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Navigating the Scarsdale Real Estate Market | Pound Ridge Homes

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Here are some tips that will make your home more presentable to buyers, and also help you prepare to move into your new digs.

  1. Clear out clutter.  If you haven’t touched it within the past year, toss it. You can also donate unwanted items to charity. One of the best places to drop off items is Goodwill. There’s a dropoff center nearby at 19 Mill Road in Tuckahoe. For more information you can call 914-337-3749. There’s also a Salvation Army at 562 North Avenue in New Rochelle. If your items are too good to get rid of, pack up things you plan to take with you and get them out of sight. If necessary, rent a storage space locally at Storage Deluxe, or use CubeSmart Self Storage.
  2. While you’re cleaning your home for viewers, pack up most of your personal photographs.  They are distracting to potential buyers and this action will help them see the house as their potential home instead of yours.
  3. Keep your kitchen clean.  That means flowers on your table, no dishes in the sink, no junk on the counters, and no finger smudges around cabinet handles. Pack up everything but the bare essentials from the cabinets so that they are tidy too. If a prospective buyer opens a kitchen cabinet and sees too much stuff, they will think the kitchen is cramped.
  4. Keep your closets tidy too. Packing little by little will make your final transition easier. Plus, buyers think a tidy homeowner has also taken good care of the place.  Lining up shoes, and grouping shirts, pants and dresses together in the closet can also make a big impact.
  5. Sometimes the old adage “less is more” applies to furniture in your home.  Move some things to storage if individual rooms are too crowded.  It will make the rooms appear larger.
  6. If there are window treatments, light fixtures, appliances or other “attached” items you plan to take with you, remove them and replace them before showing your home so that the buyer won’t think they are included.
  7. Freshen up paint and make repairs to things such as torn screens, cracked tiles and rotting windowsills before the realtor even puts the sign up. If the realtor sees potential problems like these, he or she might not make showing your home a top priority.
  8. If your daughter’s room is pink, or your living room is painted a bold color, consider repainting it a more neutral color. Depersonalizing your home allows viewers to use their imaginations and visualize your home as their own. Don’t let buyers walk away remembering your home as “the one with the orange bathroom.”
  9. Lighting is everything, so make sure there are no burned out bulbs inside or outside your home, and make sure you have the most complimentary lighting on when your realtor brings over a client. Overhead lights show too many issues and flaws, but a soft lamp in a corner makes a room seem cozy.
  10. Make the beds, and make them nicely!  Don’t just toss the pillows on–arrange them in an aesthetically pleasing way.
  11. Make sure all mirrors, windows, porcelain, faucets and appliances are clean and sparkly!
  12. Dust and vacuum every single surface, including baseboards, ceiling fan blades, and carpet in the corners of stairs and rooms.
  13. Choose a fresh scent that doesn’t smell too much like bleach to clean tiles, tubs and toilets.
  14. Little touches like pulling down all window blinds to the same level and making your front entrance inviting set the tone for the way the rest of the house is viewed.
  15. Outside is as important as inside. Mow grass, trim bushes, and sweep away cobwebs, leaves and dog hair.
  16. Invest in a potted plant or two to put along your front steps.  You won’t believe what a difference that little touch of curb appeal will make.

 

Navigating the Scarsdale Real Estate Market – Real Estate – Scarsdale, NY Patch.

California foreclosure starts fall to second-lowest level in 7 years | Pound Ridge Homes

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Foreclosure starts in California rose 38.7% from the first to second quarter, but still hover at their second-lowest level in seven years, DataQuick reported.

 

Homeowners in the state have rising prices and new legislation to thank for the dramatic slowdown in default notices.

 

The La Jolla, Calif.-based real estate data firm said 25,747 notices of default were filed in the April-to-June period, up 38.7% from 18,568 filings in the prior quarter and down 52.9% from 54,615 filings a year earlier.

 

The notices of default filed in the first quarter of 2013 marked the lowest quarterly total since 2005, making the most recent report the second lowest quarterly total in seven years.

