Current Mortgage Lending Rates 12/17/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/17/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.375%
Jumbo 15 Year Fixed rate is 4.625%

Brownie Respones 2009

I always get a kick out of some of your responses after you open your mailboxes during Brownie Season. Here are some of your messages. If you are not on the brownie list, all you have to do is buy or sell your house with me, or send me a viable referral!!!

Linda, We got them safe and sound. They are tremendous. Thanks so much. XOXOX

I love u!!

Please don’t tell my husband, I don’t feel like sharing!

Would you believe me if I said we didn’t get them – so you have to deliver them again!

I love the ”brownie“ time of the year!

Thank you again. They are such a treat!!!!!

Your brownies are an instant portal to Nirvana. Thank you! I look forward to them every year. I'm afraid to admit that I've never introduced them to my husband or daughter.


Thank you so much for the delicious brownies. It is something we certainly look forward to.

thank you, I guess the diet is deferred until forever!!!

Oh No!!! we are in the city this weekend and my parents are at the house! If my dad gets a hold of those I will never see them. OK, I will have to get my mom to grab them before he does.

Thanks!

Thanks so much. I can't wait to taste them. Happy Holidays.

XO

Awesome! Had last night. Thank you!

Thank you so much for the brownies, they are amazing! Absolutely the best

Wow - we made it on to your Brownie list!

Thanks so much! Doug and I split a small one tonight and they definitely live up to their reputation! We look forward to eating more (and might share with the kids).

Perfect timing!! Thank you so much!

We want to thank you so much for the delicious brownies! As always, they are so yummy... The kids have been fighting over them and quite frankly, I'm surprised there are any left (only two!). You are so sweet and thoughtful...

Thanks so much!!!

You the best! David is away this week, so you know they'll be gone by Friday.

Too late. Should have warned me. Kids found it !!! Xo

Forgot to check my email since I got home and just saw this. Ran outside to get the brownies in my slippers and already ate one.
Thanks we love getting them every year.

Amazing!! Thank you so much, we are eating them right now and loving them! Hope you are having a wonderful holiday season.
Yeah!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Thank you!!!!

THANK YOU! Thank you ! Thank you! You are so kind to remember us each year.

Thank you once again. You have not lost your touch!!

Thank you so much Linda for continuing the tradition - we all enjoy and appreciate the tasty delicious treat!

got them! Thanks!! The kids will be so psyched!
xo

Thanks Linda! My girls will be soooo excited! Happy Holidays!

They are so fudgey, truly yummy!

Already had one...SO YUMMY!
Yay!!! :)

Yippee! It's that time of year again!! Perfect timing, as my parents arrive for a visit this weekend. JoJo will be so happy to have chocolate in the house (that is, if my kids don't demolish them first).

So sweet of you!!!!!!!!!!

Thank you. They brownies are so delicious!

Thanks so much for the brownies. They are soooo yummy.

My Crystal Ball for 2010

Real Estate in 2009 has been challenging, to say the least. Some Sellers have not been able to grasp the reality that their homes are worth less than they were 2 years ago, while a few Buyers have gone on a feeding frenzy, low-balling many homeowners until one bites. So what can we expect for 2010?

Professionalism - Real Estate Agents will need to step up their game! The easy days of bidding wars, and quick mortgages are harder to come by. Agents will be armed with more facts, better market statistics, well researched comparables and unique selling concepts. Social Networking and Web based promotions will be new standard. Buyers will need to depend on relationships that are based on trust, competency and knowledge.

The Consumer - Buyers and Sellers will continue to educate themselves thorough various websites. While Realtor.com is still the most widely used Real Estate search site, Zillow, Trulia, YahooHomes, LuxuryHomes and TheWestportBlog.com are paving the way for more options and information. Top Realtors are not fearful of the ability of their clients to search and find information on the web. Most find an educated consumer a pleasure to work with, because they are both knowledgeable and realistic.

Mortgages – A pre-approval letter from a Mortgage company is a formality. It basically states that based on the information that a consumer gave the bank, they would qualify for a loan. Buyers should be looking towards a Pre-Commitment – which actually involves a credit check, and filing all the necessary papers to obtain the actual loan. The loan is essentially sourced and underwritten. The only outstanding information would be the address of the property that one decides to purchase and an appraisal (that shouldn’t take more than a week from when it is ordered to when it is completed). This would make the waiting period substantially shorter, and allow a buyer to get all his paperwork in without the pressure and time crunch felt during the negotiating stage.

