Tag Archives: Katonah NY Homes

Katonah NY Homes

Elliman.com releases January 2013 Rental Report | Katonah Realtor

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We have just released the “Elliman Report: Manhattan & Brooklyn Rentals January 2013,” the leading resource on the state of the Manhattan and Brooklyn rental markets. As always, 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. 

 

Although limited inventory kept rents near record levels, low mortgage rates and improving affordability continued to convert many would-be renters to first time buyers. This competition from the purchase market impacted the rental market by slowing the rapid rise in rental prices we had been seeing over the past two years. However, landlord concessions are still rare and we expect the improving economy and low vacancy rates to continue placing upward pressure on rents in the near term.

 

We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make this market report series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients. We are committed to providing the best information and services in the industry. Explore our full market report series covering Manhattan, Brooklyn, Queens, Long Island, The Hamptons, North Fork, Westchester/Putnam, Miami, Boca Raton, Fort Lauderdale and Palm Beach
at http://www.elliman.com/marketreports.
via trulia.com

Most Young Consumers Want to Buy a Home, Survey Finds | Katonah NY Real Estate

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The economic downturn that ended a few years ago may have soured many consumers on making significant financial decisions. But as the effects of the recession fade, many may be more interested in homeownership. That seems particularly true of younger consumers who may not have been in a position to buy years ago.

Today, the vast majority of consumers between the ages of 25 and 44, comprising both millennials and those in Generation X, say that homeownership is at least somewhat important to them, according to a new survey from Prudential Real Estate. In all, 96 percent of all consumers feel this way. But 77 percent of those aged 25 to 34, and 78 percent of people between 35 and 44, say it’s “very important.” Further, 74 percent say that the current levels of affordability lent by historically low interest rates mean that now is a great time for them to buy a home.

via realestate.aol.com

 

Fixed mortgage rates remain mostly unchanged: Freddie Mac | Katonah NY Real Estate

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Fixed mortgage rates relaxed this week, showing rates either remaining unchanged or dropping slightly, Freddie Mac said in its Primary Mortgage Market Survey.

The 30-year, fixed rate was 3.53% for the week ending Feb. 7, the same as last week, but down from 3.87% a year before.

The 15-year, FRM dropped to 2.77%, down from 2.81% last week and down from 3.16% last year.

Meanwhile, the 5-year Treasury-indexed ARM averaged 2.63% this past week, down from 2.70% and down from 2.83% a year earlier. 

Additionally, the 1-year Treasury-indexed ARM averaged 2.53% this week, down from 2.59% last week and down from 2.78% last year.

“Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

He added, “In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers.  On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012. The only downside to the report was that the unemployment rate ticked up from 7.8% to 7.9% in January, which is still historically high.” 

via housingwire.com

Housing Recovery is Real but Risks Remain | Katonah NY Real Estate

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The U.S. housing recovery is real and underway. The end-of-year numbers are in for the primary housing measures. Existing home sales were up 9 percent in 2012 from 2011; new home sales were up 20 percent in 2012 from a year earlier and housing starts were up 27 percent this past year compared to the previous year.

Granted, these advances were based off historically low bases but we will take what we can get after six years mired in a housing recession. Perhaps a more telling statistic for the nation’s housing outlook is appreciating home values. Over the past six months, home prices increased between 4 and 9 percent, according to the major home price indexes.  Lean housing inventories (both existing and new home supply are below 5 months) combined with fewer distressed homes for sale, portend favorably for future gains in home values.

The drivers of housing demand are in place for a sustained recovery: high affordability; job growth (albeit modest); strong investor demand;  rising buyer confidence; lean home inventories; home price appreciation; and fewer distressed homes for sale. However, there are two factors that stand out that could influence the housing outlook.

Foreclosure Situation

Overall, foreclosure filings and inventories are declining, an indication that most states have worked through the bulk of their foreclosure problems, reducing downward pressure on home values. Foreclosures are down 18 percent year over year. However, an agreement between the Federal Reserve/Comptroller of the Currency and the ten largest mortgage servicers in the nation is expected to generate a mini-wave of foreclosures in the near term, exerting some downward pressure on home prices. The agreement marks the end of the robo signing scandal and permits servicers to halt the burdensome review process on mortgages that were foreclosed in the 2009 to 2010 period in exchange for $8.5 billion to eligible homeowners, including a $3.3 billion payout to borrowers and the remaining funds going to loan assistance

via realestateeconomywatch.com