Summertime Home Purchase Tips- Be Prepared to Save Money!

Ready to make a home purchase? July and August are typically great months as sellers are much more  motivated after missing the Spring market. Take advantage of the seasonal downtime.

There are eight major steps you will take when you buy a home and each one is as important in its own way as the last.

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 they also require more exterior and yard maintenance. Consider buying a fixer-upper for a reduced cost so you can remodel it to suit your needs.

Get preapproved -- You can prequalify yourself on the internet, but it takes a lender looking at your personal financial information to get prequalified. Your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose will influence how much home you can buy. Other factors such as the down payment, interest rate and terms (30-year fixed or an adjustable rate) will determine what you can afford in monthly payments.

Hire a real estate professional -- Armed with a sensible price range, you're ready to hire a real estate expert to help you find the right home. 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 should have house-by-house experience in the neighborhood you want so she or he can advise you.

Select your home -- No home is perfect, so don't let minor flaws influence you. Think long-term. Which available home best suits the needs of your household now and in the years ahead? Consider the amount of space, the floorplan, privacy, entertaining options and potential upkeep. Don't buy more than you need or can comfortably afford.

Make an offer -- Your offer should reflect current market conditions. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it's new on the market, the seller is unlikely to comply. Sellers are more likely to respond to how much you love the home, than all the reasons why you don't think it's worth the asking price. Ask your real estate professional for advice on how to negotiate.

Get an inspection -- A home inspection is a professional third-party opinion of the home's condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you'll know what you're facing as the next owner. Don't sweat small cosmetic flaws. Concentrate instead of high-cost items to replace such as air conditioners and roofing.

Get an appraisal - The bank appraisal determines market value to the lender. The appraiser will use comparables of similar homes that have recently sold. If the home doesn't appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises for the asking price, the lender will move toward closing.

Go to closing -- Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a title company, real estate attorney, or other closing agent 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.

Written by Blanche Evans

Top Twelve Questions Answered For CT Home Sellers

If you have sold a home at one point in your lifetime, you already know that the process is a complex transaction that requires a number of individuals to work together to produce a favorable end result. If it's your first time selling a home, you are bound to have a number of questions about the process, just as you probably had when you were buying.

What is the difference between a CMA and an appraisal?

A REALTOR performs a CMA (Comparable Market Analysis),  which includes data  that compares a variety of active listings, pending listings  and sold listings within the past six months in order to arrive at a price range. An Appraiser performs much the same research as an agent, however he/she is also required to use a standardized form, which holds more information than most CMA's. See this article on CMA's and Appraisals.

Should I include negotiating room in the list price?

Your market analysis should be very clear as to what the sales price to list price averages are for your home, your neighborhood and your area. When an agent arrives at a price range, whatever negotiating room there is or isn't is included in that number. Adding " a little play" only makes your home appear to be overpriced as it will be in a different price range of homes that offer more value for the money than yours. As a result, your home cannot compete with a higher range properties, will appear overpriced, and make it that much harder to attract an offer.

When is the best time to sell my house?

The best time to sell is when you are ready, or when you must sell for one reason or another. Property sells throughout the year, and market time and saleability is mostly a function of supply and demand. The time of year you choose to sell can make a difference in the amount of time it takes and the final selling price.  The spring market begins in late January and continues through May. There is another surge in activity in September and October.  Timing is strategic and you may just be better off listing your home when the competition is not so fierce as it is in the spring market. Just something to consider.

Should I sell my home first or wait until I find another home?

The answer truly depends on your personal situation, as well as the condition of the local housing market, as there are advantages and disadvantages to each. If you  sell first, you maximize your negotiating position, and eliminate any need or possibilty of carrying two mortgages at once. A good safeguard to minimizing stress is to include a delayed closing contingency clause in your contract so that you can find another home with little or no pressure.

If you make an offer to buy a home without having your home under deposit first, you may be tempted to sell your existing home quickly, even at a lower price. If you are currently in a "buyers market", the odds of selling your home in time  to purchase the new one are not that favorable, and you may end up being disappointed. The only advantage of buying first is you can shop carefully for the right home and feel comfortable with your decision before putting your current home on the market.

How do I get my home to sell faster?

There are number of reasons why your home  will sell faster than others.  The most important factors are condition and price. Your home will sell most quickly when it has been well maintained and priced competitively to other houses selling in the area,  and is in a healthy real estate market.

Does my home need to be staged, and if so, how much does it cost?

Staging your home for sale is in effect, presenting an enhanced image of your home to attract more buyers. Most experts agree that the main living areas sell a home, so it is important to focus on your  living room, dining room, and family room, as well as any room that the future homeowner may find difficult to furnish or decorate.

Each home is different but basic staging principles are the same for all. Very few homes need to be staged to any extreme whereas a professional (and paid) stager is necessary. A good agent will tell you what needs to be done in order to effect a sale. The quick advice on staging?  De-clutter, de-personalize, distract any negatives, and neutralize your home with your agent's guidance. Also, see my article for Hearst CT Media on different types of staging.