Social Networking – Buyers, Sellers and Realtors will communicate and through blogs, facebook, Linkedin and Twitter (to name a few) for the latest national and local information. Sources will be freely exchanged, while we’ll all be left to figure out which is fact and which is fiction!

Realistic Pricing ­ - Prices will stay in line with consumer demand. Sellers will either figure out that they cannot afford to sell for their home’s current value, or decide it is time to move on. Those trading up will of course make it up on the buying end anyway.

The end of 2009 has been filled with offers and closings. Brokers are feeling hopeful and excited for the coming year. Sellers and Buyers are knowledgeable and in many cases ready to embrace the changing market. 2010 promises to be better than the year before. Brokers will be more skilled pricing homes and buyers will be so well educated, they will be ready to react when the right home hits their radar.

Current Motgage Lending Rate 12/10/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/10/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.65%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.375%
Jumbo 15 Year Fixed rate is 4.5%

Current Mortgage Loan Rates 12/3/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/3/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.5%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.5%
Jumbo 15 Year Fixed rate is 4.375%

Current Mortgage Interest Rates - 11/19/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 11/19/09:

Conforming 30 Year fixed rate is 4.85-5%
Jumbo 30 year Fixed rate is 5.625%
5/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.5%
Jumbo 15 Year Fixed rate is 4.5%

Westport's Real Estate Market is Starting to Heat up!

Westport’s Real Estate market is starting to see some movement. I wouldn’t call it hot yet, but a soft sizzle is certainly starting to brew. During the last 60 days, 48 homes have closed in Westport. Average list price was $1,822,975 with an average selling price of $1,667,240. Closing prices were down a mere 8.5% from asking price.

So, what’s contributing to this newfound interest in the Real Estate Market?

Many Bankers and Traders are expecting large bonuses this year, which is allowing them to take advantage the current market’s lower prices. It trickles down from there. If one is moving up, and negotiates a good price, they can afford to sell their current home for less, and the cycle continues.

In addition, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 (HR3548) into law on November 6th. According to Michael Daversa, President of Atlantic Residential Mortgage in Westport, “the bill extends and expands a key tax credit for homebuyers, while also offering more help to those out of work.”

The $8,000 First Time Homebuyer credit has been extended through April 30, 2010. If you have never owned a home, or have not owned a home in the last 3 years you can qualify. Your adjusted gross income (AGI) cannot exceed $125,000 for an individual, or for a married couple $225,000.

“You can also qualify for a $6,500 credit,” reminds Daversa, “if you have lived in your current house for 5 consecutive years during the 8 year period ending with the date the new home is purchased.” In this scenario, the same AGI levels prevail.

There are some caveats though. The selling price cannot be higher than $800,000 and you must remain in the home as a primary residence for at least 36 months from purchase date.

Between lower prices (many are suggesting that we are back to 2004 prices), great opportunities and tax credits, the housing marketing is enjoying the infused energy. If you were considering purchasing a new home, the timing could not be better!

Current Mortgage Loan Rates 11/12/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 11/12/09:

Conforming 30 Year fixed rate is 5.-5.25%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Current Mortgage Loan Rates 10/29/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 10/29/09:

Conforming 30 Year fixed rate is 5.-5.5%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Current Mortgage Rates 10/15/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 10/15/09:

Conforming 30 Year fixed rate is 5.125-5.25%
Jumbo 30 year Fixed rate is 5.625%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Westport is Alive and Kicking!!!

It has been a tough few years for the Real Estate industry both nationally and locally. Prices are said to be down to 2004 levels, giving buyers more negotiating power and sellers a reality check. But what is really true? What’s happening in Westport right now? Ask most active Realtors and they will truthfully tell you that they are seeing a resurgence in the market.

There are presently 59 homes in Westport with accepted offers, waiting to close! Currently, 374 homes are available for sale, and 181 have already closed this year. Sold properties, in 2009, have an average on market time of 181 days, average listing price of $1,506,198 and average sold price of $1,390,511. These numbers are quite interesting, when you take into account that the average list price of homes still on the market is $2,132,173.

