Posts Tagged home buying


Love at First Sight?

0 Comments By Elizabeth Nunan on February 3rd, 2011
Tags: , , ,      Categories: Market Conditions

Love at first sight e1296743970188 Love at First Sight?With romance in the air this February, Nick Churton of Mayfair International Realty, the London based affiliate of Houlihan Lawrence, takes a loving look at how we can often fall head over heels with…a home.

February is the month of St. Valentine and it is worth remembering that it is not just people that can become the love of our lives. We can also fall under the spell of property.

Often it seems that people don’t really decide on a home. Instead homes seem to decide on people. Some homes just grab hold of buyers and make them fall in love immediately. Others flirt and intrigue but then take their time before revealing all their charms – slowly they become more comfortable, dependable and familiar until the owner’s heart is quit lost.

Do people really fall in love with their home? Of course they do. History and literature is full of stories about how a home became an important and even beloved part of someone’s life and even their soul. For many it was love at first sight.

For so many owners their home does far more than provide a shelter against heat, cold, rain, robbers and the nosey. It is their sanctuary and their muse, a place that inspires, nurtures and restores and where they can be most at peace with themselves. Perhaps that is why so many artists and other creative people care so much about where they live.

So if you are on the hunt for a new home this spring, whether it is a tiny apartment or the grandest of houses, listen to the voice of reason certainly, but also listen to your heartstrings. Love for a home is seldom unrequited. Love it and it will love you right back. And falling in love with a home can sometimes even be safer than falling in love with a person. At least your home doesn’t complain when you bring all your friends back unexpectedly!

5 Most Common Questions Asked by Buyers

0 Comments By Gay Prizio on October 26th, 2010
Tags: , , , , ,      Categories: Buying, Dutchess, Market Area, Market Conditions, Putnam, Westchester
  1. Where can I find information about the school district?
  2. Is now a good time to buy?
  3. Does this town offer recreation, entertainment, cultural activities, senior programs?
  4. What are some other comparable sales in the neighborhood
  5. How long will it take to me to get to Grand Central? 

Closing Costs for New York State

0 Comments By Gay Prizio on August 30th, 2010
Tags: , ,      Categories: Buying, Dutchess, Market Area, Putnam, title insurance, Westchester

 The Wall Street Journal recently reported that New York state has among the highest closing costs in the country. Real Estate Settlement Procedures Act (RESPA) calls for the Good Faith Estimate of closing costs to be accurate and avoid higher, unanticipated costs at closing.

This is good news for the buyer. 

Thoroughbred Title Services, LLC, and affiliate of Houlihan Lawrence, recently announced more good news for the home buyer. Namely that Thoroughbred’s title insurance rates are 10% lower than the industry standard. 

Title insurance is a one-time purchase at closing that protects new home buyers from financial loss on a property that might occur as a result of previous faults on a deed such as liens, clerical errors, misrepresentation, etc.  Typically, a buyer’s real estate attorney arranges for title insurance and uses vendors with whom they have a long-standing relationship. Premiums are calculated based on the purchase price and mortgage amount of the home and rates are comparable regardless of insurer, meaning the homebuyer does not have the ability to shop for competitive rates. 

Homebuyers typically glaze over the cost of title insurance. But they are starting to pay attention now that there is the opportunity to save money. For example, a person buying an $800,000 home with a $600,000 mortgage would be charged a total of $4,291 for title insurance and related research services by Thoroughbred Title, about $1,000 below the typical cost from competitors.   

Houlihan Lawrence is proud to be affiliated with a company that pro-actively offers our clients a cost savings without a compromise in quality or coverage.  It aligns with Houlihan Lawrence’s mission to make the real estate process transparent, simple and embedded with value in every facet of the home buying experience.

Making The Connection

0 Comments By Gay Prizio on June 8th, 2010
Tags: , ,      Categories: Buying, Westchester

A Manhattan real estate agent recently commented that she felt like she was selling commercial real estate, not residential, because her buyers were so dispassionate and detached in the purchase of their future home. 

