Is there such a thing as proper etiquette when buying a home?

If you are in the market to purchase a home, there is some standard of behavior towards homesellers, other homebuyers, and Realtors that is just common sense, as in the "Do unto others, as you would have them do unto you" general rule. Sometimes, a homebuyer is unaware that a gesture, comment or action could be considered inappropriate, and may impact their purchase in a negative way.  I am not singling anyone out, and absolutely mean no harm  to anyone by suggesting that buyers do any of these things on purpose, or with malicious intent.

1. Sellers and/or agents cannot always accommodate an immediate appointment. In many instances, at least three phone calls, and three conversations must take place before an appointment is confirmed. If just one person is unavailable, it will delay a prompt appointment. Al of that is assuming the agent can go on a moment's notice- which is not always the case.

2.If you are working with an agent who is on vacation, or away for the weekend, do not call the listing agent to show you their listing. For that matter, do not call any other agent other than the one that is covering for your agent while they are away for any reason. It's disrespectful to your agent, and the other agent involved. Ask your Realtor who to call in he/she will be away for any amount of time.

3. If your friend is  Realtor, and they are "helping you out", do not call another agent because you don't want to bother your friend. Again- disrespectful to your friend as well as the other agent.

4.Do not ever go to a listed home unescorted by your agent, or walk someone's property without express permission to do so.

5. If you have signed a contract for an agent to represent you in your purchase, do not mislead another agent by telling them you haven't. This one could actually cost you money, so it's very important.

6. Wipe your feet before you walk into a home, remove your shoes if the seller has requested it, and ask if you can use the bathroom in the home if you need to.

7. Do not take photos of the interior of the home unless you get permission to do so first.

8. If you are previewing homes for an intended purchase next year, let your agent know. They may not show you as many properties, but they may have clients that need to purchase right away, and they will take precedent over you. It's only fair- if you were in  a rush, you would expect to take precedent over someone who was not, and you would be well within your rights to feel that way.

9. If you are a licensed agent yourself, and do not have access to the MLS, tell the agent.(and you should know better than to withhold that)

10. If your agent asks you for financial information, such as a prequalification letter, a pre-approval letter, or proof of funds (for cash buyers), please don't be offended. It's standard practice-the seller will need that information even if you offer 10% ABOVE asking price.

11. Don't stalk the house, for heaven's sake

12. It is against the law for agents to show you houses without  represention, or an acknowledgement from you that you don't want it. At the very minimum, an agreement for the particular property for a short time frame should not be too cumbersome. You do want to make sure that you and your agent will get along, and guess what? The agent is interviewing you as a potential client just as much as you are interviewing that agent as a potential representative.

13. There is no need to bad-mouth a house in front of the seller.

14.If another buyer is viewing the home when you arrive on time  for your scheduled appointment, it is proper to wait outside and give that buyer their space while they are previewing the home.

15. If you are going to be late for a scheduled appointment, whether it's meeting your agent at their office, or meeting your agent at the property, call or text your Realtor. Your agent may have a number of appointments scheduled that are on a time crunch. Some sellers have very specific times that buyers can see their home, and cannot accommodate an appointment if the buyer is even ten minutes late. Give your agent the opportunity to call those sellers and let them know. One of those houses could be the one that you want to buy, and you've gotten the seller mad at you because you came late. All of this is not to mention that it is rude to your agent to be late without a call telling them so.

16. There are generally accepted viewing times. Eight AM on a Sunday morning is not one of them- neither is 9 PM on any evening. Use discretion- we understand that your schedule may be tight, and agents and sellers alike will most always do everything to accommodate you, just be reasonable.

17. Do not call the homeowner directly to discuss anything, period.

18. If you drive up to a house, and absolutely hate the neighborhood, the street or the house itself, don't refuse to go in. Just make an effort to go through the house very quickly and leave. That seller has anticipated the appointment and would be very hurt if you couldn't even walk in the door.  Who knows, you may be surprised. NOTE: If the seller is not home, and you don't want to go in for whatever reason, your agent can handle that, and no need to go in to a house that you know you don't want if no one knows. (Expect your agent to make a call to the Listing agent telling them just that.)

19. Don't overstay your welcome at the house, or on the property. There is a reasonable amount of time to look at a home, and for some people it's only five minutes, for most- it's about twenty minutes, and for a few more, it's upwards of 45 minutes. All are okay- you should go at our own pace- nothing wrong with that. Just stay focused on the house that you are seeing, and don't talk about the other homes on your agenda, or Johnny's baseball game, or dinner tomorrow night at your favorite restaurant  while you are there.

20. Keep any positive or negative comments to yourself until you are in the car and out of earshot to the homeowner.

What is PMI, why is it necessary, and how is it calculated?

PMI is the acronym  for "Private Mortgage Insurance", and is sometimes also referred to as "Primary Mortgage Insurance". It is insurance required by a lender for your home loan when you do not have a  twenty percent downpayment, which is considered a conventional loan. Buyers with less than 20% downpayment who require an 80% or more LTV loan (loan to value ratio) are almost always required to purchase this insurance for the lenders protection against a possible default on your primary mortgage.
 
