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North Salem NY Homes

7 Homebuying Mistakes to Avoid | North Salem Real Estate

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For most people, a home is the largest purchase they’ll ever make, so choosing the wrong property can have disastrous implications for their wallets and well-being. Still, many homeowners feel a strong sense of pride in putting their mark on the property, building equity and having a place to truly call their own. Whether you’re a seasoned or first-time buyer, here’s a look at seven homebuying mistakes to avoid.

1. Using the wrong real estate agent. Just because your sister’s college roommate’s friend just got a real estate license doesn’t mean she’s the right agent for you. San Francisco real estate agent Herman Chan suggests vetting agents and looking for someone who does real estate full time and knows the local inventory. “You can lose an offer if you’re not responsive in a couple of hours,” he says. Request the agent’s sales data, and find out how he or she communicates. Chan recommends asking questions like these to gauge the agent’s tech-savyness: “Is it OK if I text you? Is it OK to DocuSign things? If I can’t make an open house on Sunday, can you shoot me a video?” If you prefer to check texts and emails on your phone, you may not want an agent who insists on faxing contracts.

2. Shopping before you get preapproved. Before you get serious about buying real estate, find out how much mortgage you qualify for and get a preapproval letter from your lender. “If you fall in love [with a property], write that offer and then find out you can’t afford it, it’s an emotional roller coaster you can’t afford,” Chan says. Many agents won’t even take buyers to showings until they have a preapproval letter for that very reason.

 

 

http://news.yahoo.com/7-homebuying-mistakes-avoid-152000789.html

Security measures that burglars loathe | North Salem NY Homes

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Every December, we look back at our most popular stories of the year. We’ve had some terrific inspirational ones recently, like the amazing artist who hand-carves soaring, swirling caves where none existed before; and the architect who, hit by foreclosure, built a tiny house for $11,000; and the young artists who quit jobs to build glass cabin in the woods. But some of our biggest hits offer practical advice, like this story we published in May. We think its lessons are particularly relevant during the holiday season, when so many shiny new temptations are around for the criminal-minded. ]

If you think you’re not at risk of being a victim of burglary, think again. If there’s an opportunity to invade your home, no matter who you are or where you live, burglars will take the chance.

“Burglaries are considered ‘crimes of opportunity’ because the criminal is looking for the easy way to get into your home – the unlocked door, open garage door or open window,” says Charlene Miller, Crime Prevention Neighborhood Watch director at the Boise Police Department.

Fortunately, “There are practical security measures you can take to make it so difficult for burglars that they’ll go somewhere else,” Miller adds.

Want to learn what these measures are? Here are nine things you can do to make burglars think twice before trying to enter your home.

#1 – Secured Doors and Windows

In approximately one-third of home burglaries the burglar comes in through an unlocked door or window, according to the “Burglary of Single Family Houses”guide, published by the U.S. Department of Justice’s Office of Community Oriented Policing Services (COPS). Getting invisi-gard doors will help keep burglars out.

“The first line of defense in your home’s security is having solid core security gates  and exterior doors with high quality grade 1 or 2 deadbolt locks,” Miller states. “French doors can be secured with a quality deadbolt lock and a slide bolt penetrating the upper or lower doorframe.”

http://homes.yahoo.com/news/protect-home-from-burglars-005405786.html

City Going to Demolish Landmarked Bronx School | North Salem NY Real Estate

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front_DSCN0075.jpg [Photo via Lehman College]

On November 8, the city ordered an emergency demolition order for P.S. 31 in the Bronx, citing the extensive water damage that the building has incurred since it was vacated in 1997, the vertical crack that extends the full height of the building and into the basement, the 15-year-old timber that is shoring up the south part of the structure, and the fact that pieces of the facade habitually fall into the street. “It is truly a public hazard,” said assistant commissioner of the Buildings Department Tim Lynch.

But, before they can tear down the landmarked building, city officials had to present their case to the Landmarks Preservation Commission, the catch being that that’s all they had to do, as the LPC’s role in this matter is only advisory. So, even though the Commission ended up telling the Department of Housing Preservation & Development that they would really rather the city not demolish an individual landmark that they have neglected and left to rot for the better part of two decades, that is exactly what’s going to end up happening.

“It has been a disgraceful stewardship by the Department of Education,” said commissioner Elizabeth Ryan. Commissioners also grilled Lynch and co. about why a proposed redevelopment plan from Bronx company SoBRO had not been allowed to proceed. SoBRO’s Phillip Morrow testified to the commission that he had gotten independent reports from three different engineers, all of whom had disagreed with the city’s findings and said that the building could be salvaged. Lynch demurred, saying that the redevelopment would take too long, while the building remained a significant public safety hazard.

Members of the Mott Haven community were also hurt and angered by the loss of one of their iconic buildings. One resident said that, along with Yankee Stadium, the “Castle on the Concourse,” as it is known, is the Bronx skyline. “The destruction of this building would really not be allowed anywhere else in the city,” said another resident. · Department of Buildings Told by Landmarks Preservation Commission Efforts Must be MAde to Save PS 31 [Welcome2theBronx] · P.S. 31 will face the wrecking ball [NYDN] · P.S. 31 coverage [Curbed]

US homebuilder confidence surges in December | North Salem NY Real Estate

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The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday climbed to 58. That was up from 54 in November and matched an eight-year high reached in August. Readings above 50 indicate that more builders view sales conditions as good than poor.

