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Pound Ridge NY Real Estate for Sale

Mortgage Rates Decline Further | Pound Ridge Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates hitting fresh lows for the year for the second consecutive week amid declining bond yields. At 3.92 percent the average 30-year fixed rate is at its lowest level since the week of June 6, 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending October 23, 2014, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
  • 15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.5 point, down from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.60 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed mortgage rates continued to fall this week after the yield on 10 year Treasuries dropped to their lowest point of the year. Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August. Housing starts were up 6.3 percent in September adding a seasonally adjusted annual rate of 1.017 million units. Building permits rose 1.5 percent to a seasonally adjusted annual rate of 1.018 million units in September.”

Home Prices are 3% Undervalued Nationally | Pound Ridge Real Estate

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Trulia’s Bubble Watch shows whether home prices are overvalued or undervalued relative to their fundamental value by comparing prices today with historical prices, incomes, and rents. The more prices are overvalued relative to fundamentals, the closer we are to a housing bubble – and the bigger the risk of a price crash. Sharply rising prices aren’t necessarily a sign of a bubble. By definition, a bubble develops when prices look high relative to fundamentals.

Bubble watching is as much an art as a science because there’s no definitive measure of fundamental value. To try to put numbers on it, we look at the price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trends. We use multiple data sources, including the Trulia Price Monitor, as leading indicators of where home prices are heading. We combine these various measures of fundamental value rather than relying on a single factor because no one measure is perfect. Trulia’s first Bubble Watch report, from May 2013, explains our methodology in detail. Here’s what we found this quarter. (This report contains larger-than-usual revisions of previous Bubble Watch estimates. See note.)

We estimate that home prices nationally are 3% undervalued in the third quarter of 2014 (2014 Q3). In 2006 Q1, during the past decade’s housing bubble, home prices soared to 34% overvalued before dropping to 13% undervalued in 2012 Q1. One quarter ago (2014 Q2), prices looked 5% undervalued; one year ago (2013 Q3), prices looked 6% undervalued. This chart shows how far current prices are from a bubble…

 

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http://seekingalpha.com/article/2533125-bubble-watch-home-prices-3-percent-undervalued-with-few-metros-bubbling-up?ifp=0

10 Signs You Are Ready to Invest | #PoundRidge Real Estate

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When it comes to property investment, timing is everything. Ultimately, choosing the right time to enter the market will have a significant impact on the long-term success of your investment.

But how can you, as an investor, know whether the timing is right? Here are 10 tell-tale signs that now is the time to start building your investment portfolio.

1. You are financially ready. You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations.

2. You have set your long-term goals. You have a clear picture in your mind of your investment’s purpose and you are flexible enough to adjust to changing circumstances. You are not hesitant.  When the timing is right, you are able to adapt to the market needs and the development of technologies.

3. You have done your research. You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means.

4. You have chosen a stable economy. The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area.

5. You understand the country’s policies regarding real estate. The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area.

6. Infrastructure projects are underway and likely to lead to an increase in property values. The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments.

7. The region is moving toward sustainable development. The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future.

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http://blog.realestatebook.com/2014/09/23/10-signs-you-are-ready-to-invest-in-real-estate/

Charlotte seeing its homes sell quickly | Pound Ridge Real Estate

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There may be fewer listings on the Charlotte, North Carolina, housing market today than there were a year ago, but what is for sale is selling faster. Closed sales rose nearly 6 percent in July from July of 2013, according to the Charlotte Regional Realtor Association; that, as the inventory of homes for sale fell nearly 5 percent.

“The market is strong, though not everything is selling at the prices the sellers want,” said Bonnie Papandrea, a real estate agent with Wilkinson & Associates Real Estate in Charlotte. “Closer to town, those properties are doing fabulous and getting the price point back to almost 2006.”

 

The median price of a Charlotte-area home that sold in July rose 5.5 percent from a year ago, and sellers are getting on average about 95 percent of their list price. Sellers have been getting a bit more realistic, at least on a national scale, lowering their list prices and negotiating more, according to a report from Redfin, a national brokerage.

Charlotte had been a target of large-scale investors in single-family rental homes, but that demand is easing, especially as home prices rise. Investors need to get bargain-priced homes in order to make the investment work, and there are fewer and fewer distressed homes coming onto the market. There is also more competition in the market.

 

 

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http://finance.yahoo.com/news/charlotte-seeing-homes-sell-quickly-153933644.html

 

How One Israeli Firm Thinks Architecture Can Make Peace | Pound Ridge Real Estate

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Saya.jpg

When Israel began building a wall along the West Bank in 2003—called the “separation fence” by some, the “Apartheid wall” by others—Yehuda Greenfield-Gilat and Karen Lee Bar-Sinai were about to graduate from architecture school at Technion, the Israel Institute of Technology. As aspiring architects studying and living “in the shadow of a territorial conflict,” as Greenfield-Gilat says, they were shocked to see that architects were involved in only the most superficial conversations about the aesthetics of the wall—there were no bigger-picture architectural discussions about how the wall would change its surroundings. “It was insulting that architects were not considered by themselves as people who have something to say about the most significant spatial fact that [was] being built in Israel,” Greenfield-Gilat says now.

