Sunday, January 2, 2005

Greenwich Real Estate Market Explained

Top Ten Ways to Maximize Your Property's Curb Appeal

by Karen Rauch Carter

I've done it, and I'm sure Realtors experience it all the time: When a potential buyer says "There's no need to get out" when you drive up to a property that you intended to show them. The buyer has already made up their mind based upon the curb appeal of the home.

As a feng shui consultant (and licensed landscape architect,) I help buyers find the most suitable property for them, and I help sellers get homes and properties in their best shape to sell. This article is a compilation of items that I find to be the top subliminal "deal-breakers" from a curb appeal standpoint. Some are common sense and some require a little feng shui boost - like using a mirror or a chime - to get the job done. If your listing passes this checklist - I'm confident that you'll at least get the potential buyers in the house!

There are two main goals to maximizing a home's curb appeal:

1. Remove or reduce the quantity of "red flags" in view from the curb.

2. Create the most enjoyable trip from the curb to the front door as possible.

Here are some ideas to consider:

1. A Visible Address is a Must

Make sure the address is clearly visible from the street. Preferably, the numbers should be in a horizontal line versus vertically, or on a diagonal line and be lit at night - at least while the home is listed.

2. Maximize the Front Door Appeal

The front door equals the mouth of that home's body. Energy must be able to find it easily and then enter. The trip from the street to the threshold should be easy to navigate; ie: no "trips" in sidewalk, no thorns grabbing you along the way, no cob webs to go through, no dead plants in pots along the way.

The actual front door should be clean and fresh. If there is a screen door, it must be in tip-top shape and dust-free. If the door is in shadow because of solar orientation, keep the porch light on. Add color and fresh items such as foliage to attract energy towards the door.

If the door is not visible from the street, hang a metal chime somewhere near the door on the non-hinged side of the door. The actual door should be able to open fully, and not stick or squeak. A welcome mat is always welcomed here.

If there is a doorbell - it must work. If there is no doorbell, consider adding a knocker to the door.

3. Make the Plants Work for You

Nothing says "creepy" like ill-maintained plants. Their weak and droopy energy tells the story of how life will be if you buy this home! Plants should be clean, and their droppings picked up.

Plants can be up against the walls and foundation, but not "touching them." Trees touching the eaves and roof, and vines clinging to the walls takes away health energy from those living within the home. There should be no white flowers touching the building - long story - it's just a traditional feng shui thing. Happy, healthy, and colorful and well maintained plants say "someone cares," and "this home is capable of taking care of you."

If there are sick, weak, or poorly trimmed plants (I'm thinking of trees that have been "topped" and look like a big trunk with a few sprigs growing out of the top) they are distractions to buyers as well as weak energy and should be removed. In this case, less is definitely more.

If there is a tree, shrub, boulder or any other landscape item directly in line with the front door (say, within at least 50 feet or so,) it's best to have it removed. This subconsciously creates blocks with the home, as if it is hiding from the very people who want to buy it! It also makes the home struggle to hold health energy for those who live there. A gate is the exception here.

4. Have a Clearly Defined Edge Between Lawn and Planting Beds. This Boundary Mirrors Boundaries in Life

Grass growing into the planting beds not only create a maintenance problem, but it also shows up as lack of boundaries in life. Clearly define planting beds with mow strips (any material is fine) and you will help buyers subconsciously understand this home's front yard. They will subconsciously "feel safe."

5. Use Color to Your Advantage

Color can be an easy way to add energy to a home's curb appeal. Red attracts - use it when the door is out of view or the home seems "lost," or people have a hard time finding the home. Yellow evokes friendly and clear communication, green is simply the color of life, and blues are more introverted and quiet - perhaps what a home on a busy street needs. Orange is subjective, but can create boundaries and a healthy appetite! I would not usually recommend a lot of white.

