The Connecticut Real Estate Market is Not Entirely Out of Your Control.

True, you cannot change the local or national economy. You cannot change the fact that home prices have fallen over the last few years. And, as you know, you cannot change the location of your home.... but you can control  Four very important aspects of the sale of your home.

The Realtor You Choose: The Realtor that you hire makes ALL the difference. We are all in the same industry, however all agents do not treat their seller clients and listings in the same way. What is standard operating procedure for service from one agent is  not even offered by another. Each agent has their own marketing plan, and  you would be very surprised at the variations. We all have our own style of communication and negotiating, and  it is important that you choose the agent that you feel will work the best for you, given all of these factors. Experience and reputation is key, too.

The  Marketing of Your Home: Your home WILL sell faster if it is marketed correctly. Make sure you get a good feel for how your agent will market your home. There are NO if's, and's, or but's about it. I cannot tell you how many poorly presented homes are on our MLS and those listings are not doing the sellers any favors.  In fact, a poorly presented listing HURTS the homeowner financially. There are  many homes that go without  brochures, as well as additional  and/or enhanced internet marketing, ...and that includes social media, too. Make sure your home doesn't go without any of these very important pieces to the overall marketing plan.

Condition: You can control the condition of your home. If there is clutter, remove it. If something needs to be cleaned, clean it. And if something needs repair and its within reason and your budget, repair it.

Pricing: Only you can set the asking price of your home. The agent cannot. A Realtor can guide you to what they think is the best listing price for your home, but only YOU can set the asking price. In the end, it is You and Your Buyer that technically determine the sales price, because without a buyer, you have no sale.

Remember, you are the seller. You are the ultimate boss. After all, it is your home and your money at stake. Give it the attention it needs to effect a sale, and hire The Right Realtor  that knows how to price your home, market your home, negotiate the best sale price possible, and see you through to closing. That's me!

I am in the business of selling homes, and I'd like to be in business with you. Contact me today to get your home IN the Market, and I WILL get your home sold.

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Safeguarding You and Your Connecticut Home from Break-ins, Burglary and Theft

If we only pay attention to our surroundings, we can all be a lot safer. Statistics on crime show that it really doesn't matter where you live. Your home can be targeted for any reason. It's best to make it as difficult as possible for  anyone to break in.

About 20 years ago, I remember coming home and was a little amazed that I actually left the front door open. Well, actually, I didn't.  My home was broken into. Mind you, I lived in a VERY nice neighborhood, and  my home was on a main road as well, with lots of traffic going by. The second I entered my home, I realized that my house was burglarized.  I immediately went through the house and assessed the situation, and then I called the police.

WRONG! The police told me to get out of the house immediately. I should have called them first. The perpetrators could have still been in my home, and it could have ended up as a bigger crime scene. So, my best piece of advice is if you ever enter your home and realize that it has been broken into. Leave immediately. Then call the police.

Here is some interesting statistics and safety tips for you, courtesy of Nick Gromicko, Rob London and Kenton Shepard

Some interesting statistics concerning break-ins in the United States:

• Theft makes up more than three-quarters of all reported crime.
• In 2005, law enforcement agencies reported more than 2 million burglary offenses.

According to a survey, burglars enter homes through the following locations: 

• 81% enter through the first floor;
• 34% of burglars enter through the front door;
• 23% enter through a first-floor window;
• 22% enter through the back door;
• 9% enter through the garage;
• 4% enter through the basement;
• 4% enter through an unlocked entrance;
• 2% enter through a storage area; and 
• 2% enter through anywhere on the second floor.

Some interesting statistics concerning break-ins in Canada (2002):

• The burglary rate in Canada, at 877 per 100,000 people, is seven times higher than that of the country with the fewest break-ins, Norway.
• The burglary rate in Canada is slightly higher than that of the United States (at 746 per 100,000 people), but significantly less than the burglary rate in Australia, at 2,275 per 100,000 people.

