Antique or Historic Homes in Connecticut- Do you know what to look for?

If you are thinking about buying an antique home, there are a number of unique factors that should go into your decision. Remember, that one day you will be a seller of that antique home.

Connecticut  has many "antique" homes, which are also commonly called "historic homes", however the two terms are not truly interchangeable. An antique is classified as a home that is greater than one hundred years of age.  An historic home does not necessarily have to be 100 years or older. It could be that a special event took place at the home,  that it housed a famous resident at one time, or was built by a renowned architect. An example would be "FallingWater" which was designed and built by Frank Lloyd Wright. While not an antique, this home was built between 1936 and 1939 and certainly has much historical significance.

If you are interested in purchasing an historic home, there are certain things that make your purchase more unique than others, and having an experienced team of professionals on your side is crucial to making a good decision.

First, and very important! Is the home on the local, Statewide, or National Register of Historic Places? Depending on what your intentions are  for the home, it could be a good thing, or a bad thing. A home on any of these "Registers", will have a continued appeal to a certain number of buyers, however  you must make sure and do your due diligence- If the home is listed in any of these places, there will aso be certain guidelines as to what you can change  or remodel in the house. There may even be a color restriction on the exterior, for historic preservation purposes.

Historical integrity, even if not listed in any registers, can be a concern for many buyers who are interested in this type of property. For example, your upgrades should  pay special attention to period details, and for example, a whirlpool in the bath or steam shower with glass enclosure doors would be inappropriate because these features are not indicative of the time that the home was built,  Sure, it's your home, and you can do what you want to with it, just remember that you have a limited buyer pool for resale, and you would limit it even further.

Major components of the home including heating, plumbing, electrical and air conditioning- When the  home was built, there were no building codes, so you may need to upgrade  or revamp the electrical, which may have already  been done once, but in need of updating again. Take special care to  look at the number of electrical outlets in the home, and if there are not enough outlets, woud it be reasonable and feasible to add more.(Speak with a licensed electrican on this) There could be galvanized plumbing and cast iron pipes, and it may be time to consider replacement (Speak with a licensed plumber)

Some  fun things to look for when purchasing an antique home:

Chestnut wood- American Chestnut, although once plentiful and used primarily  in the upper end antique homes. A severe blight nearly made this species extinct, and even now, the Chestnut that you see is usually imported from Europe. (Yes, you'll pay dearly for it)

The Front Door- Depending on the age and location of the home, if you are lucky  enough to find a home with its original front door, look for the amount of nails. The amount of nails in the door was to denote the wealth and rank of the occupant. .. and while we are on the subject of nails, rose-head nails  in the home is of value to its historical  integrity as well.

One last thing to add of a general nature is knowing the homes specific history. I really appreciate antique homes, (as if you couldn't tell)  Whenever I list a historic home, I contact the Historical Society and get  as much history on that home as I can for the incoming buyers as well as the outgoing sellers, if they do not have a complete history on the property. Finding out who built the home, who lived there, what they did,  and when certain improvements were made is all part of the charm of an antique  and historic home.

So if you are thinking of buying  or selling an antique home, you will need your experienced professional team to assist you, and you can start with me as your real estate agent :) 

Can a home seller change his/her mind after accepting your offer?

You've made an offer, the seller accepted it, and all of a sudden, your agent calls you to say that the seller is accepting another offer instead of yours. Can this really happen? .... Unfortunately, yes.

This is a frequent question where the answer  can fall into a gray area depending on how far along you are in the transaction. First of all, if you happen to be in this particular situation now, contact your attorney immediately. I am not an attorney, nor will I, or can I offer legal advice.

Let's say you place an offer with the seller, and after some negotiating, you come to an agreement on all terms. In order for the offer to be valid, it must be signed by both parties. A verbal contract is virtually unenforceable. (again, contact your attorney)  

In our area of Fairfield County, most offers are written on binder forms (which are not considered contracts). The sellers attorney will prepare a contract based upon the terms and conditions as set forth in the fully executed  binder agreement.

If the seller has not signed the binder, and another offer comes in, that seller can accept that offer, and not even give you the option, or the opportunity to change your already verbally accepted offer. A verbal acceptance means virtually nothing until you have an authorized agreement.

As a matter of fact, ALL offers must be presented to the seller up until the time of closing. The seller may choose not to accept another offer, depending on a variety of factors, including first and foremost, his attorney's advice which will most certainly take into account how far along course the transaction is, and what damages may be incurred if the seller chooses to take that offer.

The best thing to do is to perform as per your agreement as outlined in your agreement. Your agent will guide you to stay within the guidelines that are set forth and hopefully avert this kind of thing from happening. .... and I just happen to know a great agent! Contact me when you are ready to buy, and I will be your advocate. Here are a few testimonials.

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2011 First Quarter Real Estate Market Reports for Southwestern CT are now available!

We are pleased to present to you our quarterly all-inclusive reports for your favorite towns that we service. Market Report Statistics in Fairfield County include the following towns: Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, Newtown, Norwalk, Redding, Shelton, Stratford, Trumbull, Weston and Westport, Connecticut. New Haven County Market Report Statistics include Ansonia, Derby, Milford, Oxford and Seymour, Connecticut

Our Market Report Statistics come straight from the MLS, and we  have included  ALL of each towns active listings for this detailed report- including single families, condominiums, multi-families and apartment rentals, which are sorted by bedroom count, as well as land .This set of statistics includes average list price, average sales price and average days on market.

The next set of market statistics is on sold properties for the first quarter and is all inclusive of single families, condominiums, multi-families and rentals that are sorted by bedroom vount as well. Additional information includes how many sales, what the average list price of those sales was, the sale prce to list price ratio, and market time of the sold listings.

You will find these real estate market reports on their respective town pages on the left hand side bar. As always , we are pleased to be of service to you, and when you are ready to buy a home, or sell a home in any of the areas that we specialize in, make sure you contact us!

How does market time affect pricing on a house for sale ?

When you are looking at houses, pay attention to the market time for that particular home when you look at it. That number is pretty much hidden in plain site at the top of your MLS listing fact sheet, and it would appear as trivial as MT 156. As a buyer, you may not be aware that MT 156 means that the market time is 156 days on that listing.

Why would this matter to you, as a buyer? Two big reasons! SALES PRICE and TERMS OF SALE I am assuming that your agent would have been educating you as you are looking at homes as to what the average market time is for a property in the town(s) that you are interested in.  If the average market time in your preferred town is 75 days, well then, you may have an built-in opportunity for additional price negotiations. You may also be able to negotiate terms that are more agreeable to you.

This involves some research from your agent, like checking on the homeowners financial status, the loan status on the property, finding out the reasons for the move from the listing agent, the sellers motivation, whether or not there have been previous offers, and checking the listing history of the house.

I conduct this research and pay membership fees to various sources  to find out this information, some of which is not readily available or easily available to the public.  Obtaining  information  from the listing agent is quite helpful, and most llisting agents will tell buyer agents about the sellers motivation. Honestly, I feel that is a breach of  fiduciary responsibility that I do not cross when I represent a seller - but, when I represent a buyer I do not have a fiduciary responsibility to that seller, so my loyalties are with my client.

Knowing town statistics and market data besides having a market analysis on the home you want to buy is very important. That is why I include them for  Easton, Fairfield, Norwalk, Trumbull and Westport on a weekly basis.  I conduct market research for  other towns in my service area, I just do not publish them online. ... and truly, you shouldn't ever have to ask your Realtor for this information- if you do, it's time to change agents and get the professional advice that you deserve.

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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