| Pound Ridge NY Weekly Real Estate Report | 5/23/2013 | |
| Homes for sale | 88 | |
| Median Ask Price | $1,045,000.00 | |
| Low Price | $285,000.00 | |
| High Price | $4,250,000.00 | |
| Average Size | 3903 | |
| Average Price/foot | $354.00 | |
| Average DOM | 119 | |
| Average Ask Price | $1,357,334.00 |
Forty-one percent of buyers surveyed by Redfin said today’s low inventory has caused them to consider paying more for a home in the second quarter of 2013. This is up from 34% of survey respondents in the first quarter and 26% in the fourth quarter of 2012.
As someone who was looking to buy a home in this crazy North Texas market where prices continue to appreciate, I can attest to feeling the need to offer over list price. In fact, on the second home my husband and I put an offer on, we offered nearly $4,000 more than the original listing price of $214,000. This was only to find out that the home ended up selling for $225,000… another $5,000 on top of our offer.
But what about the markets where prices are still depreciating?
According to the April Trulia Price Monitor, Honolulu, HI, New York, NY and Rochester, NY, also saw a decrease in the seasonally adjusted asking prices year-over-year. So are offers going in above listing price in these markets as well?
Patrick Hastings, a broker/associate at RE/MAX Plus in Rochester, NY, says the market is surprisingly stable.
Hastings said buyers are still going over the listing price on homes from time to time in multiple offer situations. In the good neighborhoods, there is still pent up demand, says Hastings.
Patti West, an agent in Manhattan, said she is definitely still seeing offers come in at or above listing price.
It depends on the property, West said, because there are so many variables: how it’s priced to begin with, if it’s priced right to begin with, etc.
There are some who still try to negotiate, but it depends on what the property is. For instance, condos are a bit more money, so they’re going in at asking or above listing price, while co-ops are a little bit more negotiable, according to West.
So it seems that even in markets that are still depreciating, demand remains high. This only raises the question: at what point will that depreciation turn into appreciation? We’re going to guess soon.
Homes in the Las Vegas area sold at the fastest pace for an April in seven years due, in large, to investor and cash buying nearing record levels. Sales in the $200,000-to-$500,000 range in the Sin City picked up 81% from one-year prior.
The Las Vegas median price paid for a home increased to the highest level in nearly four and a half years, largely due to price appreciation,tight inventory, a surge in move-up buyers and a drop-off in foreclosure resales.
In the Las Vegas-Paradise metro area, 4,869 new and resale houses and condos closed escrow in April, an 8.6% increase from the month before and a 7.0% rise from one-year prior, according to San-Diego-based DataQuick.
Sales have dropped 4.2% between March and April, on average, since 1994. The year-over-year increase in total sales last month follows 10 consecutive months of year-over-year declines.
Investor and cash buying push Las Vegas home sales | HousingWire.
Mortgage applications tumbled this week as refinancing and purchase applications continued their downward trend.
Application volume fell 9.8% from one week earlier for the week ending May 17, according to the Mortgage Bankers Association.
Also posting significant drops, the refinance Index decreased 12% from the previous week and the seasonally adjusted purchase index dropped 3% from one week earlier, the industry trade group said.
“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” said Mike Fratantoni, MBA’s vice president of research and economics.
He added, “The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March. Purchase activity declined over the week but is still running about 10% above last year’s pace at this time.”
The refinance share of overall mortgage activity slightly fell to 74% of total applications.
Meanwhile, the adjustable-rate mortgage share of activity inched up to 5% of all mortgage applications.
The average 30-year, fixed-rate mortgage with a conforming loan balance continued to escalate, rising to 3.78% from 3.67%.
Additionally, the average 30-year, FRM with a jumbo loan balance rose to 3.93% from 3.87% compared to a week prior.
The average contract interest rate for the 30-year, FRM backed by the FHA surged to 3.53% compared to 3.43% the previous week.
The 5/1 ARM squeaked up to 2.60% from 2.55%, and the 15-year, FRM jumped to 2.96% from 2.88.
Mortgage apps tumble, refis drop to lowest since late March | HousingWire.
Every day, businesses are inspired to bring creative marketing ideas to life on Facebook in ways that have a real impact on their bottom line. Many have discovered how to leverage their Facebook communities to strengthen brand loyalty and communicate directly with customers. As your company invests in the social network for marketing, advertising, and branding, it’s useful to have a few examples of what others have done with the platform. These case studies look at the goals, approaches, and results for several Facebook campaigns.
 | HubSpotThe all-in-one marketing software platform wanted to promote its brand in a 3-month campaign as a thought leader in the B2B field on Facebook to:
Results:
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 | Corcoran Group Real EstateThe New York real estate brokerage wanted to use the global reach of Facebook to increase engagement with potential homebuyers, local New Yorkers, and the real estate industry at large, as well as strengthen its online brand presence to:
Results:
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 | Canvas PeopleThe canvas print maker wanted to drive brand recognition and establish a presence on Facebook to:
Results:
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 | Luxury LinkThe high-end hotel website wanted to drive engagement and increase brand visibility for the well-traveled luxury customer to:
Results:
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7 Facebook Marketing Case Studies | Pamorama | Social Media Marketing Blog.
Home prices and sales will continue to rise, but historically low mortgage rates will start to fade by the end of this year, according to the National Association of Realtors.
The D.C.-based trade group’s chief economist, Lawrence Yun, sees the gains in prices continuing at a rapid pace through at least next year.
“Double-digit price gains are within reach in 2013 because inventory is bounding near 13-year lows, but some relief to inventory will occur later this year,” he said.
NAR forecasts existing home prices will rise an average of 8 percent nationwide this year and 5 percent next year.
Mortgage interest rates will gradually rise this year and next, NAR predicts, with the average rate on a 30-year fixed-rate mortgage reaching 4 percent by the end of this year and 4.6 percent next year.
Freddie Mac said Thursday the average rate on a 30-year fix was 3.51 percent this week. Average 30-year rates hit a record low of 3.31 percent in November 2012.
Mortgage rates will rise along with housing prices – Washington Business Journal.
ANTLER ALERT: THRUWAY AUTHORITY, STATE POLICE REMIND MOTORISTS OF DEER SEASON DANGERS
The New York State Thruway Authority and New York State Police Troop T are reminding motorists of the dangers of deer season with the semi-annual “Antler Alert.”
Deer become more active and are more frequently present along the roadside in May and June. Most deer-vehicle collisions on the Thruway occur May through June and October through November, according to the Thruway Authority and the State Police Troop T.
The Thruway Authority maintains an excellent safety record and uses deer crossing signs at locations with a higher-than-average history of vehicle-deer collisions. Nevertheless more than 2,000 of these incidents occurred along the Thruway in 2012.
The Thruway Authority offers these safety tips for motorists:
If a vehicle-deer accident occurs, motorists should make every attempt to drive their vehicle as far off the highway as possible, park on the right shoulder, activate their four-way hazard flashers, and stay in the vehicle and wait until help arrives.
Motorists traveling on the Thruway can report an accident by calling 911 or the Thruway Authority’s emergency number at 1-800-842-2233.