The most lively price range of homes with contracts signed is $1,500,000-$1,999,999, with 5 homes under contract, and 66 actively available. The most vigorous price range for sold properties in 2009 is $1,000,000 - $1,499,000 with 37 closed properties this year, but 67 still available for sale.

It is interesting to follow units closed over the last 6 years, and how we truly compare to 2004!

The bottom line, 2009’s average sales price is indeed fairly close to the average sales price in 2004. If you are a seller, put on your seatbelt and be ready for the ride down to reality pricing. If you are a buyer, enjoy the opportunity to buy your dream house for the best price in years!

Current Mortgage Rates - October 1, 2009

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 10/1/09:

Conforming 30 Year fixed rate is 4.875-5.25%
Jumbo 30 year Fixed rate is 5.875%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Currnet Mortgage Lending Rates 9/17/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 9/17/09:

Conforming 30 Year fixed rate is 5.125-5.375%
Jumbo 30 year Fixed rate is 5.875%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Five Tips for a Green Home

Eco-friendly. Carbon footprint. Global warming. Energy-efficient. These catch phrases have become part of our lexicon as we’ve become more aware of our impact on the environment and our role in protecting it. As a homeowner, there are some simple, inexpensive steps you can take to make your home energy-efficient. Get started on the road to being “green” with these five tips:

Change Your Light Bulbs
By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.

Buy ENERGY STAR® Appliances
ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may cost more, you can reduce your energy bill by $80 per year.

Seal Up
Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.

Use Less Water
Did you know that roughly 60 percent of a home's water consumption takes place in the bathroom, according to the California Urban Water Conservation Council? The largest culprit is the toilet, which accounts for 27 percent of your household supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. In addition, replace leaky fixtures. That slow-dripping faucet can waste as much as 2,400 gallons of water per year.

Adjust the Thermostat
When adjusting your home’s thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your electrical costs. And if you use a programmable thermostat, you can program your air-conditioning and heating systems to reduce output while no one is at home or at night while you sleep. Ceiling fans are also helpful in circulating the air to keep the room cool in the summer and warm in the winter.

Going green doesn’t have to be overwhelming or costly. By making just a few small changes within your home, you can help decrease energy consumption and help make the world a “greener” place.

Current Mortgage Lending Rates 9/3/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 9/3/09:

Conforming 30 Year fixed rate is 5.125-5.375%
Jumbo 30 year Fixed rate is 6%
5/1 ARM is 4.5%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

Opportunities Abound for First-Time Homebuyers

If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers accounted for 41 percent of the market, according the National Association of REALTORS® Profile of Home Buyers and Sellers. Price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.

As a homeowner, you have security and stability, the freedom to decorate and remodel, and the capability to build equity and recoup tax benefits. While interest rates are still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of August 2009), combined with ample inventory, now is a great time to buy. On top off that, there are several incentives and programs available specifically for first-time homebuyers.

First-Time Homebuyer Credit
It is a great time to take advantage of the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which does not have to be repaid, as long as it is used in conjunction with a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.

Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criteria. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.

Be aware though, the actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.

Mortgage Loans
As a first-time homebuyer, you do not have the advantage of using the equity from a previous property to help bridge costs associated with a down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although the FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.

Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.

The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership easier.

Current Mortgage Lending Rates 8/27/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 8/27/09:

Conforming 30 Year fixed rate is 5.125-5.375%
Jumbo 30 year Fixed rate is 6%
5/1 ARM is 4.5%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

The Scoop on the Westport Market - August 2009

The Scoop on The Westport Market

Everyone seems to be talking about current value of Real Estate. Will the Fed’s continued low rates help surge the housing market? How does this year’s market compare to last year? Are there deals to be had….or…..are homeowners just overpricing their homes, expecting them to still be worth what they were two years ago and sitting with them longer? Certainly market conditions have changed. But, Westport is still a very desirable community. Now, more than ever, pricing correctly can mean the difference between a quick sale and living with a key box on your front door for a long time! So…how is Westport faring in 2009 after all?


Presently there are 372* houses on the market in Westport, with an average list price of $2,235,650 and an average market time of 132 days (which doesn’t mean much, since homes could have be re-listed and the market time than restarts at 0). The most expensive home listed for sale is priced at $30,000,000., and located on Beachside Avenue, offering 4 acres, a 10,000 square foot 6 bedroom main house, a 2 bedroom guest house and a 2 bedroom gate house. There is space for 9 cars in the garages and 215 feet of direct beachfront property. The least expensive home on the market in Westport is priced at $358,000., a 2 bedroom 1485 square foot cape located on Newtown Turnpike.