Purchasing a home has long been about buyers making an emotional connection. The recent downturn has forced buyers to use their head rather than their heart when considering a new home. Crunching numbers has replaced “falling in love” and math trumps sentiment.  

home sweet home 150x150 Making The ConnectionAnecdotally we have seen some buyers making that important connection with a home and using both heart and head to make a decision. Such was the case with a recent home for sale in Westchester. The listing was aggressively priced and several builders loved the land, but they thought the house was a good “teardown” and could yield a decent profit.

The sellers, who have lived in their home for many decades, were adamant their charming home be sold to a family who would cherish it as much as they have. They rejected a builder’s as-is asking price offer.  

Two competing offers surfaced from families who wrote to the buyers, accompanied by family photos, pledging their love and affection for the home – and both gave over asking price offers. The family that ultimately purchased the home are thrilled, and acknowledge that the the attachment they made drove their heart as well as their head when it came to buying this home. 

Do you think that emotions should enter into residential real estate decisions?

Historically Low Mortgage Rates Fuel Demand

1 Comment By Mark Logue on June 1st, 2010
Tags: , , ,      Categories: Buying, Credit, Market Conditions

It is the beginning of June and I am absolutely amazed that we are still looking at historically low mortgage rates. national average contarct mortgage rate 26 150x150 Historically Low Mortgage Rates Fuel DemandSince January, I have been predicting higher interest rates by the middle of the 2010. What has happened is the average 30-year mortgage rates fell to 4.8% last week from 4.83% the previous week, according to the Mortgage Bankers Association.

Like everyone else, I was bracing for higher interest rates once the Federal Reserve ended its $1.25 trillion in purchases of mortgage-backed securities at the end of March.

Now with fears growing about Greece’s debt woes and whether excessive state borrowing will come to a head in Portugal, Spain, Ireland (the home of yours truly) and even the UK, we are looking at shaky global stock markets,  causing a “flight to quality” in the U.S bond market. The U.S. home buyer is reaping the benefits of  global economic uncertainty and the European debt crisis through amazingly low mortgage rates tied closely to the U.S. treasuries.

LOCK OR FLOAT?

Mortgage rates are at their best levels of the year. Consumer borrowing costs are at the mercy of the stock market right now. If investors continue to have a dim outlook on the global economy, stocks will move lower and mortgage rates will move lower by another 1/8 to 1/4 %. This only occurs if lenders decide to pass on the savings (maybe not with volume at these high levels). On the other hand, if stocks move upward, we will see Treasuries rise and consumer rates will climb. 

Remember, mortgage rates ALWAYS rise faster than they fall. With that in mind, I think that it will take something really bad (yet again) to get these rates to the 4.5% level on conforming loans. I am advising my clients to take advantage of these attractive interest rates and lock in today.

Westchester Real Estate Snapshot

0 Comments By Gay Prizio on May 7th, 2010
Tags: , , ,      Categories: Buying, Market Conditions, Westchester

Certain areas in New York’s Southern Westchester County are having an eventful spring market. Pent up demand and realistic pricing is driving buyers in areas like Larchmont and Scarsdale.

Homes in Larchmont, New York, whose sweet spot is around the $1 million mark, have low inventory and lots of buyers. Multiple offers on the same property are not out of the ordinary, but accepted offers have been within the range of list price. Yes there was the feeling of exuberance in the Larchmont area, but the buyer’s desire for value prevailed.

In the few instances where multiple buyers have bid up the price significantly, often times the deal falls through. One hypothesis is that the excitement of having “won” the home over other buyers is tempered when the buyer tells friends and colleagues they purchased a home over asking price.  Instead of congratulations, their quizzical response makes the buyer question their actions. Remorse kicks in and the buyer withdraws his over asking price bid.

Houlihan Lawrence’s Scarsdale, New York real estate market remains active within all price ranges from the mid $700s to multi-million dollar properties. New listings are consistently coming to market and deals are being made with equal vigor.  As with Larchmont real estate, well priced homes in Scarsdale have multiple bids, and occasionally go over asking.

The past 4 months have provided substantive data and sufficient volume affirming that the market has indeed re-set at prices anywhere from 20 to 30% below the peak, even in the desirable towns of Larchmont and Scarsdale. See both the Scarsdale Market Report and the Larchmont Market Report for a detailed view of the real estate market. Visit the Houlihan Lawrence website for Market Reports of home sales in other market areas.