The Eight Great Reasons to Sell Your CT Home During the Holiday Season

If you have been wanting to sell your home, but  felt that the holiday season is just the wrong time to begin the process, think again.

You may already know, or have heard that timing is everything, and it truly is. The Eight Great reasons to  put your home on the market amidst the holiday hoopla are:

1.  Did you know than over TEN percent of annual sales occur during the holiday season?
 
2. There is much less inventory for buyers to choose from, and that means less competition for you, and maybe even a higher price.

3. The buyers that are out and looking are quite serious and need or want to buy, otherwise they would probably be at the mall shopping for gifts.
 
4. If you decorate your home for the holidays, it will show beautifully. Everybody loves decorations. If you don't normally decorate, that's fine, too.

5. Very few homes will have added curb appeal due to fall and winter conditions. No lawn is beautifully green and no trees are lush. It's a level playing field as far as that's concerned. There is next to no maintenance of the yard as well, making it that much easier, and at some point, snow will cover it anyway.

6. The aromas from pies, cookies and the like create quite a pleasant atmosphere  for buyers looking at your home.

7. If there are times when showing your home is inconvenient, you can always defer the showing to another time. (just as you can throughout the year)

8. Have you thought about additional exposure from your neighbors holiday get togethers? Their friends and family may just be chomping at the bit to live on your street, and lo and behold- A house is for sale there- YOURS, and it could be the reason it sells. 

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Home Affordability is MUCH More Than the Price. Check the Taxes and Insurance, too

There's much more to determining a home's affordability than just its asking price. There are two VERY important additional factors to consider.

Property Taxes:

You would be very surprised  at the varying tax assessments and annual property taxes  for homes within the same town, in the same general price range, and having similar features. Sound like it's a minor item? It's not. Here are a few examples that were taken from our MLS.

One home is 1.3 million with annual taxes over $20,400, and another is 1.4 million with taxes of  approximately $12,600.   Both are similar, but the home for 1.4 million is actually cheaper to own than the home that is priced one hundred thousand dollars less.

As a matter of fact, if you calculate  the difference that just those taxes made on a monthly payment, you could actually have an additional buying power of  nearly $150,000  just because of the property tax differential.

Having an additional $150,000 in buying power is quite substantial. And even though these properties are over one million, it's still a lot of  money in your pocket (or out of your pocket, depending on which way you look at it)

It's not just because the price is over one million, either.  Here's another  comparison of two inexpensive homes- One priced at $220,000 with annual property taxes of $9100, and another priced at $250,000 with annual taxes of just over $5200 per year. You probably guessed it already- The $250,000 home iso ver $100 per month CHEAPER to own than the house that is listed for $30,000 dollars less. Now go ahead and add roughly $25,000 due to the difference in monthly payment due to the property  taxes, and your buying power for that situation coud be increased by over $50,000.

I did not have to look too hard to find these examples. In fact, it took me less than ten minutes. This is every "where", and in every town.  If we were to start comparing prices in different towns along with their respective tax rates, it would even take it to another level. Bottom line-  LOOK AT THE TAXES ON THOSE LISTINGS. It could mean the difference between you getting a nice house and an outstanding home and for NO ADDITIONAL MONTHLY COST.

Home Insurance Premiums:

Also make sure to look into the Insurance Premiumsfor that home as well. Home insurance is a necessary add-on. Necessary for your mortgage, and necessary for your investment, even if you will own the home free and clear.  Certain homes will require additional insurance that can be costly. For example, if you like the beach and want to live close to the water, you probably already know that Flood Insurance will be required from your lender, and are most certainly prepared to pay the additonal premium, which can run into thousands (yes, thousands) of dollars a year more than just a basic homeowner policy.

What you may not know is that if your proposed home sits  999 feet from the water, you may still have to pay a very large premium, even if you are not direct waterfront.  The last time I checked, 1000 feet was the cut off point.  Here's another thought on Flood Insurance. You don't have to live within 1000 feet of Long Island Sound to have the requirement to purchase Flood Insurance. There are lower lying areas in the most unheard of places in town that will require some form of additional insurance as well.

If you were unaware of the excessive variations that do occur in every town and in every price range, and how it can affects your bottom line, call me. I'll find you a great house, "do the math" and save you A LOT OF money.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Connecticut Financing and Mortgage Rates December 2, 2011

A consumer fraud alert has been issued to protect homeowners from HAMP-related mortgage modification scams.  The alert tells homeowners who are struggling to make their mortgage payments to be aware of con artists that promise to save their homes and lower their mortgage debt or their payments and offers these homeowners specific tips:

    No special assistance is needed to apply for a HAMP modification and paying a third party does not improve your likelihood of obtaining one. Beware of persons claiming to be HAMP experts. Homeowners can make application on their own or with the help of a Housing and Urban Development (HUD) approved housing counselor. Applying for the program is always free.

    No third party can approve a modification; this can only be done by the loan servicer.
    No advance fee is necessary for mortgage modification services and in most cases charging in advance for a modification is illegal.
    Homeowners should verify the authenticity of any individual or company that claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government by calling the Homeowner's HOPETM Hotline.
    Beware of individuals or companies that offer money-back guarantees or that advise stopping mortgage payments or not contacting the mortgage servicer.

