On The Home Front

Westport's Newest Additions

2012-01-17T20:51:00.000-05:00

Over the last year, Westport has been the happy recipient of many new businesses. As the New Year commences, I asked Westporters to reflect on some of their favorite “new” finds – even if they weren’t’ new to Westport – just new to them personally.

Linda Skolnick – Zumba at Intensity with Marcello (he moves like Jagger) and Pane Bene Resturant co-owned by the charming AngeloDevin Skolnick – working at JL Rocks for the sweetest boss everJohn Crane- JL Rocks Jewelry – I love that I can call the owner Jamie, and she knows exactly what my wife wantsJamie Camche- Chocolate Brownies by Linda Skolnick is not a "new" thing but a Westport tradition at holiday time. Jeremy Stein – Albe Furs – Leon, one of the owners saved me a bundle by reconditioning my wife’s fur instead of having to buy a brand new one.Leslie Green- Nails by Mila – Mila gives the best manicure in townMike and Tori Freidman – HB Home – its great to see such great style outside of the cityAshley Hartman - lunch at Le Farm - the best in Fairfield County..Nancy Landauer – Clam pizza at Tarry LodgeJeff Jensen- I enjoy the quality of the clients who are targeting Westport as their next place to live. They are normally well-informed, bright and positive. That makes working for them a pleasure rather than a job.Jennifer Seidman - I love the complimentary yoga classes at lululemon on Sundays at 10am. Great way to do some yoga, open up, stretch out and meet new interesting people. LOVE the new cosmetic store, BENEFIT, on Main Street.. Heather gives a great eyebrow shaping there. I only discovered TABBOULLI GRILL a couple of months ago and love it! Fantastic Middle Eastern food. Try the Falafal Platter when you go! Pane Bene is my new Fave Italian restaurant in town. Joyce Backman- A great “new” find is GoWaiter.com. They deliver from some really good restaurants (and some not so fancy restaurants that the kids like) when you are just too lazy to go out.Doug Hendel – Tarry LodgeLiz Kaner- Pane E Bene restaurant has been one of my favorite stomping grounds this year. I love the cozy ambience-for either yummy meals or catching up with friends at the bar. Cristy Schnauffer -Art's Deli, like the old daysAndi Frimet - downtown has been rejuvenated. for a while it was disheartening to go down main street and see all the empty storefronts. now the area is bustling and vibrant again.Jacquie Tolkin - my new favorite is the West Elm pop up store on Main Street. Great style, prices and service. We're the first Connecticut store! How amazing are we?Rob Lehrman- the new and improved Greens Farms train stationCarolyn Cohen - Saugatuck Craft ButcheryLaurie Platte - "Mixology boutique on the Post Road east....chic clothes....fabulous prices...get into the Mix!!!"Nancy Friedlander -I would say I was most happy with the way Westport/Weston residents came out during these difficult weather related times, floods, snowstorms, power outages, etc. I saw many people really being kinder to each other and getting out of their own daily routines to help a fellow man. I have lived in this community for over 20 years and it was the first time in a long time that I saw us as a community helping each other...WELL DONE Westport/Weston.

Thanks to all the new businesses opening here, I am looking forward to more openings in 2012!

Current Mortgage Lending Rates January 5, 2012

2012-01-05T18:03:00.002-05:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 1/5/12 are as follows

Conforming 30- Year fixed rate is 3.875%/4.375% New Hi balance Limit = $601,450

Jumbo 30 year Fixed rate is 4.625%

5/1 ARM @ 2.75%

5/1 Adjustable I/O rate is 3.25%

Jumbo 15Year Fixed rate is 3.50%

2011 Brownies Arrive !!!

2011-12-07T16:15:00.001-05:00

As many of you already know - the 2011 Brownie Deliveries have commenced! Remember to grab them from your mailbox as soon as I email you that they have arrived. Just ask Carolyn if she ever got hers back from her mailman!

I always love your comments back to me after a delivery. Here is what I have heard from all of you so far!

I can't tell you the sheer deight that we shared when we found your unbelievable brownies at our front door. We immediately came in and tore into them. Yes the same big smile and ummmm sound from both of us at the same time. Can't believe it was 14 years ago that you found us our first house and now our second. Lucky us for that and thank you for your beyond amazing brownies.

you're the best!thanks for remembering me and best wishes for a happy and healthy new year!

We have them and have already indulged.Thank you so much for our yearly treat.

I just got home from a doctor's appointment and what awaited me but the most heavenly gift! Thank you!

Just got the mail -- no treat. Any chance the mailman could mistake it for a package to be mailed? So much for his tip!

u can open a business selling ur brownies! --which we just finished! :-(

As always Linda - delicious - thank you so much for thinking of me - all the very best to you and your family for the holiday season – xx

Yes, hiding them from the kids.Shhhhhh ! Thank you. :)

Yay!

Unfortunately for you, getting these brownies never gets old!!! Hahaha!!!

Your brownies were INSANE! You wouldn't believe how quickly they disappeared. Thank you and have a great holiday season.

Linda - just got home and picked up the mail. Thank you so much!! They look amazing!

A giant thank you for a delicious treat we look forward to every year. We finally beat the kids to the mailbox and got the first round!

You are a doll. A thousand kisses

Looking forward to it! I hope there's some left when I finally get home tonight!

Once again, we thank you HUGELY for the delicious brownies. They're always a treat and we appreciate it!

Ooooo! So excited!

Better than ever!! Thank you!!

They were amazing! I even was nice this year and left a few for my husband (but I did eat most of them). Happy holidays to the Skolnick crew.

Thank you for the scrumtious brownies. Happy Holidays to you all.

okay i am beside myself, my husband just ate 2 entire brownies. i asked him if he was sure he wanted another he said yes they are delicious. i put them away before he thought he was going for number 3.

thank you so much!!! very excting

We always look forward to your treats.Thanks again for including us on your list of brownie fans.

Ahh..times like this I am happy that my wife has celiac. Thanks again Linda.

LOVE, LOVE, LOVE the brownies!!! Thank you so much! And Happy Hanukkah dear friend.

THANK YOU!!!!!!! I must tell you that I was away for the weekend at a conference and I just got home, saw the tin and they are....GONE! The vultures in my family didn't even leave any for me :) I know everyone loved them however, so thank you from the bottom of our hearts. Hope you have a wonderful Hanukkah and a peaceful New Year...

