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.


Should a seller leave during home showings?

So you've decided to sell your home, and the showings begin. What exactly are you supposed to do during the showings?

First of all, you would be surprised at how many buyers look at homes to buy during business hours. If that's the case, just make sure that when you leave for work, there are no dishes in the sink, clothes on the floor, garbage that needs to be taken out, etc. If you have an indoor pet, make sure that  you have the necessary arrangements in place so that a buyer can comfortably look at your home while you are out.

But what if you're home, and you get a call from an agent who would like to show your home within the hour? There are a few right ways to handle this, and a couple of wrong ways to go about it.
Let's talk about the right ways, first.

DO: If you have somewhere to go, then... go! (To the market, to the bank, to your neighbors house, etc)
If you cannot leave, it is very important that you remember that this is not the time to strike up any conversation with the buyer's agent or the buyer.
DON'T: Do not lead the agent and his/her buyer around your house and point out the positives. You only look like you are desperate to sell. Do not follow the Realtor around your home, either.(It will appear that you don't trust them)  There are many style of salesmanship- some agents do not say too much to their buyers during a showing- DO NOT start talking about "this feature and that feature, and how much this or that cost" It's overbearing, and will not help you.

If you are concerned that the agent is not pointing out all the good features of your home, refer them to your property marketing brochure. If your agent did not supply you with any, then, quite frankly, I'd get a new agent. Brochures are important!

Even though that buyer's real estate agent may sell your home, that Realtor does not work for you, and has a fiduciary responsibility to their client. If the agent showing your home is experienced and knowledgeable, they may try to extract information from you, that could benefit their buyer in negotiations. So, a simple hello and a pleasant thank you and goodbye is about all you should say. Your agent should advise you as to what's okay to talk about and what isn't. I always do.

I remember one time I was showing a home- a modest home in a modest area, but that seller would NOT leave us alone. She just had to tell us everything about that home, and trust me when I tell you- I am more of a conversationalist agent, and I will point out all the good features (as well as the bad) Well, we were in the living room, and the homeowner came over to us and blurted out, "Oh, we have a new furnace- it's just 7 years old", and then she talked about her newly remodeled bath- "that was done 10 years ago!" I felt badly for her, because it just sounded so desperate, and at the same I was laughing inside because  it also sounded so silly! Look at this way- If I told you I just a had a baby, and in the next breadth, I told you that he just celebrated his seventh birthday, that would sound kind of weird, wouldn't it? So, yes, this seller was only trying to help, but it didn't come out that way.

So listen to your real estate agent's advice, and if you can leave the house, that's always best.

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!

Pre-qualified or Pre-approved for a home loan? There IS a difference!

Whether you are a home buyer or a home seller, you must have heard those two terms many times. Real estate agents sometimes use those two terms interchangeably, and they ARE NOT THE SAME! There's a world of difference between the two! The number of steps, and the amount of effort between the two vary greatly, and the one you choose to pursue can make every difference in the world as it pertains to your transaction.


Here's why one is better than the other-

Getting pre-qualified can be as easy as making a 10 minute phone call. It's certainly a good idea, and it's actually a first step towards pre-approval. The only things you need to do to obtain a pre-qualification is to call your lender or mortgage broker, tell them your income, how much downpayment you have, and what kind of debt you have. They will take those figures and calculate an approximate purchase price based on the inofrmation that you have given them, taking into account the current interest rates, and how good you feel your credit is. Your representative may not always request or run a credit report before he/she gives you a price range.

A pre-approval, on the other hand is much more detailed.  You'll submit tax returns, allow the lender to obtain a credit report, and fill out an actual mortgage application. You can do this even if you do not have a property in mind. When you locate a property, most of the submission process has already been completed, and the lender only awaits property specific details, such as a contract of sale, annual taxes, property condition, and an appraisal for the  house. 

The bottom line: If you are a seller, and you have two offers in front of you at the same price, and you are trying to decide which one to take, unless there is some type of extenuating circumstance, I would work with the pre-approved buyer. It makes better sense- a pre-approved buyer is a better prospect than a pre-qualified buyer for reasons stated above. If you are a buyer, go ahead and get prequalified NOW, if you are out looking at homes, and haven't already done so.  Once you are prequalified, begin the pre-approval process so you don't get into a situation where a buyer looks better than you do "on paper"because they have completed additional legwork.





IMPORTANT! Improving your Fairfield County, CT home that was built prior to 1978

If your home was built prior to 1978, there is a good possibility that there are lead based substances in your home. When you sell your home, you are required to disclose any lead based hazards that you are aware of, and the buyer needs to acknowledge that disclosure. But what if you're not selling right now? Why would you care about that?

What a lot of homeowners don't know is that the EPA passed a regulation in 2008 that became  effective in April of 2010. If you want somef urther details, See the EPA  website for details. 

There is a lead renoavtion pamphlet available as well. You can read the brochure here  (Requires adobe  .pdf reader)  It is very important that you make sure your contractor is Lead-safe certified through the EPA.  THIS IS A FEDERAL LAW AND NOT OPTIONAL for your contractor. It is a requirement!

There are a few reasons why you should be very cautious when remodeling, or even painting your home that was built prior to 1978.

When it comes time to sell your home, standard legal language that is incorporated into the sales contract includes the subject of home improvements, and whether permits were taken out on the work performed at the house. Some attorneys are already requiring that any work completed after 4/22/2010 was performed by a Certfied Lead Safe Contractor, if it falls within the regulation guidelines. A basic rule of thumb for the regulation guideline is that if more than 6 square feet of lead based material is removed or disturbed, that  a Certified Lead Based Contractor must perform the work, and that contractor has to submit paperwork  to that effect. So there will be a paper trail on your renovation. Let me put this into perspective for you. Six square feet!  That's about the size of an average window in your home. This  regulation applies to painters, too. I am not an attorney, nor a specialist in EPA regulations, and I cannot advise you legally. I can, and will suggest to you  to look into this regulation as it pertains to you, and contact an attorney if you have questions.