Was that Actually the Same House as Described in the MLS listing?

Have you ever seen an MLS listing that seemed so good on paper that you couldn't wait to get to the house? and then....when you got there, the house was nowhere near as big, beautiful or in such mint condition as it was described?

The first thing you might think of is how dare those your agent and, those sellers waste your time like that. Well, I really rest the blame there on the sellers agent for misrepresentation, or utilizing "excessive artistic license" in the listing. Any way you want to label it, it's just plain deceitful on many fronts, and in some cases it can cost you dearly.

The two big offenders? Size and Condition. Once a buyer  figures out that either one of these was not truthfully represented, they almost always walk away from the house. It creates a level of distrust that just cannot be mended.

Size: Truly the biggest intentional error on MLS data sheets is the size of the home. There are so many repercussions to this!

The bigger the better, right? Only if it's true- and by the way, some buyers don't consider bigger as being better. The buyers that do want bigger will know the second they walk through your door that the square footage was not accurate, and they probably won't buy your home.

For example, let me tell you that if you allow  your home to be marketed as 4,000 square feet instead of the 3,000 square feet that it actually is, you will end up paying for it one way or another.

Buyers get a pretty good idea of home sizes as they look at properties.  Your home will look very small compared to home with accurate sizes listed, and it will also appear to be overpriced based upon the competition.

Having a finished lower level is great. Additional living area is wonderful. If you have a full walk out basement, that's great, too. But it cannot be counted as main level living space. Be careful with lower level bedrooms, too. They pose additional risks. The town tax assessor's records are really quite accurate. The appraiser that comes out on the banks behalf to appraise your house will rely on the town's records as well.

There are only a few styles of homes where adding the finished lower level square footage is ever considered appropriate, (raised ranches, hi-ranches, and split-levels)and even then it becomes sketchy. At any rate, and whatever you do, if you feel that you MUST add the lower level square footage, it must always be disclosed within the remarks section of the listing if you choose to go this route. As an FYI, sometimes it really can be appropriate to list it this way with the caveat that it MUST be noted in the remarks section of the listing.

Condition: What about that house that is purported to be in "mint conditiion"? When I see a home that is marketed as being in mint condition when it's not, it always get's me wondering.. just how does that agent live where they think this is mint? Mint condition should mean that the house condition is in near perfection- no if's, and's or but's.

Bottom Line: It's always best to be honest and forthright- in your day to day life, your personal relationships, and your business dealings.

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.

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If Your Connecticut Home Has an Underground Oil Tank

What You Should Know About Residential Underground Home Heating Oil Tanks
 

Whether you are buying or selling you may have questions regarding Underground Storage Tanks (UST).  If not leaking, there is no Connecticut Department of Environmental Protection (DEP) regulation requiring the removal of UST, however most buyers will require the seller to remove prior to closing.

Questions: Through the DEP’s website the homeowner can find a list of frequently asked questions regarding removal of UST and proper abandonment. Additionally, homeowners should always contact their Town to determine the local regulations or ordinances.

Removal:  Removal of a UST must be done by a licensed contractor. A homeowner can check the status of a contractor's registration with the Department of Consumer Protection (DCP) prior to entering into a contract for a tank removal through the DCP's web site at: www.ct.gov/dcp

Moreover, the contractor must follow specific requirements for removal. The specific requirements can be found at the Department of Consumer Protection

Oil Spill: In the event of a leak or spill the homeowner should contact the CT DEP at the emergency response and spill prevention

 

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.

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Why You Should Consider Buying the Worst House on the Street.

It just sounds funny- but consider how much money you can save on your purchase by  buying a home so discounted from its appearance that even after repairs or minor remodeling, that you come out with additional built-in equity?

Just as there are reasons why you shouldn't buy the best house on the street (without serious consideration), there are plenty of reasons that you should consider buying the worst house on the street.

Those sellers aren't getting many showings. As a matter of fact, homes with less than great curb appeal don't get shown as often even in a sellers market, and that can only be amplified in today's market.

