NEW LISTING ALERT- 1800+ SF Home in Westport on 1.03 acres for $500,000

If you have been looking to buy a home in Westport , and thought you couldn't afford it, THINK AGAIN.  New Listing coming on the market in the next few days in the Coleytown area for just $500,000. Over 1,800 square feet and clean, just needs minor cosmetics.

Three bedrooms, two baths, living room with fireplace, sunroom, and a two car attached garage. on 1.03 level acres. Call Judy today. 203-257-5892 or email judy@bestagentsonline.com

 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.

Connecticut Financing Update and Today's Mortgage Rates 3/2/12

In a move to increase their financial standing (and get the FHA back into required capital requirements), on Monday, HUD announced their anticipated increases in the premiums they charge borrowers. Simply stated, the cost of borrowing is going up.

As an insurance company, HUD charges two types of premiums on the FHA mortgages:

• The UFMIP (Up Front Mortgage Insurance Premium) will be raised effective April 1, 2012 from its current 1% to 1.75%. One advantage to the UFMIP is the fact that it is typically built into the loan amount and does not require additional cash outlay at closing. However, the increase in loan amount does impact monthly payment and cash flow.
• The MMIP (Monthly Mortgage Insurance Premium) will be raised 10 basis points on April 1, 2012 to cover requirements of the payroll tax extension approved last year. This is a direct increase of 10 basis points in the borrower’s mortgage payment, and has the effect of a 10 basis point increase in interest rates. Loans over $625,000 will be bumped 35 basis points from today’s levels effective June 1, 2012.

This means on a loan amount of $300,000, we will see an increased payment of $36.41. We know that home buyers buy homes comparing what their monthly payment will be after they close. This hike in payment is equivalent to borrowing an extra $7,000. The result is that buyers are going to have to pay more or they will have to offer less to the seller to obtain the mortgage payment that they will feel comfortable with.

My advice is that sellers should price correctly and get into contract in March. Buyers need to get off of the fence and buy now. There is also a rumor that FHA will lower the allowable seller paid concessions from 6% to 3%.

Today's Mortgage Rates

30-year fixed-3.875% APR-3.924% 0 points

20 year fixed-3.750% APR-3.818% 0 points

15 year fixed-3.250% APR-3.333% 0 points

10 year fixed-2.875% APR-2.995% 0 points

5/1 ARM-2.500% APR-2.660% 0 points

7/1 ARM-2.750% APR-2.860% 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 $576,000 (Fairfield County)

30 year fixed-4.500% APR 4.547% 0 points

15 year fixed-4.125% APR 4.218% 0 points

5/1 ARM-3.375% APR 3.419% 0 points

7/1 ARM-3.750% APR 3.818% 0 points

Pat Leary is  a mortgage banker with over 12 years experience as a lending specialist in Connecticut. Her passion is to guide her clients through the mortgage process. Pat takes pride on providing great customer service, through communication, trust and integrity, and strives to offer the best mortgage products and service in the industry. We're confident that you will receive the personal attention that you deserve. As a leading Mortgage Banker in Connecticut, Pat  is responsible for structuring your financing with the expertise to answer any questions you may have on rates, fees and products.

Pat Leary

NMLS #99279
Atlantic Home Loans
2751 Dixwell Avenue
Hamden,CT. 06518
203-645-1037 cell
203-691-9788 ext 226
1-203-413-5647 fax

 

Connecticut Homeowners: Keep Your Basement Dry With a Sump Pump

Many homeowners tackle the problem of a wet basement and water damage by using a sump pump – a small pump stationed in a home’s basement that sends water out to a more acceptable location, like a sloped backyard or a municipal storm drain. Sump pumps are typically housed in a basement’s sump pit, or sump, a reservoir for excess groundwater and rainwater.

The principles at work are pretty simple: rather than keeping water out completely, a sump pump system controls how water gathers beneath your home, then pumps it out after it’s collected.

If you’ve explored other ways of keeping your basement dry – examining the grading around your home and repairing any noticeable leaks or broken pipes – and are still having trouble, it might be time to consider a sump pump.

Remember, sump pumps don’t prevent water from accumulating, but they can go a long way in controlling water in your basement. Either way, your possessions stay dry, and that’s the point.