The latest Lender Processing Services Inc. (LPS) October Mortgage Monitor report shows that mortgage delinquencies have continued a steady decline, now nearly 30 percent off their January 2010 peak, while foreclosure inventories are on the rise, hitting an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.

Today's Mortgage Rates

30 year fixed - 3.875% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.250% +  0% points for rate
10 year fixed - 2.99%  + 0%  points for rate
5/1 ARM - 2.50%  +0 points for rate
7/1 ARM - 2.750 %  + 0 points for rate
10/1 ARM 3.250% + 0 points for rate

FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75%  with + 0 points for rate
7/1 ARM - 3.25 with +  .625 % CREDIT  point for rate

Jumbo - over 576,000 (in Fairfield County, CT)   to 2,000,000
30 year fixed - 4.625  % with 0 points  for rate
15 year fixed - 4.125% with 0  points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.875 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate

Jennifer Buchanan,  Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
   Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.
   Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
    She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

Jennifer Buchanan
Metlife Loans
203-341-6949

Jennifer Buchanan- Your certified expert
 on mortgages offering Free Unbiased
recommendations based on your needs.

Best Fairfield County CT Towns and Cities- Fairfield, Connecticut

If you are not familiar with Fairfield, it is truly one of Fairfield County's finest towns. Learn about Fairfield, and why it might be the best town for you!

Fairfield, Connecticut Quick Facts: Land area is approximately 30 Square miles and the elevation is 15 feet. Incorporated in 1639, Fairfield currently  has about  58,000 residents in 21,600 households, 81% of which are owner occupied.  Approximately  37%  of the housing stock was built prior to 1950.

AND Connecticut magazine’s November 2011 issue ranked Fairfield as No. 2 on its semiannual ranking of best places to live in the Connecticut among towns with populations of more than 50,000.

The town of Fairfield Connecticut is located along the coast of Long Island Sound in the mid-eastern section of Fairfield County. It's proximity and accessibility to New York City along with its five sandy beaches and 6 mile coastline make this community an excellent choice for anyone desiring the amenities of a nearby metropolis along with the comforts and traditions of a New England community.

Fairfield, as a community, holds deep in its heart the rich tradition of its history and there are numerous nationally registered historical landmarks scattered about in town. The cultural diversity and arts community are both impressive and expressive, and annual local fairs, festivals and fundraisers are of the norm.

 
There are five golf courses in town, public beaches, lakes, tennis courts, numerous parks, playgrounds and outdoor activities for everyone. Another fine feature of this town is its ease of transportation. There are currently two train stations, and a third on the way that are serviced by the Mtero North Railroad. Major transportation arteries, such as Interstate 95 and one of Connecticut's scenic roads, Merritt Parkway (Route 15), offer convenience to all commuters.
The public school system is one that is well noted for its excellence. Fairfield also hosts two higher education learning institutions, Fairfield University and Sacred Heart University.

Different enclaves in town make for a scenic ride anywhere within the Fairfield's boundaries. There's the older Stratfield section, historic Southport on the water, which certainly has the feel of a quaint New England town such as Nantucket, and the beautiful landscape of Greenfield Hill, among others. Each year, thousands of visitors visit Greenfield Hill's much celebrated 10,000 tree Dogwood Festival, which is held each spring. Fairfield is a town where there really is a place for everyone. Where else can you purchase a home for $250,000 all the way up to 25 million?

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

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Property Condition Disclosure Exemptions in Connecticut

Tip-of-the-Week:

The following situations are exempt from using the Property Disclosure Form (click here to view) per the State of Connecticut Real Estate Laws and Regulations section 20-327b:

"The following shall be exempt from the provisions of this section:
(1) Any transfer from one or more co-owners solely to one or more of the co-owners;
(2) transfers made to the spouse, mother, father, brother, sister, child, grandparent or grandchild of the transferor where no consideration is paid;
(3) transfers pursuant to an order of the court;
(4) transfers of newly-constructed residential real property for which an implied warranty is provided under chapter 827;
(5) transfers made by executors, administrators, trustees or conservators;
(6) transfers by the federal government, any political subdivision thereof or any corporation, institution or quasi-governmental agency chartered by the federal government;
(7) transfers by deed in lieu of foreclosure;
(8) transfers by the state of Connecticut or any political subdivision thereof;
(9) transfers of property which was the subject of a contract or option entered into prior to January 1, 1996; and
(10) any transfer of property acquired by a judgment of strict foreclosure or by foreclosure by sale or by a deed in lieu of foreclosure."

If you have any other questions about CT real estate laws or regulations please click here to view the State Of Connecticut Real Estate Laws and Regulations Concerning the Conduct of Real Estate Brokers And Salespersons.

The weekly Tip-of-the-Week* is supplied by Only Closings --

a law firm devoted to real estate closings.

      - Our closing staff is made up of seasoned, experienced real estate attorneys.
      - Close where it is most convenient for the client (home, office, job or bank)
      - Very competitive closing fee and no hidden fees!
      - No fee consultations.
      - Personalized, responsive service from all of our attorneys and paralegals

  To learn more about Only Closings and how they can help you quickly close a property transaction, call them at 203-563-9677 or visit them online at www.OnlyClosings.com

*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.