Westport CT Real Estate Market Statistics also on Westportnow.com

I am pleased to announce that my Westport CT Real Estate Weekly Market Statistics will also be available on www.WestportNow. com in a new affiliation forged yesterday with Westport's best online news source.

WestportNow is Westport, Connecticut’s  24/7 news and information source, offering insights into Westport-related news and news of interest to Westporters. Founded in March 2003, it was a pioneer among non-newspaper, non-broadcast professionally written and edited community news sites in the nation. Since then, it has grown rapidly and now attracts more readers on a weekly basis than any other print or online Westport-based publication.

Gordon F. Joseloff, publisher of WestportNow, is an award-winning veteran journalist who reported from London, Moscow, Tokyo and other world capitals for United Press International and CBS News for more than two decades. Joseloff was editor as well as publisher of WestportNow from its founding until November 2005 when he was elected first selectman (mayor) of Westport, a southwest Connecticut shoreline community of 26,000. (See www.westportct.gov)

The age old dilemma- do you put your home on the market before you find another house?

So you've decided that you would like to move. Great! What happens next? Do you go out looking at houses to see if you like anything enough to sell your home? Do you put your home on the market, wait until you get your deposit, and then start to look? Ask different people and you'll get a different answer.  So how do you know what to do?

There are a few things to consider in order to come to the best decision.

The market's health
Your own expectations

Market Health: In a slow  to average sellers market,  it's certainly okay, and probably a good idea to preview just a few houses in the town and price range that fits your parameters, but don't overdo it, and DO NOT look for that perfect house first.  A buyer who is ready  to buy will probably purchase that home before you have the ability, if you need to sell your current home first before you can qualify for a loan on the new house. You cannot compete with a buyer that's ready to go, when you are not. It's time to get serious when you get the initial deposit on your home. Remember, don't back yourself into a corner with a 30 day closing . Your agent (that would  be me- will guide you every step of the way)

If it's a sellers market, it's pretty much a simultaneous operation and requires that you be available to see homes whenever your agent calls you with the hottest properties. In this case, I would suggest that you also preview a few homes before you list yours for sale, and have your agent search every day for your next home  during the time that your home is on the market. If you get a buyer before you have found your next house, you can always extend the closing date to give you some breathing room.

Your expectations- and this is true for any market. If you go out and preview homes and nothing even remotely seems appropriate, then you have to do some soul searching on a few items-

1. Is your agent doing everything he/she can to showi you properties that fit your needs?
2.. Do you have unrealistic expectations?
3. Can you afford to move up to the type of home that you desire?
4.. Are you ready to make a move?

I will help you to make appropriate decisions regarding your move. None of my clients hav eever been without a home during my 26+ years being a Realtor, and I have helped hundreds of clients.I am NOT about to break my record on you! Contact me today and I will be your advocate.

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Do you need a Mortgage Modification? READ THIS FIRST!

This article is so important and informative about Loan Modifications and Scamming practices to watch out for,  that I just want to share it with you, or anyone else that you know that might need a little information on modifying their loan.

SOURCE ( National Fair Housing Alliance) – Four fair housing organizations released their findings of a year-long undercover investigation of 80 loan modification companies, which reveal an industry rife with corrupt practices.  The National Fair Housing Alliance, the Connecticut Fair Housing Center, Housing Opportunities Made Equal of Virginia, Inc., and the Miami Valley Fair Housing Center issued a report entitled, “Have I Got a Deal for You!  An Undercover Investigation of Mortgage Loan Modification Scams,” which documents the tactics mortgage modification scammers use to take money from vulnerable homeowners.  An analysis of the 80 loan modification companies uncovered common tactics used by scammers to entice homeowners to use their services:

• 55% required an upfront fee to start work or required a low initial fee to conduct minimal work on behalf of distressed homeowners, such as reviewing loan documents;
• 43% guaranteed or promised they could secure a loan modification even before learning about the homeowners’ financial limitations;
• 24% advised or encouraged homeowners to stop making their mortgage payments or to stop contacting their lenders;
• 16% guaranteed a new, much lower interest rate ranging between two and 6 percent on modified loans;
•  12% discouraged homeowners from seeking free help from government-approved housing counseling agencies;
• 8% encouraged homeowners to provide fraudulent information to their lenders.

“This is shameful abuse by loan modification scammers to take advantage of desperate homeowners,” said Shanna L. Smith, NFHA President and CEO.  “We and our partner organizations will work to see to it that these companies are prosecuted by the Federal Trade Commission and other federal and state enforcement agencies.”

