10 Ways to Sell your home faster

Here is a great article I came across that I wanted to share. (Article) If you don't have time to read it, the quick version is this. The list of 10 ways to help sell your home faster (and for as much as the market will bare).

1. Finish the "Honey do" list. All those things you'll say you'll get to when you have time, do them. Whether it be just a touch up of paint here and there, fixing a door so it shuts properly, it makes a world of a difference.

2. Get inspected. Buyers are going to generally put an inspection contingency in their offer, and many times after the inspection ask to re-negotiate based on the results of it. Imagine if you have an inspection before listing it, so you can beat them to the punch. Buyers won't think you're trying to hide something, and might even save a step in the process.

3. Pack up Clutter. People are understanding that folks live in houses, but when buyers are looking to buy a house, they want to see themselves living in it. Not someone elses mess all over the place. The more clean and put together the house is, the better the buyer feels about it.

4. Depersonalize and Neutralize. You may love your shag carpets, or that sculpture of David in your living room, but the buyer may not. Make it as neutral as possible.

5. Clean like a Fiend. You may be okay with a little mildew built up in your shower. Or a little grime around the faucets. Buyers won't be. Doesn't take much, just go around the house and clean it thoroughly.

6. Stage Rooms. Ever walk in a furniture show room, where they set up mock rooms, and you just loved the way it look. Well set up your home like that, and the buyers will love it too.

7. Tend to Floors. Clean carpets, mop floors, if the carpet is ripped or in tatters, take it away.

8. Kick up the Curb appeal. Before buyers even arrive at the house, they've already made a decision that they WANT to see the house. When they pull up to it, you want them to have the desire continue to grow and manifest itself. You don't want to kill it with overgrown grass, overgrown plants, doors and windows not in good shape etc.

9. Pick the Right publicist. Your Realtor should be a great publicist for you. Your Realtor is the spokesperson for the house, so you want them to be in love with the property. They should know all the little nuances of your neighborhood and home. And more then knowing, be able to articulate that to the public.

10. Set the Right Price. The market ultimately determines the price. Understand that a Realtor makes more money, if you make more money. They don't make any money, or probably even lose money if you don't sell your home. A good realtor won't waste their time, "testing the market" with an overpriced number. Pick a number that's competitive, and then depending on how the market responds to it, adjust accordingly.

Tax Credit Extended

If you haven't heard by now, today the government voted to extend, and expand the tax credit. The basic jist is broken down here. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

Norwalk's Activity Market Report

This is Norwalk's Activity Report from 10/15/09-10/30/09. It'll give you an updated glance of what's happened in the market over the past two weeks. Since it's easier to read in a .pdf format, I have linked to the Market Activity Report here (PDF).

3rd Quarter Market Report

I thought I'd share Paul Breunich's 3rd Quarter Market Report on Fairfield County and Connecticut. He is the Principal owner of William Pitt Sotheby's International Realty. Click on this link, and you can read it, in its entirety.

http://www.wpsir.com/u/marketReports/wpsir/rp_2.pdf

Tax Credit Extension

Wanted to make you all aware of this.

WASHINGTON (AP) -- Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

If the Senate passes the bill, it would go to the House, which passed a similar bill extending unemployment benefits last month. House leaders have also said they support extending the tax credit for homebuyers.

Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.

Lawmakers didn't release a cost estimate for extending the tax credit, though similar proposals were projected to cost about $10 billion.

Industry representatives said uncertainty about the tax credit is hurting new home sales. September's decline was the first since March.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

"Buyers right now have an incentive to hold off, not knowing whether the credit will be extended," Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

The tax credit for money-losing businesses is a favorite among Republican lawmakers. Businesses could get tax refunds by using losses from 2008 and 2009 to offset taxable profits made in the previous five years. Under current law, they can only offset profits from the previous two years.

The provision would help a variety of industries, including retailers, manufacturers and home builders, though it's expensive.

"It's clearly a way to put cash in the hands of some major economic players," said Clint Stretch, a tax policy expert at Deloitte Tax.

A similar proposal that was ultimately dropped from the economic stimulus package enacted in February would have cost nearly $20 billion over 10 years. Lawmakers are working to reduce the price tag.

Because people are so strapped for cash, this is a good way to get refunds when businesses need them for operating expenses, said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation.

Facts

I decided I'd provide you with some facts, so you can see how the market has changed over the first decade of this century. This data was compiled using the GFC-MLS and is for the town of Norwalk, CT.


