J.D. Power and Associates - RE/MAX is Highest in Customer Satisfaction

Results from the J.D. Power and Associates 2011 Home Buyer/Seller StudySM, recognize RE/MAX for providing the highest overall consumer satisfaction for both home buyers and home sellers. In last year’s study, two different companies ranked the highest in each category, but this year home buyers and sellers both rated RE/MAX the highest.

“It all comes down to professionalism and a commitment to a premier level of customer service,” said RE/MAX Chairman and Co-Founder Dave Liniger. “Because RE/MAX agents average more experience and training than other agents, they are better prepared to deal with home buyers and sellers in any kind of market. And, consumer preferences tell the story . . . nobody sells more real estate than RE/MAX.”
This is the fourth annual study of home buyer and seller satisfaction with the largest national real estate companies, conducted by J.D. Power and Associates. For the home buying experience, three factors were considered: agent/salesperson, office and a variety of additional services. Four factors were examined for the home-selling experience: agent/salesperson, marketing, office and a variety of additional services.

Details from the study indicate that on a scale of 1,000, homebuyer respondents ranked RE/MAX with a score of 805 and home sellers put RE/MAX on top at 791. The 2011 study includes more than 4,200 evaluations from 3,680 respondents who bought or sold a home in the U.S. between March 2010 and April 2011.

In two other 2011 industry surveys of the country’s top real estate brokerages, RE/MAX agents averaged more transaction sides than agents at the other national franchises. The RIS Media Power Broker Survey and the REAL Trends 500 both showed that RE/MAX agents averaged over 14 transactions sides, more than double the average of many competitors.
The success of RE/MAX agents is the result of its comprehensive educational platform, RE/MAX University, which offers over 1,100 educational programs on-demand, and available online, on television, on smart phones and in classrooms around the world.

Contact Judy today! Your Fairfield County and Southwestern Connecticut  RE/MAX professional!

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Connecticut Mortgage Rates and Financing Update July 29, 2011

The theme of volatility is ongoing. Loan pricing has moved in the opposite direction from the previous day for 6 sessions in a row now.  The increases seen yesterday in home loan borrowing costs were erased the next day,  leaving things slightly worse than average versus the last two weeks, but about middle of the road when comparing to the last month.

The only bet that has a decent probability of success in this environment is that no bets are clearly better than any others. This should continue to be the case until at least some semblance of resolution makes it's way to the debt-ceiling debate. This makes for plenty of volatility in the meantime.

Rather than change rate sheets with each rapid movement in the secondary market, it's not only easier on all parties involved, but downright necessary for lenders to be extra conservative with rate sheet offerings.

The Federal Reserve plans to provide guidance to banks soon on how to handle the potentially turbulent financial waters if the United States exhausts its borrowing authority on August 1. "We have been engaged in operational planning with the Treasury," Fed spokeswoman Barbara Hagenbaugh said on Thursday. "We expect to be able to give additional guidance to financial institutions when there is greater clarity from the Congress and when Treasury outlines its specific operational plans."

PLEASE NOTE: THIS IS AN AMENDED VERSION OF THE RATES PROVIDED  EARLIER THIS MORNING. RATES CHANGED THREE TIMES TODAY... AND THEY ARE LOWER!!

30 year fixed - 4.375% + .0 points for rate
20 year fixed - 4.00% + 0 points for rate
15 year fixed - 3.50% + 0 points for rate
10 year fixed - 3.250%  + .705% lender credit points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.125%  + 0 points for rate

FHA/VA
30 year fixed - 4.250% + .500 points lender credit for rate
5/1 ARM - 2.875 +  0 points for rate
7/1 ARM - 3.250 + 0 point for rate

Jumbo - over 729,000
30 year fixed - 4.99 % with 0  points  for rate
15 year fixed - 4.50% + 0   points for rate
5/1 ARM - 3.375 % + 0 points for rate
7/1 ARM - 4.00% + 0 points for rate

10/1 ARM -  4.50% 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

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Fairfield County CT on Forbes.com again! - America's Best Cities for Young Professionals

We live here, we know it's a great place, but it's great  to be recognized in a nice way on a national level by an authority such as Forbes.com

The following is an excerpt from the Forbes.com article written by Morgan Brennan on Monday, July 25, 2011. Brennan writes about Fairfield County, Connecticut which made the top 15 on their national list of 100 top cities, and how their list was compiled.

