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%
Thursday, September 23, 2010
Tuesday, September 21, 2010
7 Reasons to Use a Realtor for New Construction
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.
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.
Thursday, September 9, 2010
Is Your Home Not Selling? It’s Not Personal
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.
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
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%
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%
Tuesday, August 24, 2010
Scoop on the Westport Market - August 2010
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.
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.
Sunday, August 15, 2010
A Final Inspection is Always Necessary
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.
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
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%
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%
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