CT Real Estate Unleashed By Jessica Beganski

Hartford County Home Sales Up Slightly in June 2009

Jessica — Mon, 06 Jul 2009 11:51:47 +0000

In June 2009, the median sales price of single family homes in Hartford County Connecticut increased to $236,000 over May 2009.

Pending sales are also up in June to 1,431, an increase when compared to May 2009.

But in comparison to June 2004-2008, the number of closed sales for June is way down - there were almost half the number of sales in June 2009 as there were in June 2005.

Event though 2009’s real estate market is relatively slow (this turtle was kind enough to pose for me in my yard last week to use in this post), the number of homes on the market is low enough to make the real estate market fairly balanced.

From April - June 2009, there were 1,590 single family home sales in Hartford County or 530 sales per month. With 3,224 homes currently on the market, there is a 6 month supply of homes on the market or a balanced market - neither a seller’s nor buyer’s market.

However, there is a high number of pending sales that will likely not close which actually puts the months of inventory higher around 7-8 months. I’ll talk about this “hidden” inventory more this week.You may also enjoy reading:

Motivaton Makes the Real Estate Market Go ‘Round

Two Bedroom Homes Not Always Harder to Sell in Central CT

Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?

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REMAX.com Redesign

Jessica — Thu, 02 Jul 2009 19:47:47 +0000

RE/MAX International just rolled out a newly redesigned and improved REMAX.com.

A few things I like:

You can view comparable sales and even request a comparable market analysis.

There are articles for home buyers and sellers.

Listings show large photos and a photo slider.

You can request a showing.

Your search results will recommend other similar properties.

You can also view market statistics.

Listings are mapped out for easy reference.

I do not like the fact that users cannot search multiple towns in one search or search by map. I e-mailed RE/MAX International already to express my disbelief. This is just plain silly.

As the now #6 real estate website and #2 franchise on Hitwise’s Top 20 Real Estate Websites, RE/MAX needs to step up and reclaim the spot as #1 franchise by offering a better product than consumers can find on Realtor.com.

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New Appraisal Standards Complicate Real Estate Market

Jessica — Wed, 01 Jul 2009 19:00:48 +0000

The problem used to be that lenders and appraisers were too cozy. The lender hired an appraiser for the borrower and more often than not, the appraisal miraculously came in at the buyer’s purchase price. Appraisers felt pressure by their client (the lender) to justify the purchase price so as not to ruin the deal and lose future business. Buyers were skeptical because they thought the appraisal should be a completely independent opinion of price.

In response to a lawsuit from the State of New York, Fannie Mae and Freddie Mac instituted new appraisal guidelines in May 2009 called the Home Valuation Code of Conduct (HVCC). The new code prevents local mortgage brokers from selecting local appraisers; rather lenders will hire appraisers. Also, 10% of all loans bought by Fannie or Freddie will have a second appraisal ordered to validate/invalidate the first appraisal.

To comply, many lenders are hiring appraisal management companies (AMCs) who in turn hire the appraisers.

According to reports from appraisers, the AMCs are demanding appraisers work for less and hand in their reports faster. The initial results seem to indicate that these changes are driving appraisals lower and lower because appraisers can’t spend the time on reports they once did, appraisers hired may not have the local expertise needed, and appraisers are concerned about coming in “too high” on an appraisal and losing future business.

From The Wall Street Journal,

“Lenders burned by huge losses from defaults now are pressing appraisers to be more conservative. And appraising itself is more difficult with home prices fluctuating rapidly and transactions few and far between in some markets; sale prices from a few months back may no longer reliably indicate the value of nearby homes.” (more…)

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CTMLS Says Goodbye to Hubbard

Jessica — Mon, 22 Jun 2009 17:37:02 +0000

Beginning June 24th, CTMLS, the multiple listing service that serves most of CT, will finally do away with the Hubbard (HUBRD) status for listings.

All I can say is…finally!

Actually, I can say a few more things.

