Finding a Good Real Estate Agent: Things You Need to Know

Looking for a new home is both exciting and nerve wracking. Inexperienced new home buyers need to know how to locate a house that will suit their needs, and how to avoid costly mistakes. A good real estate agent can be a new home buyer's best friend.

It's important to know what to look for when hiring an agent. Before meeting with prospective agents, check realty web sites and advertisements in the area. Prepare a list of questions to ask, and listen carefully to the answers. A good agent will be willing and able to give specific answers to the your questions.

Information from Web Site

The web site can give a lot of information about a prospective real estate agent. Look for at least five years of experience, and some references or testimonials. A successful agent should have clients who can give a good recommendation. Also check for specific data about the particular real estate market such as median home prices and inventory.

Interview Questions and Answers

-          Describe to the prospective agent the type of property desired and specifics such as school district, proximity to work, and characteristics of the neighborhood that would be of interest. Then have the agent reiterate the objectives in his/her own words. This will reveal whether he/she listens carefully to what you say.

-          Ask about the list-price to sales-price ratio. A good buyer's agent should have a ratio that is under 97 percent, closer to 92 percent if this is a buyer's market.

-          Have the agent detail how she will go about finding an appropriate property. Expect to see 5-7 homes per day that the agent has previewed and can describe to you, or as many homes as you are comfortable seeing in one outing. Make sure the agent represents you exclusively for the type of home that you desire, and not other buyers who may be competing for the same property.

-          Find out whether your real estate agent  has real estate agent errors and omissions insurance. Just as doctors need to carry malpractice insurance, a reputable agent should have this protection.

-          Probe the agent's relationships with other professionals such as title and mortgage companies. How does he decide which companies to recommend? Does his agency receive any compensation for these recommendations? If so, choose a different agent.

-          Ask the agent, "What are the top three things that set you above the competition?" The answer should include integrity, ability to communicate, availability by phone or email, and other points in the buyer's favor.

Documents to Look Over

Before needing to make a decision, the client should be able to see:

• Buyer's Broker Agreement: This is the document that is signed when the buyer's agent is hired. It should state whether the buyer agrees to work exclusively with this agent, the length of time the contract will last, and that no fee is expected unless there is a closed deal. In most instances, the seller pays the buyer’s agency fee. Make sure that this is in your contract. All real estate fees are negotiable. Ask whether the client can cancel the agreement before it expires, should the relationship not be working out. The answer should be yes.
• Agency Disclosures
• Purchase Agreement: This should be a sample document, since no actual purchase agreement can be presented yet
• Buyer Disclosures

Final Question to Ask

What have I not asked about that I need to know? The agent should respond readily with specific information. No new client will ask all appropriate questions.

Armed with good questions and some prior knowledge, a new home buyer should be able to find an agent who will work in his/her best interests. This working relationship is an important key to making the experience of buying a home pleasant and rewarding.

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Connecticut Mortgage Rates and Financing Update October 21, 2011

This week  Mortgage Rates worsened as trading in the secondary mortgage market and beyond grew increasingly volatile.  Best-Execution offerings may be the same or slightly higher than last week, but if the rate remains the same, closing costs will likely have increased.  Market volatility is a reaction to the situation in Europe and the impending summit this weekend.  We have to expect the volatility  to continue indefinitely. Treasuries bounced around higher and lower with 10-year notes ultimately closing down 6/33 in price to yield 2.18%. Mortgage Backed Security prices on 30-year current coupon 3.5 and 4.0 were flat to 1/8 point lower/worse.

The general market is -
    BEST EXECUTION 30 YEAR FIXED -   3.99% - 4.250%
    FHA/VA - More 3.875% today, 3.75% still out there for some.
    15 YEAR FIXED -  Mostly 3.5%
    5 YEAR ARMS -  low 3% range, huge variations from lender to lender.

The U.S. Senate voted Thursday to restore higher loan limits, approving, 60-38, an amendment to a federal spending bill that would raise the maximum size of loans that can be guaranteed by government-controlled mortgage companies Fannie Mae (FNMA) Freddie Mac (FMCC) and the Federal Housing Administration. The amendment was sponsored by Sen. Robert Menendez (D., N.J.), but things don't look so good for it in the Republican-controlled House, as many argue that the current reduced loan limits help scale back government support of the mortgage market.  

NAR reported this week that Existing Home Sales dropped 3% in September from August but are still up about 11% versus a year ago. The median sales price was $165,400, down 3.5% from $171,400 a year earlier. The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply. Foreclosures and other distressed properties represented about 30% of sales.

Today's Mortgage Rates

30 year fixed - 3.99% + 0 cost points for rate
20 year fixed - 3.875% + 0 points for rate
15 year fixed - 3.375% + .50 points for rate
10 year fixed - 3.250%  0 cost points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 2.875%  + 0 points for rate

FHA/VA
30 year fixed - 3.875% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate

Jumbo - over 635,000 to 2,000,000
30 year fixed - 4.750 % with 0 points  for rate
15 year fixed - 4.250% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.50 % - 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.

How to Read an MLS Listing in Fairfield County CT

There is a lot of data that is  nicely formatted in an MLS listing, but if you are not sure of the whereabouts of that information, or the codes or abbreviations, you might be missing some much needed information.

The predominant MLS system in Fairfield County CT is the GFC-CMLS, and if you read my market statistics on each our town blogs (Easton, Fairfield, Norwalk, Trumbull and Westport) you will see a reference to the GFC-CMLS at the bottom of each report as to where the information in the article was obtained from.

