Real Estate New York
Market Update May 2009
Refinancing Activity Declines Sharply
While mortgage rates continue to fall mortgage refinancing applications decreased significantly last week compared to the previous week, declining 18.1 percent to 960.6 on a seasonally adjusted basis from 1,172.2, according to the Mortgage Bankers Association weekly index.
On an unadjusted basis, the index decreased 17.4 percent compared with the previous week, while increasing 62.7 percent compared with the same week a year ago.
Most of the decline was in the refinance share of mortgage activity with the refinance index decreasing 21.9 percent, while the purchase index went down only 0.6 percent.
Mortgage rates were down compared to the previous week:
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30-year fixed-rate mortgages decreased to 4.62 percent from 4.73 percent;
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15-year fixed-rate mortgages decreased to 4.45 percent from 4.46 percent;
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1-year ARMs increased to 6.23 percent from 6.19 percent.
The implication is that home owners may again be considering moving up instead of staying put with a refinanced loan.
Source: Mortgage Bankers Association (04/29/2009)
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Capital Region Housing Fair Saturday May 2nd
The popular home owner resource will once again be presented at the
Albany Public Library Main Branch,
161 Washington Ave. from 10:00 AM to 2:00 PM
Here you will be provided with resources to buy a home, fix a home or even save a home.
Seminars for homeowners and home buyers:
Down Payment Assistance Programs: IDA Matched Savings & Other Grants.
10:30 AM - Small Auditorium
Mortgages: Qualifying for a Loan in Today's Market: Mortgages & PMI.
11:30 AM - 2nd Floor Mtg Room
How to Increase Your Credit Score : Credit Score Explanation & Repair .
12:30 PM - Small Auditorium
How to Save Your Home: Foreclosure Prevention.
10:30 AM - 2nd Floor Mtg Room
Making Home Affordable: Obama Plan for Homeowners with FannieMae.
11:30 AM - Small Auditorium
How to Hire a Contractor & Repair Programs
12:30 PM - 2nd Floor Mtg Room
There will also be free legal, mortgage, and credit consultations
Read more: http://www.ahphome.org/exhibitors.htm
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Garden Education Day Saturday May 16
The Master Gardeners Volunteers of the Albany County Cornell Cooperative Extension is offering its Garden Education Day Saturday, May 16th from 9:00 AM to 1:00 PM at 24 Martin Road, Voorheesville, NY 518-765-3500
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Free Educational Demonstrations |
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Free Soil PH Test |
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Free Garden Tour |
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White Elephant Sale |
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Home Baked Goods |
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Refreshments |
Click to download .pdf flyer including map
Architectural Coach: Everything Old is New Again
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Architectural styles that have withstood the test of time continue to appeal to home buyers, as they discover that a piece of history can add some extra charm to even a newer home.
Not all home owners want a house filled with antique floorboards, small-paned windows, and period molding. These features may be difficult to find, expensive, and time consuming to maintain.
Some owners, instead, prefer new homes with newer components for easier care and energy efficiency, yet they still want their houses to look "old" on the exterior for the nostalgic charm and quality that cedar shingles, narrow clapboards, wide pine doors, and deep porches convey.
Architect and author Sarah Susanka, whose latest book is Not So Big Remodeling ( Taunton Press, 2009), says that whether home owners build new or remodel, what they're looking for in the older character, materials, and detailing is a feeling of substance and permanence.
Here are some ways the "new" is borrowing from the "old" in home design today.
1. Staying true to architecture. At Serenbe, in the town of Chatahoochee Hill Country, Ga., developer Steve Nygren's mixed-use, sustainable community features 900 bucolic acres that include room for hundreds of houses based primarily on Queen Anne, Greek Revival, Italianate, and other popular Southern styles, though some have a more contemporary spirit.
2. Made to fit. The best designed old houses fit their site, unlike many McMansions that overwhelm their small lots, says Greg Georgis of Cody Design Group Architects, with offices in Rockford and Naperville, Ill. “I find it very jarring when the scale of a house is too big for its site,” he says.
3. Extra Details. Cunnane Group in Charlotte has constructed 25 houses—with 145 more to come soon—that do not exactly replicate historic designs. Yet the overall impression is of picturesque Victorian and farm houses because the builder incorporated the right proportions, materials, peaked roof lines, shutters, and welcoming front porches. And because cars weren't part of the streetscape in centuries past, the garages here are concealed in alleys behind houses rather than front loaded.
4. Bold with color. Architect Stephen L. Reilly of SLR Architecture in Newton, Mass., also prefers historic paint colors from companies like Benjamin Moore that have developed a period palette so you can find the perfect historic hue of red, blues, tans, and more. Many of the selections are offered in paints with little to no VOC.
