• A compilation of timely information regarding matters of interest to homeowners, buyers and sellers of real estate in Dobbs Ferry, the Rivertowns and the Westchester County, NY area in general.

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Mortgage Rates Are Lowest In 60 Years

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In what can only be described as a continuous decline, mortgage rates have reached the lowest point in 60 years, dropping to a record of 3.49% for a fixed rate product.
The real problem now, is not how small your monthly mortgage payment will be these days, but what it actually takes to qualify for one of these rates to begin with. Typically, lenders will require a truly blemish free credit history, FICO scores well over 700, significant cash reserves and a perfect appraisal on any property you are considering buying.
While some would laud the banks for tightening the very same mortgage guidelines that helped to cause the housing crisis in the first place, financial institutions also seem to be understandably concerned about the future profitability of themselves and whomever they are selling their mortgages to. Who wouldn’t want to limit the pool of borrowers by any means possible, to as few people as possible, when the prospect of loaning money out, over 15 – 30 years, becomes a losing proposition once bank savings rates go above 3.49%. Some of us are old enough to remember when a passbook savings rate was over 6%. Common sense would say that this will happen again, sometime in the next 15 – 30 years. What bank or investor wants to be stuck with a borrower paying only 3.49% then? Read more at:
http://www.usatoday.com/money/economy/housing/story/2012-07-26/home-sales-mortgages/56499092/1

Great Value in Hastings-on-Hudson. Open House Sun. 1 – 3

218 Farragut Avenue, Hastings-on-Hudson NY

Click The Photo For A Link To The Full Listing Or http://www.postlets.com/res/7922850

10 Projects To Improve Your Home In Less Than A Weekend

Utilize Closet Space

From Stylelist.com: “This weekend, catch up on some of those lingering home fix ups and upgrades that you’ve been meaning to get to for a while. From simple updates such as changing out light switch covers to more ambitious projects like installing a sliding door, here are 10 DIY ideas that are certain to get your home into better shape and put you in a better mood…all in a weekend (or less). Click through our slideshow below for full tutorials for each project.”
http://www.stylelist.com/2012/01/13/diy-ideas-projects_n_1204779.html?ref=stylelist-home&ncid=edlinkusaolp00000008#s612124&title=Install_A_Sliding

Vacation Living In Dobbs Ferry For Less Than $300,000 Open House Sunday 1PM – 3PM

 

100 Cedar, Dobbs Ferry Unit #A30
Click On The Image To Link To The Full Listing

The Housing Bust Is Over


According to the Wall Street Journal: “The housing market has turned—at last.The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing, according to David Wessel on The News Hub. Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006″.
Read the full article at the Wall Street Journal webpage: http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html

A Failing Septic Can Ruin Your Home Sale

Although sewage treatment is not a topic everyone wants to think about, I was recently involved in a residential sale in which the home had a septic system that was in failure, discovered only during the home inspection process, prior to contract signing. An impartial septic inspection, as opposed to one from a septic contractor (who is also looking for work), is an absolute requirement for anyone buying a house with these types of systems.
On-site septic systems in the Rivertowns are rarer than one might expect, especially for an area that was once considered semi-rural, but they do exist and are more common as one moves farther north in the county. A septic system will go into failure if the tank is not pumped routinely over time and the fields become saturated as a result. Ponding of water near the system is not a good sign. In the case of this particular home, the ground was perpetually and noticeably wet. The owner should have recognized the signs. The replacement costs for a septic system hover in the $30,000 range and require significant soil replacement and property disruption, usually of your now perfect lawn, as well as removal of any nearby trees and shrubs. It is required however if there is no easy street access to a newer, sanitary sewer line. This can all be avoided with a routine pump out of the system every few years, with a typical cost of only $400.
Because of the possibly expensive repair required due to the lack of what was easy maintenance, my clients, who really liked the house otherwise, were able to negotiate a substantial price reduction to reflect the future work required. The property owners were essentially held hostage to the overly exorbitant estimates by some of the contractors.
A few points of interest, for those still reading this post, from the company that performed the initial septic inspection: http://advseptic.com/oursepticinspection.html

Fireworks Over The Hudson

Fireworks Over The Hudson

UPDATED POST LINK FOR 2018
I’ll admit it. The 4th of July is my favorite holiday of the year. For me it is the official beginning of summer. As a kid growing up in Dobbs Ferry, it was always de rigueur to go down to Waterfront Park, just as it was getting dark, to watch the fireworks. The acoustics of that park are somewhat unique in that when the “bombs are bursting in air” it echoes throughout the steep hills of the village, perhaps off the High Street retaining walls and it sounded like all the metal garbage cans that everybody used to have, were rolling down Main Street all at the same time. We don’t seem to have too many metal cans anymore, but the sounds remain the same. It’s great and aside from the Ferry Festa which also introduces non-residents to Dobbs Ferry, it is a wonderful coming together of the entire village all in one place, for perhaps the only time during the year.
I was always a little envious though, of all the boats bobbing out on the Hudson, watching the fireworks from their own private viewing platforms, with their twinkling green and red navigation lights and their clinking wine glasses. Where did they all come from and where do they all go? Now, every year, some 40 years later, while others escape to the supposedly more glamorous Hamptons or the certainly more rustic Adirondacks for July 4th, you will always find me bobbing out on my own private, floating, viewing platform, enjoying the spectacle of my own village, with all the other dedicated lovers of Dobbs Ferry, to celebrate the birth of this nation and the coming, relaxing times of summer.
A brief rundown of some of the other great fireworks celebrations in the Rivertowns is as follows: To my knowledge, only Irvington actually requires residency passes to view fireworks from its parks; an always odd rule for such an important national holiday, celebrating freedom.
For more information on any 4th of July evening events, contact your local village police department.

Dobbs Ferry: Waterfront Park at dusk. Village Police 914-693-5500

Irvington: Matthiessen Park at dusk. Village Police 914-591-8080

Sleepy Hollow/Tarrytown: Scenic Hudson RiverWalk Park and Sleepy Hollow along the riverfront at dusk. Village Police 914-631-5544 or 914-631-0800

View An Updated Version Of this Post For 2018 At: 4th Of July Fireworks In The Rivertowns For 2018

 

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