 

It’s possible new foreclosure legislation in the state is the cause of the slowdown.

 

The Homeowner Bill of Rights took effect in California on Jan. 1, creating a private right of action for foreclosure plaintiffs to sue financial firms for violating one of the law’s many provisions.

 

“In California and other states in recent years foreclosure activity has sometimes plunged temporarily after a new law kicks in and the industry takes time to adjust,” DataQuick explained.

 

On the other hand, home prices are rising, and as they go up, homeowners have more leverage to save their properties.

 

The median price for a California home hit $344,000 in the second quarter, up 14.7% from $300,000 in the first quarter and a 27.4% jump from $270,000 in the second quarter of 2012.

 

The state’s median home price during the market bubble reached $485,500 in 2007.

 

Mortgage defaults in California continue to hit more affordable neighborhoods first, with zip codes featuring homes in the $200,000-price range reporting 4.2 notices of default for every 1,000 homes.

 

That compares to 2.8 notices per every 1,000 homes when analyzing the $200,000-to-$800,000 price range. And, in the above-$800,000-range, 1.1 notices are filed per every 1,000 homes.

 

California foreclosure starts fall to second-lowest level in 7 years | HousingWire.

Homebuilders build momentum as existing home sales fall | Pound Ridge Real Estate

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Disappointment seemed to flood the housing industry upon Monday’s existing-home sales report for June, which revealed total existing-home sales fell from May. Many analysts saw this as a smaller piece of a bigger picture that rising interest rates are deterring potential homebuyers from entering into the market.

However, homebuilders should have slept easy last night, as the drop in existing-home sales actually supports a positive housing outlook for them.

The primary competitor to public homebuilders is existing-homes for sale, Sterne Agee analyst Jay McCanless told HousingWire.

The lack of existing home supply is forcing Realtors to bring buyers who may not have been interested in a new home into new home neighborhoods, said McCanless.

“Assuming that the inventory situation either stays where it is or gets tighter from here, I think that’s a positive for homebuilders,” he added.

With inventory low and demand high, the median days to sell a home dropped 47.1% year-over-year in June, falling from 70 days to 37 days.

According to the analyst, it’s basic supply and demand. Builders can create the supply and the demand for housing is still abundant, despite higher rates. If you have such a high demand level, it implies that group of buyers have access to financing and creates a very positive market, McCanless noted.

According to McCanless, the backdrop remains positive for four homebuilders that he hand selected as his top picks. Meritage Homes Corp. ($45.03 0%), D.R. Horton, Inc. ($21.20 0%),Ryland Group ($39.74 0%) and PulteGroup, Inc. ($18.45 0%)have the potential to increase their pricing power in 2013 as competitive supply comes off the market. 

In a conference call on Tuesday, Fitch Ratings Managing Director and lead homebuilding analyst Robert Curran addressed the existing-home sales report as well as the current state of the housing recovery. 

Curran said it’s necessary that employment continues growing at a reasonable pace for housing to do well. Last month, 195,000 jobs were created, pushing the unemployment rate down to 7.6%. 

Fitch’s economic forecast is hesitant, considering the drag tax increases have had on the economy since the start of the year. However, the growth momentum in the private sector is well supported by the recovery in the housing market. 

Fitch’s housing forecast for 2013 predicts inventory remaining near low levels, while affordability remains high. 

“The housing recovery shall be maintained this year,” said Curran. Fitch anticipates single-family starts to rise 18% in 2013, while existing-home sales will only increase 7.5%.

Broken down, it is anticipated that total home sales will equal one million this year. Existing-home sales are expected to dominate new home sales significantly.

 

 

Homebuilders build momentum as existing home sales fall | HousingWire.