5. Walkable design. Many home owners also like that older houses in mature communities tended to be walkable, with the ability to easily walk to neighbors' homes, village greens, and downtowns.
Read more from Barbara Ballinger of the National Association of Realtors
Governor Paterson Taking Steps to Relieve Property Tax
Gov. David A. Paterson has taken a first step towards providing meaningful property tax relief for our state's homeowners. His executive order will require state agencies to detail the fiscal impact of proposed legislation, require that this statement accompany legislation sent to the Legislature, and require agency review of existing regulations to determine potential ways to reduce the fiscal impact of existing mandates on local governments by December 1, 2009.
New York's Realtors call upon the members of the state Legislature to follow the governor's example by enacting structural reforms to the tax system that will foster tax savings to property owners. The cost of unfunded state mandates forced on local governments falls directly on the backs of homeowners, many of whom are already struggling to make ends meet. Every step the state takes toward lower homeownership taxes is a step toward increasing the state's quality of life and economic vitality.
Buying New Construction from Builder
New home buyers don't want a used house when only new will do. They don't want to inherit somebody else's worn carpeting, personal taste in kitchen appliances or look at some kid's initials scrawled into once-wet cement that they didn't put there. The home must be brand spankin' new, fresh and clean without so much as a finger print on the walls.
If this describes you, and you have always fantasized about buying a brand new home of your dreams, here are a few tips that can help you to protect yourself -- to make the process a pleasant experience.
1. Hire Your Own Agent The builder's sales agents are paid to represent the builder, regardless of what they may tell you. Many will use high pressure tactics to persuade you to sign the contract. Due to the high volume nature of brand new home sales, lots of builder's agents are paid less than a traditional commission; some earn a salary plus incentives, so turnover is important to their livelihood.
Hire a Buyer's Agent to represent you. Most of the time, your agent will be paid by the seller, but sometimes the responsibility for the agent's fee is open for discussion. Even if you have to directly pay your agent, you can probably add that fee to the sales price, and it would be worth it because a good negotiating buyer's agent can save you thousands more than the commission.
Your own agent will represent you, be your fiduciary and is required to disclose the positives as well as the negatives about the transaction. Builder's agents don't discuss drawbacks.
If your contract contains a contingency to sell your existing home before buying, again, hire your own seller's agent to list your home. Be aware that buying before selling is not always in your best interest because hard bargaining goes out the window when you've emotionally moved out of your home.
2. Don't Automatically Use the Builder's Lender Builders often prefer their own lender because the builder will be kept fully informed of your personal progress; it's one-stop shopping for a builder. But a builder's lender might not offer you the best deal. Moreover, the builder may own the lending company.
3. Obtain Legal Advice Before Buying a Brand New Home Before you sign a purchase contract , talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don't necessarily contain language that protects the buyer.
4. Verify Option and Upgrade Pricing Determine which options and upgrades you want. Bear in mind that for many builders, the profit margin is highest in upgrades. Some builders can sell a home for almost bare construction cost because they make the bulk of their profit in the upgrades.
read more about Buying New Construction from Builder. by Elizabeth Weintraub
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Consumer Confidence JUMPS in April
As Wall Street rallied and economic stimulus projects began to take shape, confidence among American consumers jumped in April.
The Conference Board's Consumer Confidence Index now stands at 39.2. That's up from 26.9 in March, representing the largest jump since last summer.
The Present Situation Index increased from 21.9 to 23.7. The Expectations Index rose from 30.2 to 49.5.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The baseline reading of 100 was set when surveying began in 1985.
Consumers' short-term outlook improved significantly in April. Those anticipating business conditions will worsen over the next six months declined from 37.8 percent to 25.3 percent, while those expecting conditions to improve increased from 9.6 percent to 15.6 percent.
The employment outlook also was considerably less pessimistic in April. The percentage of consumers anticipating fewer jobs in the months ahead decreased from 41.6 percent to 33.6 percent, while those expecting more jobs increased from 7.3 percent to 13.9 percent.
The Conference Board is a New York-based nonprofit that makes economic forecasts and assesses trends in the global marketplace.
Continued from The Business Review
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Senate Defeats Mortgage ‘Cram-Down'
The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the measure would lead to higher loan costs.
The “cram-down” provision, amending a housing bill, won 45 votes today, with 12 Democrats among 51 opponents. The measure needed 60 votes to pass. The House passed its version 234-191 on March 5.
“These bankers who brought us into this crisis are literally shunning and stiff-arming the people who are facing foreclosure,” said Senator Richard Durbin of Illinois, sponsor of the legislation and the Senate's second-ranking Democrat.
The defeat is a setback for the Obama administration, which included cram-down in the anti-foreclosure plan aiming to help 9 million homeowners. The mortgage industry has twice succeeded in helping to kill the bankruptcy proposal since Durbin introduced the legislation in 2007. The second-ranking Democrat said “this is not the last time” he will raise the issue.