If you don’t know about the Hubbard Clause - HUBRD refers to properties that have been sold to a buyer who needs to sell another home before purchasing the one under deposit. The property is shown to buyers and the sellers are looking at other offers, so it is an active listing. (more…)

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Don’t List Your Home For Sale on Monday…If You Want to Stand Out in Greater Hartford Real Estate Market

Jessica — Wed, 17 Jun 2009 22:16:00 +0000

Monday night, I was looking at new listings and it seemed to me that there were a lot of new listings. 88 condos and single family homes in the Greater Hartford area.

Just for fun, I looked back one month. With the exception of Memorial Day, May 25, the highest number of new listings was always on a Monday.

One of several homes in your neighborhood for sale?

One of many homes for sale in your price range?

If so, you need to do everything you can to stand out from the pack.

Maybe one way to do that is to list your home on any day but Monday, but especially on a Saturday or Sunday.

You may also enjoy reading:

Two Bedroom Homes Not Always Harder to Sell in Central CT

Some Thoughts on Pricing Real Estate

Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?

Get Unleashed - the blog that’s helping to find homes for people and pets.

Get Unleashed - By E-mail

Get Unleashed - By Feed

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Buying Real Estate Always Involves Compromise

Jessica — Mon, 15 Jun 2009 15:50:59 +0000

In this market, buyers have a lot of choices. But even in a down market, with many homes to choose from, home buyers have to make compromises.

Most home buyers that I meet have a list of things they want in a home. There are the “must-haves” and the “like-to-haves.” When we begin looking at homes and matching their “must-haves” to their price range, compromises are needed.

I often tell clients, “even people looking at million-dollar homes need to make compromises.” It’s not only about price range.

Part of buying a home is education…showing buyers their options to prepare them to make a decision and make compromises. If you spend $300,000, you can get what you want but you only have $250,000 - let’s find a home that gives you most of what you want. What can you give up? (more…)

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Farmington, West Hartford and Simsbury on Newsweek’s List of Top High Schools

Jessica — Wed, 10 Jun 2009 14:47:20 +0000

Newsweek’s list of the Top U.S. High Schools includes four Hartford County schools.

Of 1,500 schools:

Farmington High School ranked #274

Conard High School in West Hartford ranked #289

Hall High School in West Hartford ranked #810

Simsbury High School ranked #1022

For a complete list or for more information on the rankings, visit Newsweek.

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Surviving Showings - Basic Showing Etiquette for Home Sellers

Jessica — Mon, 08 Jun 2009 14:15:58 +0000

Putting your house on the market invites criticism, inconvenience and disruption.

Agents and their clients show up at the wrong time. Agents ask you questions you weren’t prepared to answer. Buyers knock over a treasured piece of pottery. The agent accidentally lets your cat out or knocks over your driveway lighting.

I know it happens because I and my clients have done all of these things and other buyers and agents have done this and more to my listings.

Sure, good stuff happens too - like people give you money for your house. But there can be some aggravation along the way. Expect it. Plan for it. But whatever you do, don’t get angry at the buyers and their agent.

Want to survive putting your house on the market? Here are some basic tips for showing etiquette:

If an agent & their buyer shows up late to a showing…

Unless it’s really inconvenient, the agent is several hours late, or you have some kind of emergency, just grin and bear it. Agents do their best to schedule showings and sometimes we’re early and sometimes we’re late. For your own sanity, leave the house a half hour before the showing and plan not to come back for a half hour after the showing. If they’re sitting at your dining table writing an offer, you wouldn’t be too put out by the extra time, would you?

Whatever you do, don’t get an attitude about it and don’t do what a homeowner did to me this week - throw me out of a house (after I had asked permission to enter and was granted).

If an agent or their client damages your property…

Accidents happen. If you’re selling your house, you should try to remove anything that’s valuable to you or is in a bad location (a vase on a small table by the front door, for example). Unless the agent or buyer was grossly negligent and it caused significant damage, just let it go.

And it’s best to keep all pets in a secure location, like a crate. Doors to rooms are opened and left open. And buyers are annoying in that they want to see every room of the house before they buy it. So, keep your pets locked up or remove them from the house altogether.

If an agent shows up without an appointment...