"M.S.A.: Bridgeport-Stamford-Norwalk, Conn. Average Annual Job Growth (2010-2012): 0.56% Median salary: $58,800 Cost-of-living index (U.S. average is 100): 136.3 Percent of pop. with college degrees: 43.6% 1 small business for every 39 residents 1 large business for every 891 residents Unemployment rate: 8.5% A job market dominated by hedge funds and other financial service companies mean young professionals' average paychecks in this Connecticut county are the third highest of the MSAs we assessed.   

With the unemployment rate stuck above 9%, recent college graduates are facing fierce competition for white-collar work: More than 2 million college-educated workers 25 and older are unemployed, according to the Bureau of Labor Statistics.

Behind the Numbers

To determine the best cities for young professionals, which we define as adults aged from 24 to 34 who hold a Bachelor's degree or higher, we started with the 100 largest U.S. Metropolitan Statistical Areas (cities and the suburbs surrounding them) as defined by the U.S. Office of Management and Budget. We assessed these cities based on seven factors, weighting them evenly: local unemployment rates and 2010 to 2012 job growth projections provided by Moody's Economy.com; Census Bureau data on the number of small businesses (defined as less than 500 employees) per capita, as well as the number of large businesses; the median salaries for 24- to 34-year-old employed college graduates, provided by PayScale.com; Moody's cost-of living index, to gauge how far those paychecks will go; and the percentage of the population aged 25 and older with college degrees in the area.

In second place on our list: Raleigh, N.C. The college town turned boom town, which tops our Best Places for Business and Careers list this year, has the fourth best job growth outlook of the cities we studied (2% a year for 2010-12) and a 7.9% unemployment rate that's well below the national average. With an abundance of colleges and universities in the area such as University of North Carolina and Duke University, and Research Triangle, a major center for high-tech and biotech research, more than 42% of the local population touts BA degrees, making it the most educated of the cities we looked at.

Midwestern cities eclipsed many glitzier coastal competitors for top spots on our list. In addition to Des Moines, Madison, Wis., ranks third; billionaire Warren's Buffett's hometown of Omaha, Neb., is No. 5; and Minneapolis-St. Paul, Minn., is No. 10. All three tout low unemployment rates and a large college-educated demographic. The cost of living in each of these areas is around or below the national average, ensuring their young residents' relatively high salaries go even farther. Healthy job growth is projected in all of these heartland hubs as well.

A few northeast metropolises cracked the top 15: hedge fund heavy Fairfield County, Conn. (No. 15); Portland, Maine (No. 6), which boasts the highest number of small businesses per capita of the cities we screened; government-town Washington, D.C. (No. 9); and the education and tech hub of Boston, Mass. (No. 12). No West Coast cities made the cut.

We ranked the 100 largest U.S. Metropolitan Statistical Areas based on projected job growth rates for 2010 to 2012 and cost of living data, provided by Moody's Economy.com; median salaries for 24 to 34 year old employed college graduates, provided by Payscale.com; unemployment rates; Census Bureau data on the number of small businesses and large businesses per capita; and the percentage of college graduates in the local population."

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Sellers: Don't dismiss that lowball offer just yet.

Don't get discouraged if you just received a "lowball" offer on your home.  Always try and maintain a postive attitude, even when your home isn't getting shown as much as you would like, and those very low offers come in. Although you might be angry or disappointed at what an initial offer comes in at, remember, it's just an initial offer. Everyone has different negotiating styles, and they may not mirror yours.

I certainly know how frustrating and disappointing it can be to finally receive an offer, and then to realize it is far below what you would even consider. Sometimes, an offer can come in so low that you might be angry that the buyers had even put it in writing, and wonder how they even had the nerve to submit such an offer. Then you might think, why would my agent even tell me about this offer? I

There are a few things that you should know, and think about if and when you receive  one of those lowball offers

1. That buyer really likes your house-even if they submitted a lowball offer. They took the time to write up a bid, sign paperwork, disclosures, get a pre-approved, AND write a check for an initial deposit. Would you do that if you really didn't want to buy a home?.... I think not- so try and hold back the emotions,  it's just their negotiating style.

