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Buying, selling sides of housing market down | Chappaqua Homes
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Chappaqua Will Enjoy Sunny Skies Before Rain, Cold Moves In Friday | Chappaqua Real Estate
Westchester County will enjoy more sun and spring warmth on Thursday as high temperatures push toward the 60-degree mark, the National Weather Service said.
But rain and cold is likely late Thursday night, mainly after 2 a.m. as temperatures drop into the mid- to upper 30s, the weather service said.
Rain and drizzle are likely, mainly in the afternoon on Friday. Skies will be cloudy and high temperatures will be much cooler, in the 40s. The chance of precipitation is 60 percent.
Rain with areas of fog will continue Friday night as temperatures plunge again into the 30s. The chance of precipitation is 80 percent overnight.
Sprinkles are likely to continue Saturday, mainly before 8 a.m. It will be mostly cloudy, then gradually becoming sunny, with a high in the 50s. Stronger west winds of 6 to 14 mph will develop, with gusts as high as 25 mph.
Saturday night will be clear with a low dropping into the upper 20s.
It will spring-like again Sunday, with sunny skies and temperatures in the 50s.
http://chappaqua.dailyvoice.com/news/westchester-will-enjoy-sunny-skies-rain-cold-moves-friday
Kitchen of the Week: Pushing Boundaries in a San Francisco Victorian | Chappaqua Homes
Housing Barometer: Recovery Staggers Forward | Chappaqua Real Estate
When Housing Prices Become Fish Stories, the Economy Suffers | Chappaqua Real Estate
Over at Wonkblog, Christopher Ingraham points us to new research from Ireland suggesting that an awful lot of people don’t know how much they paid for their houses. I’ve adapted the main chart from the study on the right. As you can see, most people who get this wrong underestimate how much they paid—sometimes by gigantic amounts. Very few people overestimate how much they paid, and virtually no one overestimates by more than a quarter or so.
What accounts for this? As it happens, the authors are mostly concerned with how this poor recall affects estimates of the wealth effect—which I admit I didn’t really understand.1 Because of this focus, they don’t spend a lot of time speculating on the underlying causes. But they do mention that the older the loan, the less accurate people are; that younger people remember better than older people; and that errors are smaller among the well-educated.
But none of this explains why the bad recall is overwhelmingly on the low side. So here’s my guess: people lie. Or, more charitably, they’re in denial. They don’t want to admit to themselves or their friends how much they lost during the housing crash. Or, when prices are rising, they like to brag about how much they’ve made. Everyone else claims to have made a killing, so they slice a little bit off their buying price to make it seem like they made a killing too. No one wants to be a sucker, after all. Do this enough times, and eventually you come to believe it yourself.
Home Prices in 20 U.S. Cities Rose 13.2% in Year to January | Chappaqua NY Real Estate
Residential real-estate prices climbed at a slower pace in the year through January than a month earlier, indicating momentum in the housing market may be cooling.
The S&P/Case-Shiller index of property values in 20 cities increased 13.2 percent from January 2013, the smallest gain since August, after rising 13.4 percent in the 12 months through December, the group said today in New York. The median projection of 30 economists surveyed by Bloomberg called for a 13.3 percent advance. Compared with the prior month, prices rose 0.8 percent.
Price appreciation on a year-over-year basis has eased in recent months as higher mortgage rates and unusually severe winter weather slowed demand for properties. Smaller increases in asking prices will help improve affordability, providing support for the residential real-estate market, which has been a source of strength for the economy.
“Prices are rising, even though we should see those gains moderating,” said Scott Brown, chief economist at Raymond James & Associates Inc., who correctly forecast the year-over-year gain. “You’re still talking about double-digit percentage increases, which aren’t going to be sustainable over the long term.”
Estimates (SPCS20Y%) in the Bloomberg survey ranged from year-over-year gains of 11.2 percent to 13.8 percent. The Case-Shiller index is based on a three-month average, which means the January figure was also influenced by transactions in December and November.
Sweet, Private Cottage on Five Acres in Wainscott Asks $1.2M | Chappaqua NY Homes
121 Merchants Path, Wainscott
10 images
We quite like the Colonial Williamsburg vibe of this shingled cottage in the northern reaches of Wainscott. Plus, since it’s set on five acres, it’s quiet and private. The property has been on the market for months, though, so we wonder what the catch is. There’s a charming painted kitchen with a fireplace, more fireplaces in the living room and master bedroom, wide-planked floors, and charming built-ins and pocket doors. In all, there are four bedrooms and 3.5 baths in 2623sf. Outside, the plot is 5.45 acres with pretty gardens. No pool, but plenty of room for one. Price seems fairly reasonable, too.
Latest Figures Show New Home Sales and Prices Drop in New York | Chappaqua Real Estate
The New York, NY market saw a drop in new home closings year-over-year in November, a downhill move after a bump in October 2013. New home closings saw a 13.0% decline from a year earlier to 547. This was after the housing market saw a 39.6% hike year-over-year in October.
A total of 7,604 new homes were sold during the 12 months that ended in November, down from 7,686 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 5.2%. This is a decline 7.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in November after also increasing in October year-over-year.
New York Ranks As Worst State For Taxpayers | Chappaqua Real Estate
New York is the worst state in the country to be a taxpayer, according to rankings released by WalletHub.com.
The Empire State ranked 51st (including Washington, D.C.) with an average annual state and local tax burden of $9718, which is 40 percent higher than the national average, according to WalletHub.
Wallethub ranked each state in the following categories to come up with its ranking: Real estate tax, state income tax, local income tax, vehicle property tax, vehicle sales tax, sales and use tax, fuel tax, alcohol tax, food tax and telecommunications tax.
New York’s neighbors didn’t fare well in the rankings, either. Connecticut was ranked no.48 while Vermont, New Jersey and Pennsylvania ranked 45th, 44th and 39th, respectively.
Wyoming ranked as the best state to live in as a tax payer with an annual average tax burden of $2365, or 66 percent below the national average.
Alaska, Nevada, Florida and South Dakota rounded out the top 5.
http://chappaqua.dailyvoice.com/news/new-york-ranks-worst-state-taxpayers
How to figure out share of ‘pocket listings’ in the market | Chappaqua Real Estate
How many home sales are taking place outside of the multiple listing service in your market? Clareity Consulting’s Matt Cohen says MLS executives around the country are showing an interest in getting to the bottom of that question, and he’s written a blog post explaining how to do just that.
Pocket listings are not new, but recent inventory shortages in many markets could be creating conditions — lots of buyers competing for scarce listings — that are ripe for real estate brokers and agents to close deals outside of the MLS.
A study by Silicon Valley-based MLSListings Inc. suggests that pocket listings constitute a significant and growing chunk of home sales. That study found that pocket listings made up 26 percent of home sales in five Northern California counties in the first quarter of 2013, up from 15 percent in 2012.
A wider, but still limited, study of four large U.S. counties from CoreLogic earlier this month suggested that MLSs played little or no role in nearly half of home sales in 2013, offering more insight into a topic which has generated plenty of rhetoric, but not a lot of hard data, in the industry.
– See more at: http://www.inman.com/2014/03/19/mls-execs-get-guidance-on-how-to-figure-out-share-of-pocket-listings-in-their-market/?utm_source=20140319&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.6fhNlCSz.dpuf