323 Single Family closings from Jan 1 - Oct. 15th 2009
348 Single Family Closings from Jan 1- Oct. 15th 2008
512 Single Family Closings from Jan 1 - Oct 15th 2007
590 Single Family Closings from Jan 1 - Oct 15th 2006
712 Single Family Closings from Jan 1 - Oct 15th 2005
668 Single Family Closings from Jan 1 - Oct. 15th 2004
665 Single Family Closings from Jan 1 - Oct 15th 2003
621 Single Family Closings from Jan 1 - Oct 15th 2002
583 Single Family Closings from Jan 1 - Oct 15th 2001

166 Condo Closings from Jan 1 - Oct 15th 2009
246 Condo Closings from Jan 1 - Oct 15th 2008
401 Condo Closings from Jan 1 - Oct 15th 2007
446 Condo Closings from Jan 1 - Oct 15th 2006
477 Condo Closings from Jan 1 - Oct 15th 2005
492 Condo Closings from Jan 1 - Oct 15th 2004
434 Condo Closings from Jan 1 - Oct 15th 2003
376 Condo Closings from Jan 1 - Oct 15th 2002
370 Condo Closings from Jan 1 - Oct 15th 2001

33 Multi-Family closings from Jan 1 - Oct 15th 2009
24 Multi-Family closings from Jan 1 - Oct 15th 2008
30 Multi- Family closings from Jan 1- Oct 15th 2007
80 Multi- Family closings from Jan 1- Oct 15th 2006
91 Multi- Family closings from Jan 1 - Oct 15th 2005
74 Multi- Family closings from Jan 1 - Oct 15th 2004
59 Multi- Family closings from Jan 1 - Oct 15th 2003
60 Multi- Family closings from Jan 1 - Oct 15th 2002
53 Multi- Family closings from Jan 1 - Oct 15th 2001

604 Rentals rented from Jan 1 - Oct 15th 2009
528 Rentals rented from Jan 1 - Oct 15th 2008
435 Rentals rented from Jan 1 - Oct 15th 2007
395 Rentals rented from Jan 1 - Oct 15th 2006
343 Rentals rented from Jan 1 - Oct 15th 2005
304 Rentals rented from Jan 1 - Oct 15th 2004
287 Rentals rented from Jan 1 - Oct 15th 2003
290 Rentals rented from Jan 1 - Oct 15th 2002
208 Rentals rented from Jan 1 - Oct 15th 2001

Norden Park

I've been tracking the situation at Norden Park for years. I actually became very interested in the property when I turned 16. That is one of the places where I learned how to drive. I never realized how expansive the place was until that time. I'd be willing to bet a good portion of Norwalk doesn't know it exists, and even for those that are familiar with it, I'd bet even fewer know how truly large the property is.

For those of you that aren't familiar with the property, or the situation let me give you a brief synopsis. Spinnaker Real Estate Partners owns the property and is looking to develop it with a 240 unit apartment building and four single family homes. It is currently a restricted industrial zone, and would need to be changed into a multi-family/residential zone. They're specifically talking about 38.4 acres of the property which is behind what is currently Norden Park's main building. The property is vacant with some wetlands.

Spinnaker is a very qualified developer who has already done several redevelopment projects in South Norwalk. It also is currently in charge of the large 95/7 redevelopment off of West Avenue.

My concern for Norwalk is something that is as rudimentary as supply and demand. Before we go approving another redevelopment project, why don't we see the effects of the ones we've already had approved. Recently Westport 597 (which is in Norwalk), had over 200 units of Apartments finished. Avalon is in the process of building over 300 units of apartments on the corner of the Post Road and Belden. That'll be over new 500 units of housing coming by summer 2010, that'll need to be filled. Combine that with the 245 rental properties on the market (according to the MLS), and we'll have roughly 750 available housing units in Norwalk. If the Norden Park project is approved, that'll take that number to over 1,000 housing units available in Norwalk. In an market that doesn't strike me as a good thing, especially in a down housing market.

I'm not even taking into account the approved developments at 95/7, as well as West Avenue and the two wall street ones. I'm also not taking into account all the additional vacancies in Norwalk as you drive around. Whether it be single family homes, commercial buildings, land, or industrial buildings. It would behoove Norwalk, to fill up our current vacancies before creating more.

I am all for the redevelopment and improvement of Norwalk. I want to see projects get approved. Particularly well planned out ones, by good developers. Yet, at this juncture, I think it's wiser to hold off on entertaining any new developments. Lets focus on the ones we've already approved panning out, and filling our already vacant properties. I'd like to ensure Norwalk as a town that continually moves forward and improves. Not one with too many vacancies that may cause a setback in our development.

How well do you know Norwalk?

If you're from Norwalk, are you familiar with these locations? Is your Realtor?

Duffy Field

Fitches Point

Fitch School

Ludlow Park

Holy Ghost Father Seminary

Woods Pond

Gallagher's Estate

It's okay if you don't, your Realtor should. I just wanted to select a sampling of places that are assets to Norwalk. When choosing a Realtor, make sure they know the little nuisances about Norwalk. You're talking about likely your largest investment, any competitive edge you can get, you'd be foolish not to take.

p.s. If you'd like to know where these locations are, or more about them feel free to ask, and I'd be happy to share.