Bar-Sinai and Greenfield-Gilat, now 36 and 37, believed architecture and architects had a place in the conversation about conflict resolution. For their Technion thesis project, they designed a transportation hub that, after a final Israeli-Palestinian agreement, could serve as both a border and a functional structure within Jerusalem, strengthening the city rather than fragmenting it. The project raised all kinds of big questions, as Greenfield-Gilat recalls: “How can we use architectural tools and insights in order to enhance…territorial peace agreements? How do you create a border within a city that does not really destroy the city?” And so, in 2006, they formed SAYA, a firm focused on “resolution planning,” or the idea that design and architecture can be tools for peace. The firm’s name is short for “Studio Aya,” in memory of Greenfield-Gilat and Bar-Sinai’s friend and fellow architect Aya Shapira.

Many of the firm’s current projects are thought-driven, paid for by think tanks, universities, or international agencies and governments. Most often, the architects come up with ideas based on needs they see in the world and pitch them to relevant organizations, though sometimes it’s the other way around. It’s prebuilding rather than rebuilding. The idea, as Bar-Sinai explained in a talk at Harvard’s Graduate School of Design last year, is to “be in the prime minister’s head,” to get policymakers to think, as much as possible, like architects.

 

 

 

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http://curbed.com/archives/2014/01/09/how-one-israeli-firm-thinks-architecture-can-make-peace.php

15 states aggressively going after stop-foreclosure scams | Pound Ridge Realtor

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Last month, it was announced that the Consumer Financial Protection Bureau and the Federal Trade Commission were filing nine lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.

That was on a national level.

At the same time, 15 state Attorney General offices announced an additional 32 actions against foreclosure prevention scammers.

Often in these scams, the scammers offer delinquent homeowners security from mortgage servicers who are seeking to foreclose.

They promise the homeowners home retention, often take fees upfront and do little in return.

The homeowners often still face foreclosure, and receive none of the promised compensation.

Well, as HousingWire can now exclusively reveal, here are those 15 states that are aggressively going after these scammers.

The list was provided by the CFPB, and for the purpose of the list, we gathered some additional information.

 

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15 states aggressively going after stop-foreclosure scams

 

The reality behind NAR’s spin on home sales | Pound Ridge Homes

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No matter what housing market conditions we are experiencing at any given time, one thing is as predictable as the sun rising and setting each day: The National Association of Realtors will say that “Now is a great time to buy or sell real estate.”

In Trey Garrison’s piece “4 charts show the phony thrill of existing home sales” appearing online in HousingWire on June 23rd he wrote that NAR recently put out a news release announcing existing home sales were up 4.9% in May over the previous month.

He then gives graphic evidence through several charts that actually show when sifting through additional data, the NAR “good news” turns out to be no more than spin. Supporting that notion is his comment that although the May 2014 increase over April is happy news indeed, it is actually 5% below the figure of May 2013.

While this constant spinning is no surprise to anyone who has been in the housing business for as long as I have (30-plus years) and who has extensive experience in public relations, it should give one pause when trying to determine the true health of the housing market and overall economic conditions.

It is one thing for the Obama administration to continually put out misleading (at best) information trying to convince the American people that we are in the middle of not just a housing recovery, but an economic one as well when nothing could be farther than the truth, it is another when the private sector follows suit.

NAR, which has long been a distinguished organization, serves an exceptionally large constituency – Realtors across America.

And, yes, it is true that they would rather disseminate positive, encouraging information about why it may be desirable to buy or sell real estate to be supportive of their membership.

 

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http://www.housingwire.com/blogs/1-rewired/post/30426-effinger-the-reality-behind-nars-spin-on-home-sales

5 Questions Every Real Estate Agent Should Ask a New Client | Pound Ridge Real Estate

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There are many articles out there suggesting questions that buyers should ask their real estate agent, but now it’s your turn!

Whether you’re an experienced realtor or not, it’s important to always be crystal clear on a new client’s background information and preferences. Know where you stand before jumping into a relationship with a lead.

Here are 5 questions you should ask a new client:

  1. Why are you buying and why is now the right time to move?

    Learning WHY they are buying a new home at this specific time is very helpful in tailoring your real estate services to fit their needs. It will also help you determine how many hours you can expect to work. For instance, some may be looking for a REALTOR® way before they sell their current home, while others may wait until the last minute. Everyone’s timing is different.