Year to date, 134 homes have closed (sold) with an average market time of 118 days, an average list price of $1,525,168., and an average sales price of $1,401,203. The most expensive home sold in 2009 in Westport closed for $6,500,000 although it was originally listed for $14,000,000. It is located on Beachside Avenue on 2 acres with a pool and tennis court, 12,000 square feet located across the street from the Sound. The least expensive sale was $340,000., a 2 bedroom 1320 SF home located on Cedar Road.

In 2008, during the same time period, 174 homes sold in Westport. Average market time was 104 days with an average list price of $1,857,487., and an average sales price of $1,743,563. The most expensive home sold during this time period last year closed for $5,700,000 on Greenbrier Road and the least expensive home sold on Compo Road South for $397,500.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. I am concerned that while the average list price is $2,235,650, our average sale price is $1,401,203. Something has to give! Our buyers in Westport are well educated. They know the market, and are not willing to overpay. The market will not allow you to under price your home (the price will be bid up by savvy buyers), but the market will allow you to hold on to your overpriced listing for years! Price it right and be ready to negotiate.

*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of August 17, 2009.

Current Mortgage Lending Rates 8/13/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 8/13/09:

Conforming 30 Year fixed rate is 5.25-5.5%
Jumbo 30 year Fixed rate is 6%
5/1 ARM is 4.5%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

Current Mortgage Lending Rates July 2, 2009

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 7/2/09:

Conforming 30 Year fixed rate is 5-5.375%
Jumbo 30 year Fixed rate is 6.125%
5/1 ARM is 4.5%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

Current Mortgage Lending Rates 6/25/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 6/25/09:

Conforming 30 Year fixed rate is 5.25-5.625%
Jumbo 30 year Fixed rate is 6.25%
5/1 ARM is 4.5%
3/1 ARM is 4.75%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5.25%

Why A Final Inspection Is Necessary

In the sales contract, the sellers of your new home agreed to leave all the light fixtures, custom blinds, and refrigerator. When you walk in the home on moving day, to your surprise, all of those things are gone. In addition, the locks on the back door are broken; there is a huge stain on the living room carpet, and the garage opener doesn’t work.
Although this may be extreme, it could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you, one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover—even after closing—that the condition of the home is not as it should be. The best time to identify problems is before closing when the seller will be motivated to correct any deficiencies in order to close the transaction.
Typically, a buyer takes possession of a property one to three months after signing the sales agreement. But, a lot can happen before the actual move-in. Appliances and fixtures can break down, and walls, carpets and doors can be damaged during the seller’s move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.
If possible, schedule the inspection right before the closing, such as the day before. Your real estate professional will attend the inspection with you. What should you be inspecting? Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.
Test each appliance to make sure they work properly. Bring along an electrical clock or hairdryer to test each electrical outlet. Test all electrical switches and the garage door opener, if there is one. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.
If you discover that something is damaged or missing, make a note of it and inform your attorney immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer’s time. Trust me, it is substantially harder to try to get the seller to fix or replace a deficiency once he has your final closing payment!

Current Morgage Lending Rates 6/18/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 6/18/09:

Conforming 30 Year fixed rate is 5.25-5.625%
Jumbo 30 year Fixed rate is 6.25%
5/1 ARM is 4.5%
3/1 ARM is 4.75%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5.375

An Educated Buyer

Westport Homeowners are succumbing to a continued Buyer’s Market. If you are a buyer, however, you may be reveling in the opportunity to get a great deal, or a better home than you could have afforded a year ago.

The first step to home purchase, is finding a top notch Real Estate Professional. Then, get yourself preapproved in writing by an actual mortgage lender. Then, once you have found the home of your dreams, you can concentrate on the specifics of that home, instead of loan details.

So, you’ve completed your homework, and found a house, but your job is not done. How will you know if you are paying the right price? The following are four questions that sellers hope buyers don’t ask!

