Homeowners: Beware of Common Home Problems
Here are some tips I want to share with you about common home problems to be aware of when you are buying, selling or just maintaining your home. It addresses issues such as Rotted Wood, Inadequate Ventilation, Amateur Repairs, Poor Drainage, Controlling Water, Loose or Missing Hand Rails, Roof Problems and Storm Damage. [Read More...] Read More →
What are my options as a home seller when my property is in or heading toward default?
In the event that you have been delinquent in paying your mortgage or anticipate that you will not be able to make payments moving forward, your options will vary, based upon several factors that are specific to you and your property. [Read More...] Read More →
When is a short sale the bank’s better option, with regard to the disposition of the loan on my property?
When a lender deems that all other options are either too costly or carry with them a high level of financial uncertainty, the short sale represents closure and finality. [Read More...] Read More →
So is now the best time to buy a home?
It depends on personal situations. Home buyers certainly have a lot of factors working in their favor right now- low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring. [Read More...] Read More →
Are mortgage rates expected to stay this low?
It’s hard to tell, but don’t count on it because the real estate lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. [Read More...] Read More →
How can I improve my credit score?
As I am sure you have all heard over and over again, consumer credit plays an important role (if not the most important role) in determining whether or not you will be approved for a mortgage. Given that there is still heaps of negative and misleading news being distributed about the “difficulty” of getting approved, I wanted to make sure I passed on this information to all of you. [Read More...] Read More →
Top FAQ on the changes to the Homebuyer Tax Credit
Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income... [Read More...]
Open House & Silent Auction to Benefit The Domestic Violence Crisis Center
Gail Lilley Zawacki, one of Weston’s premier real estate professionals, is hosting an open house to showcase 73 Lords Highway in Weston. The event will include a silent auction to benefit the Domestic Violence Crisis Center (DVCC), and is open to the public. [Read More...] Read More →
Sell Now or Wait For Prices To Recover?
If you can’t decide whether to put your house on market, you’re probably confronting two options: (1) Hold onto your property and wait for the market to recover or (2) Sell now, take the loss and move on. [Read More...] Read More →
Is there any indication of a price rebound in the Fairfield County real estate market?
Fairfield County is still in a declining market. In general, 5-6 months inventory is considered a balanced market, where neither the buyer nor the seller has a distinct advantage. The current market in Fairfield County has a relatively high number of homes for sale, with an approximate two year inventory. When comparing sales for the first half of 2008 to the first half of 2009, unit sales are down on average approximately 33.5%. The market is... [Read More...]
Which price points have been most severely affected by the pricing downturn?
Fairfield County, with the majority of the upper end inventory in the state, has been the most affected by the downtown in the real estate market. The upper end price point, which is over approximately $2m, has been more adversely affected than the first time home buyer market, which is under approximately $700k. This is primarily due to first time home buyers not having to sell an existing home in order to buy another home. Therefore, the upper... [Read More...]
Are there any towns where prices have been relatively stable or even risen?
We have not yet seen any appreciation of homes in Weston, Westport, Easton or Redding. [Read More...] Read More →
Should I buy now or will real estate prices fall further?
The only way to truly know when the market has hit bottom is when you look at it in your rear view mirror. [Read More...] Read More →
Are real estate market conditions different for different price points?
According to the National Association of Realtors®, existing-home sales rose in April with strong buyer activity in lower price ranges. First time buyers continue to influence the market, but there is also a seasonal rise in repeat buyers. Most sales today are taking place in lower price ranges and while activity is beginning to pick up in the mid-price ranges, higher priced home sales remain sluggish. [Read More...] Read More →
Have your clients had difficulty getting mortgage approvals?
Yes and no. The mortgage approval process has reverted back to a more traditional state, which is to verify employment, income and assets. Gone are the days of no income verification mortgages. [Read More...] Read More →
Have banks and lenders become more conservative with appraisals?
Yes, they have. With refinances, a good amount of homeowners in recent years used their homes as “piggy banks” and kept taking out equity through Home Equity Lines of Credit, because the value of their home kept going up. With the recent market correction in home values, homes do not have as much equity, so the banks/lenders are less likely to refinance a property where there is little equity remaining. With purchases, lenders have been... [Read More...]
Government Programs to Stimulate the Housing Market
The Government’s stimulus package was geared to the first time home buyer and has a deadline date of this year. Are there any other programs in the works that could help the economy? [Read More...] Read More →
Forclosures in Fairfield County
I keep seeing news stories on TV about foreclosure sales that are real bargains. Is that happening in Westport, Weston, Easton, or Redding? And how do I find out about their availability? [Read More...] Read More →
How can I figure what percent of my home purchase to finance?
Good question, but hard to answer. Many variables go into this calculation, such as your income, short and long term debt obligations, interest rate on your mortgage, whether the mortgage is fixed or variable, taxes and insurance, HOA fees, etc. [Read More...] Read More →
Should I put my home on the market now or wait until the market turns?
That depends on your situation. First and foremost should be that we keep in mind a home purchase is more than just “housing” or an investment. It is a lifestyle and sometimes the direction your life takes dictates the best time for you to buy or sell a home. [Read More...] Read More →
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