The kids came running in..."The Brownies are here" Trully we look forward to them every year!

Love my mailbox treat!! Look forward to it every year!!! Thank u!!!..

Yummy. Need I say more....Thank you.

Color Psychology

2011-12-05T19:02:00.001-05:00

Agents frequently suggest that homeowners paint before placing their homes on the market. Don’t be offended! Agents understand “color psychology,” which focuses on color’s effect on human behavior and emotion. Since people’s reaction to color is immediate, color has a tremendous influence on the choices they make every day. “Color choices are very personal and when selling your home, it’s critical to appeal to the greatest number of potential buyers,” according to Allegra Dioguardi, president of Styled and Sold Home Staging in New York. “With so many people beginning their search for a home on the Internet today, your home and listing photos must stand out from your competition. Color is one very simple way to do this.” Added Eric Brown, one of the authors of House Selling for Dummies: “Painting your house’s exterior before you put it on the market will give the biggest bang for your fix-up buck, as long as you are using colors that conform to the neighborhood’s decorating norm.” Colors affect us in many ways, and by using the principles of color psychology, you can make your home stand out from the competition, sell more quickly, and at a higher price. In short, the stimulus and effect of colors normally cross cultures. Blues will feel cool, reds and oranges feel warm. Deeper shades of color imply intimacy and serenity.Your home’s exterior color is the first thing most potential homebuyers see when they drive up or inspect the property on the Web. The correct color may be the most powerful and cost effective design tool at your disposal.What is “correct” these days? Brown’s research shows that homes painted in pale yellows with cream or beige accents have sold fastest during the past few years. In general, lighter colors are favored for exterior as they make the property seem larger. Conversely, painting your sideboards with a darker color will make the house seem smaller, though dark colors can draw more attention to home’s details. For those painting an older home, you may want to consider historical accuracy, as this could be a big selling point as well. When choosing interior colors for the home, consider the purpose of each room. Kitchen and dining areas painted in “food colors” such as coffee browns, celery greens and scrambled-egg yellows will make the rooms feel more natural. Hallways are a great place to bring in the exterior colors for overall harmony. According to Jeanette Fisher’s book Joy to the Home: Secrets of Interior Design Psychology, since, deeper shades of color imply intimacy and serenity, she recommends painting master bedrooms a medium shade of green or blue for warm selling seasons, and rouge red for cooler weather. Other bedrooms can be painted in creamy tones of green, blue, or a pale shell pink. For your bedroom and bathroom, cool colors can form a relaxing atmosphere with paint. Consider shades of blue, green or even lavender. Of course, common sense should help you with any color choices. Your colors should meld with your possessions while giving your home a fresh and comfortable sensation.

My Scoop on the Market - November 2011

2011-11-14T16:46:00.001-05:00

What’s really happening in Westport’s Real Estate market so far this year? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2010 to 2011 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low, but the time period to receive a mortgage commitment from a bank is considerably longer than in the past, often taking a few months instead of a few weeks.Presently there are 310* houses on the market in Westport, with an average list price of $2,114,976, and an average market time of 145 days (which doesn’t mean everything, since homes could have be re-listed and the market time then restarts at 0). The most expensive home listed for sale is priced at $24,950,000., located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is listed for $399,000. on Oakview Circle with 3 bedrooms, 2 full baths in 1104 square feet on .1 acre . In 2011, 316 homes have closed (sold) year to date, with an average market time of 104 days, an average list price of $1,449,930., and an average sales price of $1,360,326. The most expensive home sold in 2011 in Westport closed for $6,300,000. It is located on Bluewater Hill on 1 acre, offering 7500 square feet and water views. The least expensive sale was $215,000., located on Crescent Park Road. In 2010, during the same time period, 316 homes also sold in Westport. Average market time was 100 days with an average list price of $1,540,212., and an average sales price of $1,435,443. The most expensive home sold last year during the same time period closed for $20,000,000 on 6 acres of waterfront property with 7 bedrooms and 9 full and 4 half baths. The most active price range is the $1,000,000-$1,499,999 range with 69 homes sold this year. There are 6 homes with accepted offers in the range and 65 active listings. The second busiest price range is the $1,500,000 - $1,999,999 with 52 homes sold year to date, 56 active and 0 bindered. Nine homes are active at the $6,000,000 and up range with 2 sold year date. The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. Based on the average dollar listing amount of active homes compared to the average of actual sold listings this year, it appears that we have a large quantity of overpriced listings. 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 November 14, 2011.

Current Mortgage Lending Rate September 29 2011

2011-09-29T14:56:00.001-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 9/29/11 are as follows Conforming 30- Year fixed rate is 3.99%/4.25% New Hi balance Limit = $575,000 Jumbo 30 year Fixed rate is 4.50% 5/1 ARM @ 2.75% 5/1 Adjustable I/O rate is 3.25% Jumbo 15Year Fixed rate is 3.50%

My Scoop on The Westport Market

2011-08-08T11:16:00.001-04:00

What’s really happening in Westport’s Real Estate market so far this year? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2010 to 2011 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 345* houses on the market in Westport, with an average list price of $2,141,534, and an average market time of 113 days (which doesn’t mean everything, since homes could have be re-listed and the market time then restarts at 0). The most expensive home listed for sale is priced at $24,950,000., located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is a1920’s home priced at $294,900. on Saugatuck Avenue with 3 bedrooms, 1 full and 1 half baths in 1449 square feet.

The average list price for a 3 bedroom home is $1,036,351 (72 on the market), a 4 bedroom home is $1,738,494 (98 on market) and a 5 bedrooms or more home is $2,943,745 (166 on market). Interestingly though, over the last 6 months, the list and sold prices of those homes that actually sold in that period are dramatically lower. The average list/sold price of a 3 bedroom home was $816,535/$777,718 (48 sold), a 4 bedroom home was $1,338,033/$1,221,850 968 sold) and for a 5 bedroom or more home $2,063,119/$1,924,370 (72 sold). These figures suggest that many overpriced homes that are not negotiating prices and are remaining on the market unsold.

In 2011, 221 homes have closed (sold) year to date, with an average market time of 108 days, an average list price of $1,480,735., and an average sales price of $1,382,860. The most expensive home sold in 2011 in Westport closed for $6,300,000. It is located on Bluewater Hill on 1 acre, offering 7500 square feet and water views. The least expensive sale was $215,000., located on Crescent Park Road. There are currently an additional 51 homes that are considered “pending”, which means contracts are executed and they are awaiting closure.