1. “Why are you selling your home?” This may be one of the most important questions a buyer can ask a seller. When there is a specific situation or deadline, the prospective buyer needs to know. For example, if there is a forthcoming foreclosure sale soon, the buyer needs to be able to act quickly to save the house from foreclosure loss. Similarly, if the sale reason is divorce, it can affect the time needed to present a purchase offer to two sellers, especially if one of the sellers is not living locally, or if attorneys are involved. You may not be able to find out the reason for sale, and even if you do, it may not be the seller’s real motivation…but it’s certainly worth a try.
2. “How much did the seller pay for the home?” This amount is public information, and can be easily found at Town Hall, if the seller chooses not to disclose the amount. The information is important to buyers because it can be a guide to how much leeway the seller may have. For example, if the seller paid $300,000. for a house with a $550,000. asking price, there may be some room for negotiation. Some sellers have not adjusted their expectations to current market conditions. In this case, they will own their home for awhile, if they are unrealistic.
3. “How was the asking price determined?” Too many asking prices are “PFA”, which means plucked from air! Some sellers set their asking prices on (a) what they think their house is worth, (b) purchase price plus capital improvements or (c) a percentage annual increase, multiplied by the number of years of home ownership. Truth be told…none of these methods are great guidelines. A better method for setting price is for the listing agent to prepare a comparative market analysis (CMA). This will show recent sales prices of comparable neighborhood homes. It will also include current asking prices for other homes currently on the market (the competition).
4. “ Has the seller prepared a written property disclosure statement?” Connecticut law requires sellers to provide a written disclosure statement. These forms ask residence owners to disclose known home defects. The primary purpose is to provide buyers with knowledge of known home defects prior to completing a purchase offer agreement. Be warned, some sellers lie. We hope no one does…but let’s face it…it can’t be helped…memories are short. Even in an “as is” home sale, the seller must disclose known significant problems with the residence.

Most of us do not purchase a new home very often, so do your homework. The bottom line, you can never be too prepared or ask too many important questions. And don’t forget to contact me directly when you need a great listing or sales agent!

Current Morgage Lending Rates 5/21/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 5/21/09:

Conforming 30 Year fixed rate is 4.625%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5

Current Mortgage Rates 5/14/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 5/14/09:

Conforming 30 Year fixed rate is 4.75%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5

Five Questions that Can Help You Gain Insight on a Prospective Home

Unlike an automobile, you can’t test drive a home before you purchase it. You have to base your decision on redeeming factors such as layout, condition and much more. Of course, the seller is obligated to disclose the property’s condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn’t always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about your prospective home before you make a final decision.

1. Why is the seller selling the house? This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2. How much did the seller pay for the home? In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3. What does the seller like most and least about the property? By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening neighborhood,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4. Has the seller had any problems with the home in the past? It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly.

5. Are there any nuisances? Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving. Knowing all you can about a prospective home will help you make a more informed decision and offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings.

Current Mortgage Lending Rates 4/16/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/16/09:

Conforming 30 Year fixed rate is 4.75%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

Current Mortgage Rates 4/9/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/9/09:

Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 5.75%
5/1 ARM is 4.5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.75%
Jumbo 15 Year Fixed rate is 5%

Current Mortgage Lending Rate 4/3/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 4/3/09:

Conforming 30 Year fixed rate is 4.75%
30 year Fixed rate is 5.75%
5/1 ARM is 4.75%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5%
Jumbo 15 Year Fixed rate is 5.125%

The Role of a Title Company

Title companies provide title insurance services to buyers, sellers, lenders and developers, essentially anyone who has an interest in real estate. Services vary throughout the country, depending on local practices and laws. In Connecticut, title companies perform and insure title searches. A title search involves searching public records to ascertain if the seller has the legal right to sell the property. In other states, attorneys conduct title searches.
Title companies conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when. They perform judgment searches to determine whether there are any general liens against the property, as well as tax searches to verify the present status of taxes.
Some title companies conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.
They issue a “Commitment of Title Insurance” to lenders after completion of the title search and they receive instructions and documents for the closing. Title companies also prepare a final Settlement Statement.
As a neutral third party agent of the principals—buyer, seller, lender, and borrower—the title company helps with the transfer of ownership by ensuring that the terms of the transaction are completed.
Another important role of the title company is to issue title insurance. Although a title search is conducted, it’s nearly impossible to guarantee a title is clear of hidden defects, such as mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records and confusion stemming from similar names. Title insurance guarantees the title as reported.
Should hidden defects surface at any time challenging an owner’s rights, the title company will defend the title, in court, if necessary, and cover the owner’s losses up to the full value of the policy.
Indeed, a title company can be crucial to the process of buying a home. Your attorney typically takes care of ordering the title search and oversees your purchase of title insurance, which mortgage lenders typically require.

