The Federal Reserve released their report on the economy showing some surprising results on homeowner equity.  According to the Federal Reserve owners equity as a share of their total real estate holdings increased from 41.9% to 43.1% in the last quarter.  The Federal Reserve attributes much of this increase to a national rise in home values. Now a 1.2% increase may not sound like much, however that small percentage increase means 2 trillion dollars has been restored to homeowner equity. 
 
The challenge to the overall raising trend in home equity is the number of distress properties in the market, which according to National Association of Realtors made up 1/3^rd of all home sales in the second quarter of 2009.It’s not unusual for distress sale such as short sale or foreclosures to sale for 20% less than comparable homes in the same neighborhood. Since home values are based upon recent home sales in the neighborhood distress sales can drive down the value for the homes around them.  If your thinking of selling a house surrounding by distress properties this may be a consideration in your decision - if your looking to buy however you may be looking at a historic opportunity especially in foreclosures.

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According to total closed sales accumulated by the Westchester-Putnam MLS, the first quarter of 2009 lagged behind 2008 sales by 37%.  Westchester’s single family house market with a decrease of 41% from the first quarter of 2008. Putnam County down 31% from same period last year. 
 
The median sales price in Westchester of $532,000 in the first quarter of 2009 represents a 15% decrease from the $622,500 median posted in 2008 first quarter.  In Putnam County the median sales price of $342,450 is 11% decrease from the $386,500, in the same period of 2008.

For our local area, see following 2009 first quarter sold stats:

Zone 1 consist of Cortlandt, Peekskill, Yorktown, portion of Somers and New Castle. 

Putnam encompasses Carmel, Kent, Southeast, Patterson, Philipstown, and Putnam Valley.

Contact us for all your real estate needs: Myriam@MyriamRamos.com  

It’s March which means that you should begin to think about spring cleaning.  If the thought of doing the dreaded tasks of washing windows, dusting remote areas of your home, cleaning the garage or de-cluttering and organizing is too much to bear, take heart!  There are many, many willing and qualified people out there who will do these things for you!  I keep a list of willing and qualified maintenance experts and cleaning people in a file.  If you need help with your spring cleaning and don’t know who to call, please feel free to call me.  I’ll be happy to introduce you to anyone in my secret file.

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In a tight economy, do-it-yourself home improvements projects not only save money, but may also justify a higher listing price for a soon-to-be home seller.

In the 4-minute video above, Sweat Equity host Amy Matthews talks with NBC’s Matt Lauer about affordable home upgrades that even the least skilled home remodelers can finish on their own.

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It’s time once again to put pencil to paper and create that tired old list of New Year’s Resolutions!  I always use a pencil so that I can go over the list, round about March, and modify if necessary…

I just made my list of resolutions and I have one for you (written in pen, I might add) and it is that;

I will be an available resource to you throughout the coming year.  If you have any questions regarding real estate, tax laws, home maintenance, whatever, please don’t hesitate to call.  I’ll be more than happy to help!

Wishing you - Peace of mind, health for you and yours, prosperity through the year, happiness that abounds, pleasure in all you do, and energy to reach your dreams! 

Happy New Year

“Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, opppse any foe, to assure the survival and success of liberty.”
                                                                                           - John F. Kennedy

On Veterans’ Day, let us acknowledge that, though we do not favor wars or conflict, we truly cherish peace.  And the gift of peace which has been delivered through the efforts and the very lives of so many veterans.

As we go about our day, and deal with our usual minor frustrations and complexities, we will remember that we have the opportunity to live free.  Forever!

Enjoy this important day. And know that our private property rights and quiet enjoyment of them are high on my list of greatest liberties.

Improved VA mortgage options may be a potential benefit to those in financial distress. The President signed the Veterans’ Benefits Improvement Act of 2008, to help veterans refinance their subprime mortgages into more affordable VA guaranteed loans. Veterans with conventional home loans now have new options for refinancing to a VA guaranteed home loan.  The new law allows refinancing for up to 100 percent of the value of the property and increases the maximum loan amount. This option could help veterans that find themselves paying high mortgage rates.  

For more detailed information and guidance…

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