Reasons to Buy Smaller Homes

December 6th, 2011 admin

http://img4.southernliving.com/i/2002/06/big-style-small-house/dallas-exterior-m.jpg?300:300As you know from reading this blog, buying a home can be a trying experience if you are not prepared for all of the things that are coming your way. This includes finding a CT real estate agent, deciding on a budget, picking an area and so on and so forth. However, one issue is sometimes overlooked, especially by some homebuyers who have never been in the market before – the size of the home. This seemingly small element of home searching is actually a major portion of the future of you and your new abode.

Here are some of the issues that can be affected by the size of your home:

Price – Obviously, the majority of smaller homes are going to have a smaller price than those of larger square footage houses in any area. Once you have set a budget range with your CT real estate agency, look at the houses in this price range for an idea of how much space you can get for your buck. This can have a major effect on what you look for.

Future Costs – If the price is lower for smaller homes, than other costs get lower as well. Added up over the course of only a few years, you can begin to see the savings in a number of areas. For one, your electricity, heat and other utility bills will be significantly lower. This is due to smaller spaces and less lights than can be left on by mistake! Consider this premise when adding in local taxes and even home insurance and your savings can be in the thousands.

Family Members – One question that always arises when considering buying a smaller home is, “What if we want to have a family?” It is absolutely okay to have your children share a room, especially when they are younger. As they grow up, they will learn to share their space and eventually value private time if you move into a larger home in the future.

Selling Your Home in Winter

November 30th, 2011 admin

There are so many things that home sellers need to get ready for when beginning the process of selling their homes – meeting with real estate agents, prospective buyers, organizing the home, etc. These are just some of the things we have already covered in this blog, but one question lingers – how do you ready your CT home for sale during the cold winter months? Should I try to sell my CT home in the first few months of 2012?

This is an especially tough choice for sellers who have homes that have been on the market for many months. In a lot of cases, figuring out the proper route of action is something that should be discussed with your CT real estate agent. Sometimes, the best choice is to take your house off the market and wait until the spring months. However, there are things you can do to help spur offers in the winter, even though the cold of New England has moved in:

Make It Comfortable – A major part of a person’s decision to buy a home has to do with how comfortable they feel in the house. By keeping your house a few degrees warmer than usual during winter open houses, you have a better chance of making them feel right at home.

Clearing Paths – If your area is prone to snow and ice, be very vigilant about making sure that your driveway and walkways are clear. If someone has trouble getting into your driveway due to a mound of snow, they will likely turn right around. Spread out ice salt to keep your walkways safe and clear of ice.

Keep It Clean – As always, keeping your house clean and in order can spark interest in buyers during any season, not just the winter. Wash your windows, vacuum your rugs and dust everywhere you can think of.

There are number of other ways to inspire a few offers on your home, even in the winter months. Contact your real estate agent CT for more ideas.

Buying a Home for the First Time

November 15th, 2011 admin

http://man.century21firstre.netdna-cdn.com/wp-content/uploads/2009/12/Creative-financing-solutions-in-real-estate.jpgWhen you first decide to buy a home, you probably don’t even know what lies ahead of you. There are a number of steps you need to go through before you even start making bids on the houses that you like. However, if you think about all of these steps at once, you may get flustered with the amount of work involved with this major life move. Here are some things you can do before you begin looking for CT real estate agents:

Save Money – Make money available because even though you probably won’t have enough cash to pay for a home, there are also initial costs associated with taking out a home loan and paying off a mortgage. As with loans for most things – cars, homes, etc. – you need to put a down payment on it to not only give the lender faith in your repayment ability, but also to give yourself a financial cushion. However, a down payment isn’t the only cost demanded when you buy a home, you also need to have money for closing costs. Obviously, these costs vary by the home you choose, the loan you have and other factors – just make sure you have enough to cover them.

Get the Lowest Rate – Your credit is a huge factor when looking for a home loan with a low rate that you can afford. You’ll want to check out your credit before you start looking for loans, unless you know your credit score is 720 or above, which indicates that you are a reliable candidate for a good loan. Since the economy of the U.S. has been difficult as of late, you’ll want to look into your credit scores – just one bad score can stop you from getting a home loan in your price range.

Find the Best Advice – Choose a real estate agent who can help you with the process of buying a home. By finding a CT real estate agent that you can trust, you will have an easier time with all of things you need to know when looking to get into the real estate market.

 

 

Pitfalls for Buyers in CT Real Estate

November 2nd, 2011 admin

There has to be a lot of trust placed in real estate agents when you are buying a home. Based on a list of what you are looking for, your agent needs to have your best interests in mind while also trying to secure the best possible deal for you and the home sellers in CT. When you are first shown a house, you may use a lot of different factors to inform your decision making, not the least of which is what your real estate agent CT says about the property. However helpful this is, you need to be aware of the pitfalls of buying real estate.