There are a number of buyers that won't even look at a house if it doesn't have curb appeal. And just so you know,  the definition of curb appeal can be quite broad. Most commonly, it is the landscaping, and/or the initial reaction of driving up to the home for the first time and not getting that warm and fuzzy feeling. Maybe there is a an addition that doesn't appear to "fit" the property, or is downright ugly.

I remember one house in Fairfield that was... mmmm... let's say "unattractive", (and that's an understatement). It had all the features that my client wanted, but .. as I said, it was unattractive. I had to almost drag the wife in to look at. It was brick, stone, and three different colors of vinyl siding that highlighted a dormer addition on the second floor.. Yuccch!  But the house was absolutely stunning inside. Once we figured out what it would take financially to change the outside appearance and how inexpensive it was to implement, my clients bought it. They changed the siding to one color, and it transformed the house entirely to a beauty.

So maybe it's even the color of the house, maybe the home just looks kind of plain and unadorned, or maybe it looks a bit run-down.

No matter which of these factors play into a home's less than desirable curb appeal, there's one thing that they should all have in common. The price of the home reflects it (or it should).

There is something that nobody thinks of when they look at these types of homes. Some homeowners are more concerned with the inside than they are the outside. The inside of that home can be absolutely beautiful  and you would never know it if you judged that house from the outside alone. (Just like my clients were judging that house that they ended up buying)  Maybe you have seen a house that looked immaculate on the outside, and was just a wreck inside. Same principle, just reversed.

For example,  we all know people who love to tinker in the garage or basement, and you might be able to eat off the floor in those areas of the house- but the rest of the home? maybe a tad  on the messy side? Everyone has different priorities- just like what is clean to one person would be considered filthy to another, and we all have our individual tastes, too.

Remember, just as you pay premium pricing for pristine condition, you'll get the opportunity for a greater discount with a home that just needs inexpensive  cosmetics to dress it up. My very cute and very petite grandmother had a little saying that used to crack me up- "A little powder... a little paint.... makes you look like what you ain't".   Well, the same goes for real estate.

So think of that home with less than great curb appeal as a very good investment opportunity. How much would it cost to  fix that less than attractive front of the home? Would the cost of the improvement be worth it if you were to buy that home? If the house isn't priced accordingly,  is it possible to negotiate with the seller to a price that would make it worth your while? All things to consider when you are buying your next home. Be open in your search.. and don't count out that less than attractive house just yet.

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Why You Should NEVER Own the Best House on the Street.

Owning the best, biggest and/or nicest  home on your street  may be a real source of pride for many people, but it not the wisest decision from an investment standpoint.

It is important to remember to keep your home's value in line the others on your street, and in your immediate neighborhood, and not to over-build or over-improve your home. If you have outgrown your home, or want features in your home that are not generally found on your street, or in your neighborhood, it may be time to consider a move.

We have a few sayings in the real estate business- two that specifically pertain to owning the nicest home on the street.

One that you have heard over and over and over again is  "Location, Location, Location". It's kind of trite and worn out at this point, but it holds true. The location of your home has everything to do with resale. Why is it that the same home on the other side of town is worth so much more money, or so much less? It's because of the location.  The location issue also holds true for what side of the street you are on. Let's suppose that the thruway backs up to the street that you live on.  It only backs up to one side of the street, right?  Would you rather live on the side of the street that directly abuts the thruway, or the other side of the street that does not, given the choice?

Another saying we have in the real estate business is that "The Biggest and Best Come Down to Meet the Rest". Some examples of that  can be found just about anywhere, and they are probably on your street, too. There is most always one house that seems to stand out from the others. Now its one thing to have a very well manicured property and well maintained home, but its quite another scenario when one home sticks out as being VERY big on a street with small houses.  If that big home was on a street with other big homes, it would be worth more money. But because it's on a street with much smaller homes, it is devalued.  The owner will not be able to recoup the money invested when he/she wants to sell.

