HOME BUYER MYTH # 1 : It's a good idea to work with the Listing agent.

WHAT ??   If you are interested  in buying a house, AVOID having the listing agent represent you.

That may be the exact opposite of everything you may have ever heard about buying a home. Let me explain why. That agent is representing the seller, and besides having  a fiduciary relationship with that seller, there is an established  rapport with seller- there's an allegiance to that relationship. They know that seller better than they know you, so no matter what an agent says about being fair and equitable to both parties, I would think it would be psychologically difficult to attain a fair balance. Forget about Dual Agency representation- it's diminished representation.

So the moment you call the listing agent on that property, that agent knows you have interest. If you want to submit an offer on that property,, you'll probably end up paying more for it, because the agent already knows what the seller wants, and wants to look good to that seller by bringing in a great offer.

But someone told you that the agent might cut their commission to make the deal, and that way, you pay less.  The truth? Agents  cannot cut their commission without their Broker's approval. The Broker looks at things  strictly in dollars and cents. If the broker allows a commission break to help you purchase that house, then they do not benefit from a full commission on the seller side, or the buyer side. That home will sell- to someone who doesn't ask for a break on the commission, and you will end up buying another home through that agency with no commission break. So the broker loses twice in this instance if they cut the commission for you.  It's a rare occurrence when it does happen, so don't count your chickens on that one.

If you are interested in a house, DO NOT call the listing agent.  Interview Realtors and choose ONE real estate agent to  represent you. Someone that you can trust to get you the very best deal on your next home.   And  I just happen to know somebody.... 

Reading Between the Lines of an MLS Listing

Do you remember the first MLS listing your agent gave you? Was it somewhat confusing? There's a lot  of information on those data sheets. Realtors are accustomed to looking at them, but when you begin to look at houses, those MLS sheets look like a lot of gobbledy-gook. There are a few things to take note of right away, and you learn where that information is on the sheet pretty quickly, but there is also lots of information that almost seems hidden if you don't know what you are looking for, or should be looking at.

The first thing your eyes will be drawn to is the picture, of course. Then you'll see the price, and some particulars on the house, such as total number of rooms, how many bedrooms, and how many baths. Lesser known information that is on the MLS home sheet is the annual property taxes, property assessment, school information, and room features, besides the biggie, which is how long the home has been on the market. In our area, hidden in plain sight on the listing sheet  is  "MT 145", and unless your agent told you where it was, and what that meant, you probably wouldn't know. It means The Market Time on that house is 145 days.

Another very important thing to look at is the listing agent remarks. There are MANY subliminal messages here, and they ring true the vast majority of the time.

I'm going to ask you to look at the remarks on that listing in a different way. Think of yourself as an agent, and if you know that these remarks are  THAT important to help sell the house, it would behoove you to point our the finer features of the home in this section.

I don't care how lazy an agent might be, or how busy that agent might be, they still want to sell that house.  There are only so many alphabetic characters that an agent is allowed in this section, so its important that nothing is redundant. As a real estate agent, you would want to make sure that you have everything covered, right? Of course, you would.  So when you look at the remarks section of a listing, and there is redundancy, what should that indicate? There may not be any great things to say about that house, because the agent could't even fill up a small area of advertising space with anything other than what's already on the listing.  And another thing while we're on the remarks section- if all the MLS says is how great the neighborhood is,and nothing about the interior of the house, you can pretty much expect that the house may need some cosmetics.

Yes, I think you can tell I am passionate about my work.  I want the very best for my clients, whether they be buyers, or sellers.  Even the most seemingly minor details to someon else are very important to you when it comes to your  biggest investment. I'm always happy to share my knowledge, and help my clients  in the very best way that I know how. So when you're ready to buy or sell  real estate in Fairfield County, CT , I'm honored to help you, and eager to assist. :)

Real Estate lingo defined: Is "Street Phenomena" good or bad?

Street phenomena is when one home goes up for sale on a street, and then a few others pop up for sale almost immediately. What just happened?  It does raise a minor red flag, and it is important to find out why these homes are for sale.

There are three reasons for street phenomena.

Sheer coincidence, Some type of event in the neighborhood, or Seller ego.

