Financing Update and Today's Mortgage Rates in Connecticut 6/1/12

  Mortgage Rates continue to experience minor volatility near all-time lows, bouncing moderately LOWER today after moving HIGHER yesterday.  Rates moved in a different direction every day this week!  Today's moves didn't take rates to the lowest recent levels, but did slightly improve borrowing costs for the prevailing rates.

The Best-Execution Rate for Conventional 30yr Fixed Loans remains at 3.75%, but closing costs would be slightly lower for that rate today vs yesterday (or the amount of lender credit would be higher, depending on your scenario).

After a relatively calm day yesterday (Get Caught Up With: Yesterday's Post), markets were nearly dead today, with a majority of trading motivation arriving early in the morning on European considerations.  Volume and volatility have been dwindling ever since as the session ends early today ahead of the 3 day weekend in honor of Memorial Day.  Banks and Markets are closed on Monday, so most lenders will not issue rate sheets or be accepting locks.  

Next week starts out light, but finishes with the important Employment Situation Report.  This is one of the few pieces of domestic economic data that we actually care about in light of how much Europe has been a driver of rates markets movements these days.  Reason being: it's potentially informative for Fed policy, and with the Fed scheduled to make it's next policy announcement on June 20th, the employment numbers would certainly be a consideration as to whether or not the Fed makes any further hints or outright commitments at more quantitative easing.  Even then, Europe continues to keep swings in rates muted on the occasions where we're waiting for the next big shoe to drop--in this case, Greek elections in late June (though we think things could easily come to a head before then).  

Ongoing Guidance: We'd continue to advocate not trying to "get ahead" of current market movements as a high degree of uncertainty is pervasive.  While it's a reasonably safe assumption that European concerns will generally help rates stay lower than they otherwise would be, that "otherwise would be" part is very much a moving target.  Best bet is to focus on the fact that rates are at their all time lows, and with very close to their all-time low borrowing costs.  Add in the fact that progress has always been increasingly difficult from current levels and risk vs reward for floating vs locking looks a bit larger than we'd like, but not out of the question for those who understand the risks and have an exit strategy if things don't go their way.

Today's Best Execution Rates


30-year fixed 3.875% APR-3.924% 0 points
20 year fixed-3.625% APR-3.692% 0 points
15 year fixed-3.250% APR-3.333% 0 points
10 year fixed-3.000% APR-3.123% 0 points
5/1 ARM-2.625% APR-3.091% 0 points
7/1 ARM-2.875% APR-3.127% 0 points

FHA
30 year fixed-3.750% APR-4.659% 0 points
15 year fixed-2.875% APR-3.319% 0 points

Jumbo- over $602,000 (Fairfield County)
30 year fixed-4.000% APR 4.117% 0 points
15 year fixed-3.500% APR 3.574% 0 points
5/1 ARM-3.125% APR 3.419% 0 points
7/1 ARM-3.500% APR 3.818% 0 points

Pat Leary

NMLS #99279
Atlantic Home Loans
830 Post Road East

Westport CT 06880
203-645-1037 cell
203-691-9788 ext 226
1-203-413-5647 fax

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, 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.

Maintenance Tips For Your Central Air Conditioning System

 If you have forgotten to maintain the air conditioning system in your home, this past weekend would have most certainly prompted you to remember that in order for the systems to work as efficiently as possible, they do need to be serviced.  If you have purchased a home in the last six months, you may have even had to rely on statement by the seller that the system was working properly.

From what many inspectors have told me, you cannot even test an air conditioning system if the outside temperature  has been below 65 degrees for the last 72 hours without risking damage to the system. With that being said, here are some tips for new homeowners, and preventative maintenance ideas that won't cost you a bundle.

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A building's central air-conditioning system must be periodically inspected and maintained in order to function properly. While an annual inspection performed by a trained professional is recommended, homeowners can do a lot of the work themselves by following the tips offered in this guide.

