Special offer for New Facebook Fans ONLY from TheCTrealtyBlog!

Get  the definitive how-to Book,  "The Art of Buying or Selling a Home",  for just $12 including shipping!  (That's nearly a 50% discount from all of the major online book retailers who do not include shipping)

This book is  a comprehensive 163 page guide on buying or selling real estate in Connecticut, and includes chapters on How to Find a Realtor, Understanding the Market, Negotiating Price and Terms, Selling Your Home Without an Agent, Market Analyses and Valuation, Getting Your Home Ready for Sale, and Utilizing Technology.

 Testimonials about the book-

From  Allan Dalton, the  Past President and CEO of Realtor.com, who wrote, "This book offers an in-depth understanding of the intricacies of the real estate transaction, and offers the reader knowledge of the process in an easy to read format".

From Demetria Chadbourne, Broker with The Real Estate Group- "Great Book!!!! A must read for real estate agents or anyone preparing themselves for buying or selling their home. This book is comprehensive and detailed yet very understandable. I highly recommend it!!!"

.. and from Robert Dreyer, past client, "Being armed with this kind of knowledge is worth its weight in gold. Judy's insights have enabled me to save time, (a lot of) money and heartache. I highly recommend her services as well as this book."

The next 18 people who become fans on all of my Facebook pages are entitled to this offer, and I will update the book's Facebook page as to how many books are left at this limited time special deal. So go ahead, tell your friends, tell anyone you know that is interested in buying or selling real estate In Connecticut  that a great deal is only a few clicks of the mouse away!

Go straight to "The Art of Buying or Selling A Home" on Facebook

See all of our  Facebook pages in one place, and click away on just one page for this special offer (NOTE: You must be logged into Facebook to "Like" pages)

If you do not have a Facebook account, you can purchase the book right here on my website- and I offer free shipping in the continental United States, so just click here to view the page.  All payments are secure through PayPal.

Tweet

Financing Update and Today's Mortgage Rates in Connecticut- June 24, 2011

Independent mortgage banks and subsidiaries saw a huge dip in profitability as the average they made on each loan originated dropped from $1,082 in the fourth quarter to $346 in the first quarter. According to the MBA’s Mortgage Bankers Performance Report, lenders increased their overall revenues but profits suffered because of higher production costs. The "Best Execution" conventional 30-year fixed mortgage rate is 4.50%. Some lenders may be quoting 4.375%, but that offer is aggressive and will likely carry increased closing costs in the form of origination fees.  These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to break even on the extra upfront costs.  On FHA/VA 30 year fixed"Best Execution"  is 4.25%.  15 year fixed conventional loans are best priced at 3.75%. Five year ARMs are best priced at 3.125% but the ARM market is more stratified and there is more variation in what will be"Best-Execution" depending on your individual scenario.   

30 year fixed - 4.50% - 0 points for rate
20 year fixed - 4.250% - 0 points for rate
15 year fixed - 3.625% 0 points for rate
10 year fixed - 3.250%
5/1 ARM - 2.75% - 0 points for rate
7/1 ARM - 3.250% - 0 -points for rate
Jumbo - over 729,000
30 year fixed - 4.99% 0 points  for rate
15 year fixed - 4.50% - 0 points for rate
5/1 ARM - 3.50% - 0 points for rate
7/1 ARM - 4.00% - 0 points for rate

Contributed by Jennifer Buchanan of MetLife Loans

About Jennifer Buchanan:

    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

Tweet

Caveat Emptor - Pay attention to details when you are looking at homes!

The Latin term Caveat Emptor literally means "Let the buyer beware". Under the doctrine of caveat emptor, defects rendering the property "unfit for ordinary purposes" would be unrecoverable from the seller, with just one exception- That is, if the seller knowingly and actively concealed latent defects or otherwise made material misrepresentations tantamount  to fraud.

There are a lot of things to look for, both good and bad, overt and hidden, when you are looking at homes. There are some things about the home that you buy that  you may never find out until you actually own it.

Some of the more obvious things to look for:

Do you like the layout?
Is there enough storage space?
Is there enough room for your needs right now, and what you think you might need in the future?
Do you think that the house will look and feel  as appealing to you during different times of the year?

*Does anything need to be repaired or replaced?
*Are the mechanical systems in good order?
*Do the appliances work?*

*Asterisked items may signal a bigger problem, having to due with normal maintenance that really should be a given. If the homeowner hasn't fixed or maintained major components of the house, what else has been neglected?

When I initially show a house, I do a mini-building inspection. No, I am not a building inspector, and I do not profess to have that kind of extensive knowledge, BUT there are a few things that I can do as your agent that will most certainly help you make an informed decision as to how far you want to go with a particular house.

Some of these little tests I perform on homes as I am showing them:

• If there are area rugs, I pick them up to see if the seller is hiding any unsightly cracks or defects in the floor. Sellers may not necessarily be concealing it just to defraud you- they may just not want to look at them on a daily basis. It may sound dumb, but how would you feel if  you spotted it for the first time on the day you did the final walk-through on the house?