  2. How many houses have you already seen and what are your 3 favorite neighborhoods?

    You’ll gain a better understanding of their recent real estate experience and at the same time, you’ll find out if they have already been working with another agent. Also, ask them to list their 3 favorite neighborhoods – this is an easy way to begin discussing the importance they place on schools, demographics, and where they want to live.

  3. If we found your perfect home tomorrow, what would you do?

    Ask this question so you can evaluate their readiness to actually move and better grasp their preferred timeline. If you’re speaking with a first-time home buyer, use this moment to go over the closing process and any other details they need to know about buying a new home.

  4. Are you working with a lender?

    Now you’ll can make an easy transition into a financial conversation. This is a great opportunity to learn whether or not they are pre-approved. If they have not been pre-approved, suggest a lender of your choosing.

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http://blog.realestatebook.com/2014/06/18/5-questions-every-real-estate-agent-should-ask-a-new-client/

A Bland Condo Gets Color and Personality | Pound Ridge Real Estate

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After spending almost a year exploring the real estate market in San Francisco, Eunice Chang finally found a place she could call home. Although the condo looked like a bachelor pad and was located in a nondescript 1990s building, it was on the top floor, and the building sat on a small side street straddling the city’s vibrant Castro and Mission districts. “I loved the idea of a walking neighborhood,” she says.

With a hands-on attitude, treasure-hunting know-how and an ongoing desire to improve her space, the homeowner filled the interior with meaningful pieces and a soothing palette of blues and neutrals. “I don’t know if my home will ever be done,” admits Chang, the lead user experience researcher at Opower. “Every time my friends come over, something at my place has changed.”

Houzz at a Glance
Who lives here: Eunice Chang
Location: Castro neighborhood of San Francisco
Size: 1,073 square feet (100 square meters); 2 bedrooms, 2 bathrooms
Year built: 1992

transitional living room by Hoi Ning Wong
Hoi Ning Wong
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Excited by the potential of a south-facing living room, Chang tried to make the most of all the natural sunlight. Hardwood floors replaced old, tired carpeting, and fresh paint gave the walls new life. Pale aqua paint at the rear of the bookcase creates a vibrant backdrop for an ever-growing collection of mementos.

Wall paint: Muslin, Dunn-Edwards; accent wall paint: Opaline, Dunn-Edwards; leather chair: Cavett, Crate & Barrel; resin deer head: Z Gallerie; striped pouf: Target

transitional entry by Hoi Ning Wong
Hoi Ning Wong
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Although the structure of the entry hall could not be altered due to strict condo rules, visitors are greeted by a bright aqua door.

Door paint: Fountain City, Dunn-Edwards

transitional entry by Hoi Ning Wong
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Chang’s design sensibilities and love of travel are apparent as soon as you enter the foyer. The sculptural piece of driftwood was a gift from a friend, and the woven bag is a souvenir from a vacation to Africa with her family.
transitional entry by Hoi Ning Wong
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This wall-mounted rack was a quick DIY project. The piece of wood is an old floorboard found at Urban Ore, a salvage yard in Berkeley, and the decorative hooks are from Cost Plus World Market. The groove in the top holds postcards from family and friends. The rack extends the length of the entry hallway, making it both impactful and practical.
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http://www.houzz.com/ideabooks/27386186?utm_source=Houzz&utm_campaign=u518&utm_medium=email&utm_content=gallery6

Here’s why there aren’t any houses to buy | Pound Ridge Homes

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The supply of existing homes on the market remains low, at 5.2 months in March, according to a report from Freddie Mac.

The total number of homes offered for sale relative to the number of households in the U.S. has been running at the lowest level in more than 30 years.

“The housing recovery is struggling to shift into a higher gear, and obviously there are various imbalances holding this back from happening, but at the heart of the matter it comes down to jobs,” said Frank Nothaft, Freddie Mac vice president and chief economist.

But these low inventory challenges are the direct offspring of several features of today’s market.

1. Underwater homeowners

Since the Mortgage Forgiveness Debt Relief Act expired on Dec. 31, 2013, many underwater homeowners are reluctant to short-sell.

CoreLogic reported that 6.5 million homeowners remained underwater as of year-end 2013.

Meanwhile, there was also a sharp decline in short sales at the beginning of 2014, from 5.2% of sales in December to 2.2% of sales in February.

2. Low rates

Many borrowers were able to refinance into record low rates in the past several years.

According to the Bureau of Economic Analysis, the average interest rate on single-family mortgages outstanding was 3.9% during the first quarter of 2014, drastically down from the average 30-year fixed-rate average rate of 4.4% for new loans during the quarter.

As a result, homeowners are reluctant to sell their current home and forego the low rate mortgage loan they currently have.

3. REO sales slow

Despite real-estate owned sales remaining strong in some markets, in aggregate REO sales have slowed considerably over the past couple of years.

 

 

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Here’s why there aren’t any houses to buy