How do you Measure Square Footage of a Home?

When it comes to real estate, there's no avoiding square footage as a measure of any home's value. Realtors use it- it's in every MLS listing, and every home portal known to man. It's also used by tax assessors, appraisers, and insurance companies.

But how much is square footage worth to you as a homebuyer? Knowing the square footage can be helpful, but it shouldn't be the main tool to determine your offer price.

Square footage measurements aren't exact, nor are they taken the same way by every person. For example, many municipalities do NOT have a standard method of calculation-  especially on capes, split level style homes and raised ranches.  A real estate professional, on the other hand, may add a finished lower level, or finished attic space which would not be in the town records to  estimate square footage.

Real estate listings for single-family homes shouldn't  include square footage for covered "outdoor" spaces, including porches, verandas, balconies and porte-cocheres. Yet, in high-rise buildings, square footage quotes often include balconies.

Further, some elements such as stairways and closet spaces are also open to interpretation. If you're buying a home with a two-story foyer, is that foyer space also counted on the second floor?

Another measure that's subjective is the price per square foot, which is determined by the number of square feet divided into the price of the home. High-end homes with expensive materials such as granite countertops and finishes such as hardwood floors tend to have a much higher price per square foot than homes for sale in the average price ranges. But what if those high-end features are 20 years old, and you're comparing them to other similar homes in the area that are brand new?

In my opinion, and at least in our area of Fairfield County, the cost per square foot analysis is pretty much useless, unless you are buying/building brand new, and are comparing one new home to another.  It just does not work for resales in our area.

Hallways, landings and stairs can add hundreds of square feet to any home, but is that space really livable? An open floor plan may have smaller square footage, but be much more pleasant to live than a larger home with too much space allocated to getting from one room to another.

All this means that valuations based on square footage are and should really be subjective.
The square footage is certainly helpful  in determining what size home you  want, but you should always be open to looking in a "range" that is 10 percent below and 10 percent above your recommended size.  The layout of  homes vary greatly from one to the next, and depending on the floor plan, a smaller home for less money may be just as desirable.

 Courtesy of Blanche Evans

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Essential Steps to Buying a Home in 2015

You're ready to take the leap and buy a home! If this is your first time, you may want to know what to do to make the process go more smoothly. Here are ten steps you'll be going through to buy your next home in Fairfield County, Connecticut.

Check Your Credit Reports and Scores - You get one free look at your credit reports annually. Go to AnnualCreditReport.com and see how easy it is to get credit reports from the three major credit bureaus, Experian, Transunion, and Equifax. You'll need all three because they each report differently, so you may find an error at one bureau but not the other two. You don't know which credit bureau your lender will use so you want all three bureau reports to be accurate. If you see a mistake, contact the bureau and alert them to the error. Send a copy of your proof, such as the paid balance.

Get prequalified - Your lender will "run your credit" to look at your credit reports and evaluate you for risk. Your income, credit scores, payment history, revolving debts, obligations such as child support as well as the type of loan you choose are all factors in determining your interest rate and other terms of the loan. The lender will also consider how much home you can buy based on your down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments.

Make your wish list - Decide where you want to live and how many bedrooms and baths you'll need. Consider lifestyle -- condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance. Also, think about how far you're willing to commute to work. Make a list with five "must-haves" and five "deal-breakers" that you absolutely don't want. Be willing to compromise if you find a home with most of the things you want.

Hire a real estate professional - Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range.  Yes, I'd love to help you. (shameless plug)  Let's see if we are a match, and  if by chance I dont handle your area, or we agree that another agent would be better suited for you, I will be happy to help you find one.

Select your home - No home is perfect, so expect to find a few things that are disappointing. Try to see past minor flaws such as bad paint colors or old carpet. Think long-term. Is this the house you would want if it were painted and recarpeted? Which home best suits the activities and needs of your household now and in the years ahead? Don't buy more than you need or can comfortably afford.

Make an offer - You're either in a buyer's market or a seller's market, so your offer depends on the current market conditions. If a home has been on the market a long time, you can ask the seller for a price reduction, repair concessions, and help with closing costs, but if it's new on the market, the seller is unlikely to accept an offer lower than 95 to 97 percent of the asking price.

I conduct weekly research on the towns I service, and can tell you what markets are hot,  and which are not as active. I can also eductae you on the price points where we shoudl be able to get the highest negotiation percentage. Of course, anty offer should be contingent on a satisfactory inspection.

Get an inspection - A home inspection is a professional third-party opinion of the home's condition. The inspector works for you, so it is his job to point out problems big and small. He will check age of all systems, note large and small repairs that are needed, code violations, and so on. Some inspections are not included, so you will have to hire a separate experts to look for pests, or inspect the septic tank. You need to know what problems and expenses you'll be facing as the next owner.

Renegotiate Terms if Necessary - If the inspection reveals a problem that is more severe or is not noted on the seller's disclosure of the property, you should renegotiate terms. Either ask the seller to fix the problem or ask for a price reduction if you prefer to fix it yourself.