Although the majority of real estate agents are honest and very helpful in your home buying process, Connecticut is one state that does not make home sellers answer any questions about hazardous materials in a specific property. According to CT Post, there is a form brokers must fill out, but hazardous materials don’t have to be disclosed:

“Beyond the 34-question disclosure form, sellers must answer truthfully, to the best of their knowledge, any additional questions a buyer might have about the property. The problem is most homebuyers don’t ask about toxic contamination. And the sellers aren’t obligated to chime in.”

The article says that even though CT home sellers have to inform buyers about potential loss in value, the seller probably won’t know about it or even answer honestly. Some advocates in the state are asking that questions involving hazardous waste be added to the disclosure form real estate brokers have to fill out when selling a home in CT. Considering the overall length of CT’s form to other states’, the Nutmeg State has a lot of ground to make up:

“New Jersey’s disclosure form mandates that sellers warn prospective buyers if there are or have been hazardous substances in the soil of the property or adjacent properties. The form includes a section about environmental hazards and, altogether, asks 107 questions, compared to Connecticut’s 34-question form.”

So be careful CT residents! Ask about hazardous waste on properties you view and make sure you choose a real estate agent you trust!

Small Businesses Part of Home Value

October 26th, 2011 admin

There has been a lot of talk about small businesses and their effect on the economy as of late. This is especially true because of the pressure inherent in running a small business in the current economic climate. With money getting more and more difficult to come by, many people are overlooking the businesses in their local areas and shopping at big box stores. This may save money in the short run, but supporting local businesses can actually be a huge help if you ever choose to sell your home.

Resource Nation has a news blurb that examines a recent study showing the effect that small businesses can have on home values:

“…thriving small businesses in local communities lift real estate values. They found that over a 14-year period, neighborhoods with thriving independent businesses saw home values outperform markets by 50 percent. The report looked at 27 neighborhoods (in 15 major U.S. cities) where small businesses boomed.”

This is relatively surprising, especially because of the struggle that many smaller businesses have been going through. The story says that small business owners are making less money than 20 years ago:

“Researchers have found that small retailers account for 11 percent less of total retail sales than they did 20 years ago (57% in 1990; 46% in 2009), and independent bars and restaurants lost seven percent of total sales (71% in 1990; 64% in 2009).”

So, according to the combination of these results, if you support your local area from when you first move in to when you leave, you are effectively helping your home’s value as well. This is important information for homebuyers as well, who may be working with a CT real estate agent to find a good area to live. You may spend a bit more to live in areas with a thriving local economy, but this will only help your home appreciate over time. This is one of the best ways to help with improving on your home’s worth and your personal investment over time.

Real Estate Trends 2012

October 18th, 2011 admin

Homebuyers all over the United States are unsure of how to approach the real estate market, especially with all of the economic downturn we have been dealing with over the last few years. This uncertainty has also hit hard on people looking to sell their homes, finding it difficult to get the asking price for their homes and even locate appropriate buyers. These concerns have begun to be alleviated with the help from CT real estate agents who understand the Nutmeg State’s various areas, finding growth real estate markets in Cheshire and other areas.

As 2011 begins to wind up, what are the trends that will influence home sales for the end of this year into 2012? Here are some thoughts:

-  Downgrading – Many older homebuyers and sellers are looking to downsize what they own, according to a story from CBS Moneywatch. The article says that even clients with deep pockets are looking to “trade down” a large home:

“Only 28 percent of the agents said their clients were motivated by finances. A much larger 49 percent of agents shared that their customers just want to live a little more simply.”

- Lots of Renting – Due to the overwhelming debt that many have incurred over the last few years, many people are choosing to move in with family and friends. However, the major shift in the market has been a movement in renting, which may be beneficial for some who are having trouble selling their homes.

- Foreclosures May Go Down – Although all of the real estate talk has revolved around the number of foreclosures, the housing market is expected to bounce back in 2012, according to a variety of experts and sources. Foreclosure rates are expected to go down with this trend and hopefully will help people sell their homes more quickly.

Obviously, any of these expectations can go off the rails at any time. For the most up-to-date information, contact your local Keller Williams real estate agent.

Foreclosures 101

October 11th, 2011 admin

If you have spent any time over the last few months looking for a home, you know that it is hard to talk real estate without coming across the topic of foreclosures. This term obviously comes with some negativity attached to it, especially considering the former owner of a home. CT foreclosures can be a boon for many homebuyers looking to score a low cost for a nice home. There are a number of things to understand about foreclosures before you look into going to an auction or making an offer on one of these homes.

-          At the ground level, a foreclosure occurs when a homebuyer cannot make their payments to a lender, which is usually a bank. In most cases, the bank would much rather receive payments than begin the foreclosure process, so it’s unreasonable to think that lenders like foreclosing.

-          If you are having trouble with your payments, contact your lender as soon as possible. You may be able to work out a plan with your bank or mortgage broker that will leave you in a better position to make the monthly minimums.

-          You will know that your lender has begun a foreclosing process on your home if you receive a notice from the county recorder’s office or your lender. This means that the lender has filed a notice of default on your home with the local authorities.

-          As a buyer, you must be pretty quick on your feet to purchase a home that has been foreclosed on. Notice of public sales will only be up for three weeks and give current homeowners 2.5 weeks to pay their debts.

Beyond these basics, there are a number of issues that can arise when looking to purchase a foreclosed home. You should speak with a CT real estate agent from Keller Williams when thinking about buying a home that has been foreclosed upon.

Tips When Entering the 2011 Real Estate Market

October 5th, 2011 admin

The overall amount of pressure on home sellers and home buyers when entering the real estate market at present time can be overwhelming and difficult to deal with. This is especially true when considering the national attitude towards real estate at the moment. No matter what side of the market you are coming from – buying or selling – here are some tips to help you in the current market:

-          If you are gearing up to sell your home in CT in 2012, get ready to put your home out there in late February or March. When it comes to exposure to the biggest group of serious homebuyers, common knowledge says that the spring is high time for home sellers. However, getting a jump on other available homes ensures that you are ready at the drop of a hat when the real estate market sees a flood of potential buyers.

-          Foreclosure of your home doesn’t necessarily mean you will never have the opportunity to own another property in your lifetime. Although foreclosure does remain on your record for some time, some of the bigger mortgage loan companies will only consider you for loans three years after a foreclosure. You will likely have to pay a much larger down payment in this case, but you’ll still be on your way to owning a home again.

-          As a buyer in the current market, keep yourself open to a number of prospects in the housing market. Although it seems that you can save a lot of money going for foreclosed properties, the amount of research and professionals involved can leave many buyers with a bitter taste in their mouths. Also investigate normally listed homes in your chosen area – you may be able to underbid the asking price and still save cash in the short run taking this approach.

-          Finally, ask a real professional – a CT real estate agent – when making any decisions regarding buying or selling in the current market. It never hurts to have a professional backing you up.

Foreclosure Ranking Makes Market Strong for Home Sellers in CT

September 28th, 2011 admin

When you are in the market to buy a home, it can be a very difficult process to take up. Forget all of the issues I have mentioned in this blog before (i.e. finding a CT real estate agent, asking the right questions, etc.) – the overall process behind finding a suitable home in your price range can be quite hard, especially if time is of the essence. However, in some areas, foreclosure rates are high and homeowners are willing to settle on price that is significantly lower than the asking price. Connecticut is not one of these areas, making the market excellent for those selling a house in CT.

A recent report lists that Connecticut is the 13th ranked state for lowest mortgage delinquency rates in the U.S. The article – from Tribuna Connecticut – says that the overall rate of payments to lenders has been pretty good in the Nutmeg State, lowering the level of CT foreclosures:

“Although the Mortgage Bankers Association ranked Connecticut 30th in the nation for mortgage delinquencies with 7.21 percent of people paying late in the second quarter, it found the state’s rate of foreclosure filings, at 0.97 percent of all loans, and ranked it the 13th highest in the nation.”

The reasons for this come down to income stability, high property values and interest rates that have stayed low, the article says. Some of the credit can be given to George Jepsen, CT Attorney General, who has made the foreclosure issue a main priority. Even with the rate of payments being as good as they are, Jepsen is concerned about the foreclosures that are still happening:

“Jepsen gave shape to the situation, saying, ‘The multi-state investigation of the nation’s largest mortgage servicing companies confirms what my office has been told by thousands of Connecticut consumers, that these banks have done an incredibly poor job in dealing with the mortgage foreclosure mess they were instrumental in creating.’”

If you are considering selling your home despite the national trends in home markets, CT is not a bad area to do so in. You have a better shot at getting a number very close to your asking price. For more information, contact Keller Williams Realty Central Connecticut for a real estate agent in CT.

 

 

Making Your Home More Sellable

September 20th, 2011 admin

The housing market is a battlefield that changes constantly on a regular basis. One day your asking price may seem like the right course of action and the next day you’ll find that offers are lower than you expected. For the financial and business side of realty, you should always consult with a real estate agent in CT for the best advice. A realtor can also help you work out a price that not only meets your expectations, but will appeal to home buyers as well. However, there are steps you can take before you even meet with a CT real estate agent for the first time. What are these? Here are some tips for you and your home:

-          When considering the sale of your home, you want to know how valuable your space is worth. Think about having your property valued by a town or city inspector to get an idea of what your acreage could sell for without a home on it.

-          Look at the outside of your home. Are there any obvious areas that need fixing – like a gutter hanging off the house or a precariously placed tree? Get to work by getting these things fixed. The exterior of your home is the first thing that people see when viewing your home as an option. If it looks good from the road, they’ll want to look inside as well.

-          Inside your home, move any large/unnecessary furniture to a storage unit or other space. You’ll be moving it after the house sells anyway, so show how much floor space your home has with only furniture that is needed.

-          It may seem obvious, but keeping your home clean and tidy is important as well. You could own a gorgeous mansion and lose a sale because your kitchen is covered with errant junk. Consider replacing any parts of your home that are old or look old (i.e. carpets, countertops, rugs, etc.)

For more tips on selling your home quickly and for the most value, contact your local CT real estate agent.


 

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