Buying Process

For all you first time homebuyers out there. I thought I'd give you an example of the buying process so you can get a glimpse into what to expect.


1. Be prepared. Begin your process by having an understanding of the type of home you want. Size of home, # of bedrooms, # of bathrooms, size of property just to name a few. Come up with a list of must haves. Example some people must have a garage, others must have a basement. These are things you are not willing to compromise on.

2. Determine how much home you can afford. Speak with a financial adviser, your bank or mortgage broker. Or visit http://www.norwalksrealtor.com/ and there is a mortgage calculator on the website.

3. Begin your initial search using http://www.norwalkstoprealtor.listingbook.com/ It'll allow you to search like a Realtor.

4. Contact a Real Estate Consultant. If you'd like a good one to be referred to you contact me at info@norwalksrealtor.com

5. Become pre-approved. When you previously spoke with a mortgage consultant, you were given an idea what you could afford. Now follow up with them, and ask them to provide you with a pre-approval.

6. With pre-approval in hand, start going to see properties with your real estate consultant.

7. Upon finding one you like, put an offer in. (The offer process will follow in a future blog).

8. When an agreement has been reached, you will schedule a property inspection.

9. Inform your mortgage consultant of the accepted offer. Your
consultant will lock in your interest rate and get the paperwork going to get you the mortgage.

10. Contact a Connecticut Real Estate Attorney to partner with you, your real estate advisor, and your mortgage consultant. A real estate attorney will assist in reviewing contracts and protect your legal interests through the rest of the process. If you do not know an Attorney, contact me at info@norwalksrealtor.com and I will provide you with a quality referral.

11. Near closing, your Real Estate Advisor will schedule a final walk-through of the property. At closing, you will be accompanied by your attorney and your real estate advisor. In some instances, the lender may have representation.

12. Congratulations you own a home, and that is the rough process.

8 Reasons to List your Home at the Proper Price

For those of you considering listing your house soon, or in the future when you do list your house. Here are some things to consider pertaining to the price of your property.


OVERPRICED PROPERTIES fail to compete with others on the market. Buyers look at many properties and eliminate by comparison. Your home may help sell others.


OVERPRICED PROPERIES fail to meet the Buyer’s expectations. People expect certain things for a certain price and become disinterested when a property does not meet their criteria.


OVERPRICED PROPERTIES remain unsold for a long time causing Buyers to be wary. Many times they won’t even of consider making a lower offer.


OVERPRICED PROPERTIES can turn a Buyer from one area to another. Someone qualified to buy in your location may disqualify themselves if confronted with even one or two overpriced homes.


OVERPRICED PROPERTIES can ultimately cause a monetary loss. Consider your carrying costs for the next six months. The market may come up to your price in that time, but you've already invested more, plus you may be running the risk that your property is considered to have a problem or that you are an uncooperative seller.


OVERPRICED PROPERTIES reduce advertising response. A Realtor who repeatedly advertises properties that are overpriced, soon becomes known as a poor merchandiser.


OVERPRICED PROPERTIES will not be shown by realtors. Buyers expect realtors to take them to properties that have been priced appropriately within their price range.


OVERPRICED PROPERTIES make it difficult for a Realtor to build a sound business. Ethical Realtors don’t take listings that are overpriced just for the sake of getting a listing. Ethical Realtors sometimes have to tell sellers what they don’t want to hear. Since, Realtors get paid on exactly what you and the buyer agree upon for a selling price, they have no motivation to recommend listing prices for less than what they believe the market will bear. If a Realtor is willing to list your home overpriced, ask yourself why he might do that. The Realtor most likely has an alterior motive which doesn't revolve around the expectation to sell your home at that price.

Current Mortage Rates

For those first time home-buyers and others curious. Thought you might like to be updated on a sampling of current interest rates.

30 YR fixed up to $417K - 5% 0 points , 4.75% with one point

30 YR fixed from $417K to $708K - 5.25% 0 points, 5% with one point

5/1 ARM up to $708K - 4.25% 0 points, 3.875% with one point

As you can see these are near all-time lows. When has there been a time in history that has combined low interest rates and lower home values? Enjoy.

First Time Home Buyer Tax Credit

I wanted to provide some factual information pertaining to the 2009 First Time Home Buyer Tax Credit as it currently stands.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000. (In this area that pretty much means you'll be getting the $8,000 tax credit)
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

First Post

I wanted to provide my clients another median to interact with me, and others. I plan on posting at minimum once every Monday. Most of my posts will be Real Estate based, and as specific to the Norwalk market as possible. From time to time, I may use this as a forum to share my random thoughts on what's going on around Norwalk, Real Estate related or not.