With one in nine homeowners nationwide more than 90 days behind on their mortgage payments, a lucrative industry of mortgage modification and foreclosure prevention scams has emerged.

Investigators working on behalf of the fair housing organizations captured scammers saying things like:

    “I’d be breaking the law if I told you to stop paying your mortgage, but friend-to-friend, you won’t get a loan modification until you are behind on your mortgage.”
    “If you don’t qualify, we modify expenses for you. They [the lenders] don’t check it.  No one knows what you spend on groceries.  We make you qualify by playing with the numbers.”

Among other recommendations, the fair housing organizations call upon the financial services industry to recommit itself to providing sustainable loan modifications so consumers do not have to turn to scammers; they call upon the Federal Trade Commission to strengthen its new MARS regulation to prohibit upfront fees for all loan modification companies, including law firms; and they call for strengthened enforcement and education efforts by the federal government.

To read the full report, go to www.nationalfairhousing.org.

About the National Fair Housing Alliance (www.nationalfairhousing.org)

Founded in 1988, the National Fair Housing Alliance is a consortium of more than 220 private, non-profit fair housing organizations, state and local civil rights agencies, and individuals from throughout the United States.  Headquartered in Washington, D.C., the National Fair Housing Alliance, through comprehensive education, advocacy and enforcement programs, provides equal access to apartments, houses, mortgage loans and insurance policies for all residents of the nation.

SOURCE National Fair Housing Alliance

2011 First Quarter Real Estate Market Reports for Southwestern CT are now available!

We are pleased to present to you our quarterly all-inclusive reports for your favorite towns that we service. Market Report Statistics in Fairfield County include the following towns: Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, Newtown, Norwalk, Redding, Shelton, Stratford, Trumbull, Weston and Westport, Connecticut. New Haven County Market Report Statistics include Ansonia, Derby, Milford, Oxford and Seymour, Connecticut

Our Market Report Statistics come straight from the MLS, and we  have included  ALL of each towns active listings for this detailed report- including single families, condominiums, multi-families and apartment rentals, which are sorted by bedroom count, as well as land .This set of statistics includes average list price, average sales price and average days on market.

The next set of market statistics is on sold properties for the first quarter and is all inclusive of single families, condominiums, multi-families and rentals that are sorted by bedroom vount as well. Additional information includes how many sales, what the average list price of those sales was, the sale prce to list price ratio, and market time of the sold listings.

You will find these real estate market reports on their respective town pages on the left hand side bar. As always , we are pleased to be of service to you, and when you are ready to buy a home, or sell a home in any of the areas that we specialize in, make sure you contact us!

How does market time affect pricing on a house for sale ?

When you are looking at houses, pay attention to the market time for that particular home when you look at it. That number is pretty much hidden in plain site at the top of your MLS listing fact sheet, and it would appear as trivial as MT 156. As a buyer, you may not be aware that MT 156 means that the market time is 156 days on that listing.

Why would this matter to you, as a buyer? Two big reasons! SALES PRICE and TERMS OF SALE I am assuming that your agent would have been educating you as you are looking at homes as to what the average market time is for a property in the town(s) that you are interested in.  If the average market time in your preferred town is 75 days, well then, you may have an built-in opportunity for additional price negotiations. You may also be able to negotiate terms that are more agreeable to you.

This involves some research from your agent, like checking on the homeowners financial status, the loan status on the property, finding out the reasons for the move from the listing agent, the sellers motivation, whether or not there have been previous offers, and checking the listing history of the house.

I conduct this research and pay membership fees to various sources  to find out this information, some of which is not readily available or easily available to the public.  Obtaining  information  from the listing agent is quite helpful, and most llisting agents will tell buyer agents about the sellers motivation. Honestly, I feel that is a breach of  fiduciary responsibility that I do not cross when I represent a seller - but, when I represent a buyer I do not have a fiduciary responsibility to that seller, so my loyalties are with my client.

Knowing town statistics and market data besides having a market analysis on the home you want to buy is very important. That is why I include them for  Easton, Fairfield, Norwalk, Trumbull and Westport on a weekly basis.  I conduct market research for  other towns in my service area, I just do not publish them online. ... and truly, you shouldn't ever have to ask your Realtor for this information- if you do, it's time to change agents and get the professional advice that you deserve.