What are the three most important factors when selling a home?

When you decide it's time to sell your home, pay special attention to three very important factors. These weigh heavily in any type of market and  can make or break the sale of your home.

• PRICE: The first  and foremost prerequisite to selling your home is pricing it correctly.  That doesn't mean adding extra room for negotiations. That only puts you into a price category that you can't easily compete with other homes. Remember, buying a home is truly an emotional purchase for a buyer. They always seem to come up to your price if they really want your home. In our area, The sales price to list price ratio is around 95% and that is already factored into the list price. Your agent (that would be me!) will conduct thorough market analyses to ensure that you know what the proper list price for your home should be. If you are thinking of selling your home now, contact me for your detailed market analyses.

•  CONDITION: Second, go through the house  with your agent and fix any obvious issues. I will conduct a walk -through with you when we place yourhome n the market, not only to see all of its features, but to consult with you about any problems that you may be aware of, and  make suggestions to if I find any areas of concern. Cosmetics and interior neutralization to enable your home to appeal to the most buyers is  of the utmost importance. This is one of the first step of staging your home for sale. Utilize my 26+ years in the industry to advise you as to what makes the most sense before you make any changes.

• EXPOSURE:  Exposure is important, but at the same time, it is also important that your agent does not over-expose your home. Your home should be advertised in the places that make the best sense. Make sure that your home is getting the proper exposure it deserves through appropriate advertising, broker and public open houses, Marketing materials for your home that are placed at your home, and an accurate listing on the local multiple listing service or online listings providers.

When you are ready to sell your home, contact me. I will make sure that youunderstand  all of these very important components of selling your home, and more importantly, I will implement them on your behalf.

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How do you figure out the best location to live in?

We've all heard the term, "location location location". Choosing your home's location is just as important as choosing the home itself. Here are four of the top  tips to help you decide on the best location.

The City, Town, or community-  Before you pick out a house,  the first thing to do is choose what cities or communities you would like to live in. There are many different factors that come into play, not only for yourself, but for resale value as well. Carefully choosing your community is the first step in "location, location, location" and can help maximize your future potential resale value.

Property Taxes always seem to be a consideration and in most cities, you'll notice that taxes are higher than in surrounding towns. The city, as a hub, usuallly provides more services than towns do, and have bigger government, and someone has to pay for it- that means the homeowners. If you like the services that a city has to offer, and the higher taxes aren't a deterrent. But remember, you will lose some of the buyer pool on resale if your taxes are considered too high.
The bonus  is that the "cost per square foot" of homes is most often lower in cities that have higher property taxes. This is something that you will need to weigh in your decision

The School System- Even if you do not have school-age children and do not intend to have children, you must pay attention to the local school system. That is because when you sell the property, many of your potential buyers will be concerned about it. have concerns of this nature. Check to see how local students score on the standardized tests and as I mentioned in a prior post, the state of Connecticut mandates that ecah of its 169 towns and cities educational system report on each individual school.. The better the school system, the better the resale. It has always been that way.  

Economic Stability and Local Government- When choosing a town or community for your home buying purchase, look to buy in a city or town  with a  stable economy. When you want to sell your home in the future,  there should be a reasonable expectation that your town will still be a desirable place to live. A good idea is to drive around that community, and see how well it is maintained. .Services provided by the local government are in important factor, too, such as community centers and libraries. You can obtain crime statistics by going to the police station and simply asking for them. The local EMS should also have their response times on record for you as well

I would be happy to answer any questions that I can about your new community, and what I don't know, I can find out readily. All my clients  have to do is ask!

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How is square footage calculated on a home?

The square footage of a home is the amount of living area with walls and ceilings that is above grade. Official square footage of a home is calculated by the towns tax assessor, although different towns have slightly differing methods of calculation, so the same house in two towns might have a different square footage.

One easy way to look at square footage is the actual footprint of the home. The footprint is the dimensions of the house as it sits. If  the dimensions of a ranch are 30' x 50', for example, the house would be 1500 square feet. If you had a colonial for example, (two floors) you can take  those same dimensions and multiply them by two (as in two floors) and your square footage would be 3,000 square feet.

Calculating the square footage of a home is not as easy as  I just made it sound, though. Neither real estate agents nor homeowners should attempt the calculation (at least not if you want a reliable figure). Houses are seldom perfectly square, which is one big reason for the difficulty. Assessors map out the house on a piece of graph paper, calculate all the edges, come up with "mini-areas" for each rectangle - then add them all together.

Further variables come into play when there is an addition on one floor, an overhang, an enclosed porch, and anything other than a rectangular or square foundation.  Parts of your home that are not included in square footage are decks, outside porches, the garage, and the basement, unless it's a walk out and/or at least half of the room is 50% above grade.

When a home's square footage is advertised, the figure usually comes from tax records, although some agents like to add a few square feet to round off the figure, and others add a finished basement into the above grade living area to attract more buyers to a seemingly larger home, both practices which I find unfair to the buyer, and do not practice when I represent sellers homes. I always look up town records for my clients  to find accurate square footage if I have any questions. If you have any questions about a home's actual square footage, the one defiitive source to rely on 99% of the time are the town records located in the tax assessors office.

Renting a home? what you need to know about security deposits

If you are considering renting a home,  or considering leasing a property that you own, you should be aware of state laws in Connecticut regarding security deposits. The following information is excerpted from the Connecticut Department of Banking

• What Is A Security Deposit?  A security deposit is any advance rental payment other than an advance for the first month's rent or a deposit for a key or any special equipment. A security deposit remains the tenant's property but the landlord holds a security interest in it. Security deposits must be kept in an escrow account in a Connecticut bank. ( The interest rate on security deposits is 1.5%.)

• How Large A Security Deposit Can A Landlord Require? Landlords can't require more than two months rent as a security deposit. This limit is reduced to one month's rent if a tenant is 62 years of age or older.

• Do Landlords Pay Tenants Interest On Security Deposits? Yes. Landlords must pay tenants interest on security deposits of at least the average commercial banks savings deposit rate as annually determined and published by the Banking Commissioner. Interest must be paid annually on the anniversary date of a tenancy either directly to tenants or as a credit towards the next month's rent.

• What If A Tenant Is Late Paying Rent? Tenants forfeit interest on their security deposits for any months when they are more than ten days late paying their rent. The only exception is when a tenant's rental agreement already contains a late charge for overdue rental payments.

• When Do Landlords Have To Return Security Deposits? Landlords must return security deposits with interest or give tenants written notice of damages being claimed within thirty days of when tenants move. The only exception is if a tenant fails to provide a written forwarding address: landlords then need not return security deposits or provide a notice of damages until fifteen days after receipt of a forwarding address in writing. If a landlord does not return a security deposit with interest or provide a written notice of damages within these statutory time limits, the landlord may have to pay the tenant twice the amount of the security deposit. Tenants may pursue this remedy in court. For further information, see the section on options for resolving disputes. A landlord's written notice of damages must itemize the nature and amount of tenant damages, including any unpaid rent or utility payments, and must be accompanied by the balance, if any, of the tenant's security deposit not being claimed for damages plus interest.

If you are considering renting a home, or leasing a property that you own, contact me. I offer both Tenant representation  and Landlord representation  as well as buyers and sellers.

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Should you buy a home warranty for your new home?

A one year home warranty is standard issue from a builder on new construction in Connecticut, but what if your home was built in 1980 or 1950 or 1900? Some buyers are not even aware that home warranty policies exist and are available for virtually any home, regardless of age.

What do home warrantees cover? It depends on the policy. but you can usually expect the warrantee to cover repair or replacement to appliances and the heating system, plus minor electrical repairs- all with deductibles. There are usually add-ons for swimming pools, well pumps, and septic system cleaning.

Can the seller pay for the warrantee? Some sellers offer a home warrantee with their property, otherwise you can purchase one, or your agent may negotiate one paid for the seller on your behalf.
 
How do you contact a reputable company ? The companies that I have worked with in the past are American Home Shield and Choice Home Warranty. There are others, and its best to check out their rating through the Better Business Bureau, reand get referrals through other clients, if available. Prices on coverage  and exclusions to the warranty  are important to know before you decide on a company. You can expect a policy pricing  to start at around $350 depending on your home's size, age, condition and coverage. The peace of mind may very well be worth it, and it's worth looking into, if for that reason alone.

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