Consider the following safety measures:

Exterior Doors

• Doors should be made of steel or solid-core wood construction. Hollow-core wood doors are more easily broken than heavy, solid-core doors.
• Doors should be free of signs of rot, cracks and warping.
• Doors should be protected by quality deadbolt locks. Chain locks are not adequate substitutes for deadbolt locks, although chain locks may be used as additional protection.
• If a mail slot is present, it should be equipped with a cage or box. Mail slots that are not equipped with cages or boxes have been used by burglars to enter homes.  If no box or cage is present, burglars can insert a contraption made of wire and cord into the mail slot and use it to open the lock from the inside.
• If a door is equipped with glass panes, they should be installed far from the lock. Otherwise, burglars can smash the glass and reach through the door to unlock the door.
• Spare keys should not be hidden in obvious locations. Burglars are very good at finding keys you believe are cleverly hidden. The best place for a spare key is in the house of a trusted neighbor. If keys must be hidden near the door, don’t place them in obvious locations, such as under a doormat, rock or planter.  
• Install a peephole in doors so you can see who is on the doorstep before you open the door.
• Consider installing bump-resistant locks. “Bumping” is a technique developed recently that can open almost any standard lock with less effort than is required by lock-picking. This technique uses "bump keys," which are normal keys with slight modifications. Lock companies such as Schlage, Primus and Medeco manufacture a number of locks that offer some bump-resistance.

Pet Doors:

• Pet doors can be used by burglars to enter homes. Some burglars have reached through pet doors in order to unlock the door. Don’t install a pet door, but if one is necessary, it should be as small as possible and installed far from the lock.
• Another reason to forgo pet doors is that a crafty burglar may convince or coerce a small child to crawl through a pet door and unlock the door. Also, some burglars are children.
• Electronic pet doors are available that open only when the pet, equipped with a signaling device in their collar, approaches the door. These doors are designed to keep stray animals out of the home, and may provide protection against burglars, as well.

Sliding Glass Doors:

• They should be equipped with locks on their tops and bottoms.
• They should not be able to be lifted from their frames.
• A cut-off broom handle, or a similar device, can be laid into the door track to prevent it from being opened.

Illumination:

• Lights should be installed on the exterior of all four sides of the house. Burglars prefer darkness so they cannot be seen by neighbors or passersby.
• When you are not home, a few lights should be left on.
• It is helpful to install exterior lights that are activated by motion sensors. Burglars that are suddenly illuminated may flee.

Windows:

• All windows should be composed of strong glass, such as laminated glass, and be in good operating order.
• Consider installing bars, grilles, grates or heavy-duty wire screening. Be aware that barred windows must be equipped with a quick-release mechanism so occupants can quickly escape during a fire.
• Windows should not be hidden by landscaping or structures. If landscaping or structures cannot be moved, lighting can be installed around the windows.

Landscape and Yard:

• Shrubs and trees should not obscure the view of entrances. Shielded entrances can provide cover for burglars while they attempt to enter the residence.
• Fences are helpful burglar deterrents, although they should not be difficult to see through.

While the House is Vacant:

• A loud radio can be used to make burglars think someone is home. Timers can be used to activate radios and lights to make the home appear occupied.
• A car should always be parked in the driveway. A neighbor’s car can be parked there so that it appears as if someone is home.
• The lawn should be cut regularly. Uncut grass is a clue that no one is home.

Other Tips:

• Dogs are excellent burglar deterrents. If you don't own a dog, place  "Beware of Dog" signs around the yard for nearly the same effect.
• If no security system is installed, you can post security alarm stickers around the yard anyway.

In summary, there are plenty of things you can do to reduce the chance that your home will be burglarized. Ask an InterNACHI inspector if they think your home is unsafe during your next home inspection. 

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV

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Sellers: Steps to Take Before Reducing the Price of Your Home

If your home has been on the market for a few months and you have not had any bids, or worse yet, you have not had many showings, it's time to talk to your Realtor about it.  This is NOT always about the price, although that may be contrary to what most agents will tell you.