6. Balance Offensive Neighboring Buildings and Landscape Issues

If there is a church, cemetery, funeral home, school, commercial building within the visual "neighborhood" of the home, try adding landscape screening to block these views. You may want to hide a mirror in the landscape facing the negative item in question with the intention of deflecting its energy away from your home. (No one has to see your secret cures to make them work!)

If the offensive building (or even a tree, or "T" of the street) is directly in line with your front door, hang a mirror above the door facing the item with the intention of pushing it away if you can't do anything about it (like removing the tree.)

If you have significantly taller buildings next to your home and your home is "in its shadow," apply a mirror on that side of the house and face it towards the taller building with the same "pushing away" intentions.

7. Clear the Clutter

Clutter is one of the more obvious "red flags" and should be removed immediately. Extra cars, pots full of dead plants, the kids bikes, garden tools, old holiday decorations (get the lights down!) all need to go. The trash cans should not be visible from the street. Basically, any "personal affects" other than a fresh plant-filled pot or a working water fountain should go.

8. Check Lighting Levels Both Day and Night

Landscape, security, and aesthetic lighting should be in good working order to put the home "in it's best light" for a potential buyer. If the home sits lower than the street, consider placing an uplight on each corner of the home, with the light pointing up at the eave. Keep this light on at all times (at least while the home is for sale.)

9. Attend to General Maintenance Issues

Peeling paint, dead spots in the yard, broken pickets in the fence, etc. will not give you that warm and fuzzy feeling as a buyer! Dripping hose bibs and broken irrigation heads won't either. The front facade and front yard MUST appear in good working order.

Also, take the five senses into consideration: If you can smell a compost pile - it has to go. If you can hear the train next door - cure it or any other offensive noise by hanging a chime between the house and the noise.

10. If You Have the Chance To Design the Front Yard From Scratch, Consider Shape and Element-balancing Characteristics of Walkways, Planting, and Other Front Yard Amenities

Now is the time to put all your feng shui knowledge to work.

1. Consider free-form and undulating shapes (like sidewalks) and water element items in the front yard.

2. Make a "transition space" (like a porch) between the walk and the threshold to "slow down" the chi before entering the home.

3. Use color to your draw attention towards your door.

4. The sidewalk should connect the street and the door - not just the driveway and the door.

5. Create strong mow strips shape and lines within the landscape.

6. Appeal to all five senses.

7. New sod goes a long way to make the home look fresh.

8. A moving object like a flag, whirligig, chime, water fountain in the front yard can attract new buyers!

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Greenwich Real Estate - Buying A Home - Find Homes In Greenwich At InsideGreenwichRealEstate.com

BUYING A HOME:


1. Making the Decision to Buy:
The decision to purchase a home is often driven by the need for more space, the need to move to a new location or simply the desire to change one's life style. If you are unfamiliar with the area to which you are moving, the REALTOR you choose must make an effort to introduce you to the characteristics of the community and help you decide if this is a good match for your needs. Within any community there are variations by neighborhood, and these should become clear to you as you are shown properties in the community. By giving your REALTOR feedback, you can make the search process more efficient. If your REALTOR learns that you do not want to buy in a particular neighborhood, he or she will not show you properties there and will concentrate instead on those areas which interest you.


2. Selection of a REALTOR:
The selection of a REALTOR in a community such as Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, which gives each REALTOR access to every property listed by every office in the membership. Therefore, it is not necessary to seek the services of more than one REALTOR.

In your selection of a REALTOR, you should look for someone with whom you are compatible. When you initially meet with a REALTOR, whether this is someone to whom you have been referred or someone you have randomly chosen, you will be asked to sign a buyer authorization form. Required by state law in order for the REALTOR to show you properties, provide you with information, and negotiate on your behalf, this agreement will state the time frame during which the agreement is in effect, the kind of property it covers, and the area of Connecticut in which it is effective. If you are uncomfortable making a commitment to a REALTOR, ask that the time frame be limited to a day, a week, a month or any time frame which you feel you need to determine whether you would like to work with this person. When you ascertain that the relationship is compatible, you can sign an extension of the time frame.

