Archive | September 2015

[Duplicated] Some helpful hints to help you select an real estate agent

real_estate_agent Today the internet is the first  where place 85% of home buyers begin their search.  And with all the helpful sites and agents it can be a little confusing.  Here are some tips to help select an agent that will represent you in your real estate transactions.

  • References from family, friends and business acquaintances are a helpful resource
  • An agent’s experience over time helps develop their skills
  • A meeting where asking questions of their work ethic and business philosophy is important
  • Discussing the number of listings and sales an agent has handled will give you a glimpse into their knowledge
  • Their designations, certifications and real estate memberships are important tools
  • Do they have a marketing plan
  • All homes need to put their best foot forward on the internet so professional pictures are essential
  • If you sign-up for a listing with your potential broker what is the term and how long after the expiration are you committed to them
  • Do they use a home stager and can they help you with making sure your home is camera plus visit ready
  • How are appointments made with you to view your home
  • How often do they keep in communication with you about the comments that prospective buyers had about your home.  Also, will they inform you of statistics about the price of homes similar to yours that continue to close after you sign a listing contract.
  • It’s confidence, confidence, confidence!

Information is always useful so, if you have questions about buying or selling a home in Armonk, Bedford, Chappaqua, Harrison, Pleasantville and the surrounding areas call me, cell 914 450 6566Renee S. Stengel Associate Real Estate Broker Houlihan Lawrence 399 Main Street Armonk, NY 10504 Licensed in New York State and the State of Connecticut Platinum, Gold, Silver Award Winner 2009 – 2014 Westchester Magazine Five Star Real Estate Agents Overall Satisfaction Award http://westchesterrealestatetalk.com/

The Cost Of Waiting to Buy A Home

The Cost of Waiting to Buy a Home

The Cost Of Waiting To Buy A Home | Keeping Current Matters

The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. The index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.

NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).

Here is a graph of the income needed to buy a median priced home in the country over the last several years:

Qualifying income | Keeping Current Matters

And the income requirement has accelerated even more dramatically this year as prices have risen:

Qualifications | Keeping Current Matters

Bottom Line

Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing.

Arts & Crafts Gem

22 Davis Drive, Armonk

Westchester County

 

$2,199,000

Property Description For 22 Davis Drive Armonk, NY 10504

Custom Architectural Gem hallmarked by magnificent craftsmanship situated on 8 private acres. The Two Story Atrium Entry features gallery walls with lighting for “Art Lovers.” Pentagon Style windows bring nature home. Grand scale flow compliments and accentuates quality throughout. Each room features clean lines, a modernist feel, perfect for today’s lifestyle. Stone patios flow seamlessly from all entertainment areas, communicating a balance of indoor/outdoor living. Conveniently located within minutes from Downtown Armonk Square, schools and major roadways. Easy commute to NY City.

Amenities 1st Fl Master Bedroom, 1st Floor Bedrm, Cathedral/Vaulted/High Ceiling, Eat in Kitchen, Granite Countertops, Hardwood Floors As Seen, Parking 3+ Cars, Privacy, Security System, Sky Light, Sprinkler Lawn Sys

Listing presented by

Listing courtesy of Houlihan Lawrence Inc.

Schools

Schools For 22 Davis Drive Armonk, NY 10504

High School
BYRAM HILLS HIGH SCHOOL
12 TRIPP LNARMONK, NY 10504-2511914-273-9200
Grades: 9-12Enrollment: 860Students/Teacher: 11

Other Schools Near 22 Davis Drive Armonk, NY 10504

Elementary School
  • COMAN HILL SCHOOL
  • WAMPUS SCHOOL
Middle School
  • H C CRITTENDEN MIDDLE SCHOOL
High School
  • N/A
Private

No Housing Bubble, They Whispered

Most Experts Agree: There is No Housing Bubble

Most Experts Agree: There is No Housing Bubble | Keeping Current Matters

There is no doubt that home prices in the vast majority of housing markets across the country are continuing to increase on a month over month basis. The following map (based on data from the latest CoreLogic pricing report) reveals the appreciation level by state:

One Month Price Change | Keeping Current Matters

These increases in value have caused some to be concerned about a new price bubble forming in residential real estate. Here are quotes from many of the most respected voices in the housing industry regarding the issue:

Nick Timiraos, reporter at the Wall Street Journal:

“Predictions of a new national home price bubble look unfounded for now, according to data.”

Michael Fratantoni, Chief Economist, the Mortgage Bankers Association:

“I don’t really see it as a bubble.”

Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania:

“My view is that we are a long way from another house price bubble.”

Rajeev Dhawan, Director of Economic Forecasting Center at J. Mack Robinson College of Business, Georgia State University:

“To have a bubble, you need to have construction rates higher than the perceived demand, which is what happened in 2003 to 2007. Right now, however, we have the reverse of that.”

Victor Calanog, Chief Economist, Reis:

“The housing market has yet to show evidence of systematic runaway asset price inflation characterized by home prices rising much faster than household income.”

David M. Blitzer, Chairman of the Index Committee for S&P Dow Jones:

“I would describe this as a rebound in home prices, not a bubble and not a reason to be fearful.”

Andrew Nelson, US Chief Economist, Colliers International:

“I don’t think there is a housing bubble.”

George Raitu, Director, Quantitative & Commercial Research, NAR:

“We do not consider the current market conditions to present a bubble.”

Christopher Thornberg, Founding Partner, Beacon Economics:

“The housing market is far from overheated.”

So why have prices been increasing?

Today, there is a gap between supply (number of houses on the market) and demand (the number of buyers looking for a new home). In any market, this would cause values to increase. Here are some experts’ comments on this issue:

Jonathan Smoke, realtor.com Chief Economist:

“So does that mean we’re in a bubble? Nope, that’s just what happens when demand increases faster than supply.”

Robert Bach, Director of Research – Americas, Newmark Grubb Knight Frank:

“I don’t think the housing market is overheated based on demand and supply fundamentals.”

Mark Dotzour, Chief Economist, Real Estate Center, Texas A&M University:

“We are not in a housing bubble. We are in a situation where demand for houses is much higher than supply.”

Calvin Schnure, SVP of Research & Economic Analysis, NAREIT:

“Given all the demand and little supply the residential market is FAR from overheated.”

Bottom Line

Currently, there is an imbalance between supply and demand for housing. This has created a natural increase in values not a bubble in prices.


 

 

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Fair Market Value

15,315 Houses Sold Yesterday! Did Yours?

15,315 Houses Sold Yesterday! Did Yours? | Keeping Current Matters

There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly.

After all 15,315 houses sold yesterday, 15,315 will sell today and 15,315 will sell tomorrow.

15,315!

That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,315 homes sell every day.

The report from NAR also revealed that there is currently only a 4.8 months supply of inventory available for sale, (6 months inventory is considered ‘historically normal’).

This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.

Bottom Line

We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price.