In 2010, during the same time period, 207 homes sold in Westport. Average market time was 100 days with an average list price of $1,476,716., and an average sales price of $1,381,378. The most expensive home sold last year during the same time period closed for $8,167,500 on North Avenue and the least expensive home sold on Oakview Circle for $358,500.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. 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 2, 2011.

116 Harbor Road

2011-08-05T20:52:00.001-04:00

Thought You'd be Interested

Do You Really Need a Realtor?

2011-02-25T19:22:00.000-05:00

So, you are starting to look for a new home, and wondering if a Real Estate Agent is really necessary. If you ask me, the answer is absolutely “yes”! But don’t let me sway you. Truly, there is no law that prevents you, as an individual, from buying property without professional Real Estate assistance. You can search for homes, arrange showings, and even negotiate on your own. But, the real question is, “do you want to do it on your own?”

Firstly, there is a broad misconception among many first time home buyers that by using a Real Estate Agent, they will be subject to paying a commission. In virtually all situations, this is not the case. The commission for the sale of a home is paid by the seller, not the buyer. If you went to a car dealership and purchased a new car, you wouldn’t expect to pay a commission to the salesperson. The same applies when you buy a home – it is the seller of the item (in this case the house) that is responsible for paying to have it sold.

If you decide to “go it on your own”, your choices will obviously be very limited. The only homes that you can buy without any Agent assistance are those that are “For Sale By Owner” (FSBO), which is generally a very small percentage of the market. These are home owners who, for whatever reason (I can’t imagine what they could be!!!), have decided not to use an agent in the sale of their house. It may be because they think they can get more return by not paying a commission or it may be because no agent was willing to list it at the price that they demanded. A problem arises when, as a “do-it yourself” home buyer you need to make a determination whether or not the house is worth the asking price. There is too much money involved to make an “uneducated” decision.

The second mistake that potential buyers make, when they find their choices are limited when dealing with homes for sale by owners, is to jump into the “listed” market on their own by checking advertisements and calling Listing Agents direct, or simply visiting Open Houses. There is not a dime to be saved with this strategy, since the seller has already contracted with their broker to pay the full commission.

When you do find the right house, things happen fast. You’ll need to a hire building inspector, an inspector for the septic (if sewers are not present) and a wood destroying insect inspector, for starters. Then, if necessary, renegotiate the deal, if problems are found. Realtors, who do this as a career, usually have good contacts with inspectors, mortgage loan brokers and attorneys to help you be best protected. They have been able to weed out less professional specialist, and can point you in the right direction. When I recommend a specialist, I know they are a direct reflection of me, so I only want to refer you to the best!

The bottom line, a good Realtor is well trained and keeps their pulse to the market. They know value, can oversee all the paperwork, and keep negotiations on the right track. In the long run, you will probably save money, time and avoid unnecessary frustrations. If you need additional information, please feel free to contact me

Current Mortgage Lending Rates 2/24/11

2011-02-25T19:20:00.000-05:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 2/24/11 are as follows:

30 year fixed rate - 5.0-5.`25%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.5%
5/1 Interest Only - 3.85%
Jumbo 15 year fixed rate - 4.50%

Current Mortgage Lending Rates

2011-02-22T11:44:00.001-05:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 2/10/11 are as follows:

30 year fixed rate - 5.125-5.25%
Jumbo 30 year fixed rate - 5.25%
5/1 ARM- 3.75%
5/1 Interest Only - 4.0%
Jumbo 15 year fixed rate - 4.50%

2010 Scoop on the Market

2011-01-05T21:54:00.002-05:00

What really happened in Westport’s Real Estate market in 2010? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2009 to 2010 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 224* houses on the market in Westport, with an average list price of $2,235,282, and an average market time of 144 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 $24,950,000., and located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is priced at $274,900. on Crescent Park Road with 3 bedrooms, 2 baths in 1156 square feet.

The average list price for a 3 bedroom home is $976,271, a 4 bedroom home is $1,693,448 and a 5 bedrooms or more home is $3,157,237. Interestingly though, over the last 6 months, the list and sold prices of those homes that actually sold in that period are dramatically lower. The average list/sold price of a 3 bedroom home was $732,779/$697,267, a 4 bedroom home was $1,336,718/$1,235,857 and for a 5 bedroom or more home $2,506,363/$2,282,737. These figures suggest that many overpriced homes that are not negotiating prices and are remaining on the market unsold.

In 2010, 350 homes have closed (sold) with an average market time of 102 days, an average list price of $1,552,295., and an average swales price of $1,446,565. The most expensive home sold in 2010 in Westport closed for $20,000,000. It is located on Beachside Avenue on 6.62 acres, offering 3 building lots and 600 feet of direct waterfront property. The least expensive sale was $365,000., located on Richmondville Avenue.
There are currently an additional 39 homes that are considered “pending”, which means contracts are executed and they are awaiting closure.

In 2009, 250 homes sold in Westport. Average market time was 128 days with an average list price of $1,547,465., and an average sales price of $1,419,436. The most expensive home sold last year closed for $6,500,000 on Sasco Creek Road and the least expensive home sold on Newtown Turnpike for $277,000.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. 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 January 5, 2011.

2010 Brownie Delivery Responses

2010-12-05T18:32:00.011-05:00

My annual Brownie Delivery is just beginning. I always enjoy your responses. I hope you don't mind my sharing them!

Thanks so much!!! I created 2 LBS brownie addicts within 2 mins after u handing them to me

They are almost gone. Thank you so much. They are amazing. Can't wait until next year.

The kids found them, which I guess is good since I won’t eat the whole tin myself.

If you see my kids in town...don't tell them you already delivered them. I don't want to share!

Yummy!!!

Thanks for the brownies. They were a great surprise when we arrived home from vacation last night.

So delicious, so thoughtful, and with sincere thanks - your brownies are such a tasty treat and really make the holiday time so much more festive

My kids LOVE you!!!!!

Thanks you so much!! xo

The kids will be psyched

When you go to heaven, God is going to ask you for your brownie recipe!

Can't wait! Thanks!

Thank you thank you thank you!!!!!! There goes the diet AGAIN!

My kids are going to be so PSYCHED!! Thank you, dear!! xoxo

Yay!!

Thanks so much for the incredible brownies.......hope you and your family have a happy and healthy holiday season and great 2011!