What a Buyer Should Expect During the Closing

The last step in the home buying process is what real estate professionals commonly refer to as “the closing.” The closing, or settlement, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title—and most importantly the keys!

Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals and attorneys for both parties and sometimes the lending institution.

What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.

Real estate documents are just as important. There’s the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller’s and buyer’s (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.

Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.

Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier’s or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer’s annual real estate taxes and homeowner’s insurance will be paid through the lender, an escrow account will also be established.

Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now the new homeowner.

Current Mortgage Lending Rate 3/12/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 3/12/09:

Conforming 30 Year fixed rate is 5%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

Current Mortgage Lending Rates 3/3/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 3/5/09:

Conforming 30 Year fixed rate is 5.125%
30 year Fixed rate is 6%
5/1 ARM is 5%
3/1 ARM is 4.25%
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

Current Mortgage Lending Rates - 2/26/09

This week's Mortgage Lending Rates are as follows 2/26/09:

Conforming 30 Year fixed rate is 5.25%
Jumbo 30 year Fixed rate is 6%
5/1 ARM is 5.0
3/1 ARM is 4.25
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

Remodel Your Kitchen and Bath without Breaking the Bank

Are you thinking of putting your home on the market, but worried about your outdated Kitchen and Baths? When potential homebuyers are searching for homes, they generally are more attracted to homes with these spaces updated. These same rooms rank high in return on remodeling investment at resale, according to Remodeling Magazine’s Cost-vs-Value 2008-09 Study.

However, both can be pricey ventures. According to the same study, the national average for minor kitchen remodel was $21,246. Of course, we know in the Northeast in general and Westport and Weston in particular prices are even higher. A sample remodel at this cost includes replacing cabinet fronts, flooring, and oven and cooktop; installing mid-priced sink and faucet, adding wall cover and repainting trim.

The national average for a mid-range bathroom remodel was $15,899, which includes replacing fixtures, installing a porcelain-on-steel tub, new shower and ceramic tile flooring.
If you’re like many consumers today, you are more budget conscious and may not be able to afford thousands of dollars on a remodeling project. Here are some alternatives that will give your kitchen and bathroom a fresh, modern look without breaking your piggy bank.
KitchenCabinets—Give your cabinets a fresh look by either refinishing or refacing the fronts at a more economical cost than buying new ones. You can even take the center face out and install a glass front.Hardware—Replacing your cabinet knobs and drawer pulls, can give your kitchen an entirely new look.Paint—A fresh coat of paint is always a sure bet. And it is one of the least expensive ways to give a room a makeover. To further transform the room, choose more modern hues, such as a warm yellow or deep red.Countertops—The price of natural quartz or stone countertops can quickly eat away your kitchen remodeling budget. Less expensive, yet still attractive alternatives are solid surface materials such as Silestone® or granite and ceramic tiles.

Faucets and Sinks—Add a fresh new look by replacing your sink and faucet with a high-arched spout in an updated finish, such as brushed nickel, brushed chrome or stainless steel.Backsplash—Another option to modernize your kitchen’s look is adding a backsplash. But rather than having ceramic tiles, consider creating a mosaic with ceramic or glass or install a faux backsplash panel.Window treatments—Switch out older valances with options that let the natural light in.Lighting—By adding under cabinet lights you can create a dramatic look to your kitchen.BathroomPaint—As with the kitchen, a new coat of paint is a low-cost way to renew a room’s look. Choose a warm color to give the room an intimate feel.Showerheads—Change out old showerheads with a new rain showerhead.Shower Doors – If you still use shower curtains for your bathtub, you can update the look by installing glass doors. Frameless doors are preferable. However, if the walls aren’t flush to the tub area, framed doors will still give you the modernized look you’re seeking.Hardware—Just as with the kitchen, replacing the knobs and handles can give your vanity a fresh new appearance.Lighting and Mirrors—In addition to the vanity, the lighting and mirrors can combine to make the perfect focal point for your bathroom. If changing the vanity is not in your budget, consider swapping out your unframed glass for a more decorative mirror and add a new lighting fixture.

