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Welcome to The CT Home Blog

All about Connecticut Real Estate and Homes For Sale. Whether you are buying or selling real estate,  you have come to the right place. The CT Home Blog offers real estate tips. home buying and home selling advice,  other useful information, and we update current mortgage rates for Connecticut every Friday. There is plenty of local town demographics on our site and market statistics, too. Bookmark us, tell your friends, and come back often. We're here at TheCTrealtyBlog.com  to service your needs whenever you are ready. -Judy

 

Saturday
Nov122011

Is it Better to Work with a Buyers Agent or a Sellers Agent ?

If you want to buy or sell a house and obtain the best representation available to you, I am of the opinion that you should work with an agent who represents both buyers and sellers on a regular basis, and there are two very good reasons for that. They are "Marketing" and "Negotiations".

Marketing:

Marketing is defined as the process that is used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development, or simply put for the real estate business- Marketing is understanding "who" your customer is, how to reach them, gain their confidence, and effect a sale.

An agent who just represents the seller should have the marketing aspect down pat, and that's a good thing- but what about a strict buyers agent? They won't market to sellers, and quite frankly, they might not even know how because they don't do that as part of their everyday business. If your dream home is not on the market, you will have to rely on another agent in the mix.


Negotiating:


Although I will concede that there is a level of expertise that comes with just representing buyers, or just representing sellers, all of the top negotiators know that reaching  the best agreements come from negotiations where there is empathy for the other side, and a bit of give and take.

If an agent has represented one "side" of the transaction consistently, then I think it would be inherently difficult to remember what the other "side" wants and needs in order to feel satisfied and happy with the transaction, and that's not to say that the agent can even get to that point.

Herb Cohen, author of the book titled,"You Can Negotiate Anything", describes negotiation as this: Negotiation is a field of knowledge and endeavor  that focuses on gaining the favor of people from whom we want things. It's as simple as that".  How better to gain favor than knowing exactly what one wants? When you only represent one side of the transaction, you WILL forget what the other side wants. It's just human nature.

Also, if you have ever heard of the Negotiation Institute, and/or Gerard Nierenberg, who is considered the foremost authority on negotiating, he says, and I quote, "To know what your opposer is thinking and striving for, you must turn detective, you must apply various methods and techniques to your primary objective of recognizing his needs".

The best negotiators are the agents that split their business nearly evenly between representing buyers and sellers, and never forget the ever-changing needs of each type of client in the the current marketplace,. The best marketing agents are also the ones that educate themselves to further their professionalism and their clients interests.

I represent both buyers and sellers, and am proud to have earned the Certified Negotiation Specialist designation, besides earning the following pertinent designations from the National Association of Realtors, such as Certified Residential Specialist, Graduate-Realtors Institute, ePRO  Internet Certified, and Accredited Buyers Representative,  I might venture to say that  what mayhave been the single finest marketing program that I ever have had the privilege of graduating from was with the "Marketing Corporation of America" in Westport a number of years ago. Although it was quite expensive, the lessons I have learned from a pure marketing standpoint are worth their weight in gold regarding the psychology of sales. That is, learning about client behaviors, patterns and tried and true methods of sales. Comprehensive and incredibly insightful.

If you are in the market to buy or sell and need a top notch marketer and negotiator, contact me today.

Friday
Nov112011

Best Fairfield County CT Towns to Buy New Construction -November 2011 update

Buying an affordable newly built home is easier than it has been for years! With current interest rates being as low, and the absorption rate being at least one year in many towns, some builders are starving for sales. As a ready willing, and able buyer, you can pretty much call the shots on your newly built home in a number of towns.

Don't forget the "best of the best" picks below the chart

The chart below lists many of the towns in Southwestern CT in alphabetical order by County, and includes the following information:

  • How many single family homes are available as of today 11/11/11.
  • The number of available homes that were built after 1/1/2009
  • The highest  and lowest prices of those available homes
  • How many new construction homes sold in 2009, 2010, and 2011 YTD, respectively.

Southwestern Connecticut Best Towns For New Construction:

Best Selection:

Westport
Fairfield
New Canaan
Shelton

Most likely towns to get the best deal:

Easton
Redding
Monroe
Trumbull

Best bets for Builders to invest in spec:

Milford
Fairfield
Westport
New Canaan

 

Wherever you want to buy your new construction home, I will negotiate the very best deal for you. Just contact me when you're ready!