Thank you Linda,but I have to hide it. It is deeelicious.

Thanks so much Linda!!
As delish and decadent as always!
Happy holidays!!

Thanks for the brownies, they didn't even last 12 hours in my house!!

I denied that we received them to my husband!!

Thanks so much for the brownies! We were away, my neighbor got my mail, ate some, and froze the rest! She was very jealous!!! Anyway, can't wait for them to thaw....... xo

Mmmm! Thank you.
Can't wait to get home. En route from HK.. No brownies over there like yours!!

you're the best!!! thank you thank you thank you!!

Can’t wait. Always a treat. Thanks.

Current Mortgage Lending Rates December 2, 2010

2010-12-05T18:28:00.001-05:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 12/2/10 are as follows:

30 year fixed rate - 4.75-4.85%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.50%
5/1 Interest Only - 3.75%
Jumbo 15 year fixed rate - 4.125%

Get Ready for Winter

2010-11-29T20:03:00.002-05:00

As the days are getting shorter and nights colder, it is clear that winter is fast approaching. Make sure your home is prepared for the lower temperatures with some simple preventative maintenance.
Roof, Gutters and Downspouts
Make sure gutters are well cleared of leaves, sticks and other debris. Once gutters are emptied, run water through downspouts to ensure there is no blockage. If left undone, a simple obstruction could cause water to back up and seep through walls and ceilings causing serious and expensive damage. A wise investment would include either gutter guards or screens that lessen or entirely prevent the debris that accumulates in the gutters in the first place.
Water Heater
It would be awful to have your hot water heater malfunction on a cold winter day. As part of your annual service call, have your hot water heater tested. This should include testing the tank’s pressure and temperature relief valve while also removing sediment from the bottom of the tank by draining 2 gallons of water. This will help improve the efficiency and heat transfer of your unit.
Heating and Cooling System
Book your annual service with your oil company before it gets too cold or you will find yourself on a long wait list. If you do not have a service contract, or prefer to do it yourself, change the disposable filters, vacuum lint and dirt from blower blades and motor and clean air passages. Check or replace fan belts if needed.
Doors and Windows
By making sure doors and windows are properly sealed, you can help control heating costs. Weather stripping should be repaired or replaced around window frames and door bottoms and jams. Install storm windows and doors if available.
Water Pipes
Major damage from frozen or burst pipes can be easily prevented with advance preparation.. Before the cold weather sets in, add insulation to your pipes located in unheated areas. Simply wrap the pipes with blanket insulation or heating tape or completely incase them with preformed foam. Check for leaks and cracks and correct any minor problems.
Fireplace
Call a reputable fireplace sweep company. Do not fall for the phone calls claiming they are already working on homes in your area. Your chimney flue should be cleaned annually. Have the seal on your flue inspected to keep out drafts. Check for loose masonry and ensure your fireplace is in good working order.

Inexpensive quick fixes now will help you avoid expensive and time consuming troubles later.

Make Your Offer Stand Out Every Time !

2010-11-01T19:25:00.000-04:00

Unless you have had your head in the sand at Compo Beach, you already know that it is a “Buyer’s Market” when it comes to home sales. Reduced asking prices, coupled with historically low mortgage lending rates, have sparked an enthusiasm into Westport’s residential market. A properly priced home in the right location is once again creating a frenzy and even bidding wars. An educated buyer should be prepared to put their best foot forward to ensure they will obtain an accepted offer from their bid.

Price - Clearly, price is one of the primary considerations when a seller is reviewing your offer. If you find yourself in a bidding war, consider offering the seller a premium of a set dollar amount above their highest offer.

Financing – Before you prepare an offer, it is important to meet with a mortgage lender. It doesn’t matter to the seller if you speak with a Mortgage Broker or The Lender directly, as long as you are prequalified. However, a “pre-qualification” will only take you so far. This shows that you can afford the property based on the information that you have given the lender. However, a “pre-approval” goes a few steps further. A pre-approval verifies your employment and your credit history. You can be cleared for a pre-determined maximum loan, allowing you to make a “mortgage contingency” free offer, which reduces the seller’s risk greatly, in essence making your offer more appealing.

Good Faith Deposit – When a potential buyer offers a larger than the customary 1% earnest money deposit with an offer, it will certainly gain a seller’s attention. It can demonstrate the buyer’s motivation and their ability to accumulate funds quickly.

Contingencies – Minimizing contingencies and clauses that make it harder for the buyer to cancel the contract once inspections and financing is secured will go a long way to prove to a seller the buyer’s desire to make the transaction continue smoothly. Certainly a first time buyer or renter is extra appealing to a seller, so the sale of their current house does not complicate the timing or ability to close.

Build a Relationship – Try connecting with the seller on some level. Of course price, terms and contingencies are always going to prevail, but if all else is comparable, a seller tends to like accepting an offer from people that they have met, and who they believe will take good care of their home.

Trust your seasoned Realtor to know the best way to position your offer. Whether you are planning to purchase your dream home or an investment property, knowledge, skill and your agent’s expertise will help you facilitate making a sound offer that, when realistic, will lead to an accepted offer.

Current Mortgage Lending Rates October 21, 2010

2010-10-24T17:09:00.000-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 10/21/10 are as follows:

30 year fixed rate - 4-4.25%
Jumbo 30 year fixed rate - 5%
5/1 ARM- 3.50%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 3.99%

Mortage Lending Rates 10/14/10

2010-10-14T14:10:00.001-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 10/14/10 are as follows:

30 year fixed rate - 4.125-4.25%
Jumbo 30 year fixed rate - 5%
5/1 ARM- 3.50%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.125%

Current Mortgage Interest Rates October 7, 2010

2010-10-07T21:02:00.001-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 10/7/10 are as follows:

30 year fixed rate - 4-4.275%
Jumbo 30 year fixed rate - 5%
5/1 ARM- 3.50%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.125%

Ready your Home for the Fall

2010-10-05T07:58:00.000-04:00

October rolled in along with colder mornings. The shorter days are an early reminder to get our homes in shape as autumn arrives. Routine maintenance is the inherent responsibility of a conscientious homeowner. Many underestimate the importance of it, but well organized planning can save you thousands later. Ensure you schedule these important tasks before the first freeze of the season.