In Connecticut, and more specifically, Greater Fairfield County, our MLS system allows agents to input a lot of helpful information for buyers, except it is not always utilized. In today's market, every little but counts. PERIOD- Oh, and by the way, none of these items are "little" when it comes to selling your home.

There are at least ten things on your MLS listing alone that will affect your home's marketability. Make sure that these items are addressed  first BEFORE you reduce the asking price for your home.

It's a BIGGIE!  What does your MLS listing look like?

Unfortunately, you have to be diligent about making sure that your home is represented in its best light on the MLS. The information from your MLS listing is "fed" to Realtor.com,  Yahoo.com Real Estate, Trulia, Zillow, AOL  Real Estate, and scores of other highly visited real estate websites. Incidentally, Yahoo Real Estate has MORE visitors per month then Realtor.com, so it's not only about Realtor owned websites.

What should you look for on your listing?

1. Make sure that the information is correct and complete, and the description does not duplicate any of the fields that are already there. You only have a certain amount of space in that description. If it is redundant and has information that is already provided elsewhere on the listing, that is a GRAVE error on your Realtor's part, and you are losing precious buyers and dollars  because of it.

2. Check that the room measurements and room descriptions are included, too. Do you think that's a minor thing? It's not. Buyers want information, and certain buyers will not even bother giving your home a second thought, much less look at it if they don't have any idea that the living room (for example) is big enough to hold certain furniture that they have and love.  Does the living room have hardwood floors, or sliders to a deck? If it's not on your listing,  the buyers may assume that you have carpet or linoleum, or something else rather than hardwood.

Why would a Realtor omit that? Sheer unprofessionalism, laziness or both, in my opinion. Does your master bedroom have its own bath? The listing better read that it does.  If your bath has a whirlpool or steam shower, that should be there, too. These things may sound VERY basic to you, however I can tell you with clarity that whether your home is listed for $500,000 or Five Million, there are glaring marketing errors to the tune of about 86 percent. That's right. Eighty six percent.  For the listings that I see, I calculated the percentage of OBVIOUS MARKETING ERRORS  to be 86%. I cannot believe the number is that high, and the lowest error rate that I have seen was 79 percent.  There is a very good chance that your home is in the majority, SO LOOK AT YOUR LISTING!

3. Are the taxes correct? Is the mill rate correct?  Is the lot size correct?

4.Another BIGGIE: Is the square footage of your home correct? If your agent estimated the square footage, included the basement in the actual square footage or rounded the square footage up to an even number,  IT WILL HURT YOUR HOME'S MARKETABILITY.  Yes, I am yelling here. I see it done all the time. Let me tell you why it's a very bad idea to fool around with the square footage as recorded in the town's Assessor's records

5. If you  or your agent estimates the square footage, and the number is incorrect, you may actually be sued. There is case law that I am aware of, on this where a buyer demanded a refund on the purchase based upon what he THOUGHT he bought, which turns out is not what he bought at all. I do not remember the square footages in this judgement. I do remember that the seller had to refund  "x" amount of dollars, and that was calculated upon the sales price of the home  for the square footage as presented in the listing, and then adjusted downward based upon that number to the actual square footage of the home. The agent was sued for misrepresentation  as well.   YOU ARE LIABLE FOR YOUR MLS LISTING, TOO.

6.Want to include the finished area in your basement in the MLS Listing in the main square footage section?  Not a good idea. Here's why: Let's say your home is 3,020 square feet. Your finished basement area adds another 1260 square feet. Of course that should be mentioned in the listing, but not in the main field for square footage. Your home would appear to be 4,180 square feet, and it would blatantly obvious to a buyer had a minimum square footage requirement. Trust me, they are not buying your home, when you started out with "a lie" on the square footage.  Your home may also appear  that is too big for someone who would otherwise look at it, and maybe not even bother too much with a finished lower level.  All it takes is one obvious untruth on your listing, and everything else falls under scrutiny, and  concern. Don't do it.