Since every REALTOR has access to the same properties through the Greenwich Multiple Listing Service, there is no need to use the services of more than one REALTOR concurrently. In fact, doing so can cause confusion to you and your REALTOR. Be sure that you have specifically described what you are looking for in a property and ask your REALTOR to introduce you to properties which most closely meet your criteria. Give feedback on properties that you are shown, so that your REALTOR can continue to refine the picture of what you need. If your criteria changes, communicate this to your REALTOR. For example, if you decide that a particular style of house does not fit your needs, let your REALTOR know so that houses of that style are no longer shown to you.

It is a REALTOR's responsibility to inform you of any material facts about a property which he or she knows. These facts would be things such a condition of roof, presence of wetlands on a property, a known change to a road which will impact the property, etc. It does not include information about the seller's reason for selling, who the neighbors are, etc. Your REALTOR may not know everything about the property's condition; that is why you will have a building inspection done before signing the contract to purchase.

When you have developed interest in a particular property, your REALTOR will be able to provide information about comparable sales in the area to help you determine value. Your REALTOR can arrange for you to visit the local schools, obtain information about programs available in the area and help you select the appropriate property.


3. Mortgage Pre-Approval:
You will contact a mortgage company or banking institution to understand what purchase price might be correct for you. Further understanding of your financial situation will allow the lender to issue you a "Pre-Approval" letter which stipulates that you have been approved for a mortgage up to a specific dollar value. This is a valuable asset for you during the negotiation process. If you are not familiar with the names of lenders in Greenwich, your REALTOR will be able to provide you with that information.


4. Finding the Right Property:
The search for your new home is truly a joint effort between you and your REALTOR. Be as open with your REALTOR as possible about your likes and dislikes. It is very important to tell your REALTOR what you like about each house you visit so he/she will begin to understand what you are looking for in the home you wish to buy. Between your input and your REALTOR's professional skills, the search will narrow until you ultimately find the "right" property for you.


5. Making an Offer to Purchase:
Once you have focused on one or two properties, your REALTOR will be able to provide you with market data on recently sold properties. This information will help both you and your REALTOR formulate your offer. Working with your REALTOR, you will be able to determine where you would initially like to start with your offer price. You should then develop a set of strategies, each dependent upon how the seller responds to your offer, so you do not end up "reacting" to any counter offer made by the seller.
The offer may include, but is not limited to the following:
  1. The Opening Offer Price that you are willing to pay.
  2. Financial Contingency requirements, amount of your mortgage and date by which you will receive a written commitment.
  3. The Closing Date upon which you will take ownership of the property.
  4. Inspection Contingencies (building, radon, lead paint, termite, well, septic, survey, etc.) usually termed "all physical inspections".
  5. Other Contingencies, if any, that are to be identified and included in a Contract of Sale along with dates if appropriate.
  6. Identification of the Inclusion and/or Exclusion of any "personal property" (washer/dryer, etc.).
  7. The date you will sign the contract and give 10% of the purchase price as earnest money.

This complete offer is then presented by your REALTOR to the Listing Agent for the property. The seller may respond in any one of the following manners:
  1. The seller may totally reject your offer without giving any counter offer.
  2. The seller may counter your offer with one of their own.
  3. The seller may accept your offer as it was presented.

Once a verbal agreement has been reached, a written "Offer to Purchase" is prepared by your REALTOR outlining the terms agreed to by you and the seller. This document is then transmitted to the Listing Broker and the attorneys of record.


6. Finalizing your Financing:
After an offer has been accepted by the seller the lending institution you have chosen will require an appraisal on the property to be mortgaged. The institution will send one or sometimes two appraisers to do a thorough inspection of the property to determine whether the property will qualify for the desired mortgage. Once the institution agrees to finance a particular property, they will issue a commitment letter whereby they agree to provide a certain dollar mortgage at a specific rate for a specific time and the buyer is assured the financing is in place.


7. Utilities and other details:
Your REALTOR will remind you about two weeks prior to closing that the appropriate utilities and services need to be notified in order to transfer the accounts to your name. These include, electric, gas, oil, propane, telephone and refuse. They may also include pool services, yard maintenance and more. During the same period the seller will be contacting the same providers to discontinue the same services. This transition needs to go smoothly to protect you from having to pay a "connection or hook up fee" because the service was completely terminated. Your REALTOR can help you with this, but the companies now require the new homeowner to initiate requests for service.


8. The Contract:
The seller will instruct their attorney to draw the Contract of Sale to include the terms agreed upon. Your agent will ensure that, at the same time, your attorney receives the necessary information so that he/she can begin their work and be prepared to receive and review the contract. Your attorney will review the contract from your perspective and insure that your interests are protected (such as including stipulations for delays, searching of Title, type of Title to be conveyed, cleanliness of the premises at the time of closing, etc.) The timing of this, dependent upon the complexity of the terms, should all take between five to ten days from accepted offer to signed contracts. You will normally be expected to submit an escrow check in the amount of 10% of the total purchase price (made out to the seller's attorney) with the signed contract.


9. Closing Day:
On the day of your closing, you and your REALTOR need to perform one last walk through of the premises. Together you will look to insure the property is in the condition is was when you signed the Contract of Sale. You will verify that the items to be included are present. You want to make sure the house and grounds are as specified within the contract and most important that there are no defects visible now which were previously hidden.

You (or in your absence, you power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. If your situation dictates, you may actually meet with your lender immediately prior to the time of the closing to sign your mortgage papers. Between your REALTOR, your attorney and your lender you will be advised ahead of time of all the costs and fees associated with your closing.


10. Typical Home Purchase Costs:
  1. Points or loan origination fee.
  2. Adjustment of interest on loan from date of closing.
  3. Title Insurance (one-time fee required by banks).
  4. Credit check.
  5. Bank appraisal.
  6. Attorney's fee.
  7. Survey fee: If the property has not been surveyed, the lender to Title Insurance company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way.
  8. Recording Fees: The buyer usually pays the fee for legally recording the new deed and mortgage.
  9. Homeowners Insurance: Proof of a current policy is necessary at closing. Adjustment costs paid to the seller at closing (where applicable)
    1. Buyer's share of pre-paid property taxes.
    2. Heating oil or gas remaining in tank(s).
    3. Association dues.
    4. Sewer service charge.
  10. Inspections made of the property (normally incurred prior to closing) which may have been performed at the request of the buyer, pest, structural, radon, lead based paint, well, septic, etc.
  11. Private Mortgage Insurance (PMI) if financing more than 80%. Tax escrow, if necessary.

Greenwich Real Estate - Selling A Home - Greenwich Homes For Sale At Inside GreenwichRealEstate.Com

SELLING A HOME:


1. Selecting a REALTOR:
Choosing a REALTOR is the first step in the home selling process. The selection of a REALTOR in a community like Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, giving each REALTOR access to all properties listed in the MLS. You could start the search by asking your friends or your attorney to recommend a good candidate for you. Although a Real Estate company's reputation is important, your relationship will be with the Agent himself/herself. The REALTOR you choose should be a full time agent with broad experience and total knowledge of the market.


2. Preparing Your Home for Sale:
Everything in your home needs to be looked at through the "eyes" of the buyer. Your REALTOR should be able to help you with this. They will suggest things to be done to the property to ensure the highest price, such as painting (interior and exterior), removing valuable objects and "decluttering", having the windows washed, gutters cleaned and making other minor repairs that may be necessary. You should expect your Agent to be very frank with you about what your home may need to facilitate a timely sale.


3. Documents and Marketing Program:
Once you select a REALTOR you will be requested to sign a listing contract, a Greenwich MLS data input form, a State of Connecticut "Residential Property Condition Disclosure Form", and a U.S. Environmental Protection Agency Disclosure Form regarding lead based paint hazards (for properties built prior to 1978). Your Agent will review these documents with you, and if you care to seek legal advice, then do so before signing. Selling your house is disruptive and can be intrusive into your every day life, but your agent will work hard to minimize this.


