeowners are cornering the housing market while potential young buyers are increasingly locked out. BBVA Compass research reveals recovering home values are boosting the equity of older homeowners, allowing them to buy new or second homes — many times with cash — while younger adults are faced with higher housing prices that exceed their buying power.

“For these prospective homebuyers, home prices have risen faster than their incomes during the recovery,” BBVA Compass economist Jason Frederick says in his 2014 housing outlook. “Currently, home prices are now on the high end of a historical relationship between median home prices and median family income, and young families will need to see faster income growth and save additional money to make a larger down payment.”

The report says that builders are more frequently targeting buyers age 55 and up due to their rising home equity and net worth, a factor that is likely contributing to the increase of all-cash transactions. About 42% of residential sales in December 2013 were all-cash purchases, up from just 18% in December 2012.

“Older homeowners are increasingly able to purchase a new residence with cash only after they sell their current home,” Frederick says. “One factor holding back the growth of owner-occupied homes has been weak purchase demand from young families and households. Many early-career professionals are saddled with high student debt burdens that constrain their capacity to borrow.”

But Frederick believes that late-career professionals and older homeowners will help sustain sales. Overall, he has a positive outlook for the housing market in 2014 as the economy slowly recovers; noting that home prices rose in all 50 states last year, delinquency rates have declined sharply, and the pace of foreclosures is slowing. His analysis projects…

 

http://www.mainstreet.com/article/real-estate/tight-housing-market-baby-boomers-block-young-buyers

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/

Young professionals hold the key to London’s property market | Bedford NY Homes

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Young professionals make up a significant proportion of the capital’s workforce and where they’re living is shaping London’s housing market.

According to recent figures from the Office of National Statistics (ONS), 60% of inner London’s working age population are graduates. This is more than twice the number in the North East (29%) of England and considerably higher than both Wales (33%) and Scotland (41%).

Young professionals make up a significant proportion of the capital’s workforce and where they choose to live is helping shape London’s housing market. While proximity to work and amenities play an important part in determining where they live, house prices and rental costs are considerable drivers too. The pattern is a familiar one. As an area becomes established, so prices rise, forcing would-be incomers into cheaper, neighbouring postcode districts. And so the cycle begins again.

Research not only illustrates the point, but shows just how marked an influence young professionals have had – and continue to have – on defining London’s housing market.

Looking at the age profile across all London boroughs there are six that stand out. These are boroughs where over 50% of residents are aged between 20 and 44 – the London average is 43%. In ascending order they are Hackney, Lambeth, Islington, Hammersmith & Fulham, Wandsworth and Tower Hamlets.

 

http://metro.co.uk/2014/02/07/young-professionals-hold-the-key-to-londons-property-market-4290527/

Mortgage rates plummet following stock market plunge | Bedford NY Real Estate

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Mortgage rates fell to lows not seen since November, in response to yesterday’s stock market plunge. As the S&P 500 got shellacked, mortgage rates fell about 0.06 percent yesterday, and the most highly-qualified borrowers could be looking at 30-year fixed mortgage rates of 4.25 percent.

The average 30-year fixed mortgage rate, however, is still at about 4.375 percent, according to Mortgage News Daily. The monthly U.S. employment situation report, which is due Friday, will also have a big influence on rates , according to the website.

 

http://therealdeal.com/blog/2014/02/04/mortgage-rates-plummet-following-stock-market-plunge/

 

Fewer signed contracts to buy US homes in December | Bedford NY Real Estate

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Fewer Americans signed contracts to buy previously occupied homes in December, suggesting a slowdown in real estate. Pending home sales fell to the lowest point since October 2011.

The National Association of Realtors says its seasonally adjusted pending home sales index dropped 8.7 percent last month to 92.4. That’s the seventh straight monthly decline for the index, which previews upcoming sales. A one- to two-month lag usually exists between a signed contract and a completed sale.

Rising mortgage rates and price increases crimped sales in recent months. Cold weather in December also stalled home purchases.

The housing market benefited from historically low mortgage rates for much of last year. Sales of previously occupied homes totaled 5.1 million in 2013, the highest in seven years, the trade group said last week.

 

http://www.cbsnews.com/news/fewer-signed-contracts-to-buy-us-homes-in-december/

Fixed Mortgage Rates Start the Year Higher | Bedford NY Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates continuing to edge higher as we enter the new year.

News Facts
•30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.8 point for the week ending January 2, 2014, up from last week when it averaged 4.48 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.

•15-year FRM this week averaged 3.55 percent with an average 0.7 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.

•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.71 percent.

•1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates edged up to begin the year on signs of a stronger economic recovery. The pending home sales index inched up 0.2 percent in November, after five consecutive months of decline. The Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller® 20-city composite house price index rose 13.6 percent over the 12-months ending in October 2013.”

Existing home sales fell for the third straight month | Bedford NY Real Estate

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Existing home sales fell 4.3% in November but as higher interest rates and tight inventory dampened the market, the National Association of Realtors said Thursday.

Sales dropped for the third straight month to a seasonally adjusted annual rate of 4.9 million from 5.12 million in October.

That was 1.2% off the November 2012 pace and the first time in 29 months that sales were below year ago levels.

Economists’ median forecast was for a November rate of 5.1 million, according to a survey by Action Economics.

Home sales are being hurt by higher mortgage interest rates, limited inventory and tight credit, says Lawrence Yun, NAR chief economist.

The national median existing price was $196,300 in November, up 9.4% from the year before.

Distressed homes accounted for 14% of November sales, unchanged from October.

