In May 2009, the Federal Reserve's purchases of MBS peaked at an average of $25 Billion per week. As of November, the average weekly purchases dropped down to $14 Billion. At the end of November, the Fed had already used over 80% of the allocated funds for MBS, meaning less than 20% remained to be used over four months.
Sunday, December 20, 2009
What You Need to Know as a Buyer in 2010!
In May 2009, the Federal Reserve's purchases of MBS peaked at an average of $25 Billion per week. As of November, the average weekly purchases dropped down to $14 Billion. At the end of November, the Fed had already used over 80% of the allocated funds for MBS, meaning less than 20% remained to be used over four months.
Friday, December 18, 2009
Tuesday, November 10, 2009
Thursday, November 5, 2009
Tax Credit Extension Has Passed The Senate & House!
Today, the U.S. Senate and House of Representatives passed an unemployment insurance bill, which includes an amendment that expands and extends the homebuyer tax credit. That bill will be sent to President Obama for his signature in the next day or so.
The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
Thursday, August 27, 2009
Market Update
In these tumultuous economic times, every sector of the real estate market is hurting. The one hardest hit by the economy remains the high-end market. The biggest change we are now seeing is the sharp decline in the rate of high-end home sales. Homes priced in excess of $1 million have seen a 70% decrease in sales throughout Westchester County.
According to statistics and the fact that in Armonk alone we have a little over 2 years worth of inventory, makes it a buyer’s market. The buyers with the most bargaining power are the high-end buyers. With less competition and more inventories to choose from, buyers in this price range feel empowered (I believe the majority of buyers regardless of price point feel this way). The result of this is the reason we are seeing sharp price reductions in the high-end market, and at times buyers offering anywhere from 20 - 40% below ask. The bottom line is we are seeing deals being contracted at 2002/03 price levels. A pragmatist would say that as more homes pass title and sale prices are recorded at these new levels, agents will be able to use these market comps to properly advise sellers with supporting statistics to reduce existing prices. One drastic difference in today’s market is that a comp from 6 months ago is already too old……….we are in a fluid market. There are many factors that can help stabilize the market but one of the most important is how sellers react to current statistics and the expertise provided by professionals.
DEALS DEALS DEALS
Every buyer is interested in value. Below are homes currently on the market that in my professional opinion, offer good value. Contact me at 914.806.6981 to discuss these properties in more detail and many more properties that may be of interest you. All properties below are Armonk schools (Bryam Hills).
1. MLS #2931756 - If you are looking for Value and Move In Condition you have found your home. With close to 4000 sq.ft. this post modern home that lives like a colonial is nestled on more than an acre of land. This pristine property has 4 spacious bedrooms and 2.1 baths and is located on a quiet cul-de-sac. Come see the value for yourself. - $1,350,000
2. MLS #2930519 - Be apart of Windmill. 6,000 sq.ft. colonial on over 2 acres of rare flat land. Spacious 5 bedroom home with 4.2 baths and in walking distance to the beach. Don't miss this! - $1,699,000
2. MLS #2927209 - Your castle awaits you. Boasting 10,000 sq.ft., 5 bedrooms, 7 bathrooms and over 7 acres. Short Sale, great price at $2,890,000. Must See!
3. MLS #2917994 – Detached single family home w/ 3 bedrooms in desirable gated community with pools, tennis, and clubhouse, built in 2001, over 3000 sq.ft. - $1,149,500 “very negotiable”
6. MLS #2909477 – 5 bedroom brick colonial located in the exclusive Thomas Wright development. Built in 1999 the home sits on over 3 acres and boasts over 5000 sq.ft. - $2,350,000 “very negotiable”