• Gutters and Downspouts – One of the least expensive maintenance tasks that should never be missed is clearing your gutters and downspouts. Once the debris has been removed from your gutters, make sure your downspouts direct water away from your house and are free of clogs. This simple task can help save your home from roof, foundation and structural problems.
• Remove Dead Tree Limbs – With all the damaging storms we have survived in 2010, it has become clear that removing dead limbs from your trees may prevent large branches with more disastrous results from falling on wires and structures.
• Clear your Clothes Dryer Vent - Always ensure that you unplug your dryer and clear out the buildup of lint in the dryer duct to allow better air flow. Left un-emptied, the vent and duct lint areas can damage your dryer and increase the risk of fire.
• Repair Roof Leaks – Touch up flashing and replace damaged and broken or rotted shingles. Simple fixes can save you from embarrassing and expensive interior ceiling and wall leaks.
• Inspect your Chimney – A professional can check and remove animal nests, creosote and debris buildup which left unchecked could cause fire and smoke damage in your home.
• Vacuum Refrigerator Coils – Not only will this help the efficiency of your refrigerator, but it will also help its longevity. Simply locate the coils on the bottom or back and use the long nozzle of your vacuum to clear out the dust and dirt.

With inexpensive preventative tasks, you can keep your winter expenses down, appliances more efficient and your family safer. Sounds like a no-brainer to me!!

Current Mortgage Interest Rates September 22, 2010

2010-09-23T17:43:00.003-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 9/22/10 are as follows:

30 year fixed rate - 4.125-4.375%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.75%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.125%

7 Reasons to Use a Realtor for New Construction

2010-09-21T21:05:00.001-04:00

Traditionally, when potential homeowners decide to search for a new home, they call they Realtor. However, often when new construction is the plan, buyers often go it alone. But don’t be short sighted, your Realtor can be exceptionally helpful and well worth his or her commission.

New construction often boasts great floor plans with large family rooms and a wide array of special features and appointments. Energy efficient products are standard while new building materials often help reduce future utility bills. In addition, the roof and most appliances have many years until replacement will be necessary.

Although you may not deem it necessary to involve your Realtor when working directly with a builder, it could prove to be quite prudent. By enlisting a Real Estate agent you are hiring a professional who will help guide you through the process and protect your interests.

7 advantages to consider when using a Realtor during the building process:

1. Builders differ greatly. Some are known for being able to build at a “great” price, while others typically build with only the finest materials. It’s important to depend on reputation and previous clients. Your broker’s experience can provide these references.
2. Brokers know the market well, and can help you negotiate an appropriate price that does not place your cost above market value.
3. As a buyer, you are most likely only constructing a new home once with a builder. However, your Realtor may work with the builder many times over the years. Since repeat business is imperative to most businesses, your builder is more likely to go above and beyond to impress your Realtor and you.
4. Agents deal with mortgage brokers, appraisers and banks regularly. Your loan process tends to move along smoother when your agent oversees the progression.
5. Even the best buyer-builder relationships can have kinks during the building course. Your Realtor can be the voice of reason and well versed on industry standards.
6. If you are relocating to a new area, your agent can provide local area information. He or she can also be your eyes and ears periodically at the construction site.
7. Lastly, typically the builder agrees to pay the sales agent’s commission, so you are receiving support and attention at no additional cost to you.

Building a new home can be a tough journey. Having a Real Estate professional on your team can help smooth the bumps and tackle the hurdles so you can enjoy the ride.

Is Your Home Not Selling? It’s Not Personal

2010-09-09T14:40:00.001-04:00

As home sellers look to move out of their “American Dream”, many are facing a new reality in today’s market. Sellers are finding a lack of options due to limited equity in their properties, especially if purchased after 2003. Some are numbed by deflated prices and are finding it tough to justify new realities.

While hoping not to lose any additional ground, some homeowners have dug in their heels regarding pricing. Others are letting emotions stand in the way of good analysis and end up taking current market conditions personally. Buyers are centered on getting abundant amenities at a maximum value. Both sides need to be realistic and take into account fair market value over what they want to pay or receive for the property.

There are many compelling reasons to make your move now. Interest rates continue to be at record lows. No one can accurately predict when they will go back up. In addition, if you are selling for less, you will be able to capitalize on your next purchase by buying for less while taking advantage of lower borrowing rates.
Your Realtor, your local expert, can provide fair market value information, comparables and personal knowledge to enable you to make an educated decision. Pricing your home for sale just below market value will attract buyer’s and agent’s attention, while overpricing it will most certainly turn them away. Even if an overpriced home is later adjusted down, it is often too late, and tough to recapture interest.

Keep in mind the following conditions:

• Appearance and overall condition. – Do not rely on a buyer to have a great imagination. Make your for sale home appear light and bright. De-clutter by removing furniture. A good realtor can advise you how to best rearrange your space to be the most appealing to a buyer. Remove clutter and excess knick-knacks and create an overall feeling of openness. Have a discerning eye review your exterior. Are bushes trimmed back or are they blocking the walkway? A freshly painted front door does wonders without much capital expense.
• Terms – Although you may have properly price your home, insure that your terms are reasonable too. Be open minded on what it will take to “get the deal done”, without giving up on what you need!

• Incentive - Offering an allowance to paint or re-carpet may be very appealing to an overwhelmed buyer. Or, consider purchasing a home warranty for the buyer, to help with unforeseen expenses. What incentive will a buyer have to buy your house over another? There are a lot of options on the market, make sure yours shines brightest.
You have heard this from me before, but the market still has great opportunities for both buyers and sellers. Be educated and put your best foot forward from the beginning. Align yourself with a top well informed realtor who will keep you up to date and informed while still realistic on pricing and current market conditions. Please feel free to contact me Linda@GoAskLinda.com if I can help you.

Mortage Lending Rates 9/9/10

2010-09-09T14:39:00.000-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 9/9/10 are as follows:

30 year fixed rate - 4.375-4.50%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.875%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.25%

Scoop on the Westport Market - August 2010

2010-08-24T15:13:00.000-04:00

What is really happening in Westport’s Real Estate market? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on the first 8 months of 2010, the market is definitely improving. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 352* houses on the market in Westport, with an average list price of $2,231,331, and an average market time of 128 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 $24,900,000., and located on Beachside Avenue, offering 6.62 acres, a 10,500 square foot house, included are 3 building lots with 600 feet of water frontage a main house with a pool and pool house, and a second home with a pool and tennis court. The least expensive home on the market in Westport is priced at $329,000. on Hiawatha Lane with 3 bedrooms, 1 bath in 1104 square feet. The total dollar value of available homes in Westport is $785,428,472.