Lenders typically look at a loan with over 80%  LTV as a riskier investment and  will require a PMI payment from the borrower. It is a special insurance that lenders force higher risk borrowers to pay to protect the interests of a bank in case of default.

A benefit of PMI is that it with this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment, when otherwise it would not have been possible. This means that you can buy a home sooner without accumulating a larger down payment.

Use the handy chart to the left  to estimate what your monthly PMI payment will be  for your thirty year mortgage loan. Your mortgage broker or banker will give you the actual monthly payment, and this chart is meant to be used as a rough guide.

Why is it important to review real estate market statistics?

Market statistics are a snapshot in time as to how the real estate market is performing. A stock broker diligently watches the market to spot trends, so he/she can advise you as to when the best time to buy a particular stock, and the best time to sell some of your existing stock. You should be able to consider your real estate agent as your trusted real estate advisor, much like how you trust your stockbroker to advise you when the time is right to buy or sell.  The single most important asset that your agent has, or should have, is continued knowledge of the overall market.

You may notice from my town blogs  that I research and publish weekly and monthly analyses and trends of the real estate market in Easton, Fairfield, Norwalk, Trumbull and Westport, besides giving useful tips and advice on the CT Home Blog. I research statistics on neighboring towns, and offer a quarterly report on each town biography page as well.

Unless you pay close attention to market trends,  the best time to buy or sell may not be very clear, and again, watching the real estate market is similar in more than a few ways to reviewing your investments on NASDAQ or the NYSE.  Remember, we only start at the town level, and different parts of town will have their own different real estate markets, and your home, or the home that you want to buy,  has its own individual "market", which can and will be different than even the exact same house next door, so your market is very specific.

Pricing your home to sell in any market, and purchasing a home at the right price comes right down to the details on the state of market, and how those details  positively or adversely affect the home's price. Getting the most out of the sale of your home, and getting the best price on your purchase is something I've got years of experience doing. Feel free to check out some client testimonials, and when you need  a real estate advisor that you can rely on for the most accurate and up to date information, plus the tip top negotiating skills you deserve, just contact me :)

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What Happens if You Change Your Mind After Placing an Offer on a House?

This is a most uncomfortable situation for everyone involved. An important thing to consider at this point,  is how you got to the place of making a bid, when now you are reconsidering that very offer. If you are still in the negotiating stages, and the seller hasn't signed an agreement, it will be a lot easier for everyone.

A couple of questions to ask yourself:

1. Did someone push you into making an offer when you weren't ready?
2. Are you having second thoughts  about the offer you made, or any of the terms or conditions?
3. Has something suddenly changed, (such as a job loss or other unfortunate  event)
4. How far along in the transaction are you? This will determine what you need to do next.

WHAT TO DO: If you felt pushed into making an offer, whether it's by your spouse, significant other, a friend, a child, the seller, the market, or heaven forbid- your agent, TELL YOUR AGENT NOW!  If you are having second thoughts about this particular home for any reason, the time  to voice your concern is NOW.  If the seller has accepted your offer in writing, it is time to call your attorney as well as your agent- do that NOW and forget about the rest of this article.

Yes, as I mentioned, this is an uncomfortable situation, but the best thing to do for all parties is to get it out in the open as soon as possible. I rarely come across a buyer client who changes their mind after placing an offer, but that comes with years of experience on my part, and being able to tell whether someone is truly ready to make the next step after viewing a home that they like. Your agent should ask appropriate questions so that you never get into this situation. I know I do, and that's why this type of thing very rarely happens when you hire me as your agent.

I don't push anyone into making any decisions, and if I ever get the feeling that my client is pushed by anyone into a decision that they are not quite ready to make, then I will kindly and gently do my best to handle the situation so as not to put anyone in any kind of uncomfortable position. Need a trustworthy advisor? Contact me

What determines a buyers market or a sellers market?

The average market time to sell a home dictates what type of market we are experiencing at any given time. Contrary to what you may think, the real estate market doesn't change dramatically overnight, and each town has its own specific historical market averages. Even subsets of inventory ranges, or areas within towns have their own specific historical averages. What may seem like slow sales in one town on a percentage of housing stock units, may actually be that particular town's average. It all depends on what you compare the statistics to, so it's important to have all of the proper information to get a true feel on the state of the market.

In my general service area of Southwestern Connecticut, average  market time as measured in days indicating a steady market is approximately  75-100 days, which favors neither buyers nor sellers. Anything less than that range moves increasingly over to a seller's market, and anything above that range  begins the shift into what we would consider a buyers market. So the rule of thumb is that the more average market time for a given town or city, the more likely that town or city is experiencing a buyers market. The less market time as measured in days it takes to sell a home constitutes a sellers market.

Bear in mind that each town has specfiic areas that seem to be immune to widely varying fluctuations in the market. Take a look at any of my weekly town reports published every Tuesday to get a general idea as to what type of market we are experiencing right now- You might be surprised!  ( Easton, Fairfield, Norwalk, Trumbull and Westport ) Other towns that I service have quarterly reports on their respective information pages on the left hand side bar of my site.