U.S. Existing Home Sales Rise 1.7% in August, Highest Level Since Nov. 2007 – WSJ.com.
U.S. Existing Home Sales Rise 1.7% in August, Highest Level Since Nov. 2007 | Bedford Corners Homes
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Tag Archives: Westchester Homes
Housing market: More sellers getting off fence | Chappaqua Homes
Economists Expect Fed to Cut Asset Purchases Next Year | North Salem Real Estate
Businesses economists surveyed by the National Association of Business Economists believe there is an 80 percent probability the Federal Reserve will reduce its purchase of assets next year and 45 percent believe both purchases of Treasurys and mortgage-backed securities will be reduced this year. The Fed’s asset purchase program has been keeping mortgage rates are record lows in recent years.
In light of their expectations the purchasing program will decline next year, which is likely to raise mortgage rates substantially, the economists’ expectations for slower home price growth in 2014 relative to 2013.
Home prices are likely to grow 6% in 2013, which is an upward revision from the last NABE survey in May, when panelists suggested a 4.4% increase. Moreover, panelists suggest that home prices will grow at 4.8% in 2014, which is an increase from their 4% estimate for 2014.
They estimate that real residential investment will grow 13.8% in 2013, which is an increase from the 12.1% increase in residential investment in 2012, and that it will grow 14% in 2014. Moreover, housing starts are estimated to grow at 0.95 million units in 2013 and at 1.16 million units in 2014, which is an improvement from 0.78 million housing starts in 2012.
Regarding asset purchases, the economists believe that there is a 45% probability that the Fed will reduce both the monthly purchases of $40 billion in mortgage-backed securities and the monthly purchases of $45 billion in Treasurys and a 19% probability that these monthly purchases of Treasurys and mortgage-backed securities will not be reduced.
They believe that there is a 20% probability that the asset purchases of the $45 billion in Treasurys will be reduced, with no change in the monthly purchases of the mortgage-backed securities; and a 15% probability that the asset purchase of mortgage-backed securities will be reduced, but that the purchases of Treasurys will be unchanged.
Brokerages Step up to One-Stop Shopping | Katonah NY Real Estate
Despite six years of a depressed housing economy that reduced Realtor ranks by one-third, real estate brokerages are closer than ever to achieving the long-sought dream of becoming one-stop shops providing their customers all the services they need to buy or sell a house.
A new survey Imprev, Inc. found that 75 percent of top real estate executives responding said their brokerage firms offer at least one major ancillary service and mortgages are the No. 1 additional offering. Some 89 percent of the real estate firms that offer at least one ancillary service offer home loans.
Nearly three-quarters (71 percent) offer title services and nearly half (49 percent) offer home-warranty services.
“For decades, the National Association of REALTORS® has tracked growing consumer interest in a one-stop shop through its surveys,” said Renwick Congdon, chief executive officer of Imprev, a real estate marketing software firm that works with 150,000 agents and brokers nationwide.
“Clearly, the industry’s thought leaders are making it happen in their firms,” he added.
According to a 2011 NAR and Harris Interactive study, the number of consumers interested in using a service provider affiliated with a brokerage firm increased 34 percent from the first survey completed in 2008.
In the NAR/Harris study, 78 percent of homebuyers said that one-stop shopping would save them money; 75 percent said it would make the process more manageable and efficient; and 73 percent said that a one-stop real estate shop would prevent the details relevant to their transactions from “falling through the cracks” — as well as make the entire process “more convenient.”
When real estate executives were asked to select the top benefits from offering ancillary services, 79 percent said “higher profits”; 70 percent said “one-stop marketing opportunities”; 62 percent said “increased customer satisfaction”; and 60 percent said “better quality control.”
The survey was conducted in late May. Poll respondents included top executives at leading franchises and independent brokerage firms responsible for more than one-third of all U.S. residential real estate transactions last year.
Fixed mortgage rates retreat from a 2-year high | South Salem Real Estate
Fixed mortgage rates eased up from a two-year high this past week as lenders offered a 30-year mortgage at an average rate of 4.51%, up from 4.58% a week earlier, the Los Angeles Times reported.
The newspaper gave a rundown of all the changes this past week:
“The 15-year fixed-rate mortgage averaged 3.54%, down from 3.6%, according to Freddie Mac. Starting interest rates for popular types of variable-rate loans were up slightly, the McLean, Va., housing finance giant said.”
Freddie’s chief economist, Frank Nothaft, said the market is being driven by speculation about when the Federal Reserve will cut back on its stimulus program, which involves buying $85 billion a month in Treasury and mortgage bonds.
Source: The Los Angeles Times
FHA eases rules for some credit-impaired applicants | Bedford Corners Real Estate
In a move designed to more fairly treat borrowers whose credit reports contain collections actions and disputed debt accounts, the Federal Housing Administration has eased previous rules that would have led to large numbers of application rejections.
The agency also released guidance to lenders instructing them on how to handle “extenuating circumstances” claimed by borrowers who experienced serious economic setbacks triggered by the recession, but who are now employed, paying their bills and seeking FHA financing.
On Friday, FHA issued two mortgagee letters spelling out its new approach to widespread credit issues affecting applicants for its low down payment loans. The guidance on collections and disputed accounts (ML 2013-24) replaces controversial rules the agency first issued in early 2012.
That guidance, which required payoffs of collections or disputed accounts totaling an aggregate $1,000 or more before applicants could go to closing on an FHA loan, triggered intense criticism from lenders and community groups.
FHA subsequently withdrew the rule in June 2012, promising a future policy that would constitute a “balanced yet flexible approach to promote access to affordable credit while protecting the insurance fund.”