The average list price for 3 bedroom homes is $1,184,119, 4 bedroom homes - $1,543,475 and 5 bedrooms or more $3,123,632. There are 62 homes available for in the most saturated price range $1,500,000 – $1,999,000.

Year to date, 233 homes have closed (sold) with an average market time of 95 days, an average list price of $1,469,928., and an average sales price of $1,378,877. The most expensive home to date sold in 2010 in Westport closed for $8,187,500 . It is located on North Avenue Extension with a pool and tennis court. The least expensive sale was $358,500., located on Oakview Circle. The most active price range for homes sold in Westport for 2010 is $1,000,000 - $1,499,000 with 51 sales year to date.

There are currently 45 homes that are considered “pending”, which means contracts are executed and they are awaiting closure. The most active price range for pending homes is $1,000,000 - $1,499,000 with 7 homes due to close in the range.

In 2009, during the same time period, 148 homes sold in Westport. Average market time was 117 days with an average list price of $1,517,043., and an average sales price of $1,393,020. The most expensive home sold during this time period last year closed for $6,500,000 on Beachside Avenue and the least expensive home sold on Cedar Road for $340,000.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. 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 24, 2010.

A Final Inspection is Always Necessary

2010-08-15T20:22:00.000-04:00

You’ve found the perfect home to purchase. The sellers have even agreed to your offer. The mortgage loan has been approved and you are ready to close. Don’t forget the simple but imperative next step before your actual closing…the final walk thru!
Firstly, along with your Realtor, insure that everything that the sellers were supposed to leave, they actually left. If the window treatments were included in the contract, you are entitled to them. If the sellers forgot, and accidently removed them, they need to bring them back or replace them before closing. This may seem obvious, but simple mistakes like this happen more often than one would imagine.
Next, check that the repairs that were negotiated after the initial building inspection were actually completed. Obviously, for any major repairs, your attorney should receive copies in advance of the paid work orders. However, small repairs should be inspected and approved. If promised repairs are not completed, they should to be handled before closing, while the seller still the motivation to correct them quickly.

Look for damage that may have occurred after your contract signing. Did the movers damage the wood floors or gauge the wall during the move out? Are the locks working the same as when you inspected the home?
Bring a portable hairdryer and spot check as many electrical outlets as you have time to. Flush every toilet and run all sinks and showers to insure proper pressure and hot water .Believe it or not, I once found a homeowner that changed a shower head before closing, but we uncovered it simply by running the shower and observing low pressure.

Run the dishwasher, washer and dryer. Put on the stove and oven. Make sure all are heating at expected rates. Trust me, a small amount of time well spent will save you problems and frustrations later.
Your Realtor does this type of walk thru many times a year. He or she will work with you to complete all these visual and physical inspections. Your attorney can help negotiate any “surprises”.

The earlier you can do your final walk thru before closing, the better. It will give your agent and attorney time to track down the sellers and their agents to correct any issues. Never do the final inspection before the seller has completely moved out. The process of the actual move is often where the greatest damage occurs.

Current Mortgage Lending Rates 8/8/10

2010-08-15T20:20:00.002-04:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 8/12/10 are as follows:

30 year fixed rate - 4.25-4.35%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.875%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.25%

Westport's Current Market Conditions March 2010

2010-03-08T14:11:00.001-05:00

At least a few times each day I am asked the same question. “How’s the Real Estate Market?” Most are surprised when I answer that it is good, at least for buyers! It is clearly their market. Many of the homes that are presently available for sale have been on the market before for substantially more money. It is not unusual to see a home listed for less than what the current seller paid only a few years ago. Those are the more motivated sellers. The sellers who are expecting to receive more than they paid for their home if originally purchased from 2003 to present will be surely disappointed. Our buyers are well educated, and they can easily access previous sales and compare values on the internet or with their sales agent. They are not willing to overpay. 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 2010 so far?

Presently there are 326* houses on the market in Westport, with an average list price of $2,246,180 and an average market time of 131 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 $375,000., a 3 bedroom 1104 square foot ranch located on Crescent Park.

Year to date, 34 homes have closed (sold) with an average market time of 116 days, an average list price of $1,637,4501., and an average sales price of $1,510,309. The most expensive home sold in 2010 in Westport closed for $8,187,500 on North Avenue Extension featuring a pool and tennis court. 33 homes have fully executed contracts and are awaiting closure.

In 2009, during the same time period, 16 homes sold in Westport. Average market time was 136 days with an average list price of $1,649,300., and an average sales price of $1,465,835. The most expensive home sold during this time period last year closed for $3,215,000 on Manitou Road.

The bottom line, it’s a buyers market. If you have nothing to sell, you will surely be able to enjoy the better prices of homes available in Westport. If you are selling and trading up, you may need to accept less on the sale of your current home, but you will be able to reap the benefit of the savings on your purchase of a more expensive home. The only one that gets hurt is the seller who is trading down. That seller has to either “suck it up” or “get out”. Price according to real marketvalue, and you will get offers. 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 March 1, 2010

Current Mortgage Lending Rates 3/4/10

2010-03-08T13:49:00.002-05:00

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 3/4/10 are as follows:

30 year fixed rate - 5-5.25%
Jumbo 30 year fixed rate - 5.625%
5/1 ARM- 4.125%
5/1 Interest Only - 4.375%
Jumbo 15 year fixed rate - 4.5%

Current Mortgage Lending Rates 12/17/09

2009-12-17T20:09:00.000-05:00

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

2009-12-11T09:35:00.002-05:00

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

2009-12-11T08:36:00.000-05:00

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

2009-12-11T08:34:00.000-05:00

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

2009-12-09T13:52:00.000-05:00

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

2009-11-20T09:34:00.002-05:00

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!

2009-11-15T18:58:00.001-05:00

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

2009-11-15T18:55:00.001-05:00

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

2009-10-29T20:06:00.001-04:00

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

2009-10-18T14:10:00.002-04:00

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!!!