You don’t have to spend thousands of dollars to add pizzazz to your kitchen or bath. Just changing one or two elements can make a huge difference in its appeal to you and a potential buyer down the road.

Current Mortgage Lending Rate 2/16/2009

According to Jeff Jensen of Connecticut Home Mortgage, Westport, CT, current home mortgage interest rates are as follows:

Conforming 30 Year fixed rate is 5.125%
Jumbo 30 year Fixed rate is 6.125%
5/1 ARM is 5.0
3/1 ARM is 4.25
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

Current Mortgage Loan Rates 2/5/09

According to Jeff Jensen of Connecticut Home Mortgage current mortgage interest rates are as follows 2/5/09

Conforming 30 Year fixed rate is 5.125%
Jumbo 30 year Fixed rate is 6.125%
5/1 ARM is 5.0
3/1 ARM is 4.375
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

You CAN Still Get a Mortgage Loan !

Home prices are becoming more affordable in Westport. However, many are complaining that they cannot take advantage of these great deals because banks are not lending, so they won’t be able to get a mortgage. If you have heard that, you are misinformed! According to Jeff Jensen of Connecticut Home Mortgage,”Despite all the doom and gloom about the mortgage market in the national media, the truth is that mortgage money is plentiful. Because the Federal Reserve (Fed) has committed to buying mortgage bonds called mortgage backed securities (MBS) from Fannie Mae, Freddie Mac and Ginnie Mae, not only is the supply strong but also the rates are low. Rates are so low in fact that some banks have resorted to raising their rates short term in order to slow the demand by consumers seeking to refinance. Although the low rates generated by the MBS purchases directly affect conforming rates (those for loans of $417,000. or less), rates for larger loans, called jumbo loans, are also near historic lows. Not only is the supply of funds readily available for refinancing but for purchases as well. Rarely in the history of the housing industry have potential buyers had such a wonderful opportunity to purchase deeply discounted properties at extremely low interest rates.”

But, what about the outlook for mortgages as the year moves on, you one might wonder. “Since the Fed has committed to buying MBS through June,” Jensen reminds, “I feel that rates should remain in an attractive low range through then. Once that purchasing stops, however, the perceived value of the mortgage securities will be diminished. I am fearful that the cost of the bailout plans will eventually renew fears of inflation and the combination of these two market movers may portend significantly higher interest rates later this year. As housing prices should begin to stabilize later in the year, potential home buyers may be looking at a “once in a lifetime” window of opportunity to acquire real estate for surprising low monthly costs during the next few months. One good measure of whether housing prices are stabilizing is to compare the monthly payment for a property with 20% down to current rents for similar houses in the market place. If purchasing would actually cost less than renting, the market has become stable.”

In today’s market place the details of one’s mortgage worthiness are more important than ever. Jensen explains, “Each mortgage lender has its own guidelines and they have almost universally become more stringent. Important elements of borrower’s worthiness are tests for income, assets, liabilities, credit scores and down payment. Most banks have increased the adjustments for smaller down payment and lower credits scores. The greater the adjustment to the pricing the higher the rate a borrower will be offered. Whereas banks traditionally allowed only 70% of retirement funds to count toward asset reserves, some banks have now started discounting stocks and any other assets other than cash. Debt to income levels have been reduced in many instances, requiring more income to purchase a property. This having been said, buyers who were well qualified six months ago are still well qualified.”

Despite the fact the this crisis gained notoriety as the “sub prime mortgage crisis” with lenders loaning with as little as zero down to poor credit risks with loose documentation, one can still buy a property with as little as 3.5% down. Surprisingly, the down payment can be a gift, meaning you could purchase a house with literally no money down. These programs are now being backed by none other than the federal government. It is true. A homebuyer can now borrow 96.5% of the purchase price of a property with a credit score as low as 580 and the loan will be insured by the Federal Housing Authority. In addition, first time homebuyers are eligible for a $15,000. tax credit, if they conform to the program’s income limits. With prices the way they are today, many opportunities to take advantage of this program may be available in Westport and the surrounding towns. Now is a time to seek an experienced Realtor, who is a skilled negotiator and who knows the values of all elements of the market and to consult with a seasoned mortgage professional rather than reading about the market on the internet. I am available to help guide you through this unique housing market. A Certified Mortgage Planning Specialist, like Jeff Jensen of Connecticut Home Mortgage, (203)-429-1061, is skilled in all elements of the process and will be able to guide you through the morass of forms and details with confidence and security.