 

Clean the Exterior Condenser Unit and Components

  

The exterior condenser unit is the large box located on the side of the building that is designed to push heat from the inside of the building to the outdoors. Inside of the box are coils of pipe that are surrounded by thousands of thin metal "fins" that allow the coils more surface area to exchange heat. Follow these tips when cleaning the exterior condenser unit and its inner components -- after turning off power to the unit!

• Remove any leaves, spider webs and other debris from the unit's exterior. Trim foliage back several feet from the unit to ensure proper air flow.
• Remove the cover grille to clean any debris from the unit's interior. A garden hose can be helpful for this task.
• Straighten any bent fins with a tool called a fin comb.
• Add lubricating oil to the motor. Check your owner’s manual for specific instructions.
• Clean the evaporator coil and condenser coil at least once a year.  When they collect dirt, they may not function properly.

Inspect the Condensate Drain Line

  

Condensate drain lines collect condensed water and drain it away from the unit.  They are located on the side of the inside fan unit. Sometimes there are two drain lines—a primary drain line that’s built into the unit, and a secondary drain line that can drain if the first line becomes blocked. Homeowners can inspect the drain line by using the following tips, which take very little time and require no specialized tools:

• Inspect the drain line for obstructions, such as algae and debris. If the line becomes blocked, water will back up into the drain pan and overflow, potentially causing a safety hazard or water damage to your home.
• Make sure the hoses are secured and fit properly.

Clean the Air Filter

 

Air filters remove pollen, dust and other particles that would otherwise circulate indoors. Most filters are typically rectangular in shape and about 20 inches by 16 inches, and about 1 inch thick. They slide into the main ductwork near the inside fan unit. The filter should be periodically washed or replaced, depending on the manufacturer’s instructions. A dirty air filter will not only degrade indoor air quality, but it will also strain the motor to work harder to move air through it, increasing energy costs and reducing energy efficiency. The filter should be replaced monthly during heavy use during the cooling seasons. You may need to change the filter more often if the air conditioner is in constant use, if building occupants have respiratory problems,if  you have pets with fur, or if dusty conditions are present. 

 

Cover the Exterior Unit

  

When the cooling season is over, you should cover the exterior condenser unit in preparation for winter. If it isn’t being used, why expose it to the elements? This measure will prevent ice, leaves and dirt from entering the unit, which can harm components and require additional maintenance in the spring. A cover can be purchased, or you can make one yourself by taping together plastic trash bags. Be sure to turn the unit off before covering it.

Close the Air-Distribution Registers

  

Air-distribution registers are duct openings in ceilings, walls and floors where cold air enters the room. They should be closed after the cooling season ends in order to keep warm air from back-flowing out of the room during the warming season. Pests and dust will also be unable to enter the ducts during the winter if the registers are closed. These vents typically can be opened or closed with an adjacent lever or wheel.  Remember to open the registers in the spring before the cooling season starts.  Also, make sure they are not blocked by drapes, carpeting or furniture.

 

In addition, homeowners should practice the following strategies in order to keep their central air conditioning systems running properly:

• Have the air-conditioning system inspected by a professional each year before the start of the cooling season.
• Reduce stress on the air conditioning system by enhancing your home’s energy efficiency. Switch from incandescent lights to compact fluorescents, for instance, which produce less heat.

by Nick Gromicko and Rob London

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

And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, 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.

The RE/MAX Hot Air Balloon will be in Fairfield CT on May 28, 2012 to Benefit Habitat For Humanity!

RE/MAX is sending its famous hot air balloon to Fairfield,  Connecticut on Memorial Day to benefit Habitat for Humanity and  the First Church outreach partners. The RE/MAX Hot Air Balloon is one of the nation’s most widely recognized corporate symbols.

The balloon will be at First Church Congregational  United Church of Christ located at 148 Beach Road in Fairfield, CT  from  approximately 8:30 AM  through 11 AM on Monday, May 28, 2012.

Weather permitting, tethered rides will be available prior to the beginning of the Memorial Day Parade.