2009-10-17T12:12:00.010-04:00

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

2009-10-02T08:12:00.001-04:00

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

2009-09-18T08:29:00.001-04:00

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

2009-09-15T14:32:00.001-04:00

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

2009-09-03T21:17:00.001-04:00

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

2009-08-31T17:30:00.001-04:00

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

2009-08-30T08:05:00.002-04:00

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

2009-08-18T13:30:00.002-04:00

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

2009-08-18T13:28:00.000-04:00

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

2009-07-03T11:46:00.002-04:00

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

2009-06-25T15:11:00.000-04:00

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

2009-06-19T19:05:00.000-04:00

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

2009-06-19T18:59:00.002-04:00

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

2009-06-03T18:28:00.000-04:00

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

2009-05-23T15:39:00.000-04:00

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

2009-05-19T07:17:00.001-04:00

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

2009-05-13T21:17:00.001-04:00

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

2009-04-16T21:18:00.000-04:00

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

2009-04-10T20:08:00.001-04:00

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

2009-04-03T11:17:00.000-04:00

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

2009-04-03T11:12:00.002-04:00

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

2009-03-24T16:33:00.000-04:00

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

2009-03-12T16:26:00.000-04:00

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

2009-03-10T18:38:00.002-04:00

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

2009-02-26T12:53:00.005-05:00

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

2009-02-22T08:35:00.000-05:00

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

2009-02-16T12:39:00.001-05:00

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

2009-02-06T18:57:00.002-05:00

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 !

2009-02-03T14:36:00.003-05:00

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

2009-01-30T22:57:00.004-05:00

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

2009-01-24T15:07:00.001-05:00

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 !

2009-01-16T20:01:00.000-05:00

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

2009-01-13T15:28:00.000-05:00

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!

2009-01-09T10:31:00.000-05:00

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

2009-01-07T15:37:00.000-05:00

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

2009-01-06T12:15:00.001-05:00

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

The Best Deal in Westport

2008-12-22T15:30:00.000-05:00

In this tough economic time, a good value is paramount. I asked my fellow Westporters what they thought the best deal in Westport is. Here are their answers. (Thanks Mary Hoffman for the idea!)

Jamie Camche - The best deal in Westport is buying a home through Linda Skolnick. You get a tin of "FREE BROWNIES"

Julie Migliaccio (owner of Evolution Fitness)- Simple, in these tough economic times a class at evolution sports and fitness will get you fit and the reality is that only those who are in shape will be able to handle the stress

Andrew Nevas- The library. It's got books, magazines, newspapers, movies, speakers, activities for the kids - and it's all free!

Mary Hoffman - Catering Chicken Marsala (no garlic) from the Sherwood Diner

Janet Samuels – A French Manicure by Mila (Nails by Mila 454-5755) that lasts 2 full weeks

Martha Ellinwood - the Staples “Players” productions – are the best deal in town for entertainment!

Bonnie Adler- the deal you get when you stop running around and stay home and appreciate what you already have *with a Robek’s drink at your side)Ceila Campbell Mohn - is winter walks at Compo beach!

Neil Becker – My house (yes…it is available for rent!)

Tom Greenwald - Walking the dogs at the beach? Last I checked it's free.

Randi Lehrman- Cooking every night and cleaning your own house (ok I am lying about cleaning the house! ) so that you can pool your resources for " upkeep Wednesdays".

Allyson Juvilier - Free therapy from Randi!

Richard Fogel (Dr. Grout) - to appreciate the value of your family,friends,and a great community where everyone is accepted.

Larry Bartimer- Big tasty hot dog, soda and free refill-$1.50 at Costco

Randi Kessler- Seeing a "Bruce" concert on a warm summer night at Bobby Q's (with lots of Steaz), school plays, Westport Country Playhouse, Longshore, Levitt Pavilion, hidden "Antique Roadshow" finds at tag sales (only kidding) and the best deal in Westport is laughter and good times with family and friends.....Priceless!

Nancy Marshall - A COLONIC. It takes less than an hour to lose a few pounds, flatten your stomach.....Ready for the New Year!

Tracey Lev - The Westport schools. They are free, they provide a quality education Staples was ranked # 1 in Ct)… and best of all they keep our kids for the entire day!!!

Joyce Backman - The best deal is World Champion Taekwondo in Fairfield/Westport. For one fee you can attend as many classes as you want, you get to wear a baggy "uniform" (no need to purchase work out clothing) and you are so busy trying to do the kicks and punches correctly that you don't even realize that you are working out.

Jill Halper - Same day delivered flowers from Primrose (free delivery if you mention Linda), Rafaella the tailor (she's great) kids size Carvel cone (for adults), and of course nonstop laughs with my friends (that's totally free!)

Cathy Holligan – the micro peace sign necklace at JL Rocks

Cindy Levi - The free coffee at Mitchells

Michael Lubell - Houses, Mortgages-STOP BOTTOM FISHING…We’re still an hour from NYC- WHAT A TIME TO BUY!!!, Golf at Longshore- what a steal, Trader Joe’s – Reasonable price; Happy Helpers, Border Grill and the Falafel Inn.

Tracy Boyce – A hamburger, fries at Calise's ( don't know the price but definitely a deal) and the three pack of bread at Stop N Shop.

Jeanne Burris - the phenomenal quality and service our family gets from Margaret, Joe and Diana at the Optical Shop of Westport and Andrea Itin and her husband at Mirabelle Cheese shop, both tucked away in a cute little corner at the top of Main Street. Sometimes, you really DO get what you pay for!

Karen Wingate - Fantastic mark-downs at lululemon ... everyone needs to exercise through these stressful times - and you might as well look good and feel good working out in a luxury brand product! Way cool place to hang. And free yoga classes in the store every Sunday morning from 11:00 - 12:00 before the store opens .. taught by the most experienced teachers around Westport

Pete Agnes - Call your garbage collection guy and have him reverse the "fuel surcharge" they imposed mid 2008 (they whined, but said they couldn't afford to lose our business). Dump AT&T and go with the optimum phone from Cablevision. When we called to ask us how much it would cost they told us that because of our package, they could give us a new package PLUS the phone and it would cost less - this seems like bad business to me, but who am I to argue! Make sure you "plow guy" is "on market" our old guy was charging $110 for the driveway and shovelling the side walk, the new guy does it all for $60!

Clair Mason - The Fitness and Tennis Club in Norwalk – it’s like “home from home” - It’s the friendliest club in town with the best members.The babysitting is the hottest deal in town with it’s own schedule of activities in a very homely setting – the kids are asking their parents to play tennis and work out everyday!

Nadja Streiter - the priceless, but free parenting advice I've gotten from my good friends. You know who you are!