2. Your agent must inform you of all offers, period, no matter what they are. They should never force you to accept an offer, but they absolutely must tell you about any offer that comes in, verbal or written- so don't shoot the messenger.

3. Some buyers just need to "try" and submit a low offer for their own peace of mind. It has nothing to do with your home, and it's not intended to be an affront to you. In the buyer's mind, they can say to themselves, "Well, I tried, and I wanted to see what they would say. A response from you, no matter how bg or small, is all they need to go forward, and to negotiate further. You may be surprised how many lowball offers can turn into a negotiated deal, as long as it's handled well. So don't give up before the ink is dry on that initial offer.

4. The buyer may have a list price to sales price percentage in their head, and they figure that if they start the bidding at a particular number, they will fall right in line with those averages. For example, the average sales price to list price ratio hovers around 94 to 95 percent of the list price.So some buyers want to come in at 90 percent or less of the asking price just to make sure that they don't exceed that "average" number. It's not a smart idea on the buyers part to negotiate that way, as some homes are overpriced by a significant amount, and even 90 percent of the asking price is way too much to purchase the home for, but they still do it. (Buyers, if you are reading this article, take a look at the article that discusses the importance of a market analysis when you are purchasing your home.)

5. And yes, there are those lowballs that won't go anywhere. Still, it is very important that you treat EVERY offer like it's going to result in a sale. Maintain a good attitude, and don't "get your back up" .

Right now, we are NOT in a sellers market, and if you have an offer on your home, your agent should "work that offer" to get it to be the very best deal that they can get for you. THEN decide whether or not you want to accept it.

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Should you buy that less than perfect house?

The answer to that question has to, and will be different for everyone. If your opinion of less than perfect means that you don't particularly care for the landscaping, that's one thing. If it means that the house is missing one room for your needs, that's another. So how do you decide if this "less than perfect" house is the right one for you?

First of all, do not let ANYONE, including a spouse, significant other, friend, family member, (or heaven forbid) your agent talk you into purchasing something that you do not want, or are not quite sure that you want.

What are your wants and needs for your new home? Are they realistic within your price range?

When I meet new buyer clients for the first time, I sit down with them and ask them a number of questions to ascertain what is important and what is not so important. I also want to find out what is an absolute "NO",  no matter what. Sometimes, it's hard for a buyer to figure out what is truly important, what they can live with and what would be unacceptable.

A little give and take depending on the importance of whatever criteria you have can be crucial to  finding a great house.  Let's look at a few examples:

You want a remodeled kitchen.

Well, that's fair enough. It can be a major disruption to remodel a kitchen, and that's not even taking the cost into account. Have you looked at the kitchen closely? If the cabinets are in good shape and the color of those cabinets is acceptable, what about changing the hardware and/or changing the countertop? The cost of that can surely be negotiated with the seller (although we wouldn't necessarily tell them that)

You do not want a  house on a main road.

Reasonable, too. By the way, what is your definition of a main road? A road divided by "double yellow lines", one that has a State Route number attached to it, one that has commercial development down the street, or maybe something that doesn't fit into any of those categories? Well, okay... you can't change a location. But if the house sits far back enough, would that make a difference to you? If it doesn't, then don't bother looking at homes on main roads, and make sure that your agent knows your personal definition of a main road.

The walls need painting, the carpet needs replacing, the floors need refinishing, or other  minor cosmetics.

Some buyers just don't want to be bothered with doinf any cosmetic work at all. And that's fine too.
If you knew that a home had everything else that you wanted, but needed the floors refinished in a few rooms, would you still say no to it?  What if the cosmetic work was completed prior to closing with the contractor of your choice ? Would that make a difference?

The house has everything you want, except it has a pool and you don't want one.

Also reasonable. Let me ask you this-  If the pool wasn't there, would you want to buy that house? If so, we can always ask the sellers to remove it. Simple as that. And, yes,  sellers have done it.

What I am trying to get at is that sometimes we want certain things that may not seem so obviously attainable if we don't ask, or try and figure out an easy solution that you can live with.

Certain things can't be solved to your satisfaction. But lots of other things can. Sometimes it takes imagination, but one thing is  for certain. If the house is that close to what you want, there must be a way to make it work. A great agent can make it happen, and I just happen to know someone! You can send me an email and we'll get started anytime you like.
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