Inventory expanded to a 5.1 month supply, up from 4.9 months in October. That means all homes would be sold in that time frame at the current sales rate. A six or seven month supply is a balanced market.

In November, the inventory of existing homes for sale was 5% above a year ago, NAR says. The supply of homes for sale is up 8.4% from when it bottomed in January, on a seasonally adjusted basis, says Jed Kolko, Trulia economist.

More homes for sale mean buyers have more choices, which may lead to lower price gains going forward.

The report comes a day after a strong showing for November housing starts and the Federal Reserve’s announcement that it will trim its bond buying starting next month.

The Fed’s tapering, which was expected, will likely drive mortgage interest rates higher. That’ll be “a tough reality check for many homebuyers,” says Ellen Haberle, economist for real estate brokerage Redfin.

 

 

http://www.usatoday.com/story/money/business/2013/12/19/existing-home-sales-november/4115407/

 

5 predictions for housing in 2014 | Bedford Corners NY Homes

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The housing market may quite return to normal next year, but it’s getting there.

Dusting off their crystal balls, real estate experts can at least spy the path toward for the sector in 2014. According to real estate listing and research site Trulia, sales and prices of of non-distressed homes are almost back to normal, while foreclosures are ebbing and fewer homeowners are behind on their mortgage payments.

Yet while this march toward a more stable housing market is a welcome one, it’s creating new problems along the way. Expect less highs and lows next year, but not smooth sailing. Here are five trends to look for in the new year:

Mortgage rates will top 5 percent. This is a matter of when, not if, as well as how high interest rates on mortgage loans. As 2013 draws to a close, mortgage rates have increased 1 percent over last year, rising on the back of a strengthening economy. Stronger economic growth will eventually lift the Federal Reserve’s hand out of the mortgage market in 2014, causing it to taper its bond-buying stimulus program. When the Fed merely mentioned tapering the program last June, rates jumped nearly half a percentage point overnight.

Housing market research firm Zillow predicts that interest rates for a 30-year fixed-rate mortgage will surpass 5 percent for the first time since early 2010.

“While this will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by roughly $160 – it’s important to remember that mortgage rates in the 5 percent range are still very low,” said Erin Lantz, Zillow director of mortgages, in an e-mail.

Mortgages will be easier to secure. Although loan rates are likely to rise, getting a mortgage should be easier next year.

“Rising rates means lenders’ refinance business will dwindle, forcing them to compete for buyers by potentially loosening their lending standards,” Lantz said.

One wild card is a new federal rule kicking in on Jan. 10 that sets mortgage standards. Lenders that don’t follow the rules will face greater legal liability and potential penalties if that loan defaults. It remains to be seen whether that could constrain lending.

Inventory will stabilize. The National Association of Realtors, a Washington trade group, characterized 2013 as the “year of low inventory.” That wasn’t all bad, with low inventory driving most of the explosive price gains in the spring and summer. But the shortage was short-lived, as inventory has since returned to 2012 levels. Cash-carrying investors are also exiting the market.

Trulia chief economist Jed Kolko said that means home buying will look far less frenzied than it was this year.

 

 

 

http://www.cbsnews.com/news/5-predictions-for-housing-in-2014/

EH Town and Residents Lock Horns Over Deer Cull | Bedford NY Homes

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9036684845_d493e2bf0a.jpg [cordeliatphoto/flickr]

Both the town and village of East Hampton are going ahead with their plans to reduce the local deer population via a sharpshooters’ cull. The plan is enthusiastically supported by those who believe the town is being overrun with deer and decried by local nature lovers. Concert promoter and East Hampton resident Ron Delsener is retaining a New York law firm to try to stop the plan from going ahead. An online petition at change.org, “Stop Long Island Farm Bureau/USDA Stealth Plan to Brutally Slaughter 5,000 East End Deer,” currently has more than 2500 signatures. The Humane Society of the United States is also considering getting involved. Laura Simon, a wildlife ecologist there, mentioned the “bounceback effect”:  does typically become more fertile after a herd has been reduced. “‘Deer will have twins and triplets after their numbers have been reduced,’ Ms. Simon said. ‘This is going to be a long-term, ongoing commitment from towns to try to keep killing deer every year, and then their numbers will pop right back up.'” ·

Mounting Anger on Deer Reduction Plan [EH Star] · All deer coverage [Curbed Hamptons]

Cuomo Announces $30 Million In Funding For Westchester Solar Projects | Bedford NY Homes

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WESTCHESTER COUNTY, N.Y. — Gov. Andrew Cuomo announced $30 million in available funding under the NY-Sun Competitive Photovoltaic Program to further stimulate large-scale solar and biogas projects in Westchester County and the Hudson Valley.

“Expanding the use of clean, renewable power in the Hudson Valley will help make New York a greener state,”  Cuomo said in a statement. “Large scale solar and biogas installations are both good for the environment and lower electricity prices for consumers. Renewable energy, including biogas, is a cornerstone of New York’s clean energy economy and helps the State meet energy demand in an environmentally friendly way that protects the well-being of all New Yorkers.”

With the, the New York State Energy Research and Development Authority is seeking proposals for Photovoltaic and renewable biogas systems larger than 200 kilowatts to be installed at businesses, factories, municipal buildings and other larger commercial and industrial customers in the Hudson Valley as well as in the five boroughs of New York City. Proposals are due on Dec. 30 and projects must be installed by April 30.

For more information on the NY-Sun Initiative, visit http://www.ny-sun.ny.gov.

 

 

http://armonk.dailyvoice.com/news/cuomo-announces-30-million-funding-westchester-solar-projects