Many homes have sump pits built right into the basement floor. If this is the case, all you’ll need is the pump itself. If your home is not equipped with a sump pit, a drain expert or contractor should be able to tell you if it’s possible to retrofit your basement.

Types Of Sump Pumps

There are three types of pumps used in basements or crawl spaces:

•Pedestal Sump Pump: Also referred to as a “column type” or “upright” sump pump, the pedestal sump pump has an open motor that is supported on top of a column attached to the pump casing. When installed, the motor sits outside the sump and above the basement floor. The motor is not designed to be submerged in water.

•Submersible Sump Pump: This pump uses a watertight motor designed to be immersed in water, and will typically kick into action when it senses that it’s become submerged. The motor is coupled directly to the pump casing and is designed to be completely hidden within the sump.

•Water-Powered Sump Pump: Water-powered sump pumps are generally much less powerful than pedestal or submersible pumps, but may have some advantage: They run on city water pressure instead of electrical power. However, because they require significant water pressure to function efficiently, they often can’t be used if your city water pressure is low or limited, or if your house gets its water from a private well.

A Working System

So what does a functioning sump pump system look like? There are usually three key pieces:

•A Primary Pump

•An Emergency Backup Pump (Battery- or Water-Powered)

•An Emergency Backup Pump Alarm

Because homes sometimes lose power during thunderstorms – just when an operational sump pump is critical – many pumping systems employ a backup pump. Emergency battery backup pumps work when the power goes out, when the primary pump does not remove the water fast enough, or if the primary pump fails.

In this setup, primary pumps are powered with electricity, and backup pumps are battery- or water-powered. Using two pumps instead of one makes it unlikely that both pumps will malfunction at the same time. And with the alarm system, you’ll be able to tell when the primary pump has failed and the backup pump has to be used.

Is A Sump Pump Right For You?

Installing a new sump pump system – especially if your basement doesn’t already have a built-in sump pit – is an extensive, complex job. Make sure you consult with a plumbing expert.

And to find out more about particular pumps for your basement, or to check if a certain pump is certified, consult the Sump & Sewage Pump Manufacturers Association.

This list is not meant to be a complete list nor does it imply that State Farm has tested these products for performance. State Farm neither endorses nor guarantees the performance of these companies or their products. Check with your contractor, local building official, the product manufacturer, or supplier to find the appropriate device for your situation. Purchasing a sump pump does not trigger policy provisions.

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

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.

Case Shiller and National Association of Realtors Monthly Report Update

The latest Case-Shiller Report released today  shows that U.S. home prices
fell in December from the previous month, and according to the report, 2011
ended at the lowest levels since the onset of the housing crisis in
mid-2006.

Chairman of S&P's index committee David Blitzer said, "While we thought we
saw some signs of stabilization in the middle of 2011, it appears that
neither the economy nor consumer confidence was strong enough to move the
market in a positive direction as the year ended."

The national housing market remains somewhat sluggish, although there are
still some positives. According to the National Association of REALTORS
report released just last week, sales of previously owned homes rose in
January to the highest level in nearly two years, and available housing
inventory was right in line with what would be considered a healthy market
by economists.

NOTE: Case Shiller indices are calculated monthly by Fiserv, Inc. (the company that owns and maintains the index)  and is published with a two month lag on the last Tuesday of every month. 

Why is it That the DAY You Decide You Want That House, Everybody Else Does, Too?

The home could have been on the market for a year, and the day you decide to put an offer in on it, all of a sudden there's one or more bids on it.

If you just put in an offer a week earlier, and you would not have not had any competition, but instead  now you have to compete with other buyers for that house.

As an agent who gets into these situations with my buyer clients, even I get frustrated. Some agents don't always tell the truth (see this prior post as an example)  and I  get skeptical too. When I  submit an offer on behalf of a buyer-client only to hear from the listing agent that there is one or more offers on the table I have to question it, too.

As a buyer's agent, it is my duty and my job to check out this type of claim as thoroughly as I possibly can, however most of the time, I must take the word of  the listing agent.

For the record, I don't like this scenario any more than you would,- it just seems to be Murphy's Law. The best way to avert this is when you find a property that you like, to place an offer on it as soon as you are ready, and not give other buyers the opportunity.

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.