Get an appraisal - The bank appraisal determines market value. If the home doesn't appraise for the purchase price, the bank will refuse to make the loan unless you increase the size of your down payment or renegotiate a lower price with the seller. If the home meets the appraisal comparables, the lender will move toward closing. Pay close attention to the comparables that the appraisal uses -- they may skew the value in a different direction than you might be expecting.

Go to closing - Once final negotiations are complete, and you've done a final walk-through of the property to make sure all repairs have been made, the parties to the transaction meet at the escrow office. This office could be a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller's mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement.

Congratulations! You're ready to move into your new home.

Written by Blanche Evans

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Thoughts on Choosing Your Next Neighborhood

You're in the market to buy. You've probably given a lot of thought to the type of home you want as well as your budget and buying price range. There's an additional topic, though, that requires your careful consideration. Which neighborhood is right for you?

Neighborhoods vary as widely as the people that live within them.

It's important to research the neighborhood where you're considering purchasing a home. You want an area that fits your needs, personality, and social habits. These factors can influence your overall happiness just as much as that updated master bath or outdoor kitchen.

Check out the lines for local school districts. Some neighborhoods may surprise you by which district they're in and that's a big deal for some families. You may already have children in a certain school and don't wish for a move to displace them.

You'll also want to see how far away amenities are. Do you want to be able to walk to shops and restaurants? Walkability is really important to some buyers. Others are happy when grocery stores and gas stations are just around the corner. You can calculate a "Walk Score" right here on out site- Just click this link

In order to properly assess a neighborhood, you should be sure to gather the facts. Your REALTOR® should have data on the most recent sales (comparables) in the area. This will help you see the latest trends in pricing. Are home prices dropping? If so, by how much? Is there a large percentage of distressed homes for sale in the neighborhood? This could signal a larger trend and indicate further median home value reductions in the future.

You can also get information from people that already live in the area. Take a walk or drive around your prospective neighborhood. Take a good, hard look at the state of repair of the homes and how good yard upkeep is. If you see someone out in their yard, don't hesitate to go introduce yourself.

You could say something like, "Hi! My name is X and I'm thinking of buying in this neighborhood. What do you think of this area?" If you're lucky you'll find a talker that can give you all the down and dirty details, if there are any. They may also be able to answer questions about the social aspects of the community. Is this a neighborhood that has block parties, neighborhood watch meetings, and is friendly and social? Is this a place where people mostly keep to themselves?

Picking the right neighborhood is just as important as picking the right house.

Written by Carla Hill

***************************************************************

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Advice from a Home Inspector on Buying Foreclosures

We asked our friends at Pillar to Post "What advice do you give clients when purchasing a short sale or foreclosure?"They gave us a lot of information, so much so, that we made this a two-part article. (See part 1 here)

Owner Dave Leopold says, " Thinking of just bringing that nice contractor guy your friend met at a party? Not so fast. That “contractor-looking-for-work” doesn’t have your best interests at heart. He has something else to gain if you buy the house: a job.

It’s also unlikely that Uncle Vinny carries a moisture meter or an infrared camera. Freshly painted walls can be very deceiving. We can find the saturated sheetrock walls in a basement that a desperate short-seller painted over. Beyond simple property damage and unexpected expense to waterproof a leaky basement, there may be threats to your health like mold waiting for you after closing. We have the equipment to detect the problem and test the indoor air quality to make sure you’re safe.

 
You and your friends may notice stains on the carpet and walls. Trouble is, you haven’t been trained to recognize what the remains of a drug factory run by a couple of stoned meth-heads looks like. You probably won’t learn what a danger those toxins present to you and your children until after you own the problem if you rush the process.

Popular television shows depict the quick riches to be made “flipping houses.” Do you ever see a plot centered on how the buyer wanted to do “a great job” on the house before it’s flipped? No. They want to make “a great profit.” We did one inspection where a part-time builder bought a house without an inspection only to find it was riddled with termite damage. What did he do? Tons of appealing cosmetic repairs. Trouble is, he never did any of the structural repairs that were needed, and never even bothered to have the house exterminated!

Consider the sequence of events that takes place before a property goes into foreclosure or short sale. A buyer pays too much for a house. Like most people, they then want to make some improvements. Many are young and have relatively little home improvement experience or skills. Some are not particularly savvy when it comes to looking at a home as an investment. After over-paying for the property, they compound their mistake by over-paying for improvements. As the reality of their financial situation begins to sink in, they start taking shortcuts. Don’t end up being that guy. And if you’re going to buy that guy’s house, make sure you know what you’re buying.

courtesy of:

David Leopold
146 Coleman Road
Fairfield, CT 06825
tel: 888-801-7111
fax: 203-374-4564
David.Leopold@pillartopost.com

www.pillartopost.com

Book an inspection here

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Open House Today 4/27/14 at 211 Guinea Road, Monroe for 450K

This hard-to-find Mediterannean ranch home is open today from 1-3:30 PM. One of only a handful available in ALL of Fairfield County, this beautifully updated and  immaculate ranch has over three bedrooms, two full baths and 2,300 square feet of living area, and is perfectly situated on two acres. Fully equipped with automated Nest controls, too.

Come see this home today, and make it yours!

Judy Szablak, Exclusive Listing Agent- (203)257-5892

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY