Inside Greenwich Real Estate

Reverse Mortgages

2010-12-23T19:51:00.000-05:00

If you are a home owner or getting ready to be a home owner and you know that money is tight especially with the economy the way it is, it is important to think of all your financial options. There are all kinds of options, borrowing money from friends and family, loans, and mortgages. You may be wondering what type of loan is best for you though because there are so many. If you are a home owner and have been one for quite awhile, reverse mortgage may often you many benefits. This way you can make sure your home and family is well taken care of. Here are some benefits of these mortgages to help get the process started for you.

Ask your Greenwich real estate agent for advice
If you are an older home owner, planning to buy or even sell your home, it’s a good idea to ask your agent about the types of mortgages that would best benefit you. They have experience seeing all different buyers and sellers and are a great resource.

Reverse mortgages mean the lender pays you
If you are the borrower with a reverse mortgage the lender owes you payments instead of the other way around. These payments can be made as a lump sum, monthly, periodically, or in any combination of those.

Older home owners with equity benefit from these mortgages
If you are 62 or older and have equity in your home you may benefit more from reverse mortgages. Your existing home could be paid off, FICO scores do not apply and credit history does not apply.

Costs vary but are not too bad as with other mortgages
As with any mortgage a borrower has some fees to pay but these fees are not as pay or as high as some. Some fees may include: insurance premiums, monthly lender fees, application fee, and closing costs.

The longer you have owned a home the more you may be able to borrow.
How much a person can borrow with reserve mortgages depends on how much equity is in their home, the type of program you choose, and the age of the borrower. So, these mortgages may benefit older home owners or home buyers with more equity.

Knowing these benefits about reverse mortgages can help you as a home owner or buyer; decide which type of mortgage is best for you. This way you can know that you are safe and secure in your home and have fewer worries in the future.

Greenwich Real Estate News - Tips for Selling your Home If you Have a Disability

2010-12-17T17:31:00.000-05:00

If you are selling your home, you know how stressful it can be. It may be hard to find a good real estate agent, to show your home, fix it up, not to mention packing for your new home and future. If you have a disability this process of selling your home may be even more of a challenge. Here are some basic tips for how to sell your home even if you have a disability. This will help make the process easier for everyone and get everyone to their bright new future.

Ask your Greenwich real estate agent for advice
Real estate agents have experience selling homes for all types of people and will be a great resource for advice and tips on how to sell your home.

Advertise gearing towards others with disabilities
It is important to advertise in the newspaper and on the internet, like everyone else but advertising in magazines and on websites that are for others with disabilities may bring in even more buyers.

Mention the extra space and support as a benefit
When listing your home, mention the extra space and support of your home as a benefit. Talking about how it is a home to suit all needs will bring in more possible buyers as well.

Highlight any remodels that have been done
Highlighting any remodels or improves that have been done to the home to make it accessible will make it more appealing because possible buyers may not have repair or update much at all.

Talk about the location
When buyers come by to see your home, it is important to talk about the value of the location. Maybe the neighborhood is more secure because you needed it that way, so it will make other owners feel safer. Or maybe it is accessible to many schools, shops, or highways. These may all be appealing to a buyer and worth talking about.

With these tips, the process of selling your home even if you have a disability should be made a little easier. This way a buyer may feel more comfortable and so will you. Then you both can get on your way to your bright new futures with less worries and problems.

Marketing Mistakes to Avoid When Selling

2010-11-23T20:19:00.000-05:00

When you have decided to sell your home and move on to your new future, it is important that buyer’s get a good first impression of your home. You want them to see it as a good comfortable, safe, nice place for them and their family. You want them to see it like you did when you first bought the home. This requires good marketing such as open houses, pictures, tours, networking, and more. If you know about marketing at all, you know there is good marketing and then there is marketing mistakes that can be bad. Here are some tips to help you avoid bad marketing when selling your home. This way you can sell your home faster and for the price you want and get on to that future.

Ask your Greenwich real estate agent for tips
As your agent, they have experience in what sells a home and what may not be such a good idea. If you are looking to avoid bad marketing ideas, agents are an excellent first resource of information.

Avoid taking pictures that are too dark or cluttered
You want a buyer to see your home as bright, spacious and comfortable. Taking pictures in bad light or of a cluttered room may give off the wrong first impression and make a buyer lose interest.

Avoid withholding important information
If there are tons of homes for sale, it is important to include important descriptions and details that make your home stand out first the rest. If it does not, a buyer may look elsewhere before giving your home a chance.

Try not to be too restrictive about showing your home
If an agent cannot get in to show a buyer a home because of too many time or other restrictions, a buyer may not even want to do business with you as a seller. Try to be as cooperative as possible.

Avoid not including incentives for buyers
Buyers like knowing that there is an incentive to buying your home such as an allowance or credit toward home repairs, home protection plans, weekend getaways, and more.

Avoiding these marketing mistakes and talking about alternatives with your agent, will help you to sell your home faster in any market. That way you can get on to your new future with fewer worries and holdups and a new buyer can enjoy your home sooner too. So everyone wins.

Greenwich Real Estate News - Home Equity Loans

2010-11-17T17:28:00.000-05:00

If you are a seller of a home and want to buy a new one, but may not have the funds, it is important to consider all your options. If you have equity or value in your first home, a home equity loan may be right for you. These loans are junior loans and pay out quickly and come in second to a first mortgage. These loans use your home as the security. If you make your payments on time and your home has value, these may be a good option for you. Here are some tips about home equity loans to get you started.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with many different types of loans and will be a great resource in helping you decide if a home equity loan may be right for you.

Loans can be used to purchase a new home
These loans can be used toward the purchase of a new home. However, lenders typically won’t give the loan if your current home is on the market. So, you may want to make these decisions ahead of time and plan out what is best for you.

Home Equity loans are tax deductible
This makes these loans favorable for making home improvements or repairs, paying for big expenses such as a college education or a new car.

Have long loan terms
Other loans may only have short term loan options but these loans have many options such as 3, 5, 7, 10 or even 15 years. This makes these types of loans more attractive to many homeowners.

Can Borrow 100% equity
With some loans you can only borrow up to so much within a certain type frame, but since this loan is based on the equity of your home, you can borrow up to 100 % of it. This also makes this loan appealing especially if a homeowner needs the funds to pay for something big.

These tips and information about home equity loans can help you as a homeowner to decide if this type of loan is best for you. Then you can be on your way to owning that new home of your dreams with fewer hassles and worries. You can just enjoy your new future.

Greenwich Real Estate News - Tips for Buying a Home When Relocating

2010-10-17T17:22:00.000-04:00

In this economy, many people may be moving because of a better job offer, lower taxes, or just a better place to live for them. Whatever the case, it may be hard to buy a home when you are relocating because you are not familiar with the area and may not know where to start first. Here are some tips to buying a home in a new area to help get you started, and make the process easier for everyone. That way you can get started enjoying your new home even faster.

Find a Greenwich real estate agent and talk with them
Find an agent either by looking online or contact family and friends that may live in the area. Then talk to them about your situation and what you are looking for. They will be a great resource to help you find a home that is right for you.

Look Online at the area
You may want to start by looking at the tourism areas of the city to get an idea of what it is like or if you want a place close to your new job, you may want to start there. Ask coworkers for ideas as well.

Look through local newspapers for listings
This will help you get an idea of how the market is in this area and about possible neighborhoods and what homes are selling for. It is a good resource when first looking in a new area.

Gather information on disclosures and inspections
Every state does this a little differently, so it’s a good idea to get an idea of what to expect and what kinds of facts are allowed to be disclosed about the homes you might buy. This way you are one step ahead before viewing possible homes.

Decide on Neighborhoods to look in
After gathering this information, it is a good idea to narrow down which types of neighborhoods you would like to look in for a home. That way your real estate agent can better help you find a place that is right for you.

When you are relocating, trying to find a home can be difficult. With these tips though, hopefully the process will be a little easier. Then you can know what to expect and enjoy your new home and new area that much more and have fewer worries too.

Greenwich Real Estate News - Fall Staging

2010-10-08T16:53:00.000-04:00

Fall is one of the most beautiful seasons in central New York. The leaves turn red, orange and yellow and the air takes on a crisp feeling that signals the near arrival of winter. Although most real estate advice tends to recommend spring and summer as the best times to sell a home, the right staging strategy can help you sell a home any time of the year.

There are staging rules that you need to follow if you want to give your home the best chance of selling; they don’t change from one season to the next. Curb appeal is still one of the most important factors to consider when staging in the fall. Rake up and bag all leaves and arrange to have the bags removed. Plant mums, available in the deep reds, oranges and yellows of the season, along the front of the home. A pumpkin or two along the porch is a nice touch. If it is icy or snowing, make sure that sidewalks, walkways, porches and stairs are free of ice and snow.

When it comes to selling a prospective buyer on the interior of your home, you should keep in mind that fall and winter buyers are looking for slightly different things than spring and summer buyers. For example, the sunroom that held a lot of promise a few months ago is now seen as a potential heating nightmare. Although showcasing natural light is still important, realize that buyers want a home that will be cozy and warm. Put up thicker window treatments and keep the heat turned up a bit when you are showing the home. If buyers are chilled while viewing the house, they will be a lot less likely to buy. If you have a fireplace, make sure it is cleaned and ready for use. If you have room, set a couch or loveseat in front of it, encouraging buyers to imagine curling up in front of a roaring fire on a cool night.

Fall and winter mean holidays, and holidays mean decorations. You don’t have to keep your holiday decorations packed away until next year just because you are moving. Decorate, but do so in a tasteful and sparse way. This isn’t the time to go overboard. A simple (non-flashy) decoration or two in each room is perfect.

The holidays also lead to clutter, and a lot of it. Gathering supplies for preparing holiday meals, wrapping gifts, and all of the other seasonal clutter-causers can add up fast. Devise an organization system and stick with it. Keep in mind that buyers want to see themselves in the home, which is difficult to do with clutter scattered around tables and counters.

A home should feel warm and inviting when it was being shown. In the fall and winter, there is one way to quickly and easily add a lot of charm and warmth to your home. Approximately 15 minutes before potential buyers arrive, pull a batch of fresh cookies, a fresh loaf of bread, a pie, or some other cold weather treat out of the oven. The smell of fresh baked goods can work wonders when you are trying to create a cozy feeling.

Greenwich Real Estate News - Things a Seller Must Disclose about Their Home

2010-09-17T17:20:00.000-04:00

When selling a home, you want to impress the buyer and make them want to live in your home as much as you enjoyed living in it. You want them to see the benefits and good aspects of your home and not as many downsides or negatives. By law though, there are some things a seller must disclose or tell a buyer about their home. Here are some of the things a seller must disclose and how to disclose them. This may help make the process easier for both buyers and sellers in the long run.

Ask your Greenwich real estate agent for advice
When it comes to disclosing information about a home, a real estate agent has much experience with this. They can help you disclose information to a buyer and still make it to where the buyer may be interested. They are a great first resource.

Federal Disclosures about Lead Paint
If the home you are selling was built before 1978, the seller is required to disclose about the use of lead-based paint and the buyer is allowed to inspect the home for lead-based paint. This could save the seller money and hassles later on.

Material Facts Disclosed
This includes anything that may make the buyer reconsider buying the home, such as a defect, problems with the property, or a death in the home. Some states do not require disclosing death so check with your state.

Disclosing Cause of Death
Each state is different so you will need to check with yours, but it is a good idea to disclose this information especially if it was violent because this may effect the buyer’s decision to buy the home.

External Disclosures
These are any disclosures that could affect the property such as earthquakes, tornados, flooding, zoning, noise, water, ground or air pollution and any other possible hazard to a buyer.

Either though sellers may not want to disclose negative information about their homes to buyers, some disclosures are required and knowing what is or is not required by the seller can make the process less stressful for everyone. That way both buyers and sellers can rest easier with fewer worries in the future.

Greenwich Real Estate News - Option ARM loans

2010-08-17T17:18:00.000-04:00

If you are experienced with mortgages and your income may be different every month, but you still need financing for a new house, you may not know which option is best for you. Option ARM loans may be just what you need. Some people think they are bad because they do not include the full amount of interest in the monthly payments, but for people who know who to budget well and may be on a budget this is not a problem and these loans actually offer many benefits. Here are some tips to help you decide if these loans are right for you.

Ask your Greenwich real estate agent for advice
Real estate agents have plenty of experience with loans and financing options and they will be able to provide you with information to help you decide if an option ARM loan is right for you and your family.

Has a low start rate
These low start rates are like teaser rates and are good for one to three months and it helps figure your minimum monthly payment.

Minimum Monthly payment option
This option is good for four to five years and does not include your full interest payment. This makes these payments lower and good for people whose income is different every month.

Interest Only Option
These loans also offer an interest only option which means that you would only pay the interest on the loan per month and not principal.

Fully-Indexed Option
This means that the index rate would be added to the margin for the loan and this adjusts every 6 months and the index rate would adjust every month.

As you can see ARM option loans, do just what they say, they offer many different payment options. If you have an income that is different every month and know how to budget for these differences, ARM Option loans may be just right for financing your new home. This way you can get on to enjoying your future with less financing worries.

Greenwich Real Estate News - Tips for Home Warranty Plans

2010-07-17T17:15:00.000-04:00

If you are a buyer, you not only want to pick out the perfect home, but you want to make sure that home is in good condition when you buy it and that you are covered if something is to break or to go wrong. Here are some tips for home warranty plans to help make the process of coverage easier for everyone involved. This way you can just enjoy your new home and worry less about things that may happen later on.

Ask your Greenwich real estate agent about warranties
As a real estate agent, it is part of their job to know about home warranties and what plan will be best for both the buyer of a home and the seller. Some real estate agents even give buyers a warranty as a closing gift.

Seller or agent pays for warranty
Giving the buyer a warranty is a benefit to the seller because then a buyer will not call and tell the seller about problems after they buy the house. It also may help make a buyer more interested in the purchase if a warranty is offered.

Warranty usually covers appliances inside the home
A typical warranty will cover appliance inside the home such as a dishwasher, refrigerator if it comes with the home, ceiling fans, light fixtures, and more. If something breaks, the owner calls the company and then a provider is sent out to fix it, if it cannot be fixed, the warranty will usually cover the cost to replace and install the item depending on coverage.

Items a warranty will not cover
Some items are not covered by a warranty these items may include: outdoor items such as sprinklers or patio furniture, some faucet repairs, garage doors, washers and dryers, spas or pools, and anything that needs hauled away.

Some items may be denied
Sometimes items that are covered by a warranty may be denied for a certain reason. These reasons may include: improper maintenance, code violations, unusual wear and tear, and improper installment.

It is important as a home buyer to make sure you are getting the best deal possible for your money including coverage by a home warranty. These basic tips about warranties will help get you started, so you can be on your way to a brighter future in your new home and fewer concerns later.

Greenwich Real Estate News - Homeowners Insurance Tips

2010-06-17T17:03:00.000-04:00

There is so much to think about when shopping for a home, location, price, and if it fits everyone needs among many other things to consider. Somewhere in all the things to think about, homeowner insurance sometimes takes a back seat and gets thought about at the last minute. It is very important to have homeowner insurance, so here are some tips to help you pick a policy now and not at the last minute. This will help you and your family to be safe and happy in your new home.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with anything dealing with buying a new home, including insurance. They will help you to decide which policies may be right for you and are a good starting place.

Determine Insurability
In order for an insurance agent to know how much coverage you may need and want, they need to ask you questions. These questions may include: when was the home built, how old is the plumbing and electrical, the location of the home, the size of the home, pervious coverage, and more. It is important to know the answers to these questions or know how to find out.

Pay attention to deductibles
Having a higher deductible can help save you money, but you have to be careful. Some companies will only offer you certain deductibles depending on your mortgage. Make sure to ask questions before deciding on a deductible.

Decide how much coverage you need
Depending on how much you will be in the home, how offer things need to be replaced, if there is water damage, or security problems, all factor in to how much coverage you need. Ask plenty of questions to make sure you get exactly what you need.

Review your policy
If things change with your home or your lifestyle, your policy may need to change. Be sure to keep in close contact with your agent and know your policy.

These homeowner insurance tips will help new home buyers consider homeowner insurance now rather than later. That way you will not be rushing around later and can just enjoy your home. This will help make your family and you feel more secure now and in the future.

Greenwich Real Estate News - Short Sale Tips for Sellers

2010-05-17T17:01:00.000-04:00

In this economy and these days, many people trying to sell their homes need to sell their homes fast. This may be because of cash flow problems, job conflicts, location conflicts or personal reasons. Whatever the case, there are some options. Having a short sale can be an advantage for these types of sellers. Here are some tips on how to set your home up for a short sale. That way you can move to your new place right when you need to with fewer worries and hassles.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with all types of sales. They will be able to help you determine if a short sale is best for you and your family and help you get started.

Determine the value of your home
If you are working with a real estate agent, they can help provide you with help in determining how much your home is worth.

Add up all your costs
Add up all your costs of selling your home. Then work with your real estate agent or broker they can then help you determine your closing costs.

Figure out what is owed
It is important to figure out what is owed on the property, including all loans taken out for the property.

Contact a lender
Contacting a lender, will help you determine how they specifically handle a short sale of a home. Some lenders will help you reduce what it is owed or make other options possible. Others make work with agents or anyone else involved to see if they can help in any way to make the short sale possible.

These tips will help those home owners who need to sell their home fast, get a good start. That way they can be on their way to that new job, new location, friends and family and more and have less left behind to worry about. This way they can focus more on their new bright future.

Parkway Elementary Distinguished Teacher

2010-05-04T23:35:00.003-04:00

Mrs Charill Pierce, First grade teacher at Parkway Elementary School in Greenwich, nominated by Laura Granville (parent) has been awarded the Distinguished Teacher Award for 2010 along with 5 other recipients of the same achievement. There was a lovely ceremony Tuesday 5/4/10 at the Western Middle School acknowledging their hard work and commitment to children.

My son is currently in Mrs. Pierce's class and I can certainly attest to her ability to seek out each child's different learning skills and to how she nurtures them. My wife and I are blessed to have our son is Mrs. Pierce class. I'm sure all the class parents share the same admiration for our gift of greatness, Mrs Pierce.

Former Greenwich Couple in Ponzi Scheme

2010-05-04T22:38:00.007-04:00

Former Greenwich, CT residents and married couple Jeffery Stone and Janette Diller Stone once owners of the now defunct Crescent Fund (investment firm) in NYC owe US regulators nearly $500,000 in fines and restitution for their part in a 5 year penny stock manipulation scheme

Now living in Tokyo, the couple has started another investment firm from their home, Wakabayashi Fund, LLC in which Jeffery plans to continue, but turn over the helm to others amid his SEC problems and a former one year stint behind bars in a federal prison for another penny stock scheme in which he made more than $1M from selling shares of WebSky, a San Francisco company. Not a secret for success!

The former Lehman Brothers broker and his wife claim they have done nothing wrong and only took profits.

April Single Family Sales in Greenwich, CT

2010-05-04T18:27:00.003-04:00

The month of April has found itself to have 36 single family homes sold in Greenwich and the surrounding towns following the 35 sold in the month of March. 12 Doubling Road closed on 4/20/10 for $10,450,000 and originally listed for $11,250,000 on 1/11/10 was the highest reported sale. 240 Pemberwick Road closed on 4/21/10 for $539,000 and originally listed for $539,000 on 4/15/10 (5 days on the market) was the lowest reported sale.

Greenwich Real Estate News - Home Equity Loans for People with Disabilities

2010-04-17T16:59:00.001-04:00

Financing a new home in this economy is hard for anyone, but if you have a disability and need assistance financing a home, it may be even more difficult. If you have your own income, home equity loans may not be that hard to get, but if you get assistance from the government as part of your income due to disability, getting these loans can be quite challenging. Here are some tips to help you figure out how to get a home equity loan even if you have a disability. This way you can enjoy your new home, worry free just like everyone else.

Ask your Greenwich real estate agent for advice
Real estate agents have experience helping people find financing options. They are a good starting place for providing connections for you to find the right financing for you even if you have a disability.

Grant Programs
There are some federal grant programs that help low income households qualify for financing or a home equity loan. Check with your city or town about applying for these grants to help you purchase a home or to make accommodations to it.

Contact Independent Living Centers
These centers can help people with disabilities find loan options or help you find areas in your community that have accommodation housing options for people with disabilities. Check your area for a local center to get started.

Home Choice Programs
These programs are specifically for people with lower income or disabilities and require a low down payment and help you pay closing costs for your new home. They may also help provide you with extra funds so you may not need a loan.

Do not allow Discrimination
The Fair Housing Act means that a lender cannot make it hard or impossible for anyone including those with disabilities to get a loan for their home. Do not allow yourself to be discriminated against just because you have a disability.

These financing tips will help make it easier for those with disabilities to afford their new home. There are many options that will make this process a little easier for everyone involved. This way you can look forward to enjoying your new home and not have many worries or hassles.

Greenwich Real Estate News - Tips for Making an offer on a Home

2010-04-07T18:13:00.002-04:00

You may have been shopping around a while and gone to several open houses, and considered your options with your family, and now you have found the house that is best for all of you. Now, you have to make an offer on the house. This can get tricky, because you do not want to offer too low and offend a seller, but you also do not want to overpay. Here are some tips and information to get before making an offer. This may make the process easier and you and your family will be living in your new home in no time.

Ask your Greenwich real estate for advice
Even though an agent should not recommend an asking price for various reasons, they do have plenty of knowledge about homes and the market and will be a good resource in helping you get the information you need.

Check out the Market
If you are in a seller’s market, the seller may not be willing to go lower than the listed price, but if you are in a buyer’s market, you may be able to talk a seller down to the price you want. Your agent may be able to help you gather this information.

Find out how much the seller paid
The seller may have bought the home in a down market, so conditions may be more and less the same and the asking price may be close to what the seller paid for the home. This may help you determine a good asking price.

Look at comparable sales
If you look at comparable sales, be sure to only include the homes that are similar in features to get a better estimate. Your agent should be able to help you with this information as well. If you know what other homes are going for, you may be able to offer a reasonable asking price.

Ask for a home’s history
A home may have been taken off the market and then relisted, if this is true and the home was on the market for more than a month, a seller may be willing to accept a lower offer.

Once you have gathered this information as home buyer, it will help narrow down your asking price options and hopefully help you in making a decision. That way you can be in that dream home in no time and enjoying your future.

Greenwich Real Estate News - Home Buying Tips for People with Disability

2010-04-01T18:42:00.001-04:00

If you have a disability you know how hard it may be to get around or even to communicate with people about your special requirements. This makes moving out on your own or with a family and looking for home that much more challenging. You want to find a place that you can move in easily that is going to make you and your family, feel safe and secure and also comfortable in your new home. Here are some home buying tips that may make the process a little less challenging for you.

Talk with your Greenwich real estate about your needs
Meet with your real estate about your needs and requirements and see if they can offer neighborhoods that you can look in that might support these needs. Real estate agents have experience showing many people homes and will be a great resource in finding the home that is just right for you and your needs.

Look in areas that are newer or specifically accessible
If you look in newer areas for an accessible home you may be able to find one that fits your needs or may find a seller that is more willing to modify it because it is fairly new. Also looking in areas that are specifically accessible may be nice because things are already in place.

Check the Doorways and Turn Around Space in bathrooms and kitchens
When looking for your new home, it is important that the doorways are wide enough and if you use a wheelchair that you have enough room to turn around in bathrooms and kitchens especially. You can ask your agent for specific measurements if desired.

Check the security of the home
Check what kind of locks are used and make sure you can use them or ask if they can be modified or changed if needed. It may also be important to ask about neighborhood watch programs or security or look in a gated community.

Make sure cabinets and doors are at reaching level if sitting
If you use a wheelchair or sit down for a long period of time, it is important to make sure that all the doors and cabinets are within your reach or at your height. If not, ask your agent if they can be modified.

These tips about buying a home if you have a disability should help you get started in finding a home that means your special requirements and those of your family. This way you can all feel safe and secure and enjoy your new home long into the future.

Greenwich Real Estate News - Owner Financing

2010-03-27T18:02:00.000-04:00

With the economy the way it is and money being tight for everyone, it has become more of a buyer’s market out there. However, when you find the home you want, the tricky part is figuring out how you are going to pay for it. There are many financing options, but one that most people do consider which actually may be very popular in a buyer’s market is owner financing. This is where the owner helps you as the buyer to pay for your new home. Now this may sound like it is not possible, but it actually can provide benefits to both a buyer and a seller. Here is some information and tips on owner financing to help get you started.

Ask your Greenwich real estate agent for advice
Agents have experience with all types of financing, and what may be best for you and in which market. They also may be able to help you talk to a seller about this financing option.

Land contract owner financing
This is where the title is not given to the buyer but the buyer is given an equitable title. The buyer makes payments to the seller for a certain amount of time and the buyer receives the deed after the final payment

Promissory Notes
The seller can either carry the mortgage for the entire purchase price which may include a loan, this is called an “all-inclusive mortgage “and the seller receives an override of interest on any loans. The seller may also carry a junior mortgage which would mean that the buyer would take the title to an existing loan or a new loan. The buyer would receive the deed and give the seller a second mortgage for the balance of purchase price.

Lease Purchase Agreements
This is when the seller gives the buyer equitable title and leases the property to the buyer. After fulfilling this agreement the buyer receives the title and obtains a loan to pay the seller after getting a credit for all or part of the payments towards the price of the home.

After reviewing these options, you may consider owner financing. It means little or no qualifying based on your credit for a home, flexible payment options from a seller, flexible down payment options and much more. In a buyer’s market a seller also may be more willing to consider this option. So if money is tight or you are not sure about your credit, this may be the perfect option for you to finance that new home.

Greenwich Real Estate News - Lease Purchase Options

2010-03-17T16:57:00.000-04:00

When buying a home especially in this economy knowing all your financing options are really important. Buyers that may have decided on a home but cannot afford to pay for the whole price right now may be interested in a lease to purchase option. If this seems like your situation, here are some tips on lease to purchase options to help you get started. That way you can still afford and enjoy your new home with fewer worries.

Ask your Greenwich real estate agent for advice
As real estate agents, they have experience making all kinds of sales with all kinds of financing options. They will help you figure out if a lease to purchase option is right for you. They may also recommend that you contact a real estate lawyer to help out as well.

Buyer pays a portion of the price
With lease to purchase options, a buyer will pay the seller a portion of the purchase with the right to buy the property later. This amount may be very little or substantial depending on the terms between the buyer and seller.

The Buyer agrees to lease property
With this option, the buyer agrees to lease the property from the seller for amount that is decided on in writing. After these terms are up, the buyer purchases the property in full.

Monthly rent goes toward purchase price of the home
With these lease to purchase options, the money that a buyer pays to the seller during the lease terms goes towards the purchase price of the home when the lease terms are up.

No one else can buy the property while leased
This option may be good for buyers because during the lease period no one else can look at buying the home which means the buyers leasing the home will have more of an advantage.

With this economy and people being short on funds, this option may be good for both buyers and sellers. The buyers get a new home and the sellers keep getting money while leasing their home before it is bought. This is a win win situation for many people and will help everyone enjoy their new futures with fewer worries.

Greenwich Real Estate News - Avoiding Home Selling Mistakes

2010-03-07T18:10:00.001-05:00

When you get ready to sell your home, there are many things to consider. Some of these things may include: the market, pricing, open houses, marketing, and negotiating with a possible buyer among having to get ready for your own move. It is hard to remember everything and you just want to be able to sell your home for a reasonable price and then move on to your own bright new future. Here are some home selling mistakes to avoid helping make the process a little easier for you and that possible new buyer.

Talk with and trust your Greenwich real estate agent
Make sure you talk with your agent about what you want and need and make sure you trust them to help you negotiate for you and help you sell your home. If you do not trust your agent, it can make selling your home even harder.

Know the Market
If it is a seller’s market, you may have a good chance at selling your home fast, if it is not, you may have your home on the market for quite awhile. Ask your agent for further advice on how to help you to sell in any market.

Consider your asking price
If a home is priced too high, this can be one of the biggest mistakes for a seller. This leads to no buyers, having the house on the market longer and more. Consider the market and other factors such as possible buyer’s wants before pricing your home.

Make sure your home is good condition
Before selling a home, it is important to make sure the home is ready to sell. This means making any needed repairs, organizing the layout of your home, as well as cleaning and putting away personal information. Homes in bad conditions will not be attractive to possible buyers and will make for a hard sell.

Invest in good marketing
Bad marketing techniques may include: poorly taken photos, not enough open house times, not enough descriptions, not listed enough, and more. Bad marketing leads to homes staying on the market too long.

Avoiding these big selling mistakes can help you and a buyer to reach an agreement faster and sell your home for a reasonable price. That way everyone is happy and you can move on to your new future with no worries.

Greenwich Real Estate News - Buying a Home with Covenant Restrictions

2010-03-01T17:56:00.001-05:00

Buying a home is always an exciting time, but it can also come with its stressful parts as well. If you find the perfect home for you and your family, but it comes with covenant restrictions or things you can and cannot do with the property, it is important to know all these rules and guidelines. If you know the rules, it will make enjoying your new home and getting along with the neighbors that much easier for everyone. Here are some tips about covenant restrictions to help you and your family in your new home.

Ask your Greenwich real estate agent for advice
As your agent, they should know the basics of covenant restrictions and how restrictive they are in some neighborhoods compared to others. They will be able to help you find a home and a neighborhood that works best for you and your family. As well as tell you about any restrictions.

Covenants almost always have home construction requirements
This means that the covenant may state that this many homes may only be built here, or they may only be allowed to be built with these materials or be this color in some areas. Check with your agent about your home.

Covenants may have easement rules and other restrictions
This means that they may have certain requirements as to wear a pathway can or cannot be, or who can and cannot use the property such as friends, neighbors, other relatives, and more. Tree cutting rules may also apply as well as certain fees for road repair, fencing and where you are allowed to park a vehicle

Covenants may even have pet restrictions
Some covenants have pet restrictions although this is rare. If you have pets make sure to ask your agent if the neighborhood is pet friendly and what the rules are. Some covenants only allow outdoor pets while others are not that restrictive.

Do not make any assumptions
Even if there is not a covenant, there may be certain deed restrictions and rules that apply. Be sure to check over these so you are not surprised later on.

Knowing the rules and restrictions of covenants can help make the moving process and home buying process easier for everyone. These tips can help you to pick out the home that is just right for you and your family. This way you will have fewer worries later and more time to enjoy the future.

Greenwich Real Estate News - Tips for Selling a House with Pets at Home

2010-02-27T17:54:00.000-05:00

Selling your house can be an exciting time, but it can also be very stressful and confusing as well. There is so much to think about and do, open houses, listings, agents, finding a new house, and much more. Selling a home can be even more challenging if you have pets. Many buyers do not prefer homes that have pets because they may not look as nice or pets scare them. Here are some tips for selling your home with your pets. This will help make the process easier for everyone, including your pets.

Ask your Greenwich real estate agent for advice
Real estate agents have experience selling homes in all types of environments, including those with pets. They will be able to offer you some great advice on how best to sell your home even with your pets. They are a great resource.

Relocate your pets while showing or selling your home
This may not be the most liked solution, but it is considered the best one for selling your home. Try asking a friend to watch your pet while your home is selling or at least during open houses or board them with the vet, or send them to a relative for a little while. That way they are still cared for and you can focus on selling your home.

Keep Pet Boxes Clean and Out of Sight
If you decide to keep your pets at home, make sure to keep their boxes and areas really clean and out of sight during showings and open houses. This will make your home easier to sell.

Hire a professional to clean the carpet
If you have pet stains, it may be a really good idea to hire a professional to clean your carpet before showing your home to a buyer. That way your home looks more like new and is stain free and more attractive to a buyer.

Remove signs of pets
Keep food and water out of sight and cleaned up. Put away photos of your dog or cat and seal up any pet doors and hide any toys or leashes that may be lying around. This will make your home easier to sell and more pleasant to a buyer in the long run.

If you have pets and are trying to sell your home, it can be quite a challenge. Following these steps though can help make the process easier. This way you can focus on getting your home sold and then you and your family and your pets can reunite later and enjoy your new home.

Greenwich Real Estate News - First Time Home Buyer Mistakes

2010-02-17T16:50:00.000-05:00

Buying a home, especially your first home, is often a more complicated process than you might first expect. If you’re not careful, or if you don’t do your research ahead of time, there’s a lot that can go wrong. Knowing the most common blunders made by first time homeowners can help you to avoid these traps.

1. Not knowing how the buying process works. Read up on what to expect, from the moment you contact a Realtor until you get the keys to your new home. While things may still crop up unexpectedly, at least you’ll have a pretty good idea of what’s happening and why.

2. Not working with a Realtor. You need someone with experience to walk you through the process, work with the seller’s agent, and help you to find and buy the right home. A Realtor can help you to avoid many of the traps first time home owners might experience. He has the advice and experience you need to make the buying process a lot easier.

3. Not knowing your budget. Do the math before you get ready to buy. Talk to a lender and get pre-approved, even. If you can only afford $250,000, don’t even look at homes above that amount, unless your agent thinks that there is a very good chance that you might be able to negotiate a price within your budget.

4. Not looking at enough homes. First time homebuyers sometimes fall in love with the very first home they see. Which is great, as long as you still take the time to look at a few more homes, and really consider them before making your final choice. You need to see more than one home, for comparison purposes if nothing else.

5. Rushing through home viewings. When you go to see a home for the first time, don’t rush. Take your time to really inspect everything. Take pictures. Look for any potential problems, and ask a lot of questions. When you buy a home, you want to know what you’re buying before you close.

6. Not letting your Realtor know what you like or dislike. While you should still be objective, don’t feel like you need to love every home you see. Let your Realtor know what works for you and what doesn’t. That will help him, or her, to find homes that better suit your preferences.

7. Only viewing a home once. Even if the home is perfect (it probably isn’t), you should view it more than once. See it, go home and sleep on it, and then go look again a few days later. Bring an objective friend or two. There might be something that you missed the first time around.

8. Buying a home for its décor. Homes that are for sale usually look really nice. The owners have put careful thought into furniture arrangements and decorations, or maybe the home has been professionally staged. Either way, keep in mind that you are buying the house itself, not the stuff in it. Try to see past the current décor, even if it is stunning, and imagine your own belongings in the space.

9. Not hiring a home inspector. Before buying a home, spend the money to have a professional home inspector come to check it over. While it may look like there are no major problems, it is always better to be safe, and know for sure. It is not uncommon for a serious problem to be hidden just out of view. A home inspector can find those problems for you, before you agree to purchase the home.

10. Not knowing what home ownership costs. It’s more than the mortgage. Don’t forget taxes, water bills, and utilities, which may be substantially more than you were paying in a small apartment. When you are figuring out your budget, don’t forget these additional expenses when determining how much you can afford towards a monthly mortgage payment.

While keeping these common blunders in mind isn’t guaranteed to eliminate all problems that you might run into, being prepared will make it less likely that you’ll fall into these common first time buyer traps.

Greenwich Real Estate News - Mortgage Buy down Tips

2010-02-11T17:50:00.000-05:00

When you are looking for a new home, there are many things to consider such as location, price, what type of home you want, neighbors, certain features and much more. One of the most important and sometimes difficult things though is figuring out how you will pay for the new home for you and your family. There are many financing options, but here are some tips and benefits of mortgage buy downs for you and your family to consider.

Ask your real estate agent for advice
Real estate agents have experience with all types of financial situations when it comes to buying and selling a home. They are a great resource of information and advice for financial options and choices.

Mortgage buy downs include principal and interest
This means that instead of your payment getting bigger as with some loan option, your amount that you owe actually gets smaller. This is nice for any buyer to hear and to see.

Payments are lower
Mortgage buy down payments are reduced and interest is figured out over a specific time period. The lowered interest rate is paid in cash by the buyer or seller of the home.

Thirty year fully amortized mortgage
This means that the interest rate interests 1 percent for the first three years and then has a fixed rate for the remaining mortgage.

Rates stay low for the first thirty-six months
For the first thirty-six months, rates stay low when a borrower’s income is expected to later increase. This is nice if you expect a raise later or move to a higher paying career because of a new degree.

Mortgage Buy Downs offer many benefits that other financial options may not. These tips and facts can help you and your family to figure out if mortgage buy downs are the best option for you when finding that new dream home. This way you can enjoy your future and have fewer worries and concerns later on.

Greenwich Real Estate News - Mortgages for People with Disabilities

2010-02-07T17:48:00.001-05:00

If you have a disability then you know what it is like just to own a home of your very own. You have faced many challenges and rough patches, but now you have decided to buy a home of your own. You have found the right home for you, now all you have to do is figure out how to get a loan for it. You know this will be tricky and it does not matter, but you just do not know where to start. Here are some tips on getting mortgages for people with disabilities. This will help make the process a little easier for you and everyone involved.

Ask your Greenwich real estate agent for information
Real estate agents have experience selling and helping people buy homes from all types of situations. They will be a good resource in helping even a person with a disability find the information they need.

Contact the Department of Housing and Urban Development (HUD)
This department has loan and grant programs such as Rental Assistances programs and other programs that will help provide funding for a person with a disability to afford a home. There are also many housing voucher programs available to those with disabilities.

Find a housing counselor
These types of counselor can let you know what type of housing is available for you, what type of housing you can afford and also what would be best for you. These counselors and your agent may also help you to find a lender willing to work with your needs.

Look into Public Housing Assistance Programs
The Public Housing Association also offers programs that may help those with disabilities receive funding and or assistance for a home. Also, consider whether or not you qualify for a habitat for humanity home based on your disability and special needs.

Know your rights as a home owner
Knowing your rights as a home owner especially when you have a disability is very important. Learn about the Fair Housing Act and the Americans with disabilities Act and make sure you receive all the benefits possible.

These tips for getting mortgages and assistances for your home when you have a disability can help make the process easier for you and everyone involved. This way you can become more independent and take care of yourself and those you love. You can also enjoy your new home with fewer worries in the future.

Greenwich Real Estate News - Open House Tips for Home Buyers

2010-02-01T17:46:00.000-05:00

If you are home buyer and going into someone else’s home to possibly purchase it, you may be unsure of what to do or say. After all, it is someone else’s home and you do not want to say or do the wrong thing and make the seller unsure about selling the home to you. You want to make a good impression upon the agent and also the owners of the home. Here are some open houses tips and advice to help make the process go smoothly for everyone involved.

Ask your Greenwich real estate agent for advice
Real estate agents have plenty of experience selling homes and even hosting open houses. They will be a great resource in offering advice and tips for going to an open house as a buyer.

Some open houses have engaging agents or sellers
These open houses will involve an agent and or the seller greeting you at the door and asking you questions as you walk through the home.

Some open houses have non-engaging agents or sellers
At these open houses, there is usually information on the counter for you to pick up and you are free to walk through the home at your own pace, maybe filling out a comment card on your way out.

Stopping by unannounced
If you happen to be in a neighborhood and admire a house from the street, just tell the agent that you may not buy but you just want to look around. They will usually let you go at your own pace and you can ask questions if you have them.

Visiting a home as a neighbor
If you are a neighbor or even in a neighborhood close by, it is still okay to see the home. Agents like to show off homes to receive feedback.

These tips and advice for home buyers when going to open houses can help make the situation more comfortable for both potential buyers and the sellers. This way everyone knows what to expect and can get something positive out of the experience, maybe even a new home.

Greenwich Real Estate News - Open House Tips for Sellers

2010-01-31T17:44:00.001-05:00

If you are the seller, you want potential buyers to like your home. You want them to see your home as comfortable, livable and nice. It is important as a seller to make a positive impression on possible buyers when they come through your home for open houses. You want to make them feel welcome and at home, but you may be unsure of how to do. Here are some open house tips for you as the seller to help make the buyer feel like your home may be the right one for them.

Ask your Greenwich real estate agent for advice
Your real estate agent has much experience holding open houses and knowing what attracts buyers. They are a great resource of information for you as a seller.

Leave the house
The buyer may feel uncomfortable talking about the house with you around, so excusing yourself and telling them to have a look around is a good idea. That way they can be free to walk around and not be nervous about what they may say.

Adjust the temperature appropriately
If it is cold outside, adjust the temperature to a nice warm inviting temperature, if it is warm outside turn on the air conditioning, but be careful not to make it freezing. If buyers are too warm or too cold, they will leave sooner.

Create a mood
Put out candy or cookies so a buyer can have some, next to a card thanking them for their visit and maybe put cinnamon or some soft scent into some water but do not overpower it. Soft music in the background also helps too.

Turn up lighting
Turn on every light in the house to make it warm and inviting to a buyer and also let natural light in as well. This will make the buyer feel more comfortable and welcome.

These open houses tips for you as a seller will help make things easier for you as well as the possible buyer. Then if they like the home, they may have their agent leave a card or ask more questions later. Then you can be on your way to a sold home and a bright new future.

Greenwich Real Estate News - Tips to increase Traffic to your Home

2010-01-27T17:33:00.001-05:00

Right now with the economy slowly recovering, there are many homes on the market trying to sell, so it is very important in this buyer’s market to get as much traffic into your home as you can. The more people you have seeing your home, the better chances you have for a possible buyer and some good offers. Here are some tips to increase traffic to your home and get you on your way to a sale. This way you can enjoy your new future with less to worry about.

Ask your Greenwich real estate agent for advice
Real estate agents have experience getting people to see a home and with spreading the word about a home that is for sale. They will be a great resource to help you increase traffic to your home to make a sale.

Use a Lockbox
These boxes allow an agent to show your home even when you are not home and they are safe and secure. An agent should call you first then go to show your home if you do not answer. This will increase the traffic by making the times that your home is being seen more flexible.

Increase your Advertising
Send direct mail to people in your area and surrounding areas that may be interested in your home. Also, try advertising in the newspaper, as well as online on websites such as craigslist or Google. Putting your home on video websites may help increase traffic as well.

Offer Buyer’s Prizes or Books for tours
Offering any possible buyer a prize or book just for touring your home, not only brings in traffic because they want the prize, but while they are there, they just may see something they like, leading to a possible sale.

Offer a lunch during the tour
This way the buyers will stay longer while they eat and agents may be able to answer more questions that a short tour of the home might miss. Plus, with this economy right now, offering a lunch would bring people to your home for sure.

With these tips to help increase the traffic to your home, it should be easier for you to attract plenty of possible buyers, leading to a sale and a reasonable offer. This way the buyer gets a new home that they love and you and your family get to enjoy your new future.

Greenwich Real Estate News - Should You Buy a Fixer-Upper?

2010-01-17T16:39:00.000-05:00

Americans love a good deal. We also, if the popularity of HGTV and DIY cable channels are any indication, love the idea of being able to fix up our homes with minimal professional help. Buying a fixer-upper can be a great way to save a little money, and have the chance to make a neglected home into your dream home. But it’s not for everyone. Before you purchase a fixer-upper, here are a few things to keep in mind.

The first thing to consider is how fixable the home really is. Some things (such as location or the size of the lot) can’t be changed. Other things, such as foundation or major electrical problems, can be fixed, but they are very costly and don’t offer a lot of improvement in the resale value. An ideal fixer-upper doesn’t require thousands of dollars worth of work that will go largely unnoticeable; look for a home that can be improved with a few coats of paint, a few new appliances, and some drywall repair.

What will the total cost of the home be? This is an often over-looked aspect of buying a fixer-upper; by the time you buy the home and do any renovations it requires, you may very well have spent considerably more than market value for the home. If the home is your dream home, and you don’t plan on selling for a very long time, that might not be a concern for you. However, if you are hoping to regain the cost of any repairs, and then make a profit on top of that, you need to consider what the home may actually sell for.

You also need to consider how you will pay for any renovations your fixer-upper needs. Depending on the current value of the home, and the projected value once work has been completed, you may be able to get a second loan, or a larger mortgage, to cover a majority of the expenses. Eventually, after you have owned the home for a while, or after you have already made several improvements on your own, you may qualify for a home equity loan. There are also grants and government loans to assist in home repairs. Regardless of what you choose, you will still need to pay for a percentage of the work on your own. Make sure that you have money set aside for the most pressing repairs before you buy.

If you’re an experienced do-it-yourselfer with a lot of free time on your hands, buying a fixer-upper might make a lot of sense, especially if you have a team of friends and family members who can pitch in to get the work done faster. You can save tens of thousands of dollars by doing the work yourself. However, if you’ve never hammered a nail in your life, or if you don’t have a decent knowledge of how to use power tools, this may not be the best time to learn. Making a mistake can be very costly; not only are you paying for the materials to do the job yourself the first time, you then have to pay for a professional to come in and fix your mistake.

That’s not to say that you shouldn’t be able to do some of the work yourself. Painting is time consuming, but it doesn’t take a lot of skill. And there are several other smaller tasks that you could probably figure out how to do on your own. Larger renovations and repairs, however, should be left to someone with experience. Make sure you can afford to hire a team of professional contractors before you buy the home.

Buying a fixer-upper is an investment, maybe more so than a regular home purchase. In most cases, you’ll get back what you put into it. If you know that you can take on the special challenges of purchasing a fixer-upper home, it can be one of the best purchases you’ll ever make.

Have you, or someone you know, owned a fixer-upper? What was your (or their) experience?

Greenwich Real Estate News - Buying Brand New Homes

2010-01-07T17:36:00.000-05:00

If you have decided that you and your family are ready for a new home, there is much to consider, including what you can afford, what kind of home you want, location, costs and more. Well, if you have thought about all of this and decided you would like to try looking at brand new homes to buy there are some things to still consider first. Here are some tips to buying brand new homes to help make the process easier and get your dream faster.

Ask your Greenwich real estate agent for advice
Your real estate agent has experience with the market for all kinds of homes brand new or older. They will be able to provide you with the resources you need to decide if a brand new home is right for you.

Look into the Builder’s Reputation
Ask neighbors and also your agent about the builder. Also, look at the quality of the construction in surrounding homes and check into who the builder typically sells to. All of this will make a difference in the quality of your new home.

Do not always use the builder’s lender
Shopping around for a lender that is just right for you and will help you out with all your needs is a good idea. Atomically using the builder’s lender may not offer you the best deal and they may not have your best interests in mind.

Obtain legal advice
Talking to a real estate lawyer may be good idea before buying a brand new home. This way you know exactly what you will be getting yourself into and know about any hidden costs or fees included.

Hire a home inspector
As with any other home purchase, it is very important to hire your own home inspector. They will help you make sure everything is of good quality and ready to live in. Then you can always have builders fix any problems.

These entire brand new home buying tips will help you and your family decide if a brand new home is just right for you. Then this will help you get the process started. This way you can move to your new home with fewer worries and just enjoy the future.

Greenwich Real Estate News - Carry Back Mortgages

2010-01-02T17:42:00.000-05:00

If you are the buyer of a new home but have only reasonably good credit or live in a place where interest rates for loans are high, you may be wondering what to do. Carry Back Mortgages might be a good option for you and your family if the seller agrees. These mortgages are where the seller takes care of the financing for the buyer instead of a bank. They may finance all or part of the purchase price. This may be a good choice when money is tight. Here is some advice and tips about carry back mortgages to help you get started.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with all different types of financing and may be able to help you decide if a carry back mortgage option is best for you.

Sellers may be more likely to use this option because of financial gain
Sellers may be likely to help out a buyer with this type of mortgage because they will have a monthly income, it gives them a better rate of return, and they may receive a higher sales price.

Buyers do not have to worry about being denied by a bank
With this type of financing, you just have to reach an agreement with the seller and follow through with that agreement, and do not have to worry about high interest rates or credit problems.

Payments may be lower with a more reasonable interest rate
If you are a buyer, this is good because you may get a more reasonable interest rate and more reasonable payment schedule than you would with a bank or other type of mortgage. This means less hassle.

The closing process may be faster
If the financing is worked out between the buyer and selling than the closing of the house may be faster because there will not be another lender involved. This will be nice for everyone involved.

Carry back mortgage options offer benefits to both a buyer and a seller, making it a win win situation if everything is agreed upon. Then the buyer can move into to their new home worry free and the seller can move on to their new future with fewer worries as well.

Movers or Do it Yourself?

2009-12-23T14:25:00.001-05:00

Buying or selling a home usually means one thing: time to pull out boxes and start packing.

For some, packing for a move is a great opportunity to look through the memories and treasures they have gathered throughout the year. For the rest of us, it is a stressful task that we would just as soon get over as soon as possible. Finding boxes, wrapping breakables correctly, and then carting everything to your new home can be stressful, especially if you’re already busy with work and family responsibilities.

The alternative, of course, is to hire a moving company to pack and move for you. Although this is the more expensive option, it can save a lot of time, which is why most people choose to hire a moving company. However, they can be expensive, and it is sometimes easier to move on your own.

So, should you hire a professional, or do it yourself? It depends on a few factors:

1. How Much Stuff Do You Have to Move?

If you are moving from a small apartment into your first home, and you don’t have a lot to move, it’s probably going to be easier to pack on your own, and then ask some friends to help you. If your family is moving, including children and all of their things, it is probably better to hire a mover, unless you have a lot of extra time and patience. This is especially true if you have a lot of heavy, bulk, or difficult to move items, such as furniture.

2. How Far Are You Moving?

Are you just going across town, or are you going across the country? A short move, even if you do have a lot of stuff, can probably be done with the help of family and friends, if you don’t mind making a lot of trips. However, if you are moving a long distance, even more than 30 miles away, it is probably smarter to hire a moving company, or at least rent a moving truck. Being able to move everything in one load will be much easier, and won’t take as much gas.

3. How Much Time Do You Have?

If your time is at a premium, consider hiring a moving company. Professional movers can do the job with very little input from you while you continue on with your busy day. While you will need to be home while the movers do their initial estimate and while they are packing, you won’t be spending the weeks leading up to the move trying to do all of the packing yourself.

4. How Comfortable Are You With Someone Packing and Moving Your Belongings?

The chance of something getting broken by a mover is small, but it is still a possibility and one that should be considered. Even if you hire someone to do the packing and moving for you, you should still take the time to package any irreplaceable belongings yourself, and drive them to the new home in your own vehicle. Many moving companies ask you to pack any jewelry, antiques, or other valuable items yourself, to avoid something being broken accidently.

You should also consider how comfortable you are with someone going through all of your belongings as they pack. Some people are comfortable with this, but many aren’t. Instead of hiring movers to pack everything, pack all of your personal items, such as clothing, yourself, and let the movers handle things like dishes, books, and bedding.

5. How Much Help Can You Get?

If you live in a town surrounded by family and friends that can help out during a move, you may not need to hire a mover. This is especially true if you have friends with pick-up trucks. Spending a day moving as a team may even be fun. However, for those who do not have anyone nearby that can help, hiring a moving company might be the only way to move.

Hiring a moving company is a great idea, if you can afford it and can use the extra help. But don’t discount the benefits of moving yourself, especially if you can get help for free. Renting a moving truck might be all that you need to get everything moved.

Have you hired movers in the past? Were they worth the expense?

Greenwich Real Estate News - Afraid to Buy? Don’t Be!

2009-12-20T18:27:00.002-05:00

Despite tax incentives, first time home buyer assistance, and low interest rates, it’s easy to understand why you might be afraid to buy a home right now. The market is still fairly unstable, and house values are still falling in some areas.

Buying a home is always risky, but it’s a risk that very commonly pays off. Real estate works in cycles—some years, the prices are up, during others the prices are down. It can be hard, not to mention frustrating, to try guessing what the next year or two will be like. Remember that buying a home is a long term investment. There might be a short term loss, but housing prices will go back up, and the home you buy this year will probably be worth more than you paid for it a few years from now.

Still, there are several fears that many first time, and second and third time, homebuyers face when considering purchasing a home, and they are all very valid. Let’s take a look at some of the most common fears, and see why you don’t really have to worry.

Fear 1: I might lose my job.

This is one of the biggest fears of potential homebuyers, and, in today’s economy, it is certainly valid. One of the best ways to alleviate this worry is to have a rainy-day fund in place before buying a home. Have enough money set aside to cover at least three month’s of mortgage payments while you look for a new position. And, while this is not a guarantee, and certainly no reason to be lax about payments, most lenders will not start foreclosure proceedings until you are two or three months behind. For those who are currently renting, this means that staying in a home after a job loss will be easier than staying in an apartment.

Fear 2: I won’t be able to afford my mortgage payments.

The easiest way to avoid this problem is to not buy a home that you can’t afford. Consider the amount of your payments, after taxes, interest, and any other applicable fees are added in. This amount should not equal more than 1/3 of your total monthly income. If you can get that amount down to ¼ of your take home income, that’s even better.

When you start looking for a mortgage, keep this number in mind. If you bring home $4000 a month, try to keep your mortgage payments around $1000, or less. Don’t take accept a mortgage with monthly payments over this amount. Also, make sure you have that rainy day fund saved, outside of what you used for a down payment. Having a cushion for tough times will make you feel more secure.

Fear 3: I’ll lose money.

This, unfortunately, is a risk common to any type of investment. The home you buy today for $150,000 might have sold for less three months from now, or may now be worth less after you’ve bought it. Unfortunately, it is hard to know when real estate values have hit bottom until after it has passed. If you wait too long to buy a home, you could very easily end up losing even more money, by paying considerably more for the home you by a year or two from now.

Buying a home is a long term investment. Even a short term dip in value doesn’t mean much, unless you are planning on selling. The market has dips and rises, but the overall trend is that home values do, eventually, go up. The average price for a new home in 1980 was $72,400. Today, that same home would cost $274,330. There are not many investments that go up $200,000 in value over 30 years.

There are definitely things to worry about when buying a home, but don’t let those worries automatically stop you from buying. Learn a little bit more about those fears, and see how you can alleviate them. Interest rates just hit a record low, averaging right around 5%. In the central NY area, some lenders are offering even lower rates. There will probably not be a better time to buy within the next 20 years.

So, what are you waiting for?

Greenwich Real Estate News - Short Sales: What You Need to Know

2009-12-19T18:23:00.001-05:00

Short sale was a fairly unknown term, unless you were part of the real estate industry, until just recently. Although they are not a new concept, they weren’t as talked about as regular home sales or foreclosures. Of all the ways to buy a home, they are often the most misunderstood and confusing, but they can be one of the best ways to save money on buying a home.

A short sale is the purchasing of a home that is at risk for foreclosure for usually less than the home is worth. The current homeowner makes no money from the sale, but does get to escape with less damage to their credit score. It’s a complicated process because, unlike most home sales, the bank currently holding the mortgage has the ultimate say in whether or not a short sale can go through.

Here’s how it works. A current home owner is having difficulties keeping up with their payments, or maybe their home is worth considerably less than they are paying for it. At this point, they contact the bank and ask about the possibility of a short sale. If the bank gives the okay, the owner begins filling out the paperwork and then contacts a real estate agent to get the process started.

In a short sale, the bank accepts less than is actually owed on the home in order to avoid a costly foreclosure. A foreclosure can cost a bank thousands of dollars, not counting the time and effort that goes into it. To avoid this, many banks are willing to at least talk to a home owner about the possibility of a short sale. This is an excellent opportunity for buyers, allowing them to purchase a home for less than it is worth, in most cases.

There is a catch, however. Short sales are notoriously difficult to get accepted. The banks don’t want to lose any money on a home, and may stop a short sale if they feel that the amount offered is too low. Short sales also fail because of incorrectly filed paperwork and other small mistakes. It is important to know what to expect before you enter into a short sale, as either a buyer or seller. A buyer has to be dedicated to the home, and willing to work to get it. They must also be patient; a short sale can take months to go through, as opposed to a few weeks for a traditional home purchase.

New government incentives, offering banks stimulus money for each short sale they accept, have made banks more willing to accept a short sale. One of the best ways to successfully buy, or sell, a home through a short sale is to do some research and understand how the process works. Here are a couple sites to get you started:

A Field Guide to Short Sales

How to Handle Real Estate Short Sales

Would you consider buying through a short sale?

Greenwich Real Estate News - Four Steps to Making a House a Home

2009-12-18T18:04:00.007-05:00

Congratulations, you’ve just bought a home! As you look around your newly acquired investment, you are first struck with a sense of pride, wonder, and excitement. As that feeling fades, a new one might take its place. You might notice that some of the walls have been painted a less than complimentary color, or that the carpeting has stains. Maybe the house just doesn’t feel like a home, your home.

That’s okay. It’s even perfectly normal. And, it’s a feeling that is easy to fix.

Before you do anything, start with a deep cleaning. Scrub the windows, walls and floors. Remove any window covers, and get a fresh look at your home. A fresh clean can make the home feel like it is yours—you’ve now put some work into it. That will allow you to really take ownership of the home.

Next, look at the walls. Are you happy with the colors, or would you like something different? Looking online for color ideas, or going to the local paint store for some paint swatches can inspire you to make changes. Consider the colors of any furniture, curtains, or other home items you already have. Find a color, or set of colors, that works well with the things you are bringing in to your new home. Just remember that it is easier to paint before you move everything in, if that is a possibility.

Flooring can be more expensive and more labor-intensive to change, but it can be worth it to get your home the way you want it. Before considering any changes, however, see if there are cheaper improvements you can make. Maybe the carpet only needs the care of a professional cleaning service, or perhaps the hardwood floor in the dining room needs to be sanded down and refinished. If you do decide to redo the flooring in your new home, be sure to consider how easy to care for the new flooring is. Picking something that looks nice, but will require a lot of extra work to keep it new, might not be right for everyone.

Now, it is finally time to move in your furniture. Set everything up, get settled, and take a look around. It is probably starting to feel like home now, right? Don’t hesitate to pick up accent pieces, new lighting, or other bits of décor to put your own personal style into your home. This is your place, and it should feel like you.

Even if you are still looking at homes to buy, keep these steps in mind. A house can change drastically with just a new coat of paint. It is easy to see a home for what it is, right now, when you are first viewing it. But I encourage you to take a closer look, and see a home for what it could be, with just a little work.

Greenwich Real Estate News - Three Questions Buyers Ask, and How to Answer Them

2009-12-17T17:05:00.000-05:00

Chances are, you will have an opportunity to have a conversation with potential buyers interested in your home. And when you are talking to them, there are several questions that have a good chance of coming up. Knowing what they are ahead of time, and knowing how to answer them, can save you from an awkward moment later on, while you scramble for the best answer to give.

Why are you selling?

To them, the home you are selling may be the home of their dreams. They can’t imagine why you would want to leave. You want to answer honestly, but not scare anyone off. Maybe you need more (or less) space, or the yard requires too much upkeep. This is not the time to bring up the crazy neighbors, the window that leaks in a storm, or that woodchucks dig holes in the back yard. Keep your answer light and positive.

Are there any neighborhood changes planned?

Buyers want to know that the neighborhood they think they are buying is the same neighborhood they’re actually going to get. If you know that there are construction projects planned, or if there will be a new commercial site or residence going in nearby, let buyers know. But don’t miss the chance to play up any positive features in the neighborhood, like the new park, recently improved sidewalks, or vicinity to quality schools and shopping areas.

How much did you pay for the home?

This question has a few different parts. For one, buyers want to get a sense of how much you paid originally, and how long ago you paid it. This gives buyers a chance to see how much the home has appreciated over the years. It also gives buyers a sense of whether or not you might budge a bit on the price. If you bought the home five years ago, for $20,000 less than you are asking for now, they might have a little wiggle room in the price.

Buyers may also ask you, or your agent, about how much you still owe on the home, or if there is a second mortgage. Like many smart shoppers, these buyers are looking to see how low they might be able to get you to go on the price during negotiations.

Answering these questions is a little trickier than someone asking why you are selling. You could be forthcoming, and just answer the questions, but don’t give out too much information. How much you originally paid is a matter of public record, so the buyer (or their agent) could find out all on their own. Another option is to say you bought the home as a fixer-upper, and have put extensive work into the home, thus justifying your asking price.

As a seller, you should have ready answers lined up for these and other questions about your home and neighborhood. Be prepared with what you are willing to share, and what you want to keep to yourself.

Greenwich Real Estate News - Greenwich home sales up in November

2009-12-14T15:29:00.000-05:00

Greenwich home sales market has improved over the past few months and real estate sellers hope that the improvemt will continues into next year.

For November there were 33 single-family home sales, up from 11 in November last year.

The average home price was still down about 8 percent, to $2.5 million from $2.8 million in 2008.

Major sales, included the sale of clothing designer Tommy Hilfiger's estate for $20 million.

This sale skewed the average home price number higher.

The median home price was down 21 percent, to $1.5 million from $1.9 million last year.

Buyers, sellers and agents are still waiting to find out where the bottom is for prices.

Greenwich Real Estate News - 75 Greenwich Avenue Retail Property Sets Record - Sephora Building Fetches $8M

2009-12-13T15:41:00.000-05:00

Merof LLC just completed a $8 million sale of 75 Greenwich Ave. to 75 Greenwich Avenue Associates LLC.

This is a record for Greenwich Avenue on a cost-per-foot basis -- $1,428 per square foot.,"

The previous record of $1,238 per square foot for three buildings at 98 Greenwich Ave., which sold for $23.5 million in October 2005.

Excitement is returning to Greenwich Avenue.

Greenwich Avenue remains a popular and sophisticated shopping destination.

Sephora, an upscale cosmetics retailer that occupies 75 Greenwich Ave. is in the middle of a long-term lease for the 5,600-square-foot building.

22 Elm Place Co. LLC, owner of 356 Greenwich Ave., recently signed Apple.

Investors see Greenwich Avenue as a place with steady growth and little risk.

The average retail per-square-foot rent for the avenue is slightly less than $100. The majority of newly signed rents are now in excess of $100 per square foot.

Greenwich Avenue and Greenwich in general are safe bets.

Inquiries to the Greenwich Real Estate Office, Country Estates And Manors regarding Greenwich properties have been increasing.

Several Greenwich Avenue properties are owned by Europeans. Greenwich is internationally known. European investors get the advantage of a weak dollar.

The sale of 75 Greenwich Ave. is the only ownership conveyance on the Avenue this year, but the price is an indication that interest Greenwich commercial real estate properties.

There's great value in owning Greenwich real estate

Greenwich Real Estate News - Gift Ideas for New Homeowners

2009-12-12T20:56:00.000-05:00

‘Tis the season for last minute shopping trips. If you’re buying for a new homeowner, you might be stuck between trying to find something unique and classy or something practical. You want something useful, but not something everyone else is already getting them.

There are a lot of options. Here are my top choices, based on the new owner.

A gourmet
Any cook knows that you can just never have too many kitchen gadgets, quality baking pans or new appliances. Unfortunately, there’s a good chance that the recipient already has an electric beater, measuring cup set and a blender. You need something different.

Consider a multi-tasking Panini press. Cuisinart offers a model with adjustable hinges, to allow for even the thickest sandwich. It also opens up, giving you a griddle or grill, depending on which of the contact plates you have in place. It’s perfect for everything from frying up eggs and bacon for breakfast to cooking up grilled chicken for supper. There isn’t a whole lot that this small appliance can’t cook up.

The Do-it-Yourselfer
Look, he already has a tool kit, and probably most of the power tools he could ever need, so unless you know specifically what he (or she) is looking for, you need to think just a little outside the box. There is a better alternative to a gift card from Home Depot. Actually, there are two.
A ladder. It sounds basic, but remember, the recipient has probably been living in an apartment for a while, and there just isn’t much of a need for ladders when you’re not responsible for outside maintenance. An extension ladder will allow them to reach even the highest sections of their roof, useful for cleaning out gutters, checking on shingles, or washing the upper windows.
The second option is to look at a subscription to a magazine or two. There are a variety of options out there, from Woodshop News and Popular Woodworking to Smart Homeowner and This Old House Magazine. There is also Do it Yourself Magazine. P

The Fashionista
The Fashionista is all about accessories. She has her own style, and she loves playing with new ideas. Unfortunately, unless you are very aware of what that style is, you’re going to be in the dark for finding the perfect gift idea.

First, think about what she already has displayed. That will give you a starting point. Then, try to find something neutral that will fit her style. A vase or a decorative bowl is a great start. You could also consider a set of picture frames, small statues, or some artistic holiday decorations.

The Homebody
This person wants nothing more than to curl up in the comfort of his or her new home. When you’re looking for gifts, think anything warm and snuggly. A soft throw, a new sheet set, or a set of candles or other home fragrance product will be the perfect gift.

The Outdoors Enthusiast
There’s something about having your own yard. For someone who loves to spend time outdoors, home ownership means having a place to call your own outside of the four walls of your apartment. A volleyball set, an outdoor table and chairs set, horseshoes, or even a grill would be a sure hit. Give them the perfect excuse to play outside this coming summer.

The Gardener
Owning your own home means being able to plant where ever you’d like, and for many gardening enthusiasts, their first home is the first chance they’ve had to really get into growing their own garden. A nice set of gardening hand tools is a great gift idea, combined with a pair of gardening gloves. Books filled with gardening tips or a gift card to a local gardening store are also popular choices. If you can go in with family and friends, or if you feel like spending a little extra, a rototiller is something almost every serious gardener has on his or her wish list.

The Host or Hostess
For your friend who loves to throw the best parties, or who really enjoys inviting friends and family over for dinner, you should be looking for the perfect host or hostess gift. A small wine cooler keeps wine at the perfect serving temperature. A serving set is also a good choice; allow them to serve their guests in style.

Greenwich Real Estate News: 9 Upcoming Open Houses This Weekend

2009-12-12T02:14:00.000-05:00

19 Knoll St, Riverside, CT

* House For Sale: $1,525,000

* 4 Beds
* 3.5 Baths

* Sun. 1-3pm

46 Orchard Pl, Greenwich, CT

* House For Sale: $1,795,000

* 4 Beds
* 3.0 Baths
* 3,182 sqft

* Sun. 1-3pm

40 Cambridge Dr, Greenwich, CT

* House For Sale: $799,000

* 3 Beds
* 2.5 Baths
* 2,020 sqft

* Sun. 12-4pm

105 Hamilton Ave, Greenwich, CT

* House For Sale: $1,250,000

* 3 Beds
* 3.5 Baths
* 2,600 sqft

* Sun. 1-3pm

416 Davis Ave, Greenwich, CT

* House For Sale: $6,295,000

* 5 Beds
* 5.5 Baths
* 7,927 sqft

* Sun. 2-4pm

31 Ridge St, Greenwich, CT

* House For Sale: $1,999,500

* 3 Beds
* 2.5 Baths
* 2,232 sqft

* Sun. 1-3pm

240 Riverside Ave, Riverside, CT

* House For Sale: $3,485,000

* 4 Beds
* 4.5 Baths

* Sun. 12-2pm

63 Burning Tree Rd, Greenwich, CT

* House For Sale: $2,850,000

* 6 Beds
* 6.5 Baths
* 5,472 sqft

* Sun. 2-4pm

29 Hope Farm Rd, Greenwich, CT

* House For Sale: $2,595,000

* 5 Beds
* 4.5 Baths
* 4,261 sqft

* Sun. 2-4pm

Greenwich Real Estate News: Fire At Old Greenwich Gables

2009-12-02T14:48:00.000-05:00

Condo fire in Old Greenwich

Danbury News Times

A firefighter wades through pools of water on the scene of a structure fire at the Old Greenwich Gables condominium complex at 51 Forest Avenue late Tuesday ...

UPDATE:

Old Greenwich residents remain homeless after condo fire
Greenwich Time

Fire marshal: Construction started Old Greenwich condo blaze
Danbury News Times

Old Greenwich condo fire burns into the night, displaces residents Greenwich Time

UPDATE #2

Residents struggle in aftermath of Old Greenwich condo fire

Greenwich Time

... watched fire officials inspect the damage from a vicious fire Tuesday night at the Old Greenwich Gables complex that left several families homeless. ...

Greenwich Real Estate News - Tommy Hilfiger Takes Huge Loss on Greenwich Estate!

2009-11-28T01:20:00.000-05:00

Fashion icon Tommy Hilfiger has taken a bath on his nine-bath Greenwich, Conn., mansion – selling it for $20 million, a 40% discount from its original price. The palatial Round Hill Road estate was sold to an unidentified buyer, who couldn’t view the house until after Hilfiger’s wife, Dee, gave birth to the couple’s first child in September. Hilfiger, 58, who has moved to Manhattan, first listed the home for $27.9 million in February 2008. The price was cut to $21.9 million earlier this year.

The house, dubbed Stone Hill, has eight bedrooms, nine baths, a 2,000-bottle wine cellar, indoor basketball court, a massage room with waterfall and a home theater with a popcorn machine.

The design guru purchased the home in 2005 for $18 million.

Greenwich Real Estate News - Real estate board closed today No exciting news forthcoming so I’m off to buy a huge plasma TV and a half-price Nintendo

2009-11-27T16:18:00.000-05:00

No exciting news forthcoming.

Enjoy the day off.

Greenwich Real Estate News - Home Sales Rising Due to Ending Tax Credit

2009-11-24T03:52:00.000-05:00

Due to first time home buyers tax credit ending by April 30th instead of November 30th, home sales are rising as home owners rush to sign a purchase agreement by the end of April in order to qualify for the tax credit. Sales are expected to rise 1.4 percent which means an annual rate of 5.65 million which is up from September which was only 5.57 million. Even though sales are expected to drop in the winter months because the tax credit is not running out until later, this means an expected sales increase in the spring, which is also in most areas a better time for selling homes due to warmer weather.

Even though this is some good news for the housing market, there are still many people facing foreclosures. Fourteen percent of homeowners are either getting behind on their mortgage payments or were in foreclosure state by the end of September. Also, if unemployment keeps rising, than the housing market will continue to suffer. There are some plans to lower mortgage rates next year but the government is limited in being able to help the housing market.

The best thing that can be taken away from this news is that there is hope for the housing market because sales are expected to rise in the Spring, so even if things may seem slow this winter, don’t give up on getting that perfect house you want in the spring and if you are person selling your home, push more to sell in the Spring, when more homebuyers will be rushing to beat that tax credit deadline.

For more information visit: http://news.yahoo.com/s/ap/20091123/ap_on_bi_ge/us_home_sales

Marketing Mistakes to Avoid When Selling

2009-11-23T20:19:00.000-05:00

Ask your real estate agent for tips
As your agent, they have experience in what sells a home and what may not be such a good idea. If you are looking to avoid bad marketing ideas, agents are an excellent first resource of information.

Greenwich Real Estate News - Before it Snows

2009-11-10T04:27:00.000-05:00

With the days getting progressively colder, it’s becoming harder and harder to put off the inevitable. Snow is coming. A lot of snow. And probably sooner rather than later.

You have maybe a few good weekends left to get your outdoor work taken care of. If you are planning on selling your home this winter, or even early in the spring, there are a few tasks that you really shouldn’t put off.

If you have any painting that needs to be done before winter, now is the time to do it. Pick a couple of sunny afternoons, or a nice weekend, and get it taken care of as soon as possible. Not only will new paint improve on your home’s curb appeal, it will also help to protect wood siding from the winter elements. Just be sure to pay careful attention to the weather reports; it is difficult to predict the weather in Greenwich normally, but it is even harder in the fall.

Rake up the leaves and fertilize your yard before the first major snowfall of the season. This will help your lawn look its best next spring, which is important if you plan on selling. This is also the time of year to plant bulbs for spring flowers. A bed of daffodils or tulips can make your home even more appealing to buyers when they begin blooming in the early spring.

Clean out your gutters one last time before the winter to minimize build-up over the next six months. Wash your windows from the outside, and scrub off your deck or patio. Winterize your lawn mower and other outdoor tools (clean them to remove mud, grass, and other debris), and pack them away in a garage or storage shed. Check your shovels, snow blower, window scraper, and anything else you might need this winter to make sure they are in good shape and ready to go. Pick up a bag of rock salt, and have it ready for the first icy morning.

While you are outside doing all of this pre-winter work, there is one more thing you might want to do. If you are smart, and interested in making life a little easier a month from now, this is the perfect opportunity to hang up the plastic hooks that come with many exterior Christmas light sets. The hooks are usually the worst part of hanging the lights. Get it taken care of now, before you are forced to do it in the snow and ice. You’ll thank yourself later.

Greenwich Real Estate News - Exciting News In Real Estate

2009-11-06T04:14:00.000-05:00

here were two huge announcements made Thursday that are going to have a tremendous impact on the real estate market.

Fannie Mae announced a new program to slow down home foreclosures. Owners facing foreclosure will be able to turn their deed over to Fannie Mae, and then rent back the home for a year. After the year is up, owners will be able to rent on a month to month basis. The program was created to help owners that do not qualify for other loan workout programs. This “Deed for Lease” program is meant to help ease the transition for homeowners, giving them time to seek other housing. It also lessens the impact on neighborhoods.

There are a lot of questions still to be answered with the new Fannie Mae plan. For starters, will residents have the opportunity to buy the property back once they are back on their feet? It would make sense if they could, as it would keep the resident committed to the care of the property, but nothing really specifies that right now. Also, if the water heater breaks, or there is some other maintenance needed, who is responsible? Fannie Mae would own the property, which should put them in charge of repairs, but, again, there aren’t enough details provided about the new program.

The second big announcement is that, pending President Obama’s signature, the First Time Buyer Tax Credit is going to be extended through April 30, 2010. By that time, buyers need to have a signed sales agreement in hand for their home purchase. The home doesn’t actually have to be closed on until June 30th. Military personnel who have been deployed for at least 90 days in 2008 or 2009 will have until April 30, 2011.

The maximum income levels for qualifying for the tax credit have also been changed. The limit is now $125,000 for single buyers and $220,000 for couples, up from $75,000 and $150,000, respectively. It is hoped that this expansion will put an end to the latest dip in home sales, which fell again in September and October, with the end of the tax credit looming.

With these two programs in place, there is a better chance of the real estate market getting back on its feet without another major decline. With less foreclosures on the market, there will be a smaller backlog of inventory (homes) waiting to be sold. The buyer credit will encourage more people to become home owners for the first time, making a (hopefully) major dent in the current inventory. And, if Fannie Mae will allow Deed for Lease participants to buy back their homes, that will prevent thousands of homes from ever entering the market, which will help to keep the number of homes for sale at a lower amount and help to turn everything back around.

Greenwich Real Estate News - Off-season Home Buying Tips

2009-11-01T03:32:00.000-05:00

With the housing market still trying climbing back up and mortgaging prices getting lower, it is a good time this fall for home buyers to look at buying that home that meets their every need. Even though home buyers are at an advantage because home sellers have to be more flexible in this market, there are still some things you need to know to help you purchase that home that is just right for you. Here are some tips for home buying in the off-season to help get you started on your way to that perfect home.

Make sure you have job security
Even though home sellers need to be flexible and the housing markets are favorable towards home buyers, it is still important to be confident in the amount of money you have to spend and also to save before looking at possible homes. This way you do not go over your budget.

Save up for a down payment
It is important to make sure you have enough saved up for a down payment to put on a house. This way you know you will have enough money to secure the house that you and your family want. Otherwise another buyer may be able to buy it first.

Pay attention to home trends and markets
Prices and markets can go up and down every single day. It is important to pay attention to the home trends and markets in the place you want to live. It is also a good idea to do your homework so you can get the best deal possible.

Look closer at rising taxes
It is also important to pay attention and look closer at rising real estate taxes. Know how much they will go up and make sure that you are prepared for these increases. This way you can know that you will be able to afford your home in the future.

These tips for home buying during the off season or in the fall, will help you to work on getting the home that is truly best for you and your family. This way you will have less to worry about in the future. You and your family can just enjoy your new home and future with peace of mind.

Greenwich Real Estate News - Homebuyer Credit Gets New Life

2009-10-29T21:11:00.000-04:00

Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon

Greenwich RealEstate News - Credit for first-time homebuyers set to expire at end of November, plan will remain until end of April

2009-10-28T16:16:00.000-04:00

WASHINGTON – 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.

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, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

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.

Source: Associated Press 10/28/09

Greenwich Real Estate News - Smart Off-Season Tips for Buyers

2009-10-27T16:23:00.000-04:00

Everyone’s been saying “Now’s the time to buy,” for quite a while, but for many who’ve been waiting on the sidelines, the autumn “off-season” of real estate may indeed be the right time to act.

Anybody who is trying to sell a house going into the winter months has to be flexible, and you should be able to get good deals. With mortgage rates at record lows and favorable home prices, buyers should be active.

Here are some tips for buyers to help ensure a successful close:

Secure Employment: Buyers must have a stable job in order to feel comfortable about the purchase and to get approved for a mortgage.
Spotless Credit: Credit scores above 720 still get the best mortgage rates, as lending remains tight. Help buyers to correct any errors on their credit reports.
Build Cash: Let house hunters know that the days of no-down-payment loans are a relic of the past. Depending on the situation, they’ll need to put down at least 3.5 percent of the purchase price.
Follow Uncle Sam: Though the first-time home buyer tax credit is set to expire November 30th, there’s talk it may be extended into 2010. Buyers may still be able to take advantage of this opportunity, but pay attention to the news out of Washington to see if eligibility will be extended.
Be Ready to Bargain: Purchasers are in a position to ask for a lot more if a seller needs to move. If you think the floor needs to be replaced, ask for it.

Greenwich Real Estate News - NAR: Housing Tax Credit Is Working

2009-10-22T16:20:00.000-04:00

Consumers are just starting to see the first glimmers of a bright future for the housing market and the overall economy. It’s up to Congress to make that glimmer a reality by building on the momentum created by the $8,000 home buyer tax credit. That’s what National Association of REALTORS® First Vice President Ron Phipps, told the Senate Banking, Housing and Urban Affairs Committee Tuesday during a hearing on “The State of the Nation’s Housing Market.”

One of the key ways to do that is for Congress to extend the home buyer tax credit, “The data on the present home buyer tax credit show that the credit has had its intended impact—sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably,” Phipps said. He also pointed out that each home sale generates approximately $63,000 in additional economic activity, providing a tremendous economic boost to the national economy.

“But it is a fragile recovery, and now is the time to build on home sales momentum by extending the tax credit throughout 2010 and expanding it to all home buyers,” he said. The present credit, due to expire on November 30, cannot help new purchasers now who write a contract today—they won’t be able to close before the deadline, and will lose out on the credit, said Phipps. “Without congressional action now, the market and our national economy may freeze again—possibly as soon as this month.”

Make Loan Limits Permanent
Phipps called upon Congress to take action on a number of additional fronts to strengthen the recovery. First, make the FHA and Fannie Mae/Freddie Mac loan limits permanent; these are set to expire on December 31. “Maintaining current loan limits would ensure that families have access to low-cost financing to purchase homes and can refinance problematic loans into safer, more affordable mortgages,” Phipps said.

Secondary Mortgage Markets
In addition, Congress should continue the federal government’s involvement in the secondary mortgage market. “Without the government’s involvement in the secondary mortgage market, market participants will have no incentive to reach out to lower-income, creditworthy consumers. We must ensure that the housing market works in all markets and at all times, and that mortgage capital is provided to all potential and qualified purchasers in a way that promotes sustainable homeownership,” said Phipps.

—NAR

Greenwich Real Estate News - Good Housing News Predicted

2009-10-18T16:28:00.000-04:00

All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.

Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:

Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
Sales of existing homes likely rose to a two-year high.
Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.

Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Source: Bloomberg, Courtney Schlisserman (10/18/2009)

Greenwich Real Estate News - Congress Debating the Tax Credit

2009-10-14T16:31:00.000-04:00

Congress is considering expanding and extending the $8,000 first-time homebuyer tax credit, which expires Nov. 30.

More than 1.8 million home buyers will have used the credit by the end of November, including an estimated 355,000 who wouldn’t have bought a home without it, according to the National Association of REALTORS® and other analysts.

Mark Zandi, chief economist for MoodysEconomy.com, is among those in favor of extending the credit. Zandi would also make it available to all homebuyers. “The most fundamental argument for the credit is that nothing works in the economy if housing is falling,” Zandi said. “[The credit] is a good insurance policy. It’s vital to stem the housing price declines.”

Opponents argue that the tax credit is too expensive and doesn’t help enough people.
Extending the credit through the end of 2010 and making it available to single filers earning up to $150,000 and joint filers earning up to $300,000 would cost an estimated $16.7 million. Some in Congress propose using unspent money from the $787 billion stimulus bill to pay for it.

Source: CNNMoney.com, Les Christie (10/14/2009)

Greenwich Real Estate News - Greenwich Home For Sell

2009-10-14T15:28:00.000-04:00

Greenwich Starter Home

THIS LOVELY ORIGINAL 4 BEDROOM COLONIAL HAS A FRONT PORCH OVERLOOKING THE PROPERTY. GENEROUS SIZED ROOMS AND A LOWER LEVEL...

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Greenwich Real Estate News - Condo For Rent

2009-10-13T15:21:00.000-04:00

Greenwich Condo Living- Why Rent?

New to the market, this stunning three bedroom, two and one half townhome is an absolute joy to own in...

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Ask Greenwich Real Estate Broker James Martin - Buyers Real Estate Agent

2009-10-07T16:55:00.000-04:00

Question:

If you see a home at an open house and decide to make an offer, is there a buyers real estate fee?

Answer:

I believe what you are asking is, if you walk into an open house without an agent and make an offer, does the seller still pay both "halves" of the commission? The simple answer is yes. Even if there is no buyer's agent involved, the seller must pay the full commission to the listing agent.

If you meet an agent at an open house, they are representing the seller. You can hire them, via a Buyer Representation Agreement, to represent you, too. In such a case, you and the sellers would also have to sign Dual Agency agreements, since the same firm will be representing both of you.

It is always recommended that you choose and hire your own agent to represent you. No need to go to random open houses, but, rather, have an agent working for you and helping you select which homes to view at your convenience.

Greenwich Real Estate News - Tips for Pre-Marketing your Home for Sellers

2009-09-17T16:25:00.000-04:00

When you are planning to sell your home but have not put up that for sale sign yet or listed your home, marketing is still an important and necessary step. The first step to good marketing is getting the word out there and this is even important when the house is not on the market yet. Doing some pre-marketing may help to sell your home faster and may save you time and money in the long run. Here are some pre-marketing tips for selling your home to help get you started.

Tell your friends, relatives and even your neighbors
Your friends and neighbors may have people they know that might be interested in buying your home or they may even be interested too, plus your neighbors know about the location and may even know about your home so they can help spread the word.

Put an ad on the internet
Even if this not an official real estate listing, getting buyers interested now may help the selling process go easier for everyone later. Try websites such as craigslist, zillow, or even Google to post a pre-listing.

Make up flyers and post them around work or surrounding neighborhoods.
We all have seen those whole made garage sale signs; well this is the same thing. Put up flyers around your work or neighborhoods near by to let possible buyers know that you will be listing your home very soon.

Make a checklist and plan
It is a good idea to make up a pre-marketing plan and the things that you want to include. It is also a very wise idea to keep your real estate agent informed about every step of this plan. That way it will make selling easier for everyone.

It is never too early to market the selling of your home. Getting the word out about your home before it is put on the market can especially help when you need to sell your home quickly or you want to do a short sale. This can help take some of the burdens and worries off of you for later on. This way you can just focus on your new life and future in a new home.

Greenwich Real Estate News - Custom Built Rental

2009-09-08T15:38:00.000-04:00

Custom Built with Detailed Craftsmanship (Rental)

Distinction in craftsmanship and landscaping infuses this gracious 100% complete brick & natural stone New Construction with an elegant presence....

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Greenwich Real Estate News - FHA Is Having Busiest Year Ever

2009-09-02T18:00:00.000-04:00

About 25 percent of all new mortgages are backed by the Federal Housing Administration in what will probably be the busiest year yet for the federal agency.

Applications for FHA mortgages rose 50 percent from last October through mid-August 2009 and approvals for purchases, refinancings, and reverse mortgages rose 70 percent to 1.67 million.

FHA loans “are one of the most important sources in this market,” says Mark Zandi of Moody’s Economy.com. “Without FHA, the housing slide would be much more severe. We wouldn’t be talking about a recovery now. We’d still be talking about a crash.”

Some analysts are concerned about the risk the FHA has taken on, but others point out that borrowers with FHA-insured loans now have an average credit score of 690, compared to 630 two years ago. Borrowers with a credit score below 500 must come up with a 10 percent down payment.

Source: USA Today, Stephanie Armour (09/02/2009)

Greenwich Real Estate News - Now’s the Time to Buy in Real Estate

2009-08-26T18:40:00.001-04:00

Investors are returning as the real estate market recovers.

BusinessWeek’s real estate guru Marc Roth points out these opportunities, which he says make sense if investors are willing to look over the property carefully and ask tough questions.

Options they should consider include:

Buying a single-family house. This could be a first home or a dream home or a home to rent out.
Buying a multi-family investment property.
Snapping up a vacation property. There are deep discounts to be found in high-end resort areas.
Investing in a Real Estate Investment Trust. REITs were hit hard in the downturn, but many are on their way back.

Source: BusinessWeek, Marc Roth (08/26/2009)

Greenwich Real Estate News - Graduated Payment Mortgages

2009-08-17T16:18:00.000-04:00

If you are a first time buyer or just a buying that only has a certain amount of income right now, finding financing to help you purchase that new home may be a challenge. You do have options though and one of them is a graduated payment mortgage. This type of mortgage has a lower payment in the beginning to help you get started. This may be a good option, especially if this is your first home. Here are some tips about graduated payment mortgages to help you out. This way you can have less to worry about and just enjoy your new home and future.

Starts out with lower payments
Graduated payment mortgages start out with lower payments that increase over the next few years. This allows you to have more money while you are looking for a better job or waiting on a promotion.

Allows you to save for later
This loan allows you to save money for later for home repairs or remodeling or just to budget more for those later increased payments

Good for starter homes
If you only plan to stay in the home for a few years and then move, this is the loan for you, because it has those lower payments in the beginning and may not increase until your income does, so it is good for first homes or starter homes.

Has a fixed rate and maturity
This loan has a fixed interest rate and maturity so that is good since the payments may increase over the years. Just make sure you budget well for the increases that will happen.

If you are just starting out and this is your first home, there is so much to think about and consider. Following these tips and advice about graduated payment mortgages will at least help get you started and give you one less thing to worry about. This way you can focus more on your future and your new home.

Greenwich Real Estate News - Greenwich Ranch Style Home For Sale

2009-07-16T15:42:00.000-04:00

Spacious Four Bedroom Ranch in Greenwich CT

A very spacious ranch style home in King Merritt Association. This home sits on a lovely 1 acre parcel on...

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Greenwich Real Estate News - First-time homebuyer tax credit: 5 essential tips for new buyers

2009-06-18T16:08:00.000-04:00

With the revised first-time homebuyer federal income tax credit currently in effect, now is the perfect time to consider making that big purchase, your first home.

"Buying a home is one of the biggest financial commitments a person can make, but first-time homebuyers and qualified return buyers are in an ideal position to take advantage of unique opportunities in the market, such as low interest rates and the choice among an abundance of for sale homes.

But before you sign on the dotted line, Country Estates Anad Manors a Greenwich real estate firm offers some helpful tips to ease the transition into homeownership.

Learn about the first-time homebuyer federal income tax credit

If you are considering purchasing your first home, or have not owned for at least three years, learn the parameters of the temporary first-time homebuyer tax credit, which is one of 10 provisions of the American Recovery and Reinvestment Act signed into law on Feb. 17, 2009.

According to FederalHousingTaxCredit.com -- a consumer Web site created by the National Association of Home Builders -- for those who qualify and purchase before Dec. 1, 2009, the bill provides a tax credit of up to $8,000, calculated at 10 percent of the purchase price. Unlike the previously available credit from 2008, the money does not have to e repaid, as long as the homebuyer does not resell the house for at least three years. "The tax credit can help make the American dream of homeownership a reality for potential buyers who previously could not afford the investment," says Young. He adds that potential homebuyers should consult with a professional tax advisor for full details on how the tax credit may benefit them.

Calculate what you can afford

Before you start searching for your new home, know what you can afford. According to the U.S. Department of Housing and Urban Development, your total monthly mortgage payment -- which includes principal, interest, taxes and insurance -- should be about 29 percent of your monthly gross income.

What you can afford is also based on, among other things, how large of a down payment you can make and how much money you can borrow. You can start estimating this figure by using an affordability or loan calculator found on the Internet. These calculators can help compute what may fit comfortably within your budget based on factors such as annual income, annual debts, interest rates and credit score. Though Internet calculators and statistics are good references, it is recommended that you consult a financial advisor to determine exactly how much you can afford.

Choose a neighborhood

After you determine your home buying budget, think about where you want to live. Are you going to stay in your current neighborhood, or do you want to hit the open road and start fresh? No matter what, you should thoroughly research the demographics of the area. Some additional factors to consider are how far you will be from work and shopping -- and if you have children, do some careful research on schools.

Make a wish list of needs and wants

Early in the home-searching process, list your basic needs such as minimum square footage, number of bedrooms and bathrooms, location and of course, the price you can afford. Web sites of leading real estate brands should have guided property searches that allow you to choose one or more of these criteria. If there are features that you would love to have in your home, but could live without, put them on your "want" list. This includes things like a pool, big yard, extra bedroom, etc.

Work with an experienced real estate professional

Searching for and purchasing your first home is an exciting experience, but it can be overwhelming. To help each step in the home buying process run smoothly, consider working with a seasoned real estate professional. Choosing a professional who is knowledgeable in your local and national markets, has access to the newest listings, and can help you negotiate prices, will increase the chances of finding your dream home.

Tips for Buying a Home from a Builder

2009-06-17T15:18:00.000-04:00

More often these days, people go to “parade of homes” events or talk with their friends and family and decide to buy a home directly from a builder instead of looking for another home. This way they get exactly what they want and it is brand new. Buying a home can be challenging though and buying from a builder has its own challenges. Here are some tips for buying from a builder to help make the process easier and more enjoyable for everyone.

Shop around for a lender
You may think it is easy to just go with the builder’s lender, but this may not always be the best choice. They may overcharge you or not really listen to your concerns and needs. It is best to shop around for the right lender that will best fit your needs.

Obtain legal advice
When buying directly from a builder, sometimes they just write up an agreement that is best for them and not the buyer. Make sure to ask plenty of questions and know your rights. Also, make sure you get an agreement that works for you as well.

Hire a home inspector
It always a good idea to hire a home inspector when buying any home. Home builders have certain requirements but it is a good idea to make sure everything is done properly and any repairs are made before you purchase the home.

Ask around about the builders
Make sure the builders have a good reputation for building good quality homes with good construction. It is a good idea to ask other people that went with the same builder or to ask your agent for information on the builders.

These tips will help make the buying process easier for everyone. Buying a home can be challenging, but it should also be an enjoyable and rewarding experience as well. These tips will help make sure everyone is on the same page and help make sure there are fewer problems in the future.

Do It Yourself Home Improvements to Avoid for Home Buyers

2009-06-16T00:30:00.000-04:00

When you have finally bought the home that is right for you and your family, you may want to update it or remodel some and you may want to save money by doing it yourself. There is much to consider and think about when you are planning to make home improvements by yourself. If you are not careful you could end up costing yourself money instead of saving money. Here are some do it yourself tips to avoid to help save you time, money, and worries in the future.

Make sure to always check on codes and obtain a permit
Without getting your house up to code or obtaining a permit, you are violating the law. Also, if someone finds out that you did not get a permit, you could have to start over and this will cost even more money.

Always make a written plan for work
If you do not write out your plan for the work that you will be doing, you may underestimate the time it takes to complete a job. This will not only cost you more money, but will make some areas of the house hard or impossible to use.

Make a budget
Under budgeting for the improvements or repair work may cost you more money in the long run. It is important to know if you have enough money for the jobs you plan to do and also budget for unexpected.

Hire a professional if needed
Trying to handle a job that you are under qualified for can not only be costly, it can be unsafe and dangerous for everyone involved. If you really are not sure whether or not you can complete a job by yourself, it is always best to consult a professional.

These tips will help you to avoid mistakes and more problems when you go about improving, repairing, or remodeling your new home. This will save you time and money and also worries far into the future. This way you can work on getting your home just how you want it with peace of mind.

Greenwich Real Estate News - Uncle Sam wants to help the First-Time Greenwich Homebuyers

2009-06-12T02:53:00.000-04:00

The U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 announced the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home.

He said this action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit up to $8,000 for purchasing their first home. Families can access this credit after filing their tax returns with the IRS. The new announcement detailed FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments.

Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. You may visit the HUD web site to learn this new rule.Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Now the lenders can use the tax credit as additional down payment, or closing costs, which can buy down the interest rate.

In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the down payment. This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away.

The Administration’s homebuyer tax credit is estimated to stimulate 160,000 home sales across the nation -101,000 of will be first-time buyers to receive the credit. .Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges.

FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

Greenwich Real Estate News - Landscaping tips to Sell Your Home

2009-06-01T17:39:00.000-04:00

If you are trying to sell your home, you know that much work goes into the process. You have repairs to do, an agent to hire, open houses to hold, plus all the future plans and packing for your new home. When trying to sell your home, the outside of the home matters as much as the inside. If a buyer does not like the outside they may not even bother coming inside. So here are some landscaping tips and advice to help you make your home look even nicer and ready to sell.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with what buyers like and what may turn them off. They are a great resource in helping you to get the right curb appeal to sell your home.

Add some contain plants to decks and patios
These areas are right where a possible buyer will enter and leave your home, so having eye catching beautiful plants are a good idea. They may also lead the buyer to think about possibilities they could do with the home if they bought it.

Buy fresh mulch
This will help your place look inviting because everything will look new and attractive to a possible buyer. Plus, it does not cost that much and is easy to apply.

Add color plants both outside and inside
Adding color will help draw in a buyer’s attention and also makes the house look nice and well maintained. These are all things that will make a buyer feel more comfortable about looking at your home.

Repair faucet links and plumbing problems
If a buyer sees a faucet leaking even outdoors, they may be concerned about plumbing problems and other concerns and may pass up your home, so it is a good idea to make these repairs to not scare buyers off.

When selling your home it is a good idea to care about how the inside of your home looks, but the outside may be what attracts a buyer from the start, so it is important that the outside looks good too. With these landscaping tips, you may be on your way to a sale and on to your brighter new future in no time at all.

Greenwich Real Estate News - Exterior Staging

2009-06-01T04:21:00.000-04:00

When you’re trying to sell your home, you know how important staging is. Potential buyers want to see a home’s potential. That means taking out clutter and a lot of personal decorations, such as family snapshots. Buyers need to be able to picture the home as their own.

The same is true of the exterior of your house. A cluttered, unfinished backyard can kill a sale as easily as a cluttered home can. One of the first things that a buyer will see is the front of the home. You can boost your curb appeal considerably by doing a little landscaping. Plant some shrubs or trim the ones already in place. Plant some colorful flowers (annuals are cheap and easy to plant). Make sure that walkways aren’t overgrown and that the grass is cut short. Watering regularly in the weeks before showing your home can assure a green lawn.

Space sells. That’s true not only inside your home, but outside as well. Move lawn furniture to create a more open look if you have a small yard. Clear clutter and cut down weeds. Put any children’s toys into storage, including pool toys and small climbers.

Putting in some new plants can also help you to set the stage for potential buyers. Be sure to label as many plants as you can—buyers will appreciate knowing what plants you are using. Many home and garden stores have blank stake labels that can be slipped into the soil next to the plant. Make sure any weeding and pruning is done before potential buyers arrive. Putting in some mulch can give flowerbeds a very fresh look, adding to the exterior value of your home.

Rent a pressure washer to clean off decks, lawn furniture, patios and walkways. Refinish the deck if needed. It doesn’t take long, but will drastically improve your chances of selling fast. If any lawn furniture is rusty or has chipping paint, scrape it down and apply some new paint. Arrange a seating area, clean off the grill, and even buy a new lawn piece or two, if needed. Your goal is to create an area that looks perfect for barbecues, get-togethers with family and friends, or even just lounging after a long day of work.

Part of staging the exterior involves working on the house itself. Clean any debris from the roof and clean out the gutters. Spray down the siding. Touch up the paint job if needed. Make sure windows are clean from the inside and out. Another thing to consider is how your yard looks from the inside of the house. Look out windows, and make sure that your yard is arranged for maximum impact. This is often the first impression buyers will get of the backyard—make it count.

Staging your yard shouldn’t take more than a weekend, but it can radically change the look of your home. While the front of the home, the curb appeal, is important, don’t overlook the ways that a few hours of work can perk up the rest of your yard as well.

Real Estate Investment Tips

2009-05-16T00:19:00.000-04:00

People may consider buying a property or piece of land and then making a profit from it by renting it out, using it as a time-share and sharing it with others or for other reasons. Whatever the case, there are certain things that need to be considered when making a real estate investment. Here are some real estate investment tips to help get you started. This way you can save time, money, worries, and get the most for your money in the long run and enjoy your future and your investment for a long time.

Think about your Goals
Consider your goals before making an investment. It is important to know and consider what you want to get out of your real estate investment. That way you can plan ahead as you pay mortgages and consider when you want to sell the property for a profit.

Pick a Good location
When making any investment, location plays a part, but when investing in real estate location is a big player. You want to pick a location that people are going to want to live in so you can make a profit. You can always make improvements but you cannot move a property.

Study the property well
If you find out all you can about the property, you will know whether it is a good or bad investment. Look into property records and pay close attention to details, they may cost you money or help you make money.

Learn Good negotiation skills
It is important that if you are going to invest in a property, you know how to negotiate well. Negotiating can help make you money or it can cost you money depending on how well a negotiator you are. Study tips from real estate agents and read all you can.

There is much to consider when investing in real estate. Making mistakes can cost you money, but avoiding those mistakes and investing wisely can help you to profit in a big way. These real estate investment tips will help you get started so you can enjoy your investment and your future profits.

Tips for Renting Out your Home

2009-04-16T00:04:00.000-04:00

The housing market is struggling right now in many areas and many sellers are finding it harder and harder to sell their homes. This means that many sellers are paying mortgages and payments for two homes if they already bought a new one or they are losing money by keeping their home on the market. One way that many sellers could avoid losing any more money and time, is to rent out their house. This may also serve as a tax cut for some people and can be a very wise idea in these times. Here are some tips for renting out your home to get you started.

Check if your property has rental restrictions
Some properties in some areas have certain restrictions about renting, so it is a good idea to check with the building and zoning authorities to see if your home has any.

Review your mortgage paperwork
Sometimes certain mortgages have rental restrictions while the mortgage is still active, so it is important to look to see if there are any and what they might be.

Interview possible tenants
It is a good idea to interview possible tenants while you are showing the property. It is also very important to ask for applications, security deposits and rental and credit history. That way you know your tenants are reliable and will pay the rent on time.