Critics of the rescinded rules pointed out that many consumers have disputed accounts on their credit reports that were not caused by the consumers themselves, or where they had legitimate reasons for not paying the account in full.
read more….
http://www.inman.com/2013/08/19/fha-eases-rules-for-some-credit-impaired-applicants/#sthash.ESpeOodQ.dpuf
South Salem NY Weekly Real Estate Report | South Salem Homes
| South Salem NY Weekly Real Estate Report | 8/21/2013 | |
| Homes for sale | 85 | |
| Median Ask Price | $629,000.00 | |
| Low Price | $205,000.00 | |
| High Price | $12,200,000.00 | |
| Average Size | 2863 | |
| Average Price/foot | $332.00 | |
| Average DOM | 161 | |
| Average Ask Price | $995,112.00 | |
Broker-priest gives voice to disillusioned agents | Bedford Hills Real Estate
Just recently Barry Smith received a rather jarring voice mail.
“It is disgusting. It is almost like you are portraying the devil,” the caller said in a quavering voice, according to Smith, owner of Washington, D.C.-based Domus Realty. By Smith’s account, the caller later added: “You’re like the dark side, and the dark side does not see well.”
The message represents just one of many reactions to a colorful job ad that Smith, once a philosophy professor at Georgetown University, recently penned and fired off to what he said were about 10,000 email addresses.
Calling for an “agent-priest,” the job ad has struck a chord with some real estate professionals who say it has given voice to their disillusionment with broker culture. At the same time, some readers of the post, like the woman who seemed to view Smith as something of a Sith lord, have found its cynical tone deeply unnerving.
The second reaction may be understandable: Certain passages in the ad, titled “Domus Realty — From Agony to Ecstasy,” express approval of prospective agents who wish to hurl both gadgets and themselves out windows, “scorn happy faces” and may commit suicide if the world “does not soon remedy or cure its superficiality and shallow notion of freedom.”
But Smith, who once taught college classes with titles like “Nietzsche and Postmodernity” and “Freud and Philosophy,” argues that critics of the ad may not fully appreciate its tongue-and-cheek hyperbole, and also could be missing what he says is its ultimately redeeming message.
– See more at: http://www.inman.com/2013/08/19/broker-priest-gives-voice-to-disillusioned-agents/#sthash.9ptammcE.dpuf
Housing: Should you stay or should you go? | Pound Ridge Real Estate
If you listed a home for sale in the last few months, you may have been pleasantly surprised.
Demand has been robust, and stories abound of houses selling for well above their asking price. In states like Florida that were especially hard hit by the housing collapse, prices in some markets are up double digits from a year earlier.
And when mortgage rates began their sharp rise several weeks ago, demand initially rose as buyers—apparently worried about locking in rates before they moved higher—rushed to sign deals.
But logic suggests that that particular party can’t last. In fact, mortgage applications slipped for the week ended July 12, the Mortgage Bankers Association said.
Meanwhile, a recent survey by Trulia found a of consumers said they would be discouraged from buying a home if interest rates rose above 5 percent.
All of which raises some tough questions for many homeowners: Should you rush to sell your house now, even as the summer doldrums approach? Or with the economy and the job market apparently on the mend, is it better to wait for the moderate pickup in activity that usually surfaces in the fall?
Housing starts are down. How worried should we be? CNBC’s Diana Olick has a realty check.
It depends partly on what kind of home you’re selling.
If you have a house that would appeal to a family, it makes much more sense to act now, says Lawrence Yun, the National Association of Realtors’ chief economist. “If someone has a large house that would be a good fit for a family with kids, they would have a harder time in the fall months,” he said. “Even though some say there’s a second revival, it’s not as strong as the spring.”
Even if you’re not selling a potential family home, Yun says waiting may be risky. “Even if there are slightly more people with jobs, from the seller’s strategic point of view, I think they will see more potential buyers at a lower interest rate.”
There is also the matter of inventories. The number of homes on the market in June was about 7 percent below the level a year earlier, according to Realtor.com. In some markets, it is almost impossible to find a home in certain price ranges.
But the overall supply of homes for sale has been building, and home builders are gaining confidence, both of which suggest more competition awaits potential sellers.
Still, even with these clouds on the horizon, experts like Frank Nothaft, chief economist at Freddie Mac, says sellers don’t need to panic.
The market is strong right now, he said, but “I don’t mean to say it’s going to be bad in a couple of months.” While buyers may be experiencing some sticker shock from the rapid rise in mortgage rates, he does not expect much more in the way of rate hikes. In any case, he added, in most markets, homes tend to still be “very affordable” at a 4.5 percent mortgage rate.
How to Target Only Your Customers With Facebook | South Salem Realtor
What if you could reach your existing customers while they’re on Facebook?
Does the idea of displaying a Facebook ad only to your prospects list sound interesting?
This could give your marketing a boost and help build your brand’s image on Facebook.
In this post, I’ll show you two ways to use Facebook’s Custom Audiences to connect with your customers and prospects on Facebook.
And I’ll also show you how to create and use your first custom audience.
How do you build your brand’s image on Facebook?
What’s a Custom Audience?
Your business undoubtedly has a database of customers. You may be using that database to keep email addresses, phone numbers, Facebook user IDs and app user IDs.
You can target the customers on these lists with your Facebook advertising, whether they are your current fans or not.
Instead of agonizing over demographics, precise interests and Partner Category targeting in an effort to reach your ideal audience, all you need to do is upload your customer list to Facebook. Facebook then matches up email addresses, for example, with the email addresses of users on Facebook.
Not all of the email addresses you collect are directly related to an email address of a Facebook user. Facebook tends to match up between 30-50% (sometimes more, sometimes less), depending on the quality of your list.
Once this list is generated in Facebook, you have a Custom Audience you can use in your advertising.