• Open and close all of the interior doors to make sure that they work properly. If there are one or two that don't shut, no biggie- but all throughout the house signals a BIG problem. Wouldn't you like to know this right away? -Before you put in an offer, or pay for a building inspection?

• Try and wiggle whatever railings there are- front porch, upstairs, and down to the basement. Again these sellers are aware of the frailty of the railings, but tend to forget about it, and live with it. It's just something that you should know that will need repair.

• Check the bathroom for loose tiles, and water seepage around the toilet, tub and tile. Again, I do not ever take the place  of a building inspector- if I find something of concern, I will let you know and if you like the home enough to place an offer on it, when it comes time for the building inspection, you can tell the inspector to look at that area more closely.

• The roof- since roofs generally last about 20 years and you can only put on two layers of roofing before  it needs to be stripped down to the wood , pay attention to when the house was built-  as of right now, if you are looking at a house that was built from 1985-1990, and it is NOT obvious that there is a new roof on it,  expect a new roof to be an expense in a few years. If the home was built anytime in the 60's-70's, and there is not a new roof on it, know that when you need to replace the roof that you will most likely have to strip down two layers of roofing on the house already, and the cost will be more than usual. This is not a hard and fast rule of thumb, it depends a lot on the location, the amount of sun or shade, and the quality of the roofing materials.  

Those are just a  few of the very many things that I look for when I am showing properties to buyers.

There are a lot of tips that I reserve for my clients ONLY, and when you become one, you'll get that benefit. When you are ready to buy a home, just contact me, and I look forward to hearing from you!

 Tweet

Real Estate Agent, Realtor, Salesperson or Broker- which one to choose?

When you are looking to hire a professional to assist you in your home buying or home selling needs, there are a number of  options to choose from. Some terms are considered interchangeable in the public's eye, but actually, they're not.  Knowing the difference between the various terms, and choosing the best type of agent for you is very important to your transaction, and will most likely have a trickle-down effect into your wallet.

When it comes right down to it, the difference between these are education and  ethics. So having this knowledge, wouldn't you want the best of everything that is available to you?

REAL ESTATE AGENT-  The term  "real estate agent" is  a generic term for a professional who assists buyers and sellers with their homebuying or homeselling needs. A real estate agent MUST be licensed through the state of Connecticut through the Department of Consumer Protection. (CT.DCP)

REALTOR -A Realtor is either a licensed real estate salesperson, or licensed real estate broker who belongs to the National Association of Realtors. Not all real estate agents are Realtors- YOU HAVE TO ASK!!!!  A Realtor must abide by a strict code of ethics, and most realtors will proudly display their affiliation, either in text or with the "R" logo. There are annual dues for membership There are currently 1,017,362  nationwide members.

SALESPERSON - A Real Estate Salesperson must be  licensed through the state of Connecticut, and sponsored by a real estate Broker in order to legally sell real estate in Connecticut.. The pre-requisites are  60 hours of classroom education, and a mandatory score of 70% or higher on a two part state licensure test which consists of  general questions and specific state related questions. Failure to pass either of the two part test will require that portion of the test to be completed and passed. A licensed real estate salesperson also must attend  12 hours of continuing education every two years, with a mandatory three hour class "CT Real Estate Agent Fudiciary Duties and Law Update". .Licenses are valid for only one year, and expire every May 31, unless the requirements are met for renewal.  As of today, there are  15,338  licensed salespeople in Connecticut.

BROKER -A Real Estate Broker is licensed through the state of Connecticut. The pre-requisites are  being a licensed Real Estate Salesperson for a minimum of two years, 120 hours of classroom education, and a mandatory score of 70% or higher on a two part state Broker licensure test which consists of  general questions and specific state related questions.  A licensed real estateBroker also must attend  12 hours of continuing education every two years, with a mandatory three hour class "CT Real Estate Agent Fudiciary Duties and Law Update".A Real Estate Broker is the highest form of licensure avalable to real estate professionals in Connecticut. Licenses are valid for one year, and expire every March 31, unless the requirements are met for renewal. Brokers who sponsor Salespeople are responsible for all of their acts and omissions. As of today,  there are  6419  Brokers in Connecticut. That's just 29.5 percent of all the real estate professionals in the state.

The best educated and most ethical real estate agent you can possibly hire to assist you would be a Realtor / Broker.  (and I just happen to know someone who fits the bill)

Resources
Department of Consumer Protection (State of Connecticut)

National Association of REALTORS

2011 REALTOR Code of Ethics

Tweet

New! Southport CT Real Estate Market Statistics now on theCTrealtyBlog.com !

Starting today, we will also include Southport specific  real estate market information and statistics . You can find the Southport information under our Fairfield Real estate Blog. We have also created a new companion Facebook Page just for Southport, which will have all of our town stats for Fairfield as well as Southport, access to the MLS right on the page, all of our posts  from The CT Home Blog, and  Southport News!  When you log into facebook, don't forget to look us up and we would appreciate a like! See all of our Facebook Town pages here .