July 13, 2016 rummy

WHITE PLAINS—Prospective homebuyers who were out in force during the first several months of 2016 came to the closing table during the second quarter to post a five-year high of transactions. Realtors in the four-county area comprising the Hudson Gateway Multiple Listing Service, a subsidiary of the Hudson Gateway Association of Realtors, reported 4,526 closings of single-family houses, condominiums, cooperatives and 2-4 family houses, an increase of 23% over the 3,669 closings reported in the second quarter of last year. The powerful second quarter results continued the strong recovery in this region that commenced in 2011. The increases were largely…

July 11, 2016 rummy

As a seller, you will be most concerned with the ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not with price but instead with the ‘long term cost’ of the home. Many economists have pointed to Brexit (Britain’s exit from the European Union) as a reason that interest rates will remain low for the next few months. But Trulia’s Chief Economist Ralph McLaughlin warns that this will not always be the case in a recent post: “While the departure of the UK from the European Union has…

July 6, 2016 rummy

Some Highlights: Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million. Inventory remains below the 6-month norm and prices are still on the rise. Interest rates are at a historic low of 3.48%.   www.NYREEX.com    

June 24, 2016 rummy

  Yesterday, we reported that according to CoreLogic’s latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year. A study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position. The study also…

May 2, 2016 rummy

  A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the…

April 29, 2016 rummy

Some Highlights: 2015 marks the first year-over-year increase in investment home sales since 2011. 62% of all investment homes purchased were single family homes. The South saw the highest percentage of investment home sales (39%) with the West coming in second (28%). www.NYREEX.com    

April 22, 2016 rummy

  Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank. The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market. And the challenge is…

April 20, 2016 rummy

The housing market is really heating up and buyer demand is dramatically increasing as we enter the spring season. However, one challenge to the current market is a major shortage of inventory. Below are a few comments made in the last month by industry experts. Lawrence Yun, Chief Economist of NAR “Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.” Jonathan Smoke, Chief Economist of Realtor.com “Low inventories and tight…

April 19, 2016 rummy

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide! Other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation. Some markets may tip in favor of…

April 13, 2016 rummy

  Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained: “Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.” Boland went on to say:…