I recently went to price a home for a very nice couple. There were over 50 houses on the street, and is a case in point. The town assessed the property at almost TWICE that of the average home on the street. When I conducted the evaluation, it was apparent that even though they had made wonderful improvements to the property, that if we were to price it for those improvements made, that they would be competing in the marketplace with homes in a much more desirable area of town. Their home would not sell if priced as such. There is a certain expectation of buyers with regards to pricing and areas, and the home's pricing would exceed those parameters. That is also not to mention that when the bank sends an appraiser out to the property,  that the appraiser will catch that as well, and the buyer will not be able to obtain a loan based upon the appraisal.

When shopping for a home, keep this in mind. As a note, there is always the other side of the coin, which I do have to mention. If you want to buy the nicest home on the street, you should be getting a very good discount on it based upon other like homes in town.  The reason that you buy the home is most likely the reason that your buyer will buy the home when you go to sell it. That is, that you will get more for your money.

If you already own the nicest home on the street, and are thinking about selling it, remember that although you may not get all of the money back from the cost of the improvements, that you did enjoy those improvements while you lived at the house. It has to be worth something, even if it's not money in your pocket.

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The Best Places to Live in Connecticut- Fairfield County

All you have to do is mention that you live in Fairfield County Connecticut to most anyone in the country, and they have probably heard of it- they may even recognize a few towns here, too- and that kind of notoriety can only come with what all Fairfield County residents know, but may not be able to explain very quickly. It's just that certain "je ne sais quoi" that maybe comes from having a consistently fine reputation for its wealth, property values, the public school systems, and its close proximity to New York City.

While you can do some searching online and find out information about the individual towns in the county, it's not that easy to get an  overview of the County itself, which I found quite interesting, so we have put together some information for you to fill that void.

A little demographics and history:

Fairfield County is located at the southwestern part of the state of Connecticut,  and one of eight counties with a land area of approximately 626 square miles, Although it is the most populous county in Connecticut, it is fourth in the size of its land mass. (Litchfield is the largest county, and Middlesex is the smallest)   There is roughly about 211 square miles of water area within the county which does not include Long Island Sound. Cost of living index is at 142.8 as of January 2011.

One of the original four counties settled  during colonial times in 1666, Fairfield County is the wealthiest county in Connecticut and sometimes referred to as "Beverly Hills East" or "The Gold Coast". While Connecticut still refers to counties, there is no countywide government. Each municipality manages itself. In 1960, the state abolished county government, and  it is used mostly now for geographical reasons, with the exception of the organization of its judicial and state marshal systems.

This southwestern portion of Connecticut is comprised of  twenty three towns, which include Bethel, Bridgeport, Brookfield, Danbury, Easton, Fairfield, Greenwich, Monroe, New Canaan, New Fairfield, Newtown, Norwalk, Redding, Ridgefield, Shelton, Sherman, Stratford, Trumbull, Weston, Westport and Wilton. Check out each town's Facebook Fan Pages, too. We have a dedicated page on our website with all links to all that we service.

There are so many great places to explore in Fairfield County, they would be too numerous to list. A few highlights include the Norwalk Maritime Aquarium and IMAX Theater, The PT Barnum Museum. The Beardsley Zoo and The Arena at Harbor Yard located- the latter all located in Bridgeport,  The Audubon Centers in Greenwich and Fairfield are popular, and there area as many historical sites as you could possibly imagine. VisitFairfieldCountyCT.com has a comprehensive list of attractions broken down by Art & Antiques, Points of Interest, Recreation & Activities,  Shopping, Touring by Car, Foot, Boat & Bike, Vineyards and Farms.

So where to buy your next home?  Get a feel for the majority of  Fairfield County towns right here on our website. Just click the town of your choice that is listed above to get interesting history, facts and demographics about each town, and even search the MLS for your dream home- right on the town's respective page. When you are ready to buy or sell your home in Fairfield County Connecticut, just contact us and we'll get you the very best deal possible!  It's what we do best.

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