The balloon is QUITE an amazing  sight, and it's  going to be RIGHT in our backyard! Don't miss it!

We hope to see you there!

Buying or Selling a Home in Fairfield County? We'd love to represent you.

Please visit our main  site at

www.CThomesAndRealEstate.com

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. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

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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RE/MAX was founded in 1973 by Dave and Gail Liniger, real estate industry visionaries who still lead the Denver-based global franchisor today. RE/MAX is recognized as a leading real estate franchisor with the most productive sales force in the industry and a global reach of more than 80 countries. With a passion for the communities in which its agents live and work, RE/MAX isproud to have raised more than $120 million for Children’s Miracle Network Hospitals, Susan G. Komen for the Cure® and other charities. Nobody in the world sells more real estate than RE/MAX.

Should You Hire an Out-of-Town Realtor to Sell Your Home?

So you've made the decision to sell  your home. You may have interviewed a few agents, and you seem to feel that one agent stands above the rest.  Only thing is, their office is not located in your town. Is it a good or bad idea to list with an agent that does not specialize in your town?

Years ago, that would have been a bad idea. I mean MANY years ago, before the internet was such a driving force in home sales.

There are many more reasons today why you should  list with an agent who you truly feel will get your home sold, rather than just  settle for  one who is local. The talent pool is much larger  with a  bigger radius, and so is the buyer pool.  For example,  if your home is in upper Fairfield County, you may be aware that buyers come north from New York or Stamford looking for the home of their dreams. So the question becomes, "why limit yourself?"

That's not to say that all listing agents in your town are not professional, or good at what they do- they  just will not have the same buyer pool as an agent from another, more expensive town- it is inevitably much larger.

The type of home you can get  for a particular price in Westport, for example is unattainable in Greenwich for the same money.  Two similar homes in Fairfield and Shelton will have also have a  great disparity in value.

So who do you list your home with?

Let's say that you  hired an agent from out of town. I have had homeowners tell me that very few, if any local agents showed  the home.  That doesn't mean your home has a "local boycott" because you listed with someone from another town.  The local agents will show your home if they have a buyer - they work on commission. If they think their buyer will like your home, they will show it- so take that thought out of the equation. If your town is  not a large one, remember the buyer pool coming to that in-town  agency won't be as big, either.

There may also be local agent perception of your street,  neighborhood, or lack thereof, where these agents put your home on the bottom of the list to show. I know that sounds harsh, and I am sorry for that.   In some instances, that particular perception becomes reality.

On the flip side, there are certain instances where I would suggest listing with an agency based in town. They are few and far between, though. Take for example, a highly exclusive enclave in a very tight knit community. That may be a consideration. Also take, as an example, whether or not the agent you choose  to work with is associated with a small in-town agency from another town.  The power of name recognition cannot be stressed enough, as  it widely understood that out-of-town and out-of-state buyers  have a heightened level of trust in a company that they have heard of before- even if it's just a lcoal franchise.

If your home is especially unique in some way, it is important to expose it in its best light to as many potential buyers as possible, without crossing the fine line of sacrificing  enhanced marketability, especially in today's market.  The most important task at hand is finding an agent that knows that they should market properties effectively to the masses, and is skilled at it.

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, 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.

THE BEST DEAL IN WESTPORT is $438,900 -AND Open 1-3:30 on 5/20/12

Public Open House at 12 Warnock Drive in Westport CT

 on Sunday May 20, 2012 from 1-3:30 PM- JUST $438,900

Best deal in Westport BY FAR! - as cliche as it sounds, bring your checkbook. We're not kidding. This home has just been reduced for a quick sale.

 $438,900

Here are the quick details:

Westport* 1,817 SF*  3 BR, 2 baths *1.03 acres

Time is 1-3:30.  SEE YOU THERE!

Want more info about the house? Click here

Call us at 203-257-5892 for any questions or email us. Either way, make it there!

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, 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.