This Week's Current Morgage Loan Rates Jan 30, 2009

According to Jeff Jensen of Connecticut Home Mortgage current mortgage interest rates are as follows 1/30/09

Conforming 30 Year fixed rate is 4.875%
Jumbo 30 year Fixed rate is 5.875%
5/1 ARM @ 5.00
3/1 ARM @ 4.375
5/1 Adjustable I/O rate is 5.25%
Jumbo 15Year Fixed rate is 5.375%

Current Mortgae Rates Jan. 23, 2009

According to Jeff Jensen of Connecticut Home Mortgage current mortgage interest rates are as follows:

Conforming 30 Year fixed rate is 5.00%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM @ 5.00
3/1 ARM @ 4.625
5/1 Adjustable I/O rate is 5.25%
Jumbo 15 Year Fixed rate is 5.375%

Staples #1 in CT Again !

Business Week.com names Staples High School the #1 High School in CT for Best Overall Academic Performance, and awards a 10/10 from, an independent, nonprofit organization that empowers and inspires parents to participate in their children's development and educational success. Click on the link below to read all about it:
http://images.businessweek.com/ss/09/01/0115_best_schools/8.htm

The ABC’s of Closing Costs

You’ve found your dream home, the seller has accepted your offer, your loan has been approved and you’re eager to move into your new home. But before you get the key, there’s one more step—the closing.
Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It’s the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.
As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed.
· Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.
· Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
· Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage.
· Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.
· Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
· PMI Premium: If you buy a home with a low down payment(less than 20%), a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can apply to eliminate this insurance.
· Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
· Escrow Accounts: Your mortgage lender will usually start an account that holds funds for future annual property taxes. Taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If 6 months have passed, 8 months of taxes will be collected.)
· Recording Fees and transfer taxes: This expense is charged for recording the purchase documents and transferring ownership of the property.

Make sure you consult a real estate professional, to find out which fees—and how much—you will be expected to pay during the closing of your prospective home.

The Board of Ed is Listening!

Well, I guess all of our complaints were heard. The Board of Ed responded to our cries to stop the early morning calls. Here is what they said in a town email:

To have your home telephone number removed from our non-emergency calling list, or if you wish to have non-emergency calls transmitted only to your mobile phone or your work number, you must contact each of the schools your children are attending to have the changes made.For those who elect to remove their home telephone number from our non-emergency communication system, you will continue to receive weather-related information through our Connect-ED E-mail service. Weather-related information also will be available through our SNO-LINE, 341-1766.Individual families electing to receive non-emergency information through their home telephone number will receive weather-related telephone messages only once on each such occasion at 6:00am in the morning.

Westport Emergency School Closing Calls

Many of us longtime residents are used to calling the snow hotline (341-1SNO or 341-1766) to see if school is cancelled or delayed. It's quick, easy and most of us can dial it with our eyes closed! Now the Town of Westport has implemented a new emergency call center, that calls each school age child's home with a pre-recorded message telling us that school is cancelled or delayed. Great idea..right? Not for some !

The week before vacation, Westport had a big snow storm, and school was cancelled. Now we know everyone relishes "the" snow day. We get to sleep in ! So when the pre-recorded message called us all at 5:30 am...many of us were less than pleased.

Today, there was a school opening delay of 2 hours. We all received not one but 2 calls at 6 and then 6:20 am. Many have cried foul...and want to know how to get their number off the list. The school maintains that they do not want to take anyone completely off the list, because then they won't get other emergency calls either.

So now what?

I spoke with Marge Cion, Assistant to the Superintendent, and here is her response:

Hi Linda,

We have been working with our technology staff and ConnectEd to find a manageable way to remove people from Community Outreach phone calls such as these and other informational items, while keeping them on the list for true emergency calls.

Dr. Landon is hoping that we will be able to send out a communication to parents within the next couple of days outlining these options.

Hope everything else is OK.

Marge


Marjorie Cion
Assistant to the Superintendent
Westport Public Schools
110 Myrtle Avenue
Westport, CT 06880

Happy New Year

Thanks to all of you who responded to the "Best Deal in Westport". The article will be in "The Westport News" this Friday, January 9 . I am so glad you all had fun with it. Some of you told me your ideas but didn't want them printed....so I will keep your secrets too!

More soon!

Linda