In addition, builders’ view of current sales conditions jumped this month to the highest level in eight years. And their outlook for sales heading into next year’s spring home-selling season also improved.

The index has stayed above 50 now for seven straight months after being below that level since May 2006. This month’s reading is 11 points higher than a year ago. It reflects a U.S. housing market fueled by steady job growth and still-low mortgage rates.

The latest index suggests that builders remain optimistic that the housing recovery will endure even though mortgage rates have risen in recent months.

“The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels,” said David Crowe, the NAHB’s chief economist. “We continue to look for a gradual improvement in the housing recovery in the year ahead.”

Mortgage rates peaked at 4.6 percent in August and have stabilized since September, when the Federal Reserve surprised markets by taking no action on starting to reduce its bond purchases. Its bond purchases are intended to keep long-term interest rates low, including mortgage rates.

 

 

 

http://news.yahoo.com/us-homebuilder-confidence-surges-december-150049424–finance.html

Analysts prep for extended foreclosure timelines, fewer loan modifications | North Salem Homes

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The January launch of the ability-to-repay rule and the associated qualified-mortgage definition will raise the overall cost of originating home loans, with borrowers taking the brunt of the financial hit, Standard & Poor’s Rating Services said Tuesday.

A few things won’t change, credit analyst Jack Kahan with S&P noted, but the new rules will increase expenses, extend foreclosure timelines and prompt servicers to select the foreclosure option over loan modifications and deeds-in-lieu of foreclosure in future circumstances.
S&P, which looked deeply into how the January launch of the rules will impact mortgage finance, warned that more borrowers are going to have a hard time accessing mortgage credit. And when they do, it will take longer and cost more in some cases.

While originators and aggregators are expected to continue in their origination of non-agency loans using existing credit standards, some originators are going to insist on limiting their risk to only loans that meet the qualified mortgage’s ‘safe-harbor standard’, to ensure the underlying underwriting standards shield the company from litigation risk.
So who will be most impacted by the rules?

S&P says borrowers wanting interest-only products are likely to experience a slowdown in the borrowing process. And, under new underwriting standards, a very specific class of borrowers — those with high net-worth and non-wage incomes — may find it takes a bit more work to get through the originations process in 2014.

The end result will be a market where some lenders have no choice but to originate a few non-QM loans.

Raj Date, a former Consumer Financial Protection Bureau official, recognized room in the non-QM space earlier this year and launched Fenway Summer, a firm that hopes to offer lending solutions to borrowers who fall outside QM.

But no matter how firms respond, the January shift is going to have some impact.

Any expenses related to the changes will be passed onto borrowers, nullifying the basic principal of protecting homeowners from unexpected losses, S&P said when analyzing the slew of new rules.

Prices are expected to go up to cover new processes completed by originators in the underwriting process, the ratings firm said.

 

 

http://www.housingwire.com/articles/28140-new-lending-rules-set-to-raise-the-cost-of-borrowing-sp

Sept. home prices up 13.3% from year ago | North Salem Real Estate

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Home prices continued rising in September, but many cities posted smaller monthly gains, according to a closely-watched barometer of the housing market.

The 20-city Standard & Poor’s/Case-Shiller Index increased 0.7% in September from August and was 13.3% ahead of a year ago, S&P said Tuesday.

While 13 of 20 cities showed higher year-over-year growth rates than in August, 19 cities had lower monthly increases in September than August.

On a month to month basis, Las Vegas and Tampa showed the most weakness — rates fell 1.6 percentage points in both markets from August. Charlotte was the only city in the index to show a decline in prices — 0.2% — its first since November 2012.

Detroit’s 1.5 percentage point monthly gain was the strongest in the 20-city group, but Detroit is also the only market where prices are still below their January 2000 level, according to S&P.

Year over year comparisons show Las Vegas’ prices were up 29.1% in September, the highest percentage. Other cities with gains over 20% were San Francisco, 25.7%; Los Angeles, 21.8%; San Diego, 20.9%.

“Housing continues to emerge from the financial crisis: the proportion of homes in foreclosure is declining and consumers’ balance sheets are strengthening. The longer run question is whether household formation continues to recover and if home ownership will return to the peak levels seen in 2004,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

Two other reports on the housing market released Tuesday provided data on building permits and mortgage rate trends in October.

 

 

http://www.usatoday.com/story/money/business/2013/11/26/case-shiller-september/3746563/

 

North Salem sales up 40% | Median price up 12% | #RobReportBlog

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North   Salem NY Real Estate ReportRobReportBlog
20136 months ending 11/252012
28Sales20up 40%
$601,250.00median sold price$537,000.00up 12%
$200,000.00low sold price$330,000.00
$14,902,000.00high sold price$1,662,500.00
3539average size3106
$263.00ave. price per foot$218.00
207ave days on market248
$1,179,571.00average sold price$696,320.00
96.03%ave sold to ask94.29%

North Salem NY Real Estate Weekly Report | #RobReportBlog

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North   Salem NY Weekly Real Estate Report11/13/2013
Homes for sale50
Median Ask Price$799,450.00
Low Price$235,000.00
High Price$18,500,000.00
Average Size3288
Average Price/foot$405.00
Average DOM193
Average Ask Price$1,670,172.00