7. Rounding up square footage of your home? I tell my buyers to be on the lookout for any home that's listed as having square footage with an even number.
For example- 2,500 square feet, 4,000 square feet, etc.That tells me that I cannot trust the rest of the information to be as accurate.  If the home is 2,476 square feet. Say so. Don't oversell it or misrepresent it.  Market the home for what it is. By the way, I have only encountered ONE house in 26+ years of being in the business that had an even number of square feet. With the owners permission I added one square foot to the actual number so it did not look like it was estimated or rounded up. We also disclosed that as well.

8. Misrepresenting the condition of a home: The surest way turn a buyer off is to have the listing say that it's in mint condition when it's not absolutely in mint condition. It can be in fairly good condition but it's not mint, so don't market it that way.  C'mon agents. You know better than that. When a house needs repair or cosmetics, you can soft sell it, but don't go the other way around and make it wonderful when it's not.  I'm sorry, but Sellers, you're guilty here too, if you have not seen your listing and okayed it.  You know whether or not your home is in mint condition.  The buyer that  thinks that your home is in perfect condition  when they get to your home is even more disappointed. Just remember how you felt when you were looking at homes and went to a house based upon its purported move-in or mint condition. What did you think? You didn't buy that house, did you? Did you wonderwhat standards that listing agent had if they truly felt that this particular home was in mint condition? You get the drift

9. Public Schools Information: Make sure your listing has the public school information for your home. Buyers and agents alike search upon that criteria. If you see BOE or PBOE in the elementary, middle or high school data fields on your listing,  that's more  laziness on your agents part. BOE is a lot easier for some agents to type than making a call to the superintendents office to find out which public schools children would attend if they live at your address. For the record, BOE stands for Board of Education, and PBOE stands for Per Board of Education.

10. Internet Remarks:  This may not be evident in the MLS printout sheet of your home. Where it will be seen is on the multiple listing aggregator sites like Realtor.com, Yahoo.com Real Estate, Trulia, Zillow, AOL  Real Estate and others.  If your agent did not specifically enter remarks in this portion of the listing, then your  listing will not have any descriptive remarks on any of these sites.

You shouldn't even have to check that your Realtor is doing things the proper way, so most sellers never even bother to do so. You would be surprised at the lack of a thorough job  coming from a recommended agent. And here's a good one- The agent that seems to have a lot of listings is not necessarily the best. All of those listings haven't sold and are still on the market. Think about it.

If you want the best representation with a better than average sales to list price ratio and shorter time on market. Call me. I'll get your home sold, and do it the right way

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Connecticut Mortgage Rates and Financing Update September 9, 2011

The rapid rallies of the market this week equals high pricing volatility. Mortgage Backed Securities don't like volatility and neither do lenders making rate sheets.  The Friday rally is all EU Panic-driven. Greek default, Stark exit, take your pick. If Greece is alive on Monday, no more 1.8's in 10 year notes (probably?) We don't normally see aggressive moves on Mortgage Backed Securities  settlement dates. Lenders will probably want more assurance of current benchmark ranges before getting more aggressive with rates.  Lenders have recently gotten more aggressive with rates anyway! Another move down so quickly is going to cause capacity and fallout issues, which will cause rates to rise again with some lenders so they can control their pipelines.  The bottom line , this speaks to bigger re-prices for the better. If we hold or improve upon these levels, "token" re-prices for the better are quite possible.

This Week's Financial News

"Economic activity continued to expand at a modest pace, though some Districts noted mixed or weakening activity," the Fed said in its Beige Book collection of anecdotal reports of economic conditions in the 12 Fed districts. Growth was modest or slight in five districts, while the remaining seven described activity in terms such as "very subdued" or "more slowly." In the Fed's last Beige Book covering the period into early July, eight regions characterized growth as having slowed. Consumer spending increased in most districts, but spending on items besides cars was flat or down in several places through late August, Fed said. Manufacturing conditions were mixed across the country and had slowed in many districts, the central bank said. Hard-hit residential real estate markets remained weak overall. Price pressures edged lower, although retail prices rose in some districts, the Fed said. Labor markets were generally stable and some districts reported modest gains.