Nancy Landauer - A walk in Winslow Park ALONE with my dog - talk about cheap therapy!

The Scoop on the Westport Market

2008-12-22T15:14:00.000-05:00

Everyone seems to be talking about current value of Real Estate. Will the Fed’s continued rate cuts 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 a year 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 did Westport fare in 2008 after all?

Presently there are 290* houses on the market in Westport, with an average list price of $2,349,114 and an average market time of 140 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 $37,900,000., and located on Beachside Avenue, offering 3 separate lots on 6.62 acres a 10,500 SF main house with a pool and a pool house, a guest house with its own pool and tennis court and a combined 600 feet of Long Island Sound frontage. It has been on the market for 589 days. The least expensive home on the market in Westport is priced at $449,000., a 3 bedroom 960 square foot home located on Crescent Park Road.

In 2008, 261 homes have closed (sold) with an average market time of 105 days, an average list price of $1,824,992., and an average sales price of $1,712,448. The most expensive home sold in 2008 in Westport closed for $9,825,000 although it was listed for $10,950,000. It is located on Saugatuck Avenue on 2.44 acres with a pool and tennis court, 12,000 square feet located directly on the Sound. The least expensive sale was $397,500., a 1 bedroom 750 SF cottage located on Compo Road South. The most active price range was $1,000,000 to $1,499,999 with 52 homes available, 5 under contract and 46 sold.As of December 16, 2008, the median list price in Westport is $1,242,000. There is a total of $686,643,598 worth of available inventory. Total sales volume in 2008 equals $397,455,350.

In 2007, 395 homes sold in Westport. Average market time was 108 days with an average list price of $1,737,607., and an average sales price of $1,665,730. The most expensive home sold during this time period last year closed for $7,500,000 on Saugatuck Avenue and the least expensive home sold on Crescent Park Road for $384,000.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. 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

Linda's Brownie Delivery Response

2008-12-22T15:00:00.000-05:00

All my previous and current clients receive "Brownies for Life" ! If you live in Westport, CT, you know that means that you get these decadent fudgey brownies delivered to your home every year during the holidays. Many of you have decided to hide them from your children. I understand! I got a big kick out of many of your email responses to the delivery, so I cut and pasted them below. Thought you would enjoy what others said too!

My stomach thanks you -- my jeans aren't quite so sure.

Maybe this year I should share them. Maybe not.

Thanks a ton (ha ha)~they are so yummy

thanks

How about a side brownie business until real estate picks up? I'll be your first customer.

Ours our gone--Fred got one and Emma got one. As for the rest, well.....brownies were great - almost all gone already!

You're the best!We are over the moon with delight!

It wouldn't be the holidays without your unbelievable brownies!

Thank you!What a lovely surprise to come home this evening and find Linda's famous brownies!

Thank you so very much

Thank you so much for the brownies. They are even better than last year. (I'm not sure if I'll leave any for Mark or the kids.)

If you ever get tired of real estate.....

You're a doll.

The kids will be thrilled.

xoxothanks for the delicious brownies!!!!

Awesome – thank you soooo much. Have a GREAT holiday!

YUM!

Thank you soooooo much-i am so psyched!!

Yummy Brownies!

Last year I ate them all (I blame that on the pregnancy), so maybe this year I will share :). Do you make these? They are absolutely sinful!Thank you!!!!

My kids love you, the mysterious Linda who magically delivers brownies each year!

Linda Skolnick, you rock!

They're awesome.Thank you!You're the best!

I'm going to eat them on the way to the gym?

Merry chrismakah!Yumm yumm thank you SO much!

Wow, what a really fun surprise.Thanks!

Kids are psyched!!Can't wait!!!!!!!!!!!

You are too amazing!!!!!!

Delicious, as always

More reasons to go to the gym.

Godbless you Linda !

Avoid Seller Mistakes

2008-12-21T20:15:00.001-05:00

The media has been reporting for the last few years that Real Estate investments are suffering. For a long time, Westport was completely resilient to what the rest of the Nation was experiencing. Unfortunately, Westport has begun to catch up with the National trend. It is becoming a buyer’s market after many fruitful years of a seller’s market. But, this doesn’t mean you can’t sell your home. It just means you have to be smarter and more efficient with the process. Therefore, it’s important that you make the right moves at the very beginning of your home selling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.

1. Over-pricing — It is easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their emotions in check during the process. After all, your home is special to you and your family, and you’re proud of the improvements you’ve made over the years. But, how does your home really stand up to the others? And are those improvements important to a potential buyer?To determine a reasonable listing price have a top producing agent produce sales statistics on homes in town, including listing prices and actual sales prices, how long it took for the homes to sell, and how it actually compares to your property. You’ll also want a market appraisal on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal. Be careful not to have your home priced based on only active homes on the market (or as I call them, homes that failed to sell), but more importantly, compare to recently sold homes.

2. Negligent Housekeeping — Buyers need to be able to envision themselves living in your home. Take a good, objective look at the condition of your home. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don't have to buy new furniture to create charm, but you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and add a few key accessories in order to send out welcoming signals. If your Real Estate Agent has access to a stager, even better…..their well trained eye will help decipher what should stay or go.

3. Failing to Fix-It — Buyers, unless they are looking for a fixer-upper, would prefer to move into a home that is in perfect or near-perfect condition. If they have to fix the roof, a broken tile floor, the garage door, worn carpet or just about anything, this may give them pause about buying. At the very least, it may lower the value of the home (even below what the cost of the repair would be) in the prospective buyer's mind.

4. Not Identifying Exclusions — This can be a cause of contention just at a critical point in the sale. Be sure to specify any special sales considerations or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. So if you intend to take your grandmother's antique chandelier that’s hanging in the dining room, clearly specify that the chandelier is not included in the sale price.

5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have a clear understanding of what is expected. Understand the types of agency agreements when you sign with a real estate professional or company.Be sure to check on fees, commission percentages, marketing plans and timeframes. Most importantly, hire a top notch agent that specializes in the Westport. If your Aunt Ethel is a Realtor in Bethel she may not end up saving you as much as you expect. A well trained and respected agent local to the area knows all the idiosyncrasies specific to Westport…which may not be true in other parts of Connecticut.

If you need help buying or selling your home, feel free to contact me at (203)246-0088 or Linda @GoAskLinda.com. Visit my Website GoAskLinda.com