Politely ask them to use the lockbox (if they’re an agent, they either have an electronic key or called the office for a combination) and ask them to give you a business card. If you can’t accommodate a showing, then either ask them to wait outside or ask them to reschedule as you’re not prepared for a showing. But be as nice as pie when you tell them - it may not be their fault. It may be that they called your agent’s office and the showing was logged incorrectly or not at all.

If you insist on being present during all showings…

It’s best to only speak when spoken to. And if you are spoken to or asked questions, be courteous. If you have nothing to say that will help sell the house, say nothing. A builder I met recently at a house he has on the market installed low quality/out-of-style kitchen cabinets in new construction in an upscale area. When the buyer asked him if the builder would replace the cabinets with something else, the builder asked, “Why? What’s wrong with these?” When the buyer said that he preferred something else, the builder rolled his eyes.

The Etiquette Lesson - Frasier

http://www.youtube.com/watch?v=XVYDkX7v-uk

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Motivation Makes the Real Estate Market Go ‘Round

Jessica — Mon, 01 Jun 2009 21:31:43 +0000

You may have seen a listing or two with the words “Motivated Seller.” And when a buyer’s agent presents an offer to seller, the agent may disclose that the buyer is motivated.

In real estate, motivation is a code word for need. The seller needs to sell. The buyer needs to buy. For the real estate market to function, you need motivated buyers and sellers.

What makes a home seller/home buyer motivated?

More often then not, it’s a change. Divorce. Marriage. New baby. Pet. Job loss. Promotion. Job Transfer. Death in family.

Or it can be an outside influence. This year the tax credit has motivated many buyers to buy. In previous years, the motivation to sell was instant profit. Without motivation, the real estate market slows down.

For home sellers, the best motivation is the purchase of another house. They’ve found their next house and they need to sell the one they have before they can buy.

For home buyers, the best motivation is a school start date, end of a lease or the starting day of a new job.

Now you may think that most sellers who go through the process of listing their home and showing it to complete strangers would be properly motivated. You would be wrong. There are many home sellers who would like to sell…but only if a buyer pays what they are asking and possibly a little less.

And wouldn’t you also think that someone who goes out with a buyer’s agent every weekend is motivated to buy? Most are but there are some buyers who don’t have enough motivation to buy - the tax credit isn’t sweet enough, low interest rates bore them, and the endless supply of houses offers nothing for them.

Motivation is what brings two parties with opposing needs together. If both home buyer and home seller need to make the sale work, it will. It can still work when one party is motivated enough for both sides.

Some examples of sales where motivation made it happen:

A Condominium that had been on the market for 7 months - seller had already purchased another home.

A single family home where the home owners didn’t want the hassle of showings so they went on vacation and I sold it before they came back.

A couple wanted to be in their new home by August so their child could attend a special program only one school district offered.

When Realtors communicate to each other that we have a motivated client, it’s really just a way of saying that our client is serious and is open to a good old-fashioned negotiation. To quote Martha Stewart, “It’s a good thing.”

You may also enjoy reading:

Guide to Successful Low-ball Offers

Goodies in the Stimulus Package for Home Buyers and Home Owners

Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?

Get Unleashed - the blog that’s helping to find homes for people and pets.

Get Unleashed - By E-mail

Get Unleashed - By Feed

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All About the Farmington Valley Greenway

Jessica — Thu, 28 May 2009 21:59:09 +0000

For the last eight years, my parents have lived in Avon next to the Farmington Valley Greenway trail. I’ve walked it, biked it, and even had to chase my dog down it a time or two. I’ve seen people skating and skiing on it.

Now that their home is on the market, it’s beginning to hit me that I’m not going to be able to just walk out their back door and have easy access to the trail. Unlucky me. Lucky new homeowner.

This is the trail as it crosses Scoville Road near Avon Old Farms School. On a warm day, this intersection is pretty busy.

There is some parking here but it’s not official. The map below shows the trail and official parking.

If you haven’t been on the trials yet, the Farmington Valley Trails Council is hosting their Trails in Motion event on June 6th where they’ll be offering 50-mile, 30-mile and 10-mile bike tours.

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