“I think we’ve got a good chance of continuing a moderate pace of growth coming out of this crisis,” Geithner said today in an interview with Bloomberg Television in Marseille, France. If Congress approves the plan, “it would dramatically reduce the risk of a long period of much weaker growth.” U.S. Treasury Secretary Timothy Geithner said on Friday that the administration did not need an act of Congress for new initiatives to boost refinancing of federally supported home mortgages. He said more details on how refinancing would work would be announced in the next three weeks.  The indications are, it is a revamping of the current HARP/HAMP program that allows borrowers to refinance their current first mortgage at current market rates if the homeowner is underwater on the value of their mortgage debts.  There is no indication that a new program is under consideration for those borrowers underwater who do not qualify for the current refinance programs.

Today's Mortgage Rates

30 year fixed - 3.99% + .0 points for rate
20 year fixed - 3.75 % + .0 points for rate
15 year fixed - 3.250% + .0 points for rate
10 year fixed - 3.250%  .750% lender credit points for rate
5/1 ARM - 2.50% - 0 points for rate
7/1 ARM - 2.875 %  + 0 points for rate

FHA/VA
30 year fixed - 4.005% +  0 points for rate
5/1 ARM - 2.750 +  0 points for rate
7/1 ARM - 3.25 + 1.00 lender credit  point for rate

Jumbo - over 635,000 up to 2,000,000 at 80% loan to value
30 year fixed - 4.625 % with +0  points  for rate
15 year fixed - 4.125% + 0   points for rate
5/1 ARM - 3.125 % + 0 points for rate
7/1 ARM - 3.625% + 0 points for rate

10/1 ARM -  4.250% with + .0 points cost 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 much of a downpayment do you need in order to buy a home in CT?

You may have heard that you need a 20 percent downpayment, a 10 percent deposit,  five percent down, or even less to buy a home. It really all depends on a  number of factors besides your credit-  including your income, your liquidity (or cash on hand), your debt ratio, and what price range that you are looking in.

Years ago, the accepted standard for a downpayment was 20 percent. Prices were also much lower then, and that twenty percent downpayment was a lot easier to attain. We call that percentage a  conventional downpayment nowadays.  At some point a ten percent deposit was acceptable, as long as you paid the bank Private Mortgage Insurance (PMI).  PMI is essentially insurance to cover the bank  in case of a default. When you reach 20% equity and can prove it, you can usually get the PMI removed. For you professionals out there, yes- I am simplifying it for the masses. If and when you have a question about PMI, it's best to contact your mortgage broker or the bank that holds your loan for their policies.

Around twenty or so years ago,  five percent down became an acceptable downpayment, and much more common than one might think. It has been  fairly common ever since. You can also get a government backed loan with as little as 3.5 percent downpayment (FHA). The PMI is necessary for these loans as well, although some loan providers also allow you to opt to pay a one time PMI  fee, instead of monthly, or a combination of the two.

Now that we have the percentages down, you also have to qualify for the loan amount that you are looking for.  Of course, I can give you an estimate, but it really is best to meet  with a mortgage broker  who can guide you in the right direction with the loan amount and type of loan that's best for you. We  post current financing rates here every Friday  and you can check our blog for rates, and you may wish to Contact a Mortgage Broker to get clarity on your particular situation. We happen to like Jennifer Buchanan, among others. See her contact info at the bottom of Every Friday's Financing Update.

If you really think about it, and you were thinking about just renting a home, you may want to consider buying.  In order to rent anywhere, you generally need three months rent to move in. (That's one months rent, and two months security) That number is usually very close, and in some instances MORE than a 3.5 percent deposit. We can always negotiate closing costs, so you may very well be able to buy when you only thought you could rent. Give it some thought.

The rates are historically low, and prices are very good right now. You would be getting in on the ground floor!

If you are thinking about buying and want to browse the MLS, you can do so with unlimited access right here on our site, or if you are ready to look right now, we can get started right away. We 'll get you the best deal whenever you're ready.

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