 

Friday
Nov112011

Connecticut Mortgage Rates and Financing Update Nov 11, 2011

For the first time in nearly two years,  the demand for mortgage loans to purchase homes is strengthening, not weakening, according to a Federal Reserve opinion survey on bank lending practices . The October survey is based on responses from 51 domestic banks and 22 U.S. branches and agencies of foreign banks.

Reports of strengthened mortgage demand outnumbered reports of weaker demand for the first time since early 2010 may reflect refinancing activity. Few banks reported any change in lending standards for home loans.

"Savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings," says Frank Nothaft, Freddie Mac vice president and chief economist.

....and this from Zillow -

"The peak summer home buying season is over for the year, with fewer home sales to show for it than one would expect based solely on the underlying fundamentals of price and financing costs. Home affordability is at historic lows courtesy of a large reset in home prices and continued low mortgage rates," said Zillow Chief Economist Dr. Stan Humphries. "We're clearly dealing with a crisis of confidence that is keeping potential buyers on the sidelines, fueled largely by high unemployment and more general economic uncertainty. That said, given the steady drumbeat of recent negative economic news, home values held up better than would be expected. We have been forecasting a housing bottom in 2012, at the earliest, and third quarter data further confirms this forecast.

Today's Mortgage Rates

30 year fixed - 3.99% + 0% cost points for rate
20 year fixed - 3.875% + 0 % points for rate
15 year fixed - 3.250% +  0% points for rate
10 year fixed - 3.125%  + 0%  points for rate
5/1 ARM - 2.50%  +0 points for rate
7/1 ARM - 2.750 %  + 0 points for rate
10/1 ARM 3.250% + 0 points for rate

FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75%  with + 0 points for rate
7/1 ARM - 3.25 with +  .625 % CREDIT  point for rate

Jumbo - over 576,000 (in Fairfield County, CT)   to 2,000,000
30 year fixed - 4.750  % with 0 points  for rate
15 year fixed - 4.125% with +.250% points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.750 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate

Jennifer Buchanan,  Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
   Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.
   Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
    She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

Jennifer Buchanan
Metlife Loans
203-341-6949


Jennifer Buchanan- Your certified expert
 on mortgages offering Free Unbiased
recommendations based on your needs.

Wednesday
Nov092011

Your house still didn't sell? Maybe you just need another Realtor.

If your home has been listed  and didn't sell, it's not necessarily the state of the real estate market that is at fault.   

When your home has been on the market for  four, five or  six months or more, and especially when properties seem to be selling all around you, I can tell you unequivocably that the problem is definitely NOT the state of the real estate market.  It may even be your agent.

It's the marketing, period.

So please don't get discouraged..  Think about it just for a second. If you are reading this article, you're reading it because I have finessed my own marketing and I can finesse your home's marketing and get your home sold, too.

Proper marketing is always appropriate marketing, and having the knowledge, ability and wherewithal to position your home IN the market, and not just put it "on the market".

That means presenting your home truthfully, appropriately and effectively in print, online and in person to buyers as well as Realtors, and utilizing unique marketing approaches that are tailored specifically to your home.

I am in the business of selling homes, and I'd like to be in business with you. Contact me today to get your home IN the Market, and I WILL get your home sold.

 

 

Wednesday
Nov092011

Why it is So Important to Get That Real Estate Agreement in Writing

Why are Real Estate Contracts in Writing?
The answer is the Statute of Frauds. The purpose of the “statute of frauds” is, as the name suggests, to prevent injury from fraudulent conduct and misunderstandings that can occur with oral contracts. The statute of frauds doctrine comes from an English rule dating back to the 1600’s that require certain types of contracts to be in writing or else they are not enforceable in court actions.    

The Connecticut Statute of Frauds lists the types of agreements that must be in writing and one of them is “any agreement for the sale of real property or any interest in or concerning real property.”

Not only do agreements for the sale of real property have to be in writing, but they also have to contain the contract’s essential terms. These essential terms are:
a. The price;
b. The parties to the contract;
c. The land

Although a contract that doesn’t satisfy the “statute of frauds” would not be void, it would be voidable by one of the parties in the event that the party does not wish to follow through on the agreement.

The weekly Tip-of-the-Week* is supplied by Only Closings --

a law firm devoted to real estate closings.

      - Our closing staff is made up of seasoned, experienced real estate attorneys.
      - Close where it is most convenient for the client (home, office, job or bank)
      - Very competitive closing fee and no hidden fees!
      - No fee consultations.
      - Personalized, responsive service from all of our attorneys and paralegals

  To learn more about Only Closings and how they can help you quickly close a property transaction, call them at 203-563-9677 or visit them online at www.OnlyClosings.com

*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.