Walk tenants through your home
On the day your tenants plan to move in to the home, walk through it with them and make sure they sign a “property condition agreement” and report any problems they see with the property by a certain date. Otherwise you can charge them for damages done to your home after that date.

Every seller wants to of course sell their home for the best possible price. However, with the housing market down that may be tough and this way renting your house will bring some money in and you will not lose as much money. Plus your renters could be possible buyers in the future. This will help put your mind at ease and give you more confidence for selling in the future.

Greenwch Real Estate News - Tools for First Time Owners

2009-03-14T21:05:00.000-04:00

There are a lot of details to take care of when you are buying your first home. Paperwork, hiring a moving company, getting packed and preparing to move into your new home are probably at the very forefront of your thoughts, but there is one more thing you should be thinking about as you prepare to move in.

If you have been renting for the past several years, you probably have not had to do any repairs and haven’t had a lot of use for anything much more than a basic tool set. When you buy a home, that changes. All of the sudden, you are responsible for fixing everything from leaky windows to broken cabinets. A hammer and screwdriver just isn’t enough anymore. Before moving in, or within the first few weeks, you’ll want to go out and pick up some essential tools to keep around your home.

Start with a basic tool kit, and keep it someplace very convenient. You won’t want to run out to the garage every time you want to hang a picture or measure something. A basic tool kit contains a hammer, screwdriver, wrench, level and measuring tape. Better kits might have a few other small tools thrown in.

There are a few smaller, essential purchases that you’ll want to add to your tool collection, starting with a utility knife. These are super handy when you’re unpacking, but are also something that you’ll reach for often to help you cut everything from packaging to drywall. You’ll also want a variety of clamps, nails, screws and other fasteners. For quick repairs, pick up a bottle of wood glue. Many homeowners would also recommend a quality caulk gun, for resealing showers, cabinets, and any number of other areas around the home.

The worst time to realize that you need plumbing tools is when you really need plumbing tools. Right then, because the toilet, sink or shower is clogged or maybe you even have water coming up the drain. Pick up a couple of plumbing snakes (at least two different sizes—one larger and one smaller) and a few plungers. You’ll want one for each toilet, and then at least one more for use on sinks and showers.

Most power tools aren’t essential unless you’re tackling some big repairs, but there are two that every home owner should have. Start with a power drill. You will use it a lot when you are moving in, for hanging things on the walls, but it’s also something that will see a lot of regular use. Most homeowners use their power drill more than any other household tool. You will also want a saw, either manual or a table saw. You may not need it right away, but eventually you’ll be faced with a repair or remodeling project that will require a saw.

You’ll also want to pick up a book on basic home maintenance. A good book will explain painting, plumbing, drywall repair, and numerous other simple projects that most homeowners can handle on their own.

Greenwich Real Estate News - After the Movers Leave

2009-03-12T03:36:00.000-04:00

You bought a house, packed up all of your belongings, and hired a moving company. Now, you are standing in your new home, the movers are pulling out of the driveway, and you feel…

Overwhelmed. Everything you own is in a box, scattered around the house. Or, more likely, stacked in what will, someday, be your living room. So, where do you start?

First things first—you will need a place to sleep tonight, and so will your family. Set up the beds first. Ideally, you have all of the bed linens in one box, and it’s labeled and easy to find. Once the beds are set up, unpack all of your toiletries.

At this point, concentrate on getting boxes to the right rooms. Don’t start unpacking until all of the boxes have a home, and then tackle one room at a time. If you have wrapped your dishes in newspapers or something similar, they will need to be washed. Pop the first load into the dishwasher while you start on the bedrooms. Put dressers and other furniture back together, and start putting things away, one box at a time. Break down and stack empty boxes in an out of the way area when you’re done with them.

As the dishes finish up, start putting them into the cupboards. Your perishable foods should already be taken care of, but now you should start on the rest of it. It might take a little while to figure out how you want to organize your new kitchen. Remember that you can always change things around later; right now, you just need to get everything out of the boxes and in some sort of order in the cupboards. Unpack and put away appliances and anything else that belongs in the kitchen while you are at it.

Put together the rest of your furniture. Don’t worry too much about where it is going right now. Just make sure it is in the right room. Next, start setting up offices, entertainment centers, and other electronic areas. Before you begin setting them up, though, look for your outlets. There is nothing worse than getting everything all set, only to realize that the cord is just a little bit to short to reach a power source.

Start unpacking each room. Put books on shelves, stack toys into toy chests. This is the longest, and most frustrating part of the unpacking process. It probably seems like it will never end! It’s okay to take breaks, and to let this task stretch out over several days. Just remember to keep boxes waiting to be packed set out of the way, and to take care of the empty boxes as you clear them out.

Seasonal or seldom-used items can go into storage, without being unpacked. Carefully label each box before storing it, and then pack it away in the attic, basement, garage, closet, or where ever else you are using for storage.

Unpacking takes a while, a long while. Just remember to do it in small chunks and take breaks. Don’t think you need to have everything done within a day or two. Unpack what you need, and then unpack as you can after that, even if it is only a box or two a day.

Greenwich Real Estate News - Becoming a Habitat for Humanity Homeowner

2009-03-07T17:59:00.000-05:00

Many people have heard of Habitat for Humanity, but many people do not know exactly what the organization does or how becoming a homeowner for these homes actually works. The homes are not just given to the homeless, nor are they exactly free. If you are first time home buyer, you may want to look into the program as it may be a good idea for you and your family’s first home. Here are some tips on being a habitat for Humanity Homeowner to help make the process easier for everyone involved.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with selling property and they probably know useful information about programs like these. They could help you figure out if this program may be a good option for you.

Applicants still have to go through a screening process for this program
This means that applications still need to meet certain qualifications such as low income guidelines, approval requirements, five hundred hours of sweat (working) equity, and pay mortgages, taxes, and insurance on the home.

This program is not government funded
Habitat for Humanity gets funds and help from the community, corporations, grants, and other organization donations

Mortgages are based on 30 percent of a home owner’s net income
Other conditions to becoming a homeowner include working on other homes first, maybe waiting up to five years to own a home, and they cannot be immediately resold for profits.

Donation of time and or money is required
Donating up to at least five hundred hours in building as well as supplies or money is a requirement to becoming a possible homeowner.

If you are first time buyer and do not have much income and would like to help out your community while helping out you and your family, then becoming a Habitat for Humanity homeowner may be just right for you. It may take time, but once it’s all finished and you can live in your new home, you will be proud of the work you did for yourself and your family for years into the future.

Greenwich Real Estate News - Tips for Buying Pet-Friendly Homes

2009-02-14T21:09:00.000-05:00

If you are buying a home, there are many things to consider but one thing that may get overlooked is whether or not the home you are looking for is pet friendly. If you do not have kids, or your kids have left home, or you are just a big pet lover, it is important to consider your pet when buying a home. That way you can make sure everyone is happy, including your pet or pets. Here are some tips for buying pet-friendly homes to help get you started. This way your pet will enjoy the home as much as you do.

Check County and Code Restrictions
It is important that you check out county and code restrictions for pets before considering buying a home in a certain area. Some counties have certain restrictions about pets including how many there can be or how big the pets can be. So it is important to look into this before considering a certain home.

Read over Home Owners Association Documents
These documents may also have certain rules and restrictions when it comes to pets. It is important to know the rules and guidelines so that you do not get into any trouble later on. Also, you may be able to ask your agent for help with obtaining these documents.

Think about the Home’s Features
If the home has carpeting or does not have much room, this may pose a problem for pets. Also, things like stairs or not many windows may be a bad idea for some pets as well. Homes with pets typically need space, windows for good ventilation and space for a dog doors. Homes without these features or space may cause trouble for pet owners.

Examine the Neighborhood and street traffic
If the neighbor has other pets and not much traffic, it may be a good place for a pet, especially the ones that like to run. If it is an area with heavy traffic this may not be the best place for your dog or cat as they will be at a higher risk for injuries and other accidents.

These pet-friendly home buying tips will help you, your family, and your pet to pick the home that is best for everyone. Your pets are important to you and the family and they should be considered when looking for a home. This way everyone will be happy with the new home for a long time into the future.

Greenwich Real Estate News - Five Ways to Save up A Down Payment

2009-02-12T04:06:00.000-05:00

When you are paying, with monthly utility payments, car payments, and other expenses on top of that, saving up several thousand dollars for a down payment sounds almost impossible, especially in this economy. Luckily, there are a handful of almost painless ways to set money aside, allowing you to buy a home within a few years, if not sooner. Start by opening a savings account with a high interest rate to put your savings into, and then leave the money in there until you are ready to buy.

Save your tax return. Depending on your living and working situation, this could add up to a considerable chunk of your down payment, especially if you make the commitment to save the whole thing. Set it up so that the money goes in as a direct deposit; if you never see the check or hold the money, it will be easier to save.
Set up direct deposit for your regular paychecks. Put 10% (or whatever you can afford) straight into your house savings account. Again, what you don’t see, you’ll be less likely to miss.
As you pay off student loans, car loans, or credit cards (always a good idea before buying a home anyway), keep writing those checks. Instead of going towards your payments, put the amount towards the home. As you are already used to living without that money, you won’t miss it as it builds towards your down payment.
Draw up a budget plan. Don’t cut out all of your fun money, but try to cut down what expenses you can. Saving $100 a month on groceries, dining out and wasteful spending can add up to an extra $1200 a year. If you can also transfer over to a cheaper cell phone plan, cut down on your cable or satellite costs, and drive less (car pool), you can add even more to that amount. If you aim to cut $50 a week overall, that will add up to a significant $2600 a year.
Take on a second job. This doesn’t have to be as bad as it sounds. Is there some skill you’ve always wanted to learn, haven’t ever had the chance to learn? Consider this paid education. Learn how to make a perfect pizza, make your lawn extra beautiful (working in a garden store or with a landscaping crew), or consider doing some freelance work. Many department stores offer employee discounts—work in a place that sells furniture or other household items, and you could save a lot when it comes to furnishing your new home.

It’s important to keep motivated. Figure out how much you need to save (aim for 20% of your ideal home price), and make a chart showing your progress. Attend open houses in the area. Being able to visualize yourself owning a home can make skipping your daily latte (in exchange for making coffee at home) less of a sacrifice. It’s not always going to be easy, but with enough commitment, you will be able to buy your first home within a few years.

Greenwich Real Estate News - Round Hill Road Area Property For Sale

2009-01-30T15:46:00.000-05:00

Greenwich-Tranquil Setting on 5 1/2 Acres

Off Round Hill RD, this house was renovated in 2006 with a huge new kitchen and all new bathrooms, media...

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Greenwich Real Estate News - New Home Trends Sellers Need to Know

2009-01-12T03:57:00.000-05:00

Even with the housing market not being at its best, it is always a good idea to know about the home trends and styles home buyers are looking for, that way sellers will have a better chance at improving their home and selling it sooner even in a down market. If you are not aware of what buyers want, it may take even longer to sell a home. Here are some home trends and style tips to get you started. This way you can be on your way to selling your home even faster and enjoy your future worry free.

Colors
These days, most home buyers tend to prefer earth tones and soft colors inside homes when looking, these colors may include: blues, greens, and browns. Orange and Reds are also popular as accent colors, these colors help bring the outdoors indoors which many homebuyers like.

Kitchens
Popular trends and styles for kitchens that homebuyers may like include: six burner ranges, convection ovens, stainless steel appliances such as refrigerators and microwaves. Other styles may include: built in wine coolers, floor to ceiling spice racks, and recessed lightening.

Bathrooms
Many homebuyers now like lots of stone and glass in their bathrooms. Asian-inspired vanities are also popular. Other popular styles include bathrooms with hand held sprayers and motion sensitive lightening.

Specialty Rooms
Many homebuyers are also now interested in rooms specifically for exercise, wine, and toys for kids, and for media such as televisions and stereos. Living rooms that are more open are also popular with possible homebuyers.

Knowing popular home trends and styles can help you as a seller know the selling points of your home and things you can do to improve your home. This will help you sell faster and will make you and the home buyer happy and able to enjoy the future with peace of mind.

Greenwich Real Estate News - Preapproval for a Mortgage

2008-12-19T03:34:00.000-05:00

Before you buy your first home, your Syracuse real estate agent will probably recommend that you take the time to get preapproved for a mortgage. Taking the time to narrow down lenders and get a definite highest amount that you can spend on a home can save you a lot of time and frustration down the road.

Once you know what you can spend on a home, you no longer have to waste time on homes you can’t afford. Instead of looking out homes outside of your price range, you can concentrate on the ones will be able to buy. This will save you a lot of energy and probably even speed up your search for a home. It also allows you to worry about something besides the price of a home when you’re looking at it, freeing you up to pay more attention to the finer points of the homes you look at.

Once you have found the perfect home, you can make an offer, confident that you have the financing to back it. Sellers will appreciate knowing that you have already been approved for a mortgage for the home; they won’t be put into the situation of trying to close the property only to have financing fall through at the last minute. If there are multiple offers, this could give your offer the edge it needs over the others. This will work in your favor even more if the sellers are hoping to close as soon as possible. Instead of closing after a month or more, it may only take a couple of weeks. Being preapproved for a mortgage also gives you a great bargaining position. Because sellers know that your financing is a sure thing, they may be more willing to work with you during the negotiation process.

It is important to know that being preapproved is considerably different than being prequalified. When you are preapproved, you’ve essentially gone through the entire mortgage approval process. The preapproval letter you’re given states that you will be getting a mortgage for up to a certain amount. This is usually only good for a limited amount of time, depending on the lender, but you should have plenty of time in which to find a home.

A prequalification letter is based on a much simpler process. The lender looks at briefly at your current financial status, and lets you know how much of a loan you could afford. This is not the same as what you will actually be getting for a mortgage, and it is non-binding. There is no promise implied in any of the letter. The loan amount, interest rate and terms will all be determined when you apply for the actual loan.

Greenwich Real Estate News - 17 Room Home For Sale

2008-12-18T15:52:00.000-05:00

Basketball Lovers Dream Home

This spectacular 17 room, 15,000 square feet retreat is masterfully designed and built to perfection. The eye dropping, regulation full-court...

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Greenwich Real Estate News - Tips for Choosing the Right Neighborhood

2008-12-17T16:33:00.000-05:00

When choosing the right home there are many factors to consider. These might include: one or second floor homes, city homes or country homes, spacious homes or smaller homes, newer homes, or older homes and much more. One of the most important factors though is the location and neighborhood that they home is going to be in. Here are some tips for choosing the right neighborhood for you and your family. This way you can enjoy your home and also the community around it for a long time into the future.

Make a list of your neighbor must include
It is important to have a picture of the kind of neighborhood you want to look for before looking. It may be a good idea to write down the features that you must have included as well as those you are willing to compromise on. That way you might sure to get what you need.

Plan ahead
If you have children or are planning to have children, you may want to think about where the schools are located, whether or not the neighborhood is secure enough or if there are other children in the neighborhood. That way it will be all set for any future plans.

Consider what type of home you want
What type of home you want may have an impact on what kind of neighborhood you live in. If you want a single family home or an older historic home the neighborhood choices will change. So this is important to think about.

Think about travel time
You may want to consider how far your home is from where you work, where parks are, restaurants, highways and more. Then think about how far you are willing to travel to get to these locations. This also impacts which neighborhoods are right for you.

There is much to think about and consider when choosing the neighborhood that is right for you. These tips and advice can help make the process a little easier for everyone. This way you can move in and enjoy your new home as well as where it is located.

Greenwich Real Estate News - Tips for Buying Flood Insurance for Home Buyers

2008-12-17T16:29:00.000-05:00

When buying a new home there is so much to consider and think about those things like homeowner’s insurance and flood insurance often get overlooked or bought at the last minute. Sometimes flood insurance is not even considered. The truth is even if you do not live in a flood area, things can happen in or outside your home that make having flood insurance a good investment. Here are some tips for buying flood insurance for home buyers. This will give you and your family one less thing to worry about in the future.

Homeowner’s insurance does not cover flooding
Some people may think that if they buy home owner’s insurance that this will cover flooding. This is not the case. It is important to purchase a separate policy and ask your real estate agent and insurance agent for help.

Get a Flood Report from your insurance agent
These reports also called Comprehensive Loss Unwriting Exchange can help you know the flood history of the home you want to purchase over the last five years, helping you decide the kind of coverage you need. These reports are also usually inexpensive and may only be about twenty dollars.

Look over the sellers’ disclosures about flooding information
Sellers by law are required to tell the buyer certain information and damage to the home including water damage. Make sure to carefully look over this information before deciding on an insurance policy.

Review policy information
There are many different types of flood insurance and it is important to review all the information before choosing the one that best fits your needs. There are costal policies which are if you live on the coast and these will tend to be higher. There are high risk policies if you live on a flood plain or flooding may occur many times and there is a preferred risk policy which may only be about one hundred and thirty dollars a year.

With these tips you and your family will have a better chance of purchasing a flood insurance policy that is just right for your new home. Things can happen and floods can happen anywhere. It is a good idea to be well prepared. This way you will have fewer worries later on.

Greenwich Real Estate News - Country Retreat For Sale

2008-12-14T15:57:00.000-05:00

Private Lane- Back Country, Greenwich

Here we have this gracious country retreat on 2.16 level acres on a private lane just off Round Hill Road....

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Greenwich Real Estate News - Tips for Selling a home during Holidays

2008-12-01T04:17:00.000-05:00

Since the holidays are quickly approaching, one of the things many people selling their homes need to consider is whether or not to keep their homes on the market during the holidays. There is so much going on during this time, people saving money, buying food, gifts, helping charities, and more that is hard to think about selling your home as well. Here are some tips to help you out, so you can sell your home and enjoy the holidays as well.

Not able to be available for showings
During the holidays, people are traveling and going in and out of the house shopping and doing this and that and it may get inconvenient to be available for as many showings as before.

Offers will be lower
Many possible buyers are saving up most of their money for gifts, travels, food and other items during the holidays, so they have less money to spend on buying a home. Therefore, offers are your home may be lower than the asking price.

Agent may be unavailable
Most real estate offices close during the holiday season, so your agent may be on vacation and not able to help you show your home or help you may a sale. This will make it harder for everyone and may waste valuable time.

Relist your home after the holidays
If you take your home off the market during the holiday season and relist it in January, it will help you generate more traffic, because the listing will appear new and fresh to possible buyers. Also, there may be more possible buyers after the holidays than during them.

These tips and advice for selling your home during the holidays will help you make the best decision possible for you and your family during the upcoming holiday season. This way you will not have to worry so much about your home or its sale and you can focus more on enjoying the holidays and the future.

Greenwich Real Estate News - Tips for increasing the value of your home

2008-11-17T16:36:00.000-05:00

As a seller, it is important that you look at your home the way a buyer would. It is important that you consider your home and wonder if you would buy it if you were the buyer. If not, there are things you can do to increase the value of your home to make it more appealing and more comfortable for possible buyers. This way a buyer will enjoy their new home even more and you can enjoy your new home with fewer worries. Here are some tips for increasing the value of your home.

Ask your Greenwich real estate agent for advice
As a real estate agent, it is their job to know what a buyer will like and what they may not. They can offer you advice on how to make your home more appealing and valuable.

Consult a home designer
They can help give you ideas for home improvements or paint colors or ways to make your home look more spacious in even the smallest of spaces. Their normal fees are hundred dollars or less and it can really make a difference for selling your home.

Paint the rooms and house
Fresh paint makes a home look updated and more appealing and this increases value. It is important to pick neutral colors and colors that will make the home welcoming to possible buyers.

Have an energy audit
These professionals can help show you how to save you energy and maximize your energy in the best way possible. If you can save on energy costs, then you will have more money for updates and this will make your home more appealing as well.

Find inspiration for design ideas
Look through magazines, on websites or on television and get ideas for how to design your home to make it more appealing. Try to keep it simple and easy. These quick ideas can make a big difference but also help save money and time later.

It is important that buyers see as much value and appeal in your home as you do. Following these simple tips can help make such a difference even in a small way. The details matter to buyers so it’s important to pay attention to those. If you do, then you will find a buyer that will enjoy your new home and then you can enjoy your new future even happier.

Greenwich Real Estate News - Home Improvement Loans

2008-11-17T16:35:00.000-05:00

If you are looking for a home and you find one in the perfect location and with all the space you need, but it needs some updating and improvement, you may wonder how you are going to pay for this on top of purchasing the home. There are home improvement loans you may qualify for and be able to use to finance the home improvements for your new home. That way you can improve what you want and enjoy your home with fewer worries and hassles in the future.

Ask your Greenwich real estate agent for advice
As your real estate agent, they know about all types of loans for home buying, selling, as well as improvements. They will help you get started and give you some advice and tips.

Keep track of your credit
Today with the one the economy has been, many lenders will not even consider lending to people they view as “high-risk”. So it is important to keep track of your credit or do all that you can to improve your credit score and make sure it is at least good before applying for a loan.

Apply for a 203k loan
This type of loan will help you pay off a seller for the price of your home as well as put money into a different account to pay construction workers and contractors a little at a time until the repairs and improvements are all complete. This way you have just enough money for everything you need.

Contact a mortgage broker
When having this loan, you may make your home worth more than you owe for it, making you possibly eligible for a home equity loan. If this is the case it is important for you to contact a broker about all your options and choices. They can help you figure out the right loan options for you after these home improvements.

Avoid repair and improvement scams
It is important to avoid repair and improvement scams. One good way to do this is to get a loan first then hire a contractor. You can also ask for advice from friends and family as well as your real estate agent and lender.

Following these tips and advice for home improvement loans can help you decide what is best for you and what type of home improvement loan is right for you. That way you can enjoy your new home and its improvements long into the future with no future hassles or troubles.

Greenwich Real Estate - Tips for Searching Property Records for Home Buyers

2008-10-17T16:48:00.000-04:00

As a home buyer you want to make sure you are getting the best deal possible. If you find a home you want but the sale price is a little high, it is a good idea to search the property records and find information about the house. If you find something about the house that may make its value lower, you may be able to get the seller to lower the price for you. That way you can get your dream home and also know more about your home in the process. Here is some property searching tips to help you out.

Ask your Greenwich real estate agent for advice
As a real estate agent, it is their job to know about the property and its records. They will be able to offer you advice and tips in finding out the information you need.

Go to federal or county courts to find information
One option for finding out information about a seller and their property such as a bankruptcy or other problem, you can go to federal or county courts and find this information as it is open to the public.

Search for property tax records online
These records will help you find out the owner’s name, tax id number, and information about the taxes. There are many websites online including Google that help you find this information.

Call a local title company
These companies can sometimes offer you free property records as well as copies of deeds and mortgages. Be careful about this and make sure the name on the property information matches the name of your seller.

Find a title company’s database
This will give you information about sales and mortgage history, as well as other information such as possible divorce and other factors that may influence the price of the home you want to buy.

Knowing this information about the property you want to buy can help you negotiation with the seller for a price that is more affordable. Also, knowing this information about your property can help you feel safer and secure about buying the house. This way you know for sure that this is the house for you and you and your family can have fewer worries in the future.

Greenwich Real Estate News - Environmental Hazards Home Buyers Need to Know

2007-12-18T03:31:00.000-05:00

When you are buying a home, there are many things that people consider. They consider space, lightening, kitchens, bathrooms, outside decks and more. One of the things that may be overlooked but is very important is environmental hazards that can be found in the home. This will help you know about some environmental hazards every home buyer needs to know about and make sure you know how important home inspections are. This way you can rest easier and have more peace of mind knowing you and your family will be safe.

Ask your Syracuse real estate agent for advice
As a real estate agent, it is their job to know about any safety hazardous that may be in a possible home. Talk with your agent about this when buying a home and get advice about home inspections and repairs.

Asbestos
Asbestos is a mineral that has been used in insulation, covering water heaters, pipes, furnaces, and also flooring. It has been found to cause lung cancer and other problems and is mostly found in homes built before 1978.

Radon
This is a radioactive gas found in the ground and can enter a house through cracks and other openings. This can also cause lung cancer and other health concerns. Radon detectors can be bought to help buyers know if the home has radon in it.

Carbon Monoxide
This is a colorless, odorless, and poisonous gas that can be created by any burning flame that does not have enough oxygen. It can be found in home furnaces such as gas, oil, wood, and even in fireplaces. Carbon monoxide can cause death and only give people mild warnings of a headache, fatigue and nausea. Carbon Monoxide detectors are also available for home owners.

Mold
Mold can grow wherever there is plenty of moisture. This can cause allergic reactions and asthma attacks for many people. Also, some mold may be poisonous and can cause even more health problems and should be properly taken care of by a professional.

When you go searching for your next home, make sure to keep these environmental hazards in mind and get a quality home inspection and make sure to answer any questions you may have. This way you can do all you can to make sure you and your family are comfortable and safe in your new home and in the future.

Greenwich Real Estate News - Tips for Choosing Family Friendly Homes

2007-12-12T03:54:00.000-05:00

The most important consideration when choosing a home is whether it will be right for the entire family including any children you may have or plan on having in the future. However, certain things may be overlooked when searching for the right home because there is so much to consider from the outside landscaping to how much space is inside. Here are some tips for choosing family friendly homes to make it easier for everyone. This way everyone can be comfortable and happy now and in the future.

Talk to some neighbors
Ask some neighbors about how safe the roads are and how the schools are near the neighborhood. It is also important to consider the sizes of the yards when choosing the right neighborhood and home for children. This way it will give them plenty of space to play.

Research the area
Call the local police department to ask about crime rates in the area or anything you should be aware of before buying a home in that area. It also may be a good idea to research the city about local events such as fairs that your children may enjoy attending.

Check the home for any possible child hazards
Look over the home for any possible child hazards such as stairs, basements, electrical wiring and more. Consider what you would have to do to make the home safe for your child or children.

Look into neighborhood programs for kids
Ask around about programs in the neighborhood for kids such as garage sales, parties, events and more. It is also a good idea to ask about noise conditions or a neighborhood watch program to protect your kids.

These simple family friendly home tips can help you make sure that you are picking out just the right home for you and your children or the children you plan to have in the future. This will help make everyone feel safe, comfortable and happy in their new home. This will also help provide less worries and peace of mind.

Greenwich Real Estate Market Explained

2007-12-02T04:31:00.000-05:00

For Most Buyers, the Mortgage Market Is Healthy

The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country.

The majority of mortgage products have been unaffected by troubles in the subprime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according Kenneth R. Harney, managing director of the National Real Estate Development Center and syndicated columnist.

While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals one by an appraiser selected by the lender and the other by one working for the investor.

Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive "layering of risk" combining low down payments with marginal credit scores and high debt-to-income ratios in markets where prices are trending lower.

Source: The Washington Post Writers Group, Kenneth R. Harney

Ask Greenwich Real Estate Broker James Martin - Greenwich Public Schools

2007-11-07T16:46:00.000-05:00

Question:

Does Greenwich have the best public school system in the state?

Answer:

In Lower Fairfield there are many school systems that perform closely in many of the standardized forms of measurement such as the SAT's etc....this information is available to the general public in school reports to which I would be happy to direct you.

It all depends on what criteria is being used to measure the "best" in the state. Like individuals, what's important to one may be unimportant to another. What criteria is important to you? Class size, teacher v. student ratios, $ spent per pupil, percent who go to college, etc, etc?

You should discuss your needs, wants, resources and impressions with the agent/broker that is representing you. That way you will receive information specific to your individual needs and circumstances.

Questions like the one asked cannot be accurately answered with the little information provided. I hope this helps.

Ask Greenwich Real Estate Broker James Martin - Commissions For Rentals

2007-09-09T17:04:00.000-04:00

Question:

Is it standard to pay a commission to the real estate agent for a rental property in Greenwich?

Answer:

Commissions paid by the buyer or tenant should be outlined in your representation agreement and discussed. Typically, an agent representing a buyer or tenant will indicate a commission level that will be owed within the agreement. If the property was listed by another brokerage firm, there is usually a commission paid by the landlord which will cover the tenant's agent commission. If the property was not listed with another agency, then a commission may not have been paid by the landlord, leaving you owing the commission.

Either way, it is common practice that a 1 month commission is paid and split between the listing agent and the buyer/renting agent.

Greenwich Real Estate Market Explained

2007-08-17T04:29:00.000-04:00

Is Housing Undervalued?

By DAVID RANSON

Wall Street Journal

The housing market isn't nearly as mysterious as it seems. Much public confusion stems from our failure to clearly define our terms. Take the popular, long-standing belief that housing is overpriced and unaffordable relative to income. It was said 30 years ago and it is still being said today. The key to solving this puzzle is to widen the definition of income so that it includes the increase in existing wealth. Milton Friedman, in the course of the work on consumer spending that won him a Nobel Prize, introduced a much broader, long-term measure of income called "permanent income" -- including capital gains, physical assets and factors like education that would affect a consumer's earning potential.

Permanent income grows at the same rate as wealth, and generally faster than conventional forms of income. Friedman demonstrated that households base their spending decisions on permanent income rather than on narrowly defined income, such as short-term wages. Fifty years later this idea has yet to sink into our national consciousness. Yet, in a highly developed and wealthy country such as the U.S., annual gains in the value of pre-existing assets are getting larger and larger relative to annual cash income from wages, rents and dividends.

Home prices behave the way they do because housing is not a typical consumer good. Rather, it is a capital asset for which the price is set by the markets for capital assets. These markets continually clear in a way that typical consumption markets do not, and housing is therefore being constantly re-priced. In this limited sense, real-estate prices behave like the prices of other tangible assets such as commodities. Of course, in other ways housing is quite unlike a commodity -- it is immobile, provides services such as shelter to its owners, and its price is geographically very specific. Still, the general level of housing prices, when measured as an index, is as acutely and promptly sensitive to an uptick in inflationary pressures as are other forms of financial or tangible capital.

Inflation tends to boost housing prices in the same way that it boosts the price of any tangible asset. And inflation is surely a major part of the housing-price story. Over the past three decades, the price of housing at the national level has risen at a rate similar to the growth of nominal GDP, and the correlation between housing prices and GDP is statistically significant. But the relationship between housing prices and the prices of highly inflation-sensitive assets such as commodities is much more impressive than the relationship with the economy. There is a particularly strong correlation between percentage changes in housing prices and percentage changes in the price of gold -- especially when a short time lag is taken into account.

When paper money is depreciating rapidly, as in the last five years, it is normal for tangible assets such as housing to appreciate more rapidly than usual, while financial assets such as stocks and bonds tend to perform relatively poorly. This can be understood in terms of the flow of financial capital from one economic haven to another. Capital is mobile. It flows out of assets that are vulnerable to the dollar's depreciation, and into assets that are invulnerable. Capital promotes growth and price appreciation in the sectors into which it migrates, at the expense of the sectors from which it escapes.

Instead of viewing the price performance of housing during the first half of the current decade as a "bubble," I see it as having appreciated for the same reason that the prices of commodities and other tangible assets have appreciated. In nominal dollar terms these prices have to rise in order to maintain the status quo in real terms. The rise in housing prices is one more symptom or early warning of the inflation of which the Fed (rightly) is so fearful.

To better understand housing-market trends, we need to clearly distinguish between real and nominal terms. I define the "real price of housing" as the ratio of the national home-price index to an index of precious-metals prices, while the nominal value refers to the price in dollars. Failure to draw this distinction can cause great confusion. For example, the annual gain in the nominal price of housing averaged 4.8% in all the years in which the Fed lowered interest rates, and averaged 7.3% in all the years in which the Fed pushed interest rates up. This calculation, at least in nominal terms, directly contradicts the popular belief that higher interest rates bring real-estate prices down. When the above calculation is repeated using the real price of housing instead of the nominal price, however, the inverse relationship appears. Higher interest rates do tend to depress real housing prices, and this can happen without any significant fall in nominal housing prices.

Expressing the price of housing in real terms not only clarifies the interest-rate confusion, it also changes the overall housing picture. The accompanying graph shows the history of the real national home-price index over the past 30 years. Notice how, during the current decade, instead of the continuing rise in nominal housing prices that made everyone so fearful, in real terms there has been a significant decline. Far from a bull-market bubble that has begun to collapse, housing when viewed in real terms has been in a bear market since the beginning of the decade.

Moreover, like the real price of oil, the real price of housing consistently reverts to the norm. In particular, housing prices have a strong tendency to rise when they have underperformed precious-metals prices. The graph illustrates how the real price of housing sticks to a steadily rising trend over the long haul, occasionally diverging from this trend but afterwards reverting to it. According to the same data, the real price of housing was 30% above its norm as recently as 2001.

Since that time commodity-price inflation has escalated, and nominal housing prices have lagged far behind. The graph suggests that housing prices are now 30% below their equilibrium in terms of the precious-metals benchmark. Any further decline in the ratio plotted in the chart would transcend the bounds of historical experience. The last time that housing prices underperformed the precious-metals market as dramatically as this was in the 1978-80 period, after which they bounced back dramatically.

We can also calculate from these data the average speed at which the real price of housing has historically converged toward its norm. It shows that norm reversion is virtually complete after three years.

All of these various empirical reasons challenge the popular view that housing prices will remain weak because they are in the throes of a "correction" from "bubble" levels. On the contrary, housing prices are weak only in the sense that, after outperforming commodity prices in the late 1990s, they have fallen behind since 2001. History suggests that housing is significantly undervalued, and nominal housing prices have a lot of catching up to do over the next few years.

Housing prices are thus much less enigmatic than they seem. The nation's wealth and its permanent income are growing consistently, and housing is the largest of all the capital asset vehicles in which wealth can be lodged. At the national level, housing prices are not bounded by the growth of wages or other forms of conventional income. Nor are they subject to "irrational" booms or busts. Instead, they respond perfectly rationally to inflationary forces that drive other capital assets and commodities. The real value of housing is much more stable than the currency unit in which housing prices are expressed.

Greenwich Real Estate News

2007-05-22T04:27:00.000-04:00

Greenwich homes beat Dow

By Richard Lee
Assistant Business Editor
Stamford Advocate

Greenwich real estate agents have a new bullet in their belts when wooing prospective home buyers

A study commissioned by the Greenwich Association of Realtors, reviewing quarterly selling prices between 1987 and 2006, has shown that those who bought a home during that period were rewarded with a 625 percent return on equity.

That surpasses the performance of the Dow Jones Industrial Average, the Standard & Poor's 500 and the Russell 2000 during the same period, the Realtors association said.

The three stock indices recorded returns of between 450 percent and slightly more than 500 percent, Ray Kehrhahn, assistant director of the Center for Real Estate & Urban Economic Studies at the University of Connecticut School of Business, told an audience of 200 association members yesterday at the Bendheim Western Greenwich Civic Center.

During the same period of the study, return on equity in Connecticut as a whole was slightly more than 300 percent.

"Everybody knows Greenwich real estate is an excellent investment," said Kehrhahn, who conducted the study. "With the results of this study, you can talk to people about buying a $4 million home instead of a $2 million home."

"Greenwich real estate during bad economic times - the volume goes down, but prices remain stable, unlike the rest of the state, where you have significant price declines," Kehrhahn said.

Answering questions from the audience, Kehrhahn said he did not include stock investment transaction costs or dividends or the effect of taxes and reinvested dividends in his study.

Despite a nationwide drop in sales and prices, statistics show that sales of single-family homes and condominiums were higher in Greenwich in the first quarter of 2007, compared with the same period in 2006.

In the first three months of 2007, seven houses sold in the $600,000 to $700,000 range, compared with two during the same period last year

There were 27 sales of houses in the $1 million to $1.5 million range, compared with 23 last year, and 29 in the $1.5 million to $2 million range, compared with 23 in the same period of 2006.

Houses in the $2 million to $3 million range and $4 million to $5 million range and jumped from 27 to 34 and 11 to 14, respectively.

Sales in other categories remained the same or slumped

The report should be useful for real estate agents who stress to home buyers the value of Greenwich property, said association President Carolyn Anderson and president of Anderson Associates Ltd.

"For years, we've told clients that you'll love living here, and this is the best investment you'll ever make," she said, adding that now agents can respond to clients who say, "show me the numbers."

She attributed Greenwich's vibrant real estate market to dedicated agents, strong zoning, proximity to New York City, good schools and competent town government.

Peter Tesei, chairman of the town's Board of Estimate and Taxation, told the audience that he has benefited from being a Greenwich property owner, buying a condominium for $156,500 and 41Ú2 years later selling it for $365,000.

The association is fortunate to have the report, Gloria Chin-Besthoff said.

"It's a win-win for buyers and sellers," she said. "I see myself using it as one of my tools."

Greenwich Real Estate Market Explained

2007-02-02T04:24:00.000-05:00

Do I qualify for $250,000 home-sale tax break?

Realty Tax Tips-Part 1: Rules for occupancy, divorce, death

Suppose you could receive up to $250,000 tax-free cash. Better yet, suppose you could receive up to $500,000 tax-free. Still better, suppose you could receive this tax-free money over and over again, but not more frequently than once every 24 months.

Stop dreaming. It's possible. Thanks to Internal Revenue Code 121, millions of U.S. home sellers enjoy these tax-free benefits each year when selling their principal residences. But it is important to understand the simple rules.

HOW TO QUALIFY FOR THIS TAX BREAK. Whether you own and live in a house, condo, cooperative apartment or other type of principal residence, you can qualify for Uncle Sam's most generous tax exemption. To be eligible, you must have owned and occupied your primary dwelling at least 24 of the last 60 months before its sale.

Single home sellers can qualify for up to $250,000 tax-free profits. A married couple filing a joint tax return can qualify for up to $500,000 tax-free capital gains if both spouses meet the occupancy test even if only one spouse's name is on the title.

The method of holding title doesn't matter. Title can even be held in a revocable living trust, as millions do, to avoid probate.

However, if there are two co-owners not married to each other, then both names must be on the title for each to qualify. Military and Foreign Service members have special generous rules allowing the 24-month occupancy period as far back as 15 years before the home sale.

If you bought your principal residence as recently as 24 months ago, and occupied it since then, you meet the ownership and occupancy test. The 24-month residency need not be continuous. Brief temporary absences, such as for a 30-day vacation, count as occupancy time.

However, if you acquired your home in an Internal Revenue Code 1031 tax-deferred exchange as a rental property, and later converted it to your principal residence, for such sales after Oct. 22, 2004, you must own the property at least 60 months (24 of which it must be your principal residence).

Home sellers of any age can qualify. It doesn't matter if you buy another replacement home or not after the sale. Nor does the dwelling have to be your residence on the date of sale.
For example, if you lived in your primary home 24 months, and then rented it to tenants up to 36 months before the sale, you still qualify for this tax exemption.

IF YOU HAVE TWO HOMES, DETERMINING YOUR PRIMARY HOME ISN'T ALWAYS EASY. Suppose you own a "summer home" and a "winter home," as millions of U.S. homeowners do. You spend about six months each year in each home. Both residences therefore meet the 24-out-of-last-60-months IRC 121 ownership and occupancy tests.

But the IRS says only one residence can be your "main home." This issue was vital in the tax case of Guinan v. U.S. (2003-1 USTC 50475). The Guinans sold their Green Bay, Wis., home where they spent more time each year than in their other residences. The Wisconsin home met the 24-month ownership and occupancy tests. The owners kept bank accounts and automobiles in Wisconsin.

But the U.S. District Court ruled it was not their primary residence because the sellers never filed income tax returns from Wisconsin. As a result, they had to pay $45,009 capital gain tax on the sale of their Wisconsin home.

