What’s Happening in Prospect Heights?

November 10th, 2011


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Here is the story in Prospect Heights this week:

Prospect Heights

 

 

 

 

Median Price: $764,583, Active Inventory: 5, Days on Market: 122 and the Price per Sqft: $285

This week’s median price is close to the low for the year.

Here is a chart of the Market Action Index for the last year in this neighborhood.  Over 30 is a seller’s market.

Prospect Heights Market Action Index for 2011

Follow this and many other NYC neighborhoods in realtime on my Market Statistics page.

Don’t see what you want? Contact me, and I will post it if I can find it.

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Categories: Brooklyn Real Estate, Days on Market, Home pricing, Inventory, Price Trends, Prospect Heights, Real Time Real Estate data

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The Market This Week in Park Slope and Windsor Terrace

October 11th, 2011


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Here is the latest realtime real estate data for Park Slope and Windsor Terrace.

Park Slope, Brooklyn

 

 

 

 

 

Median Price: $1,173,455, Active Inventory: 21, Days on Market: 100 and the Price per Sqft: $562

Below is a chart of the median days on market in these neighborhoods over the last year.

Days on Market for Park Slope 2011

Follow this and many other NYC neighborhoods on my Realtime Real Estate Blog.

Don’t see what you want?  Contact me or comment and if I can find it, I will post it for you.

 

 

 

Categories: Days on Market, Inventory, Park Slope, Price Trends, Windsor Terrace

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Fannie Mae Loan Limit Reduction Comes Due

September 24th, 2011


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As part of its plan to reduce Fannie Mae’s involvement in the mortgage market  the government is taking the current “high value” loan limit on single family homes from $729,750 to 625,00. After September 30th loans over $625,000 will be a “jumbo” mortgage.

In addition, there have been some changes in the amount of cash reserves required. Whereas currently you have to show two months worth of liquid assets, after September 30, you may need to show 10% of the loan value, generally a larger number.

See the chart below, which gives an idea of what will be required at different interest rate levels.

 

Loan Limit chnages

Categories: Mortgage Guidelines, Real Estate Trends

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The Market This Week In Kensington

September 23rd, 2011


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KensingtonMedian price_Kensington

 

 

 

 

Median price over the last 12 months

 

 

Here is the latest data for Kensington houses on the market:

Median Price: $733,038, Active Inventory: 16, Days on Market: 96 and the Price per Sqft: $410

Follow this and many other NYC neighborhoods on my Market Statistics tab.

Categories: Days on Market, Ditmas Park, Inventory, Kensington, Price Trends, Real Time Real Estate data

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How’s The Market in Park Slope

September 9th, 2011


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Here is the latest real time real estate data for houses in Park Slope.

Park Slope Garden

 

 

 

 

 

 

 

Median Price: $925,000, Active Inventory: 19, Days on Market: 154 and the Price per Sqft: $598.

Below is a  chart that shows the median price over the last year.

Park Slope Median Price

 

 

 

 

 

 

 

 

Follow this and many other NYC neighborhoods on my Market Statistics tab.

If you don’t see the neighborhood or information you want, contact me. If I can find it for you, I will post it.

Categories: Days on Market, Housing Market, Inventory, Park Slope, Price Trends, Real Time Real Estate data

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The Market in Brooklyn Heights and Cobble Hill This Week

September 4th, 2011


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Here are the latest data for houses on the market in Brooklyn Heights and Cobble Hill. Days on market have declined dramatically for brownstones in these neighborhoods over the last year.
Cobble Hill

 

 

 

 

 

Median Price: $2,955,000, Active Inventory: 10, Days on Market: 77 and the Price per Sqft: $804

 

Days on market fell below 100 in April  for the first time in the last year and have since remained below three months.

 

Stay informed. Follow these and many other NYC neighborhoods on my Market Statistics tab.  If you don’t see what you are looking for, contact me and if I can find what you want, I will post it for you.

Categories: Brooklyn Heights, Cobble Hill, Home pricing, Inventory, Real Time Real Estate data

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The market this week in Bay Ridge

August 8th, 2011


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Here is the latest real estate data for Bay Ridge:

Bay Ridge

Median Price: $1,041,269, Active Inventory: 58, Days on Market: 113 and the Price per Sqft: $572

 

 

 

 

 

Here is a chart of the median price in Bay Ridge over the last year.