What if I get a better offer after I’ve already accepted one? –

If you have signed a purchase contract accepting an offer, you are bound by its terms.  If the buyer defaults on one contingency, doesn’t follow through properly, or tries to renegotiate, you may have your way out. You can always ask the buyer if they would agree to walk away, or pay them to step away. Speak with your attorney as to the ways in which the contract can be legally cancelled so that you may accept another offer. See this helpful article on changing your mind after an offer has been accepted.

What are the most common contingencies in a purchase agreement?

A contingency is a stipulation to an agreement. Sales contracts typically contain several "contingency" clauses, or stipulations that the sale is subject to. The two most common contingencies are for financing- that is where the home purchase is contingent upon whether or not the buyer can secure a loan from a lender, and an Inspection Contingency, where the buyer has the right to have the property inspected for any problems that are unknown, or may have not been disclosed. If significant issues arise, the purchase offer could be rescinded or renegotiated.

Do I need to make repairs in order to sell my home? 

Sometimes a buyer might request a repair in their initial offer. More often than not, buyers may request repairs based upon the outcome of the building inspection.  Remember, this is all part of negotiating. just like the purchase price  Sometimes the lender will require some repairs in order for the buyer to obtain loan approval, but you can still negotiate who pays for them.    

Do I need to hire an agent?  

The overwhelming majority of home sellers hire REALTOR’s to list and sell their homes. Those who do not are known as For Sale By Owners, or FSBOs (pronounced FizzBo's). They market, negotiate, and sell their homes without agent assistance. Although there are a small number of  successful FSBO's, most of those sales are to family members or friends. Especially in a buyers market,  it is not the right route to go, considering all of the access agents have to whatever buyers are out there, and have knowledge of the legal ramifications for non-disclosure, misrepresentation, and the like. Ultimately, most FSBOs eventually hire an agent because the agent will handle all the details and minutia that a successful home sale requires – including the contract, forms, and disclosure statements – and expose the home to the widest range of prospective buyers through the local Multiple Listing Service  and the most visited national home search sites. If you are thinking of selling, please contact me. I would love to help you.

Is the commission negotiable?

Yes. Commissions are negotiable by law, and can vary depending on service, customer needs, and company policy. In general, agents charge between 4 percent and 8 percent for full service.

What costs are incurred when selling my home, and when are they due?

Paid at closing from proceeds are the real estate commission, (if you hire an agency to sell). Transfer  tax for the sale to the town and state, and prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, utilties

Payable  prior to your home's sale and durring the process are advertising costs, marketing materials, and other fees if you sell the home yourself, repairs- if any are needed in order to effect a sale, and initial attorney's fees  and/or other professionals as needed.

One thing for sure, the more experienced the agent, the smoother the transaction is going to be.  With 27 years  of experience, I have assisted home sellers in the most difficult of markets, and with  the most difficult of buyers on the other side. No one likes to think about any of the negativity that can occur during such an emotional transaction. Be prepared for the bizarre to happen, because  it does more frequently than you can imagine. When you are ready to sell your home, you deserve the best representation available to you, so just contact me when you're ready. I'm up for all kinds of challenges, so bring it on if you have it!

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

If you have a question about 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

The Only Four Words Buyers Should Ever Say to Sellers

It can be quite uncomfortable if the seller is present during a showing of their home. It's an unnecessarily awkward situation for the buyers, who tend to say too much if not advised appropriately and properly in advance for a situation that is almost inevitable.

It's SIMPLE. The only words a buyer should say to a seller are Hello, thank you, and goodbye.  NOTHING ELSE!

Buyers- You can COST yourself a lot of money by talking to the seller. Every nice thing you say has the seller seeing dollar signs, and makes them less negotiable.

Go on and on about how nice the home is to the seller, and put in an offer? NOT A GOOD IDEA! Smart sellers are more inclined to stick to their price, because they know they won't have to negotiate with you.... because you gushed at their home, and then submitted in an offer shortly thereafter.

We were all taught that it's the polite thing to do and to give a compliment when deserved, and I am a firm believer you in fact, should in almost every instance- EXCEPT when you are buying your  home. If you want to tell the seller how much you love their home AFTER we've negotiated, that's fine :)
It doesn't cost you any money at that point.

I always advise my buyer clients to not even ask questions of the seller during the showing. Tell me what you want to know, and I will ask. The fine art of obtaining basic information from a seller in a conversational way is best. So leave the questions to your real estate agent, (That's me!)  and you will most likely be  saving yourself thousands of dollars!

If you are interested in buying, call me. You 'll get top notch representation, years of negotiation skills, and an agent who wants to save YOU money.

"When You Deserve the Best, You Deserve Judy"

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 The Featured Home of the Week is a 3 bedroom, 2 bath ranch home at 20 Hickory Drive, Westport  for just $549,900. See the virtual tour HERE 

 .....or better yet, call Judy to schedule an appointment to see it!

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 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

Get Rid of Your Pushy Real Estate Agent.

There is nothing worse than a pushy sales person, especially a pushy real estate agent.  Do this, do that now, sign this. It's just plain awful- and I have never subscribed to those kinds of business practices.

