Greenwich Real Estate News - Ask for performance related data when hiring a listing agent

As consumers of a particular type of service, you have the right to and should do your own due diligence before hiring someone to sell your home. I, like most consumers, am a firm believer in getting the most for my money. That is why I advocate that home sellers ask the relevant questions which get to the heart of the matter. Don’t be shy.

Ask performance related questions, you are not imposing or digging too deeply if you inquire about data to support an agent’s assertions, especially if they are claiming to be experts or are other wise claiming to be better than their competition. The details of their marketing plan and what they are going to do to bring a tremendous amount of buyers through the door, or to have your house listed on all the different real estate related websites with videos and nice music, etc…, and how they are going to stage your home to make sure it looks the best that it possibly can becomes secondary to the two most important questions for most sellers: how quick and for how much?

Don’t get me wrong, it is important to understand how your property will be marketed and what amount of resources of the commission being paid will be applied towards the marketing efforts of your home. After all, you want to see where your commission money is going. However, from my own experience at listing presentations, for most sellers, those types of details become far less important than those two simple questions.

If a Realtor cannot answer those two questions for you, then there is something wrong. Trust me when I tell you that any Realtor worth their weight in salt knows or should know these performance data. These numbers are tracked by the MLS and are referred to as DOM (days on market) and percentage to list price. Because this data can measure our efficacy, many of us use these numbers in our marketing material aimed at home sellers. And as it is also the end of the year, many of us are reviewing our performance numbers anyway.

Finding a good Realtor to sell your home should be an interactive experience with the sellers asking relevant questions as a part of their due diligence as much as the Realtor’s claims about how they can sell your home better than their competitor. If they do not provide data, ask for them. The decision to engage should not be based solely on receiving pretty post cards or receiving nice little writing pads with the Realtor’s pretty mug staring back at you; it should be all about how they can bring value to your transaction.

Greenwich Real Estate News - Tips for Coping with Home Buying Stress

When searching for the right home and buying a home, this can be a very stressful process because this is a major purchase and there is much to consider. However, home buying should also be an enjoyable, rewarding, happy experience. Here are some basic tips for coping with the stress of buying a home. This will help you and your family to worry less, have more peace of mind and just be able to enjoy your new home and future.

Purchase Offer Stress
Stress can start during a purchase offer or when signing a purchase agreement. You may start to worry and wonder whether or not they will accept the offer, what will happen when you find a home you like and more. This is where your agent will be a major help. Discuss your concerns with your agent, and make sure you get everything explained well and all your questions answered.

Stress waiting for Acceptance
Stress can happen and increase while waiting for a seller to accept your offer. You may worry if they will accept it, if they will get angry about the offer, if they will have a counter offer and more. To help you relax and cope, call a friend or family member, or get out of the house and keep yourself busy while you wait. This will help keep your mind of it for a while.

Counter offer stress
Stress can grow if a seller does not accept the offer and gives a counter offer. This can cause worries about being able to afford the home, and more. The best thing to do is to discuss these worries and concerns with your agent and family and friends. Also, remember that there are still other options and this is not your only chance to buy a home. This will help you relax and be more at ease.

Stress During Closing
There is usually much stress during closing because there is so much to do and consider. One way to cope with this stress is to ask your agent about the whole process so you can be more prepared and then more relaxed. Always ask questions if you have them.

These tips for coping with the stages of buying a home can help the process be more enjoyable, rewarding and more important to the buyer. This will help the home buyers to be able to relax and just enjoy their new home more than ever before.

Country Estates And Manors - Why Choose Our Firm

Country Estates And Manors offers our clients the professional skills necessary to achieve maximum results in the Greenwich real estate experience. Our expertise encompasses educated market analysis, strategic property pricing, strong negotiating skills, creative marketing and exceptional personal service.

We are a resource of professional and social connections throughout town and provide a wealth of local knowledge and information to our clients. Committed to our community, we are dedicated volunteers in organizations and causes throughout town.

• Professional Skills
• Educated Market Analysis
• Strategic Property Pricing
• Strong Negotiating Skills
• Creative Marketing
• Exceptional Personal Service
• Professional and Social Connections
• Knowledgeable about Greenwich
• Licensed in Connecticut and New York
• Global Affiliate of Luxuryrealestate.com
• Committed to Organizations and Causes
• Welcoming to All

Greenwich Real Estate Market Explained

Real estate exchange helps secure 'dream condo'

By Robert J. Bruss

DEAR BOB: I currently own a rental condo. If I move into it for 24 months, I believe I will not be liable for any capital gains tax. But I would like to sell the rental condo and purchase another rental property using the Internal Revenue Code 1031 tax-deferred exchange you often discuss. How long would I have to rent the condo I purchase before I can convert it into my personal residence? – Richard W.

DEAR RICHARD: If I understand your e-mail correctly, instead of moving into your rental condo to convert it into your principal residence after 24 months of occupancy, to claim up to $250,000 tax-free sale profits under Internal Revenue Code 121, you instead want to make an IRC 1031 tax-deferred trade for your ultimate dream condo.

That's feasible. To make a qualified tax-deferred trade, presumably a Starker IRC 1031(a)(3) exchange, you must meet the requirements. These include having the sales proceeds for your old condo held by a qualified third-party intermediary accommodator, designating the replacement property within 45 days, and completing the acquisition within 180 days.

The property you acquire in a tax-deferred trade must be held as a rental at the time of acquisition. There is no exact answer to how long it must be rented before you can convert it into your personal residence. To show rental intent at the time of acquisition, most tax advisers suggest at least 6 to 12 months. For more details, please consult your tax adviser.

Greenwich Real Estate Market Explained

Protect Your Property In a Rent-Back Situation

By PATRICK BARTA

Question: We offered the asking price on a home recently and received a counteroffer from the sellers in which they asked to "rent back" the home for a month following the closing. My agent said she has had some bad experiences with rent-back situations, so she thinks we should counter by suggesting the sellers get a bridge loan for a month. The market is hot in our area, and we really want this house. What should we do?

-- Elizabeth

Elizabeth: It's fairly common for sellers to ask to "rent back" their home for a short period of time while they wait to move into their new house. Some real-estate agents dislike the practice because they worry that something could go wrong with the property while the sellers are staying on as renters.

But most agents view rent-backs as perfectly acceptable, and as long as you take a few steps to protect yourself, everything should work out fine.

First, establish a fair rent for the property before you get to the closing table, and collect the money up front. There's no need to try to milk the home sellers for every penny they can afford -- doing so will only breed ill will -- but it is important to charge enough to cover all your expenses as the new owners. That includes your monthly mortgage, plus taxes and insurance. Also, be sure to settle who will be responsible for maintenance and utility expenses.

Second, ask the sellers to set aside a damage deposit that can be tapped in the unlikely event that problems arise. In some cases, real-estate agents insist that sellers set aside 2% of the sales price of the property. Other agents believe it's not necessary to demand that much; either way, you want to make sure the sellers have some serious money at stake so that they won't treat the place like a hotel room.

Third, set a departure date for your new renters, and establish a daily penalty if they fail to vacate on time. Some real-estate agents believe the daily penalty should total 10% of the deposit; others believe a simple $100 a day is sufficient (assuming the house is not a million-dollar mansion).

Finally, you should be sure to do a rigorous inspection of the house before the rental period begins, taking note of any dings you find. That way, you'll have a record of the house's condition in case there's any damage to the property when the old owners vacate.

Arranging the rent-back terms might seem like a hassle, but many real-estate agents have standardized contracts available that can make the process a lot easier. And in today's strong housing market, buyers often have little choice. The sellers own the commodity, and therefore get to choose the rules.