Real estate market in China picks up in June | Pound Ridge NY Homes

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Real estate climate edges lower in May

In June 2013, China’s real estate climate edged up slightly from 97.29 in May to 97.29. The composite index was developed by China’s National Bureau of Statistics, and it measures the aggregate business activity for land, capital, and sales of real estate, which is useful in showing the trend of the Chinese real estate market. Figures above 100 show prosperity or economic growth, whereas figures below 100 mark depression.

Lower figures have followed the implementation of property tightening measures, as the government raised concerns regarding rising property prices in February. These measures include restricting loans to real estate developers and individual buyers, as well as imposing taxes on home sales. As a result, the real estate climate index has been falling for the past few months.

Short-term negative in a long-term up trend

The rebound, whether temporary or not, is encouraging news for dry bulk shipping companies such as DryShips Inc. (DRYS), Diana Shipping Inc. (DSX), Knightsbridge Tankers Ltd. (VLCCF), Navios Maritime Partners LP (NMM), and Eagle Bulk Shipping Inc. (EGLE). While activity has fallen over the past few months, which was a negative, the light weakness (marked by slight declines rather than large drops) suggests the government doesn’t plan to hurt the real estate market. As current levels are below the post-2000 average of 102, long-term fundamentals remain favorable. The fact that the real estate climate isn’t falling sharply suggests the long-term trend remains intact.

 

Real estate investment turnaround

Furthermore, investments in real estate development during the first five months of 2013 remain solid. Perhaps more interestingly, the growth rate of land purchased by real estate enterprises jumped significantly from -22.8% during January to March 2013 to -8.6% during January to April compared to the same periods in 2012. January to June’s data is also encouraging.

While several industries tied to the real estate sector, such as iron ore and coal, have fallen due to current weakness in China’s real estate sector, it’s unlikely that the government will enforce a much tighter policy that will hurt the broader economy. Current data also shows the government isn’t willing to do so. This would be positive for investors who are seeking long-term investments in shipping companies, as demand for dry bulk imports—such as iron ore and coal—should continue to grow over the long run.

 

 

Real estate market in China picks up in June, good sign for dry bulk shippers – Yahoo! Finance.

House-flipping is back, flourishing again | Pound Ridge Real Estate

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For the past several years single-family housing investors have been playing the buy and hold game. Strong rental demand and soft home prices made that the best bet. Now, with home prices up more than 12 percent from a year ago, the strategy is suddenly changing.

“It’s a perfect storm for flipping right now in many parts of the country because home prices are bouncing off the bottom,” said Daren Blomquist, vice president at RealtyTrac. “That is something that flippers can catch on the coattails of and ride that wave as long as it lasts.”

Home-flipping, defined as buying and selling the same home within six months, came roaring back in the first half of this year. There were 136,184 homes flipped, an increase of 19 percent from a year ago and 74 percent from the first half of 2011, according to a new report to be released Friday by RealtyTrac.

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Those increases, however, are nothing compared with the profit jump. Investors made an average gross profit of $18,391 per home, or a 9 percent gross return. That is up 246 percent from a year ago.

“Home-flipping business has keyed up quite a bit in the last 6 months,” said Steve Jones, founder of Los Angeles-based Better Shelter. Jones, who has been flipping homes for five years, said the competition is really heating up.

“There’s not a lot of inventory, and every time a listing comes up it’s like piranha in the water,” he said.

 

House-flipping is back, flourishing again.

Why This May Not Be the Best Time to Buy a Home … For You | Pound Ridge Real Estate

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We’re at the beginning of a housing recovery. Everyone is sprinting out of the gates to get into the real estate market. Mortgage loan rates are low. Credit is becoming easier to get. The economy, despite dips here and there, continues on a gradual, upward incline. People are feeling more secure in their jobs. Home sales are up in some areas, but prices are still down from where they were before the 2008 market bust.

All these trends tell the same story: It’s a good time to buy a home. But is it a good time for you to buy a home? The timing may seem right, but everything else needs to be right, too.

Here are some things to consider before jumping into the market.

The perfect home might not be out there right now

Buying a home isn’t like buying a high-definition TV. It’s not an impulse purchase, either. It’s likely the biggest purchase you’ll ever make. Your home is your solace. It’s the place you’ll return to after a long day, where you can escape from the stress of the outside world, where you’ll make memories with your family. It’s important to make the right choice.

Meanwhile, in many markets the housing inventory is tight. With fewer homes to choose from right now, you might not find the right place that will feel like home to you. If that’s the case, wait! More inventory will eventually come. If you settle for a smaller house now because you want to “time” the market, you will be stuck selling and then buying a larger house in just a few years.

Wait for the home you’ll be happy living in for at least five years, if not 10-20 years. And if you don’t feel like you’re going to live in your home for at least five years, you may be better off renting anyway.

Buying a home is a journey

The home buying process is an evolution. It can take twists and turns, and you may end up in a type of home or a location that you least expected. Most buyers spend up to one year on the home search from the time they engage their real estate agent until they close on the home. Learning and getting comfortable with your local market takes time and experience. Buyers spend months looking at listings and doing online research before they even contact an agent. Feeling competitive with your co-worker or friend who just bought? Don’t. For all you know, they were looking for many months before you even thought about buying.

 

 

Why This May Not Be the Best Time to Buy a Home … For You | Zillow Blog.

Will 2015 be the year ‘normal’ returns? | Pound Ridge Real Estate

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As the housing industry makes a slow climb back to pre-boom character, household formation trends, rising home values and low interest rates make 2015 a candidate for the year “normal” will happen, according to Patrick Stone, president and CEO of the title and real estate services firm Williston Financial Group.

In the boom period from 2001 to 2006, Stone said, housing vacancy in the U.S. rocketed up to 2.9 percent from a historical equilibrium of 1.7 percent as builders put up 2.3 million more homes (single-family homes and multifamily units) than households were created.

That oversupply led to falling home prices, a great slowdown in new-home construction and a bunch of underwater homeowners, he said.

Patrick Stone

Patrick Stone

In the last five years, household formation outpaced housing construction by 1.1 million, Stone said, but housing, now at 2.1 percent vacancy in the U.S., won’t reach a supply-and-demand “equilibrium,” given current trends, for two or three more years.

“I don’t think new-home construction will catch up to household formation before then,” Stone said.

In the last 12 months, Stone said, equity in U.S. homes rose $2 trillion, to $9.1 trillion, which still falls short of 2007′s equity level of $10 trillion. Rising home values will continue to bring more homes on the market, he said.

– See more at: http://www.inman.com/2013/07/19/will-2015-be-the-year-normal-returns/#sthash.vkbvAc81.dpuf

 

Will 2015 be the year ‘normal’ returns? | Inman News.

Talk of doing away with Fannie and Freddie is just that | Pound Ridge Real Estate

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A quick bye-bye to Fannie and Freddie? Don’t bank on it.

With the sudden gush of congressional proposals designed to kill the two government-sponsored companies as fast as possible — the most recent floated at the end of last week by a key committee leader in the House — you’d think Fannie’s and Freddie’s days are numbered.

In the long run they probably are, but a close look at legislative plans such as the “PATH Act” (Protecting American Taxpayers and Homeowners Act) offered Friday by House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) tells me that Fannie and Freddie are going to be around for years — maybe into the next decade, beyond 2020.

Depending on how you see their current and past roles supplying the bulk of funds for home mortgages along with FHA, that’s either good news or terrible news.

Here’s how I see it.

Fannie and Freddie have been in “conservatorship” — which was designed to be a short-term legal purgatory allowing the White House and Congress time to figure out what to do with both companies — for nearly five years.  Despite a bold-sounding commitment by the Obama administration in early 2011 to work with Congress to return housing finance primarily to the private sector and out of the grips of federally chartered Fannie and Freddie, 2013 has been the first year we’ve seen a serious proposal for how to do that.

– See more at: http://www.inman.com/2013/07/16/talk-of-doing-away-with-fannie-and-freddie-is-just-that/#sthash.sDJFtI8F.dpuf

China’s Real-Estate Sector Sees Solid Housing Demand | Pound Ridge Real Estate

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China’s real-estate sector showed strength in the first half of the year amid solid housing demand, despite government controls on the market and slowing economic growth.

While the buoyancy in the housing market could lead to tighter market curbs in the months ahead, analysts said that for now, growth levels were within tolerable levels.

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Reuters

Workers welding a steel frame at a construction site in Hefei, Anhui province.

Total property investment in China in the first half of the year rose 20.3% compared with a year earlier to 3.68 trillion yuan ($599.3 billion), according to data released Monday by the National Bureau of Statistics. That is marginally slower than the 20.6% growth in the first five months of the year.

The statistics bureau doesn’t give data for individual months.

Residential and commercial property sales totaled 3.34 trillion yuan in the January-June period, up 43.2% over a year earlier. Sales totaled 2.59 trillion yuan in the five months ended May, up 52.8%.

“Inventory levels in major cities are leveling off, so we’re positive on construction starts and expect growth in this portion of the market to reach 5% to 7% this year,” said Johnson Hu, an analyst at CIMB Securities.

Construction starts by area in the first half rose 3.8% from a year earlier to 959.01 million square meters. They were up 1% at 736.13 million square meters in the January-May period.

The increase comes despite a more than three-year government campaign to keep real-estate prices in check amid fears that higher housing costs could lead to social unrest. Efforts include limiting home purchases, squeezing credit to developers and tightening down-payment requirements.

Larger developers have been buying land in what are known as tier one and tier two cities—China’s most affluent and developed cities—because of expectations of continued housing demand from migrants as the government pushes ahead with its plans to speed up urbanization. Developers typically purchase land and keep it in what they call a land bank for later use.

“Despite uncertainties in the macro environment and credit conditions, most of the developers we talked to last week still have aggressive plans for land banking” in the second half of this year, said Credit Suisse analyst Jinsong Du.

 

China’s Real-Estate Sector Sees Solid Housing Demand – WSJ.com.

Heated housing market gets bit tighter for first-time buyers | Pound Ridge Real Estate

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No one has to tell Brandon and Holli Hadwin of Rockledge how fortunate they were to pull the trigger on purchasing their first home in March.

The couple locked in at a 3.75 interest rate for a 30-year mortgage and were able to move into a four-bedroom, two-bathroom home in the Levitt Park subdivision.

Interest rates have crawled to well beyond 4 percent now, and that has Brandon Hadwin breathing a sigh of relief.

“I’m definitely glad we jumped at it when we did,” said the 24-year-old member of the Honor Guard at Patrick Air Force Base. “It could have meant us not getting this house.”

There’s little question in many U.S. markets, including Brevard County’s, that housing is making a solid turnaround.

U.S. home prices have risen 14 straight months, but evidence suggests that first-time buyers have been increasingly on the sidelines because of rising prices and tight inventories.

In May, first-time buyers accounted for 28 percent of existing-home purchases, down from 34 percent a year before and 36 percent two years ago, according to the National Association of Realtors.

The declining share of first-timers means many have missed out on low interest rates — which recently moved up from near-record lows — and home prices, which have risen sharply from their bottom.

“The people buying homes today are participating in home price growth. Younger people, they are being left out,” says Lawrence Yun, chief economist of the NAR. “It remains to be seen when the first-time buyer can return.”

Why they matter

First-time buyers are critical to a housing recovery, because they help existing-homeowners sell and move up to larger or more expensive homes. But their presence is being reduced by:

• Competition. Cash buyers accounted for 33 percent of existing home sales in May. Investors, who are often all-cash buyers, accounted for 18 percent of purchases, the NAR data says.

Cash buyers are tough competitors, especially in markets with limited inventory and for first-time buyers who often use low-downpayment loans to finance purchases.

 

 

Heated housing market gets bit tighter for first-time buyers | FLORIDA TODAY | floridatoday.com.