 

 

 

 

 

Follow realtime market info for this many other NYC neighborhoods on my Market Statistics tab.

Categories: Bay Ridge, Days on Market, Inventory, Price Trends, Real Estate Trends, Real Time Real Estate data

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Mortgage Rates Make New 2011 Lows

August 5th, 2011


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Freddie Mac mortgage rates

Mortgage rates in New York plunged to new 2011 lows this week.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week — the lowest 30-year fixed reading since November 18, 2010.

The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records this week.

Both the 15-year fixed rate mortgage and the 5-year ARM are reporting lower than at any time in recorded history.

Freddie Mac puts those average rates at 3.54% and 3.18%, respectively.

Mortgage rates are dropping for several reasons, including :

  • U.S. economic growth is slower-than-expected
  • The U.S. government plans to curb its spending
  • Global investors seek the safety of U.S.-backed bonds

The first two items are unfavorable for business and, as a result, stock markets have sold off all week. The Dow Jones Industrial Average posted an 8-day losing streak and Thursday it made its biggest one-day loss since 2008.

When equities lose, bonds tend to gain. This leads mortgage rates lower.

Mortgage rates also fell on “safe haven” buying; bond buys made because of their relative safety to risky assets. Mortgage bonds are considered “safe” so when economies and geopolitics are uncertain, mortgage rates improve.

Going forward, there are reasons for mortgage rates to fall again. The economy won’t rebound overnight and neither will investor confidence. However, markets can be fickle and rates have been known to reverse quickly.

With rates as low as they’ve been history, it’s an advantageous time to refinance your home loan, or purchase a new property.

Categories: Mortgage Rates

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The Market This Week In Park Slope

August 4th, 2011


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Here is the latest realtime market data for houses in Park Slope:

Park Slope Architectural Detail

 

 

 

 

Median Price: $1,533,125, Active Inventory: 27, Days on Market: 83 and the Price per Sqft: $559

 

Follow this and many other NYC neighborhoods on my Market Statistics tab.  If you don’t see the information you’re after, contact me (you can comment if you like) and if I can find it, I will post it for you.

Categories: Days on Market, Home Buyers, Home sellers, Inventory, Price Trends, Real Estate Trends, Real Time Real Estate data, Uncategorized

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A Mortgage Rate Strategy For July’s Jobs Report

August 3rd, 2011


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Net new jobs, 3-month rolling average 2000-2011

At 8:30 AM ET Friday, the Bureau of Labor Statistics will release the July 2011 Non-Farm Payrolls report. Mark it in your calendar. If you’ve been watching mortgage rates fall to new all-time lows this week and fear a mortgage rate reversal, Friday could be the day.

The monthly Non-Farm Payrolls data can swing a big stick in mortgage markets.

More commonly called “the jobs report“, Non-Farm Payrolls details the U.S. workforce, providing sector-by-sector analysis of workforce, as well as the national Unemployment Rate.

The jobs report affects mortgage rates because of how important jobs are to the U.S. economy.

When there are more working Americans:

  1. There’s more consumer spending, a boost to businesses
  2. There’s more tax collection, a boost to governments
  3. There’s more personal savings, a boost to households

In July, analysts anticipate 85,000 new jobs created. This would be a 4-fold increase from June’s 18,000 figure.

The Unemployment Rate is expected to remain unchanged at 9.2%.

For rate shoppers and home buyers in New York , these Wall Street expectations can be as important as the actual data itself. Right now, traders placing bets, expecting 85,000 new jobs in July. If the final tally is more than 85,000, traders will load up on equities at the expense of bonds. This is because job growth is good for the economy.

When bonds sell off, rates rise.

Conversely, if jobs growth is less than 85,000, mortgage rates should drop.

Mortgage rates are near all-time lows this morning. By Friday, they could rise. The safe move is to lock your rate today. Rates may fall when the jobs report is released, but there’s much more room for rates to rise.

Categories: The Economy

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