• Sheer coincidence- It does happen, and when this is the case, there are no worries. Some areas are more transient than others for a variety of reasons.

• Some type of event in the neighborhood- It could be that the school boundaries have  been redistricted, for example. Or yes, it is a possibility that some homeowners got spooked by an event. You'll want to find out what, if that is the case.

• Seller ego-  This is by far, the most common. Here's what happens. Joe and Jen list their home down the street with a Realtor. Bob and Betty see the real estate for sale sign go up, and inquire as to how much Joe and Jen are asking for their home. Bob and Betty think to themselves, if Joe and Jen can get THAT price for their home, we can certainly get THIS price for our home. Let's sell our house, too.Then Kurt and Kathy find out what prices those homes are listed at and join the fray. Don't fall victim to that trap.

If you are selling your home and experiencing street phenomena, it is imperative that price your home correctly. If you are a buyer, and are interested in a home located on a road  that is experencing street phenomena, it's important to find out why, and in what order the homes went on the market. It does make a difference. I  delve for details for my clients, so no worries!

So, all in all, street phenomena is nothing to get overly concerned about. Just find out the details!


If the Federal Reserve thinks this is important, then you should too!

Did you know that the Federal Reserve banks submit a report every 45 days on current economic conditions? It’s called The Beige Book”.  I have my own real estate version of “The Beige Book”, and I call mine the “The RealTrender Report”. It’s a 45 day listing and sale summary of homes, sorted by price and bedrooms. Sounds complicated? Not really. It’s a great market gauge. I’ve supplied a  graph to give you a visual, rather than text description.

When it comes to pricing homes in any real estate market, your Realtor needs to be right on top of the latest data available, and should be able to trend at least the very near future. When you are ready to buy or sell, trust your biggest investment with an agent who cares enough  to go the extra mile to get everything right. (That would be me!) Visit our Real Estate Blogs on Easton, Fairfield, Norwalk, Trumbull and Westport  to see your local "Real Estate Report". As always, if you have any questions, call me, text me, or just set up an appointment.


I'm buying a home. How many houses do I need to look at?

It's always exciting when you are buying a home, and whether you  are looking for your very first house or your fifth house, there's always something fun to remember about the  experience.
 
One of the first things that buyers ask me is "how many houses do you think we'll need to see before we find the one we want to buy?"....and the answer depends on a lot of things. I  consult with a buyer before we go out and look, and ask a lot of questions, so I don't waste the buyers time looking at houses that don't even have the basic criteria that they set forth. It's my duty as an agent to find out what's mandatory, and what would be a bonus, and also find out what things are an absolute no-go. It's what I call the "must haves or definitely nots"

Most agents will ask you what price range you want to be in, how many bedrooms you need, and how many baths  you would like in your new home. If they search from that criteria alone, you may be looking at  a LOT of houses! I wouldn't say you should put so many restrictions on your search that you narrow down the list of possibilities to almost nothing, but at the same time, it's important to pinpoint those "must haves and definitely nots", and that's your agents job. Sometimes, the only way some buyers can figure that out is by looking at a few homes to at least narrow down the criteria. For example, you look at a few different styles of homes, and know immediately that you don't like the cape style,  or the contemporary style for example, and those get scratched off the list of possibles in the future. Maybe you like a particular neighborhood, and your house has to be in that neighborhood, too. But maybe, the perfect home is just a street or two away.Just a thought-  Would you say no to that?

You might see a home or two that needs a kitchen remodel,and you decide that a renovation is not something you want to do as soon as you move in. So you scratch those off the list, too. The you see a house with a fireplace and you just have to have a fireplace. So that's a must have. You see a house with an attached garage, as opposed to one with no garage or a garage in the backyard and  think, I have to  have an attached garage, too.

Well let me ask you this, and think about this for a minute, If you saw a great house that had a fireplace and an attached garage but the kitchen needed minor remodeling,  would you still consider it? These are just examples, but a great agent will ask enough questions before you go out, and while you are looking at homes, to decipher that answer, because it may not be what you expect.

So the answer is, the better your agent is at asking questions, the faster you will find your home. It's that simple.  If you are not under contract with an agent to represent you, call me. I'll ask the right questions and help you get that new home as soon as you like!