| Katonah NY Real Estate Report | RobReportBlog | ||
| 2013 | 6 months ending 7/5 | 2012 | |
| 48 | Sales | 47 | |
| $727,000.00 | median sold price | $670,000.00 | |
| $275,000.00 | low sold price | $209,000.00 | |
| $7,000,000.00 | high sold price | $4,000,000.00 | |
| 3261 | average size | 3016 | |
| $286.00 | ave. price per foot | $278.00 | |
| 175 | ave days on market | 208 | |
| $990,356.00 | average sold price | $858,238.00 | |
| 89.67% | ave sold to ask | 94.50% |
Katonah sales up 2% – Prices up 8.5% | RobReportBlog | Katonah Real Estate.
A sharp rise in mortgage rates is threatening to slow the momentum that has driven the housing market sharply higher in the past year.
Rates on a 30-year fixed mortgage have spiked in the past two months as the Federal Reserve signaled the coming end of a massive bond-buying program designed to stimulate the economy by keeping rates low.
Someone who today takes out a $220,000 loan — the median sale price for a traditional home in the Twin Cities — will pay at least $100 per month more on the mortgage than someone who locked in an interest rate on May 1.
“It’s been a pretty impressive increase in rates,” said Keith Gumbinger, vice president of HSH.com, a mortgage information firm. “If that increases monthly payments by, give or take, 10 to 15 percent, it wouldn’t be unreasonable to see sales back off by perhaps that much.”
U.S. home prices were up 12 percent in May from a year earlier, and Twin Cities prices were up 14.8 percent, in part thanks to demand fueled by rock-bottom interest rates. Since home purchases often translate into sales of garden hoses, lawn mowers and washing machines, as well as construction jobs, the likelihood that rates will continue to rise should temper economic growth.
The irony is that what’s driving up rates is, ultimately, an improving economy. Rates are as low as they are because the Federal Reserve has been buying $85 billion in mortgage-backed securities per month, a program known as quantitative easing that’s meant to stimulate borrowing.
The Fed’s purchases create demand for mortgage-backed securities and so drive down interest rates for borrowers. The strategy has been effective. Rates for 30-year mortgages were as low as 3.3 percent in November, a number that inspires awe in anyone who took out a mortgage in decades past.
But rates started to rise in mid-May when Fed Chairman Ben Bernanke first hinted in a Congressional hearing that the economy might be strong enough for the central bank to contemplate slowing its asset purchases. After a Bernanke news conference on June 19, rates on a 30-year fixed mortgage rose from 4 percent to 4.6 percent in five days, while the stock market faltered.
Surging interest rates could slow housing’s recovery | StarTribune.com.
The Katonah-Lewisboro Support Staff Association (KLSSA) will soon have a new health plan. In an agreement with the Board of Education, the staff will shift from the current self-insured health plan to the New York State Health Insurance Program. (NYSHIP). The new plan will go into effect on July 1 and continue until June 30, 2015.
The school district will realize a savings of roughly $1 million per year with the change. This switch of health insurance provider is similar to the one agreed to by the Katonah-Lewisboro District Teachers’ Association about a month ago.
Included in the agreement with the Staff Association is a two-year freeze in the step schedule. This too will be an economy for the district, saving approximately 0.75 percent of total salaries. A base increase of 1.75 percent for the 2013-14 school year and 2014-15 school year is included in the agreement.
“The tone of negotiations was consistently professional and productive,” said Board of Education President Mark Lipton. “On behalf of the board and the community, I want to thank the KLSSA for their preparation and collaboration in creating an agreement that balances the needs of its members, while responding to the financial realities of our district.”
“The Executive Board of the KLSSA, as well as the membership, are pleased that we were able to come to equitable terms with the school district,” said its president, Jeani Granelli. “During these economically trying times, it can be difficult to balance the financial resources of the school district with the needs of our membership. We thank the BOE for working collaboratively with us to reach this [agreement].”
Kat-Lewisboro BOE, Support Staff Association Approve Contract | The Bedford Daily Voice.
Home improvement big-box stores, get ready. If you think homeowners are sitting idly by this summer trying to beat the heat with their feet up, think again. According to the Zillow Digs Summer Home Improvement Trend and Spending Survey, 60 percent of homeowners plan to make a home improvement or addition this summer.
The survey also provides some insight into the demographic and household makeup of the homeowners and what kinds of projects they have in mind:
Ideas for outdoor spaces
Zillow Digs photo
Since 40 percent of the home improvement goals will be outdoors projects, we found a few ideas onZillow Digs, where users have shared photos of their favorite outdoor spaces. Instead of infinity pools and sleek modern decks with well-appointed outdoor kitchens, these summer home remodelers prefer camp-like settings that use a lot of stone, particularly stone fireplaces.
Photo courtesy of Boyenga Team via Zillow Digs
Photo courtesy of Jamie Herzlinger via Zillow Digs
Of the survey respondents, 17 percent said they plan on redoing their bathrooms. But before you start, get out the squeegee and glass cleaner because frosted glass is out. From glass shower enclosures to glass tiles, Zillow Digs users want open and light bathrooms. Without shower curtains, many homeowners and designers take advantage of the free wall space to showcase beautiful glass tiles.
Survey: 60 Percent of Homeowners Will Make a Home Improvement This Summer | Zillow Blog.
We’ve written before about the wealth gap between whites and people of color — a divide that’s only grown wider over the past half decade. And since so much of Americans’ household wealth is wrapped up in homes, a significant amount of that wealth gap has been chalked up to an array of barriers to homeownership for people of color.
Here’s another sobering data point to that end: A new study has found that blacks, Latinos and Asians looking for homes were shown fewer housing options than whites who were equally qualified. And fewer options meant higher housing costs.
The study, conducted by the Department of Housing and Urban Development and the Urban Institute (a nonpartisan think tank in Washington) used a method called “pair testing.” Two people — one person of color and one white person — called and then visited a real estate office to ask about an available property for rent or sale. Both of the pair testers told real estate agents that they had about the same income, assets and employment. Both testers were greeted politely and given appointments to look at properties. But whites were told about and shown more units. They were also more likely to be offered lower rent than their testing partners.
According to the study, the problem wasn’t regional but national. The researchers said they did this more than 8,000 times in 28 different metropolitan regions.
Here’s how their findings broke down:
Black renters learned about 11 percent fewer rental units, and black homebuyers were shown about a fifth fewer homes.
Asian renters learned about 7 percent fewer rental units, and Asian homebuyers saw about a fifth fewer homes.
Latino renters learned about 12 percent fewer units. (Interestingly, the study found that there was not a statistically significant difference in the way whites and Latino homebuyers were treated.)
“Those most serious and severe door-slamming kinds of discrimination aren’t happening so frequently,” said Margery Turner of the Urban Institute. “But it’s disappointing to conduct a study on housing discrimination in 2012 and find that it still persists.”
The researchers also found that “minority homeseekers whose ethnicity is more readily identifiable” were more likely to be discriminated against.
For People Of Color, A Housing Market Partially Hidden From View | WWNO.
Photo giant Instagram has been a steadfast favorite for budding and professional photographers from around the world. The real estate community has had a colorful presence among the photos in the Instagram community, many of whom create large followings, close deals, lead generate and connect with other local residents. From listing photos, community landmarks and hot spots, the creative filters give agents a social edge, and can even show off their creative branding with their followers, creating a visual brand.
Today the announcement came that Instagram has integrated video in its latest update, allowing users to create up to 15 seconds of video, with the availability of its filter tools, video stabilization and social sharing. It is a strategic move to keep and capture its large user base, as well as sway current Vine app users away from their six-second GIF-creation platform.
It still remains to be seen, but based on the Twitter chatter, many in the social sphere are excited about the features to Instagram, as many already have quite a following on the platform. Real estate marketers might find this easier to work into their photographic workflow, as well as have some new creative ideas on how to use video to market themselves or their communities. The brilliant connections that photography can inspire now has a 15-second bigger chance in video.
Jay Thompson, director of social media and industry outreach of Zillow, noted, “I’m sure there will be “InstaVideos” of listings flooding the Interwebs soon, but does 15 seconds really do a home justice? Now if one were to get creative, I can see some cool uses for sharing community stuff. Could be a catchy and fun way to show off certain community aspects.”
It will be interesting to see how this plays out, and if Vine will be considered a tight competitor or stand on its own. Vine hasn’t quite taken off in the real estate community as a viable real estate marketing platform, but Instagram may force users to decide.
– See more at: http://www.inman.com/next/photo-giant-instagram-integrates-video-brings-exciting-new-element-to-real-estate/#sthash.N24K8jG2.dpuf
Photo giant Instagram integrates video, brings exciting new element to real estate | Inman News.
KATONAH, N.Y. – The Del McCoury Band will headline Carmoor’s American Roots Music Festival on Saturday, June 29 at 7:30 p.m. in the Venetian Theater.
The festival is a a daylong celebration of folk, string band, country, blues, gospel, and bluegrass music. The concert will mark the world premiere and the only New York performance of The Del McCoury Band’s new project, “Del & Woody” featuring unheard and unsung words of Woody Guthrie set to music by the bluegrass musician.
The American Roots Music Festival is appropriate for all ages. Picnicking is encouraged. Festival-goers can bring their own picnic, purchase food or beverages on site or order a picnic in advance for pick-up at Caramoor by calling Great Performances at 212-337-6055 or visiting www.greatperformances.com/caramoorpicnics.
Tickets for the festival range from $35-$55. Children under 18 are half price. To order tickets, call the box office at 914.232.1252 or visit www.caramoor.org.
The Del McCoury Band Leads Caramoor Music Festival | The Bedford Daily Voice.
California home prices increased by the most in 33 years as a result of strong sales growth in higher-priced markets and continued housing supply shortage, pushing up median home prices in May, the California Association of Realtors said.
Closed escrow sales of existing, single-family detached homes totaled a seasonally adjusted annualized rate of 431,370 units, the report noted.
Meanwhile, sales were up 1.9% in May, up from a revised 423,420 units in April, but down 3.6% from a revised 447,530 last year.
The statewide figures represents what would be the total number of homes sold during 2013 if sales maintained the May pace throughout the year and is adjusted to account for seasonal factors that influence home sales, CAR explained.
“It’s encouraging to see median home prices across most parts of the state continuing to recover. The Bay Area, in particular, has been experiencing strong price appreciation, thanks to the region’s robust economic growth, extremely low housing inventory, and an increasing demand from international buyers,” said CAR President Don Faught.
He added, “San Francisco County’s median home price, for example, increased 28% from last May and has just surpassed its previous record high reached in May 2007.”
The median price of an existing, single-family detached home rose to $417,350 in May, up 3.6% from $402,706 in April and also rose 31.9% from the previous year, marking 15 straight months of annual price increases, CAR noted.
The year-over-year increase was the highest since at least 1980, when CAR began tracking the data.
Of millennials aged 18 to 34, 64% express some level of worry that they will have trouble affording their rent or mortgage, according to a survey by Think Finance.
Additionally, the same percentage worry that they will never be able to buy a home, the Fort Worth, Texas-based analytics firm found.
The survey was conducted online among 1,021 Americans by Harris Interactive, on behalf of Think Finance.
Survey: 64% of millennials worry about buying a home | HousingWire.
As the spring home buying season transitions into summer, month-over-month inventories are rising faster than they were as sellers respond to price increases at a faster pace than earlier in the buying season. On a national basis, both list prices and Inventories rose in last month, according to Realtor.com’s May data.
Inventories have risen by about 25 percent since the beginning of the year, signaling a potential end to a sellers’ market and a greater balance between market supply and demand. The monthly increases in the for-sale inventory that took place in the past two months are among the highest observed since Realtor.com has been collecting these data.
In May the inventory deficit fell to 10.11 percent on a year-over-year basis. Realtor.com’s inventory (1,852,740) was larger in May than it has been in ten months.
“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” said Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”
The nationwide median list price rose to $199,000 in May, the highest level since mid-2009. On a year-over-year basis, the median list price was up by almost 5 percent. At the same time, the average age of the for-sale inventory dropped on both a monthly and year-over-year basis, reflecting a surge of new property listings.
The median age of the inventory fell to 79 days in May, down by 2.47 percent over the month and by 13.19 percent on a year-over-year basis. It’s the youngest median age of inventory ever reported by Realtor.com.
Super-heated markets are in the process of cooling down as a surge in recent listings is a greater balance between supply and demand. For example, the month-over-month median list price increase in the top 10 markets in the nation, which includes 7 California markets, dropped from an average of 7 percent in April to just 3 percent in May, while the size of their for-sale inventories rose by an average of 13 percent.
On a year-over-year basis, median list prices in May were up by 1 percent or more in 103 of the 146 MSAs covered by Realtor.com, and were up by 5 percent or more in 71 MSAs. Only 3 markets experienced a decline of more than 5 percent. These results represent a steady improvement since the beginning of the year, with an increasing number of markets registering increasingly larger list price gains.
Inventories Hit Ten Month High | RealEstateEconomyWatch.com.