Democrats led by Durbin had negotiated with JPMorgan Chase & Co. , Wells Fargo & Co. , Bank of America Corp. , the American Bankers Association and Financial Services Roundtable on a compromise. Durbin said the lenders that objected during talks are “surviving today because of taxpayers' dollars.” The three banks Durbin identified received $95 billion in U.S. aid.
Read more from Margaret Chadbourn of Bloomberg.com
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Mortgage Rates and Trends
The link to up to the minute New York State mortgage information seems to work better than presenting the actual graph.
Click for up to the minute mortgage rate information
Buyers' versus Sellers' Market Report
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The graph above shows the number of sales in a given month divided by the number of homes on the market in the four main counties of the Capital Region. After a brief dip into seller territory in July the market has once again returned to favor buyers though not nearly as strongly as last month.
April's sales figures show a continued reversal of direction towards a neutral or seller's market after touching into uncharted buyer territory in February.
*This ratio can be used to determine whether we are in a buyers' or sellers' market as indicated in Dennis Maier's article on Market Timing featured in eZine Real Estate. In general, if it would (theoretically) take less than 6 1/2 months to sell the current inventory it's a sellers' market. If it would take more than 9 months to sell all the homes on the market it's a buyers' market.
Market Statistics as of May 1, 2009
Average Sale & List Prices for Albany, Schenectady, Rensselaer, Saratoga Counties
The average list and sale prices for the month of April 2009 show a typical rebound as the spring buying season gets underway followed by a decline as seen in 2008. Both the list prices and sale prices remain below levels seen in past years.
However, the average asking price to sale price has risen from 96.17% in MArch to
97.17%
for April. The number of sales at 371 is also up.
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Mortgage Rates and Trends
The link to up to the minute New York State mortgage information seems to work better than presenting the actual graph.
Click for up to the minute mortgage rate information
How to Feng Shui Your Bedroom
The ancient Chinese method of Feng Shui helps us to balance our homes and create happier, more successful lives, room by room. We often turn our attention to the bedroom, the sanctuary where we can rest and recharge.It's easy to “map” your bedroom according to Feng Shui principles so you can create more harmony in the bedroom.
XXXXDraw your bedroom
1. Draw a roughly square outline of your bedroom on a piece of paper. The wall that has the primary entrance to your room in it should be the bottom line of the square.
2. Divide the square into nine equal squares , three rows of 3 squares each.
3. Start with the lowest row of squares , that describes the areas when you first walk into your bedroom. The far left corner of the room when you first enter is the area of Knowledge. The center square relates to Career, and the right-hand square is Helpful People/Travel.
4. Now look at the central row of squares , that describes the middle of your bedroom. The far left square relates to Family/Health. The central square is the Tao, or Center, and the right-hand square is Creativity/Children.
5. Look at the top row of squares . The far left square relates to Wealth, the central square to Fame/Reputation, and the far right square to Relationships/Romance.
Your layout should look something like this:
Wealth-Fame/Reputation-Relationships/Romance
Family/Health-Tao-Creativity/Children
Knowledge-Career-Helpful People/Travel
6. Place objects that will work best for each area of your room, helping you to attract more of what you need.
Knowledge: Bookcase, books, tools for self-development
Career: Mirrors or water-related items, images to support your career goals
Helpful People/Travel: Pictures of your helpers
Family/Health: Family photos, heirlooms, plants
Creativity/Children: Art supplies, artwork, computer
Wealth: Money, jewelry, fish, fountains, anything red, purple or gold
Fame/Reputation: Candles, awards, plants, anything red, orange or purple
Relationships/Romance: Round or oval mirrors, anything pink, pictures of loved ones, paired objects (like two candlesticks or two crystals)
7. Choose the right colors to use. Color is a very important part of feng shui. It is one of the easiest ways to shift the energy in your space with Feng Shui. It represents Ying and Yang. Each color is an expression of one of the Five Feng Shui Elements: Fire, Earth, Metal, Water, and Wood. The elements are used in specific areas according to the feng shui energy map of your space, or Bagua. Choose the Feng Shui colors according to the energy you need and bring them into your space with the wall color, art, photography, or various decor items. Color is like music, nourishing and uplifting, and the more colors you harmoniously absorb throughout the day, the higher your sense of well-being is. Do not be afraid to bring vibrant colors into your space as color is light, and light is our number one nutrient.
8. Include fire - passion and high energy.
A balanced Feng Shui Fire element in your space will bring a supporting energy in all your career efforts and will help you achieve recognition. Fire is the energy of the South Fire energy is also recommended in the Northeast and Southwest feng shui areas of your space.
Feng Shui fire element colors are: Red, Orange, Purple, Pink, Strong Yellow
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