4. Broker Open House:
The listing REALTOR of your property will schedule an Open House for the other REALTORS who are members of the Greenwich MLS so they may preview it. This helps REALTORS determine which of their customers might be interested in viewing your house. The Open House schedule in Greenwich is specific to certain times and sections of town allowing REALTORS to see as many Open Houses as possible in the given time frame. At the Open House the listing REALTOR will provide information, such as the listing itself and plot plans, and is available to answer questions about the properties.


5. Showing the Property:
The REALTOR will acquaint you with the various means by which a property can be shown. First, there is the installation of a keybox. This method allows the greatest access, because the only scheduling required is for the REALTOR showing the property to confirm with the homeowner that it is convenient to bring a prospective buyer over for a showing.

Somewhat more restrictive is the method by which the listing REALTOR alerts MLS members that a key to the property will be held at the listing office and a confirmed appointment would need to be made through the office.

The most restrictive method of showing is to require the listing REALTOR be present at the showing. This requires more scheduling between the homeowner, the listing REALTOR and the REALTOR who wishes to show the property to a client.


6. Considering an Offer:
When someone is interested in your property they will make an offer to purchase through their REALTOR. Your REALTOR will take you through this process. Some terms which may be included in the buyer's offer are:
  1. The offer price the buyer is willing to pay.
  2. The mortgage contingency requirements, amount of mortgage they are seeking and the date by which they will receive a written commitment removing the contingency.
  3. The closing date upon which Title and ownership of the property will be transferred to the buyer.
  4. A list of the inspection contingencies and when they will be lifted.
  5. Other contingencies (i.e. sale of home, etc.)
  6. Inclusions and/or exclusions of any "personal property" which may be a condition of the purchase.
  7. The date by which the contract will be signed and the buyer will provide 10% of the purchase price.
Once you and the buyer reach an agreement of the "terms and conditions" for the purchase, an "Offer to Purchase" is prepared by your REALTOR outlining the agreed upon terms. This document is then transmitted to the attorneys for buyer and seller.


7. The Contract Process:
The seller is responsible for having the attorney draw the Contract for Sale which will include the agreed terms and conditions. The buyer will normally be expected to submit an escrow check (made out to your attorney) with the signed contract, usually in the amount of ten percent of the total purchase price. The contract is typically a Greenwich Bar Association contract which will contain every detail and a schedule of inclusions and exclusions as agreed upon by both parties. The Seller Disclosure Form is also delivered as part of this package. After the buyers have signed the contract, it is returned to your attorney with the escrow check. Your attorney will then go over the contract with you and you will sign it.


8. Before Closing Day:
Near to the date of your closing the buyer's REALTOR and the buyer need to perform one last walk-through of the premises. Together they will ascertain that the property is in the condition it was when the Contract of Sale was signed. They will verify the items which were to be included are present. They will determine whether there are any defects visible now which were previously hidden. If any of these are found, you may need to be prepared to adjust for these costs at closing.


9. Closing Day:
You (or in your absence, your power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. Between your REALTOR and your attorney you will be advised of all the costs and fees associated with your closing.


10. Costs Associated with Selling a Home:
Attorney's fee:
  1. Town of Greenwich Conveyance Tax ($2.50 per $1,000 of Sale Price). State of Connecticut Conveyance Tax ($5.00 per thousand up to $800,000 and $10.00 per thousand of $800,00).
  2. Survey Fee: If the property has not be surveyed, the Lender or Title Insurance Company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way. This might fall on the seller's shoulders.
  3. Adjustment costs paid to the seller at closing (where applicable):
    1. Buyer's share of pre-paid property taxes.
    2. Heating Oil or Gas remaining in tank(s).
    3. Association Dues.
    4. Sewer Service Charge.