Aggressiveness is one thing, if it's on your behalf. That's a good thing. But, pushy behavior aimed at a you, as a buyer,  doesn't get anyone anywhere- except angry and/or frustrated.

Funny thing about buying real estate. If you talk to any of your friends who have purchased a home, or can recall any of the times that you bought a  home,  the main reason for buying that home was that it just "felt" right. Most often, the minute you step into that house, you know it's for you.

That's not anything someone can "sell" you. No one is going to the closing table on a home that they were pushed into buying, whether that pressure is coming from an agent, a spouse, friend or family member.
 
If you feel that you are being pushed into making a decision from your Realtor, then get another agent. It's that simple.

An agent's job is to listen to your needs, and then find and show you properties that fit your criteria that are within an affordable or comfortable range for you.

When you walk into that special home, and decide that you want to purchase it, the agent's job becomes getting you the best price for the home that you want, with terms and conditions that are optimum for you.

If you are looking for an agent to assist you in finding your home, negotiate the best deal for you, AND  that won't try and push you into doing something that you don't want to do, contact me.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour 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:

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

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

How NOT to Find the Best Agent to Sell Your Home.

Most homeowners are pretty savvy when it comes to interviewing agents, but sometimes, even the smart home sellers  hire an agent that is ill-equipped to handle the sale of their home, whether it be by that agent's pricing strategies, marketing skills, or their ability to effectively negotiate price and/or terms.

First- Pricing.

Face it, some agents just do not know how to effectively price properties for the market, and if you are relying on one of those agents to give you a price  for your home that suits your time frame, your home may fall victim  to being overpriced for the market. There are many articles on the effects of over-pricing, so I won't get into that right here, and right now.  We've all heard about the dangers of overpricing, but how about this one- I saw an MLS listing last week for a property in town that I had to do a double-take on. I thought the price was wrong. It was TOO LOW. Well, that was the correct price. I brought my client to the property within hours of it coming on the market, went back later that night for  a second showing, and by that time there were already two offers on the house. We came in with an offer $25,000 above asking price, and it wasn't enough to secure the property.  Sure, the home received multiple bids,  and went under deposit within a day, but at what price to the seller? Do you think that if that home was priced properly that maybe that seller could have gotten more money for it? I do. That home was tragically under-priced, and it was a smart seller who thought he had chosen the right agent. NOT.

Some agents intentionally place a high price tag on a home just to secure the listing. We call that "buying the listing" in our business. The agents that do just that have a solid reputation for it, too.  An unwitting seller just gets caught up in it. Don't let it be you.

All of the agents in the area have the same market to contend with, the same  sold properties to compare your home to,  and the same data. Try to let your mind do the thinking when it comes to the house, and not your wallet. If  you seem to like one agent better than another, and the only thing holding you back is the price,  tell them, and negotiate the listing price with that particular agent.

Next - Marketing Your Home.

A lot of agents fall short on the marketing aspect. Don't just assume what the agent will do. ASK! You want, deserve, and need much more than a basic marketing plan. If you don't inquire about it now, and the agent doesn't offer one, it's not a good sign (pardon the pun)

Check out how their listings are presented on the MLS, and that includes photographs. Check out their standard marketing materials, including brochures. The internet is HUGE when it comes to selling yoru home. Ask for and look at what types of an enhanced presence the agent is willing to give your home at no extra cost. That agent has a website, too? great! You do know that there are over 600  million active websites, and unless that site is easily found, and has a high page rank from google, no one will ever see it, and it doesn't matter.  Ask for those internet stats, too. Dare to ask what that agents social media plan is to sell your home, too  It should involve Facebook and Twitter.

Last, but just as Important. Negotiating.

There's a few smart moves you can make when you interview your agent to check out their negotiating skills, and no agent would suspect exactly what you are doing.  Negotiate the price or terms  of your listing- see how the agent responds. Believe it or not, you want that agent to hold their ground. Try and negotiate the commission rate. I will give you a hint- The more that agent negotiates their own commission, the more easily they will be swayed to negotiate the price of your home downward. In both instances, if the agent cannot properly negotiate o their own behalf, how do you think they will negotiate for you?  

A few all too common misconceptions that you should steer clear of:

There is a lot of signs in the area from one particular company- They must be the best firm in town. NOT NECESSARILY! Are those properties sold or languishing on the market?  Lots of listings doesn't mean lots of sales. Same goes with any one agent or even a team. Lots of listings that Aren't sold? Do you want to be one of that bunch?

When you call an office because of their recognizable name, you can get any one of their agents, experienced or not, that answers the phone, and you are pretty much stuck with that agent. In the eyes of the office, you are a "call in" and whoever the duty agent is gets your call, and the listing. They can be brand new to the business. Calling an office blindly is a crap shoot.

Don't leave your biggest investment to a gamble- one that you get the right agent who prices your home correctly, markets your home properly and negotiates the best deal on your behalf.

Don't gamble on your house. Trust a professional, like me :)

Buying or Selling a Home in Fairfield County Connecticut? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

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