There are six sections to a Public Format MLS sheet, which is what most agents will give you. You can most certainly spot the price of the home that is on the right hand side of the first section, but to the left of that, and on that same line is some other information that is of interest. For instance, the status of the listing and the market time. The status is either shown  as ACTV (active), RAIS (raised price) REDC (reduced price) CTS (under initial deposit) BOMK (back on the market) Market Time is measured in days, and sometimes you will just see MT 25 rather than Market Time: 25 days.

The second section contains the address of the home, what town the home is located in, the market area of the town (like Coleytown or Saugatuck in Westport), whether or not the property has any waterfront features (WTFT) , and whether there is a homeowners association for this property (HOA or HO Assoc) ,  as well as directions to the property.

The third section contains snippet information and what I call the quick facts. The style, color, exterior finish of the house (EXT), the Year Built (YB),  The second line of this section  tells you the number of total rooms (RMS), bedroom count (BR), bath count*- full baths(FBA) half baths (HBA),square footage**, the lot size measured in acres (ACR), Garage count and type: ATT means attached, DET -detached, UND- under, CPT- carport. The third line of this section  covers the basement information: part finished (PT/FIN) inerior access (INT/ACC) if there is a sump pump(S/PUMP), heating type and air conditioning (window unit, wall unit or central air (C/A) The fourth and fifth lines of this section note the roof type, whether or not there is city water and/or sewer, Whether the property is an Adult community (Over the age of 55 ownership restriction)  and exterior features.
 
*Bath count. Two and one half baths would like like this 2/1. One full and two half baths would look like this 1/2

**The square footage may sometimes be estimated, or include the lower level. Be diligent on requesting that this information is what the town's tax assessor has on file as above grade.

On the first line of the fourth section is the towns assessment, the mill (tax) rate, the annual property taxes and the Property Identification number) PID. The first three digits of this number represent the numerical code for the MLS for that town, and the remainder should represent the map, block and lot number when possible. The rest of this section is intended to be descriptive for the rooms in the house itself. Each room section should denote what floor it is on, the dimensions of that room (if available), and what features that room has. Any appliances that are to be included with the sale will be listed here, interior features will be listed here, and a general one line overview of the property will be in this section as well. Since space is limited on this form, you will only see the top three features of each room. Also bear in mind that all agents do not fill this section out as completely as possible.

The fifth section is dedicated to the educational system. Grade School (GS), Middle School (MS) and High School (HS) You may see PBOE , or BOE. That stands for Per Board of Education, or simply Board of Education. In other words, the agent did not offer that information in the listing.

The sixth, and last section is Remarks. pretty self explanatory, but this is a great place to "read between the lines". If information that is already on the listig is duplicated here in a big way, there may not be any redeeming qualities about this house. This is the best place for the agent to give that house a marketing push. If the remarks section is drab and dull, you can almost count on the house being the same way. It should be descriptive and inviting.

These  MLS listings are only as good as the agent that input the information. You may look at a listing with little information, and you may look at a listing with a  lot of information. There are ways to read between the lines when the listing doesn't have a lot of information it. And that is precisely why I am here, and I am the best agent to assist you in your home search    ...........ok, shameless plug  :)

Just Contact me when you are ready

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How to Find Upcoming Foreclosure Sales in Connecticut

Tip of the Week:

Did you know... that you can look up foreclosure sales on the CT Judiciary website?

Go onto www.jud.ct.gov and on the right side of the page under Quick Links you will see Foreclosure Sales. This will give you a list of all upcoming foreclosure sales for every town in CT.

In addition, you can also check to see if a property is in pre-foreclosure.
– On the left side of the Judicial Branch
   home page you will see a blue box.
– Click on "Case Look-up" and then click
   on "civil/family".
– You will then click on "Party Name
   Search." Type in the name of the person
   who owns the property and it will pull up
   any past or pending cases against
   that person.

If you don't know who owns the property you can go to the Town Hall where the property is located and ask in the assessor's office.

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.

Positioning Your Home "IN" the Real Estate Market is Supermarket Science.

You should know the difference between being IN the market and ON the market. Being IN the market means that your agent is doing everything he/she possibly can do to make sure your home is visible to as many qualified buyers as possible. Being ON the market means that although your home is listed for sale, your home is NOT as visible as it can and should be.

That's where positioning your home in the marketplace become KEY!

Positioning your home IN the market means pricing it strategically, and placing it strategically within the marketplace. The best examples I can use for both strategies is in something you can see with your own eyes every day, or as often as you want and is simple to understand. It's that black and white.

 The next time you go into the supermarket, take special note of  where the staples are. By the staples I mean butter, milk and meat. There's a valuable marketing  lesson there.

Actually, I can tell you exactly where they are. They are in the back of the store, or at the rear of an aisle. Why do I know this? Supermarkets and grocery stores have positioning down to a science. Years of research tells the management to put those necessary everyday  items in the back of the store so you can't run in and run out without possibly picking something else up along the way. It's great marketing- no doubt about it. And the equivalent  of  that is "positioning your home  IN  the market".

The supermarkets and grocery stores have the pricing strategy down pat, too.  The most expensive items on the shelf are generally at eye level, because they are easy to see, and easy to get to. The deals are on the bottom shelf or on the top shelf, and are harder to spot. Sometimes the supermarket positioners play tricks on you where there is a "teaser" item on the middle shelf with a very low price, and an extremely marked up item right next to it. The trick they are trying to play on you is that if you see something that is priced very well on the shelf, you might also pick up that item next to it, not realizing that it has been marked up considerably.

Now I don't subscribe to any trickery in real estate, but I DO believe in  strategic pricing and strategic positioning in order to get my clients the very best price for their home. Can I tell you what the strategy is for your home? It is not the same rule of thumb for every home. It can't be. But, when you hire me to market and sell your home,  you can rest assured that I will be strategic in every move I make to get you the very best price.   Just contact me whenever you're ready.

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