The IRS says principal-residence indicators -- if you own more than one residence -- are (1) place of employment; (2) principal abode for the taxpayer's family members; (3) address on taxpayer's federal and state income tax returns; (4) location of taxpayer's banks; (5) automobile and driver's license registrations; (6) voting location; and (7) civic affiliations, such as taxpayer's religious organizations and other membership groups.

LITTLE-KNOWN BENEFIT FOR DIVORCED AND SEPARATED HOME SELLERS.

Many divorced and separated couples are not aware they can still qualify for up to $500,000 total tax-free principal-residence-sale profits. If one divorced or legally separated spouse (called the "in spouse") qualifies for the $250,000 tax exemption by owning and living in the home at least 24 months of the last 60 months before its sale, the other spouse (called the "out spouse") can also qualify for up to $250,000 tax-free home-sale profits when the home is eventually sold.
This little-known tax break is often used when one spouse stays in the home until the children become 18 or 21 and the home is then sold with the profits divided between the ex-spouses.

ADJOINING VACANT LAND SALE CAN ALSO QUALIFY. Another little-known benefit of IRC 121 allows the sale of a vacant lot adjoining the principal residence to qualify for this tax exemption. However, the adjacent principal residence must be sold within 24 months before or after the lot sale.

UP TO $500,000 TAX-FREE HOME-SALE PROFIT IN YEAR OF SPOUSE'S DEATH. Although a surviving spouse should not rush to sell the principal residence in the year of a spouse's death, IRC 121(b)(2) permits use of the exemption up to $500,000 in the year of a spouse's death if a joint tax return is filed. In limited cases where a surviving unmarried spouse maintains a household for dependent children, this tax benefit may be available for two additional tax years.

However, a surviving spouse who inherits the deceased spouse's share of the principal residence should be aware he or she will receive a new 50 percent "stepped-up basis" to market value on the date of death. In community property states, the surviving spouse usually receives a new 100 percent stepped-up basis to market value if both spouses held title.

PARTIAL EXEMPTION IF YOU DON'T MEET THE 24-MONTH OCCUPANCY TEST. If you occupied your principal residence less than the required 24 months, but the reason for your home sale is (1) change of employment site meeting the moving-cost tax-deduction rules; (2) health reasons; or (3) unforeseen circumstances, you can qualify for a partial exemption based on the number of occupancy months.

The "unforeseen circumstances" rules are still evolving. The IRS allows these acceptable reasons: (1) divorce or legal separation; (2) death in the immediate family; (3) unemployment; (4) decreased income with the homeowner unable to pay the mortgage and basic living expenses; (5) multiple births from the same pregnancy; (6) damage to the home from a natural or manmade disaster or terrorism; and (7) condemnation, seizure or other involuntary conversion of the property.

If you qualify for a partial exemption, and you occupied the principal residence 18 of the 24 required months, for example, then you qualify for 75 percent of the $250,000 or $500,000 exemption.

TWO WAYS TO AVOID TAX ON MORE THAN $250,000 OR $500,000 HOME-SALE CAPITAL GAIN. If you will have a principal-residence-sale capital gain exceeding the $250,000 or $500,000 exemptions, there are two ways to avoid tax:

1. The first method is to convert your home into a rental property. Then it qualifies for an Internal Revenue Code 1031 tax-deferred exchange for another rental or business property of equal or greater cost and equity.

Most tax advisers suggest renting your former principal residence at least six to 12 months before exchanging it. IRC 1031(a)(3), known as a "Starker exchange," then allows selling the property, having the sale proceeds held by a qualified intermediary third-party beyond your constructive receipt, designating the replacement property within 45 days, and completing the acquisition within 180 days after the old property's sale.

2. The second method, allowed by IRS Revenue Procedure 2005-14 effective Jan. 27, 2005, allows use of both IRC 121 and IRC 1031 in a single property sale. This slightly complicated ruling is retroactive to tax years for which the statute of limitations has not expired.

Gain is first excluded under IRC 121 up to $250,000 or $500,000, and the remaining gain then can qualify for an IRC 1031 tax-deferred exchange. An example of this procedure applies where the principal residence was converted to a rental and then the property is "down traded" for another rental property after claiming the IRC 121 exemption.

SUMMARY: Internal Revenue Code 121 is a very generous tax exemption up to $250,000 or $500,000 that can be used over and over but not more often than every 24 months for qualified home sellers. For full details, please consult your tax adviser.

Greenwich Real Estate Market Explained

2007-01-08T04:22:00.000-05:00

Turnaround expected for U.S. home builders
ECONOMIC OUTLOOK MARKETPLACE by Bloomberg

International Herald Tribune
Author(s): Matthew Benjamin And Rich Miller

The home-building industry is about to stop hurting the U.S. economy and later this year may start to help it.

The housing demand that is beginning to stir may be unleashing faster growth. While housing will not add much to the expansion before the end of 2007, it is becoming less of an impediment as price cuts, incentives and lower mortgage rates bring more buyers into the market.

"The worst of the drag on the economy from construction is behind us," said Chris Varvares, president of Macroeconomic Advisers in St. Louis, Missouri. As a result, he said, growth should pick up to an annual rate of more than 3 percent in the second quarter, from 2.25 percent in the current quarter.

That would reduce pressure on the Federal Reserve to reduce interest rates, disappointing bond investors who are anticipating that the Fed's chairman, Ben Bernanke, and his colleagues will cut them as soon as May.

The yield on the 10-year Treasury note rose to 4.65 percent Friday from 4.42 percent Dec. 4 as strong job growth and rising incomes prompted bond investors to scale back their bets on Fed rate cuts. Meanwhile, shareholders in home-building companies are already taking heart: An index of housing shares soared 11 percent in the final two months of 2006, outstripping the 2.9 percent advance in the Standard & Poor's 500.

"Investors are very forward looking, and there's a sense among them that a change in momentum in the housing market is approaching," said Robert Curran, managing director at the credit rating agency Fitch in New York.

Sales of existing homes rose in October and November, the first consecutive monthly gains since late 2005. New-home sales are up too, helping pare the number of unsold properties to 545,000 from a record 573,000 in July.

Builders still view conditions as poor, according to a December survey by the National Association of Home Builders/Wells Fargo. For the third month in a row, though, the survey showed an increase in the number of builders forecasting higher sales in six months' time.

Toll Brothers, the largest U.S. builder of luxury homes, "may be seeing a floor in some markets," said Robert Toll, the chief executive. Buyer "deposits and traffic, although erratic from week to week, seem to be dancing on the bottom or slightly above." The long-term prospects for the U.S. housing market are more favorable than in other countries that experienced similar housing busts, said Mark Vitner, senior economist at Wachovia.

Housing prices surged this decade in Australia and Britain, peaking earlier than in the United States. Falling prices and sales in those countries proved to be only a temporary drag on economic growth, followed by rapid recovery.

The United States may fare even better, because its younger population and higher rate of immigration create more room to increase rates of home ownership, Vitner said. "Housing recessions didn't bring about the end of the world in those countries, and our demographics are much more favorable," he said.

The industry may take its time getting up off the bottom.

"In the wake of the boom we had and the bust that we're having, it wouldn't surprise me to see a long period of not much growth in housing because that's what it needs to rebalance supply and demand," said Richard Berner, chief U.S. economist at Morgan Stanley in New York.

A revival of home building will not add to gross domestic product at anything like the pace of mid-2005, at the height of the housing boom, when residential construction accounted for more than a third of the economy's 3.3 percent growth rate.

Varvares at Macroeconomic Advisers predicted that home building would contribute just 0.1 percentage point to growth by the fourth quarter of this year. Still, that would be a big improvement from the third quarter of 2006, when housing pulled growth down by 1.2 percentage points to an annual rate of 2 percent.

David Seiders, chief economist at the National Association of Home Builders in Washington, expects the industry to do much better. He sees home building adding as much as 0.7 percentage point to fourth-quarter growth.

Behind the improving outlook: More people are able to afford homes. The rate on a 30-year fixed-rate mortgage has remained less than 6.2 percent since mid-November, down from 6.8 percent in July. Applications for mortgages to buy homes at the end of December were up 8.3 percent from their low for 2006, in October. The median price of existing homes, which account for 85 percent of the housing market, was down 3.1 percent in November from a year earlier, the fourth consecutive monthly decline.

Greenwih Real Estate Market Explained

2006-12-28T04:19:00.000-05:00

WSJ: End of Housing Slump Seems to Be Drawing Near

Signs of Stability Emerge In Mortgages, Home Sales, Buoying Economic Prospects

By CHRISTOPHER CONKEY

Recent firmness in mortgage applications and an increase in new-home sales suggest the housing slump may be nearly over, limiting the risk of wider damage to the overall economy.

One indication that home-buying demand has leveled off after a yearlong decline comes from the Mortgage Bankers Association, which conducts a weekly mortgage-application survey.

Yesterday, the group said mortgage applications fell sharply last week from the week before. Even so, its indexes of applications for home purchases and refinancings have been rising steadily since summer. The four-week moving average for the MBA's purchase index, which offers a less-volatile picture of the trend, has risen 12% since August, while the four-week average for the group's refinancing index has soared more than 41% since July.

A recent pickup in new-home sales also points to stabilizing demand. The Commerce Department said yesterday that new-home sales rose 3.4% in November to an annual rate of 1.05 million units. While that pace is down more than 15% from a year earlier, it has risen since July and has held fairly steady in recent months.

Despite some continued uncertainty, economists view the recent data as an early indication that the worst of the housing market's downturn may be over. "The net of all the numbers we've gotten is that it looks like the housing market and home sales appear to have stabilized, at least temporarily, in the latter part of the year," said Thomas Lawler, a former economist for Fannie Mae who now runs a consulting firm in Vienna, Va.

If this turns out to be the case, and the housing market begins to rebound next year, the economy would be likely to benefit. The slump has been one of the biggest dampers on the nation's economic growth. In the third quarter, for example, the decline in home building and residential investment shaved more than one percentage point off the annual rate of economic growth. Many economists expect a similar reduction in the fourth quarter but expect some improvement next year.

The chances of a pickup in 2007 partly depend on whether home builders can trim their inventories of unsold homes. Last month, there were 545,000 new homes on the market, or the equivalent of a 6.3-month supply at current sales rates, according to the Commerce data, down from a recent high mark of a 7.2-month supply in July.

Home-buying activity could wane, however, if interest rates rise or other factors, such as employment or the stock market, deteriorate. Economists expect the normally quiet winter months to produce volatile readings and say the best gauge of the housing market will be whether buyers come out in force as usual in the spring.

The median price of a new home -- or the price at which half sold for more and half sold for less -- was $251,700 last month, up from $237,900 a year earlier, the Commerce Department said. The figures aren't adjusted to account for the changing mix of sales. Thus, the November reading may have been distorted by the fact that sales in the higher-priced Northeast rose last month, while sales in lower-priced South fell.

Greenwich Real Estate News - Before Moving Out

2006-12-17T03:27:00.000-05:00

Once you have sold your home, set a move-out date, and have begun packing, time will probably seem to fly right by. All you really need to do is pack up your stuff and leave, right?

Maybe. You should, of course make sure all of your personal belongings are out, and that you have cleaned up all of your garbage. You will still have to get your keys to the new owners in whichever way was previously agreed upon, but other than that, you're not really obligated to do anything else.

You could, though. A little extra work and consideration can make moving in a lot more pleasant for the family that will be moving in. A lot of agents will recommend that the home is at least "broom swept" before you move out. Sweep the floors, get rid of cobwebs along the walls and ceiling. Take it a step further, and mop or vacuum and clean the windows and surfaces, such as countertops and sinks. You should also take the time to give the bathrooms one last cleaning.

If it has been several days since the last time the lawn was mowed, that might be a really nice gesture to consider. Rake up leaves in the fall, or, in the winter, shovel the driveway and put down some rock salt to get rid of ice.

Of course, after you've gone through all of the work associated with moving, trying to get extra work done is probably not what you want to be doing. If you can, try keep everything neat while you are cleaning, and do any necessary yard work before you start loading the moving van. Then, you will only have a few quick things (a quick sweep and mop) to get done afterwards. This can be even easier if you entirely clean out each room as you get everything out of it. Empty out a room, clean it quickly, and then move on.

If you really don't have the time, consider calling a cleaning service to give the home a once-over after you have moved out. Yard work could be handled by a neighborhood teen.

So, what do you get out of this extra effort or expense? Nothing, really, other than the knowledge that you have made moving a more enjoyable experience for the new owners. Not having to handle a lot of cleaning in the first few days after they have moved in will mean a lot.

You don''t need to scrub the home from top to bottom, but a little extra cleaning can make a great impression. You've loved living in the home you are leaving behind; make sure the new occupants will love it just as much, from the moment they walk through the door.

Greenwich Real Estate Market Explained

2006-10-30T04:17:00.000-05:00

Pain From U.S. Housing Slump Is Likely To Linger, but Some Say Worst May Be Past

By JAMES R. HAGERTY Wall Street Journal

Just when the gloomier pundits were starting to enjoy the housing slump, optimists are piping up to declare it could be almost over.

Former Federal Reserve Chairman Alan Greenspan, whose interest-rate cuts helped create what he once called "froth" in house prices, said in a speech last week that he detected "early signs of stabilization" in the housing market. Some Wall Street economists also are saying the worst may be behind us.

Not so fast, replies Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd., a Valhalla, N.Y., research firm: "It's going to get worse before it gets better."

Both camps are making valid points. The maximum impact of falling home construction may have hit the U.S. economy in the third quarter, some economists say. But that doesn't mean the housing market is on the verge of a miracle recovery. Construction is expected to fall further as builders struggle to shed a glut of unsold homes. And many economists expect house and condominium prices to continue falling for at least an additional six months to a year in parts of the nation where speculators went wild.

For now, the consensus among economists is that the housing downturn will remain a drag on the economy but probably won't sink the U.S. into a recession next year. Even Mr. Shepherdson, among the most bearish, believes the U.S. has a 60% chance of averting a recession in 2007. In any case, the weak housing market will remain painful for speculators who loaded up on credit to buy near the top -- and for millions of people working in housing-related industries. Just last week, Countrywide Financial, the U.S.'s largest mortgage lender, announced plans to shed about 2,500 jobs, or 4.5% of the company's total.

Largely because residential investment dropped at an annual rate of 17%, inflation-adjusted economic growth in the U.S. slowed to a feeble rate of 1.6% in the third quarter, according to an estimate released by the Commerce Department. Without that drop in residential building, economists said, the growth rate would have been about 2.7%.

After the third-quarter carnage, expect "some gradual improvement from here," says Peter Kretzmer, a senior economist at Bank of America in New York. He expects residential construction to decline at an annual rate of 13% in the current quarter, 5% in next year's first quarter and 2.2% in the second quarter before starting to grow again. Mr. Shepherdson disagrees, arguing that the drop in construction will accelerate before the market regains balance.

Offsetting the housing damage are several positives. Gasoline prices and mortgage interest rates have fallen in recent months. The stock-market rally has made some people feel richer, even as those who trust only in real estate feel poorer. And job growth, though unspectacular, continues at a "solid" pace, says Scott Anderson, an economist at Wells Fargo in Minneapolis.

With home prices flat to lower in much of the country, Americans already have less ability to tap their home equity to finance spending. But it is unclear how much effect that will have on consumer spending. Some economists believe that rising wages, the stock-market rally and lower energy costs will be enough to keep Americans loading their shopping carts with iPods and flat-screen TVs.

Mr. Greenspan sees hope in the rate of applications for home-purchase mortgages. After falling in the second half of 2005 and earlier this year, they have leveled off in recent weeks.

Some of the optimists' arguments are dubious. To bolster its position that the housing market is stabilizing, the National Association of Realtors last week trumpeted a 2.4% decline during September in the number of previously occupied homes offered for sale through multiple-listing services. But the Realtors' news release didn't mention that listings almost always decline in September, when the back-to-school season means fewer people are moving. Over the past 20 years, listings have declined an average of 3.4% in September, says Ivy Zelman, a Cleveland-based housing analyst for Credit Suisse.

Ms. Zelman, who last year correctly predicted a plunge in home-builder share prices, thinks investors who now are bidding those prices back up are way too early. Sales of new homes are unlikely to start rising again before early 2008, she says. Meanwhile, "land is going down in value daily," she says.

Joshua Shapiro, chief U.S. economist at research firm MFR in New York, is more upbeat but still thinks home prices will "stagnate" on a nationwide basis for several years, as rises in parts of the country are offset by continued declines elsewhere. After the unusually steep surge in home prices during the first half of this decade, he says, it will take time for incomes to catch up again with housing costs.

Greenwich Real Estate Market Explained

2006-10-11T04:15:00.000-04:00

U.S. Economy Will Grow Slowly and Not Sink into Recession, Conference Board Reports

Varied economic indicators produced by The Conference Board are now pointing to slow growth ahead in the U.S., but not a recession, according to an analysis released yesterday by The Conference Board, the global research and business membership organization.

"The challenge for both the Federal Reserve Board and the U.S. economy is that this period of sub-par growth is likely to have little impact on inflation and short-term interest rates," says Gail D. Fosler, executive vice president and chief economist of The Conference Board. Her analysis appears in “StraightTalk,” a newsletter designed exclusively for members of The Conference Board's global business network. "Rather than coming down, they are likely to remain high for an extended period or even go up."

Over the past three months, The Conference Board index of leading economic indicators has turned down relative to its level six months ago for the first time in this expansion.

"While this signal is not particularly alarming, since the downturn is still rather modest, it does suggest that the economic cycle is more mature than is generally presumed," says Fosler. "Although such downturns do occur, they usually happen toward the end of the economic cycle." The current downturn is still in the range of the 1995 slowdown rather than the sharper declines before the 1990 and 2001 recessions.

The rate of change in the leading index is as important as its level. The LEI may dip into negative territory, but the decline is likely to be modest or brief. The key element is not only the level of the index, but the magnitude and duration of its decline. According to both of these indicators, the LEI is now signaling a downturn—not a recession.

The Fed Is in a Pickle

The Federal Reserve Board is currently operating with little leeway. The current topline Consumer Price Index is rising above a 4 percent annual rate, which is the highest inflation rate in over 15 years. Core CPI is running at about 2.5 percent, which is on a par with the rate that preceded the 2001 recession, and appears to be moving up to the 3 percent inflation rates of the mid-1990s.

"Despite the financial market's enthusiasm for the Fed's restraint in August, it is hard to believe that the Fed will not have to continue to raise the Fed funds rate in the face of these inflation pressures," says Fosler. "Before the Fed can actually cut rates, an event or shock of a sufficient magnitude to reverse the currently entrenched optimism in commodity markets will have to occur."

The next several months bear watching. Earlier, the Fed's tightening had little or no impact and it appeared that the U.S. economy might be reaccelerating after the shock from Hurricane Katrina in the fourth quarter. The deceleration in the economy is clearer now that consumer and investment spending and the housing and employment sectors are beginning to weaken. Over the past two years, the financial indicators in the LEI have taken the U.S. economy toward lower ground and the nonfinancial indicators are now following suit.

Capital Goods Markets Are Weakening

One of the biggest disconnects in the U.S. economy has been between the rapid growth in the capital goods and manufacturing sectors and the systemic weakness of the consumer sector. The consumer goods sector, which was propped up by low interest rates during 2000-2002, never faced the traditional recession challenge. Outside of housing investment, the consumer sector never recovered either. While consumer spending has remained in the 3-4 percent range, the major benefactor has been consumer-related imports. Domestic consumer goods orders on average have not grown at all over the past four years.

The capital goods sector has been the other overwhelming economic driver during this cycle. The acceleration in nondefense capital goods orders during this cycle dwarfs past investment booms -- even those of the tech "bubble" of the late 1990s. The year-to-year growth in capital goods orders peaked at about 30 percent late last year. This growth is the result of what has been, until very recently, rapid growth in domestic infrastructure, housing, technology, and capital goods investment, as well as a boom in investment in other parts of the world -- especially emerging markets -- which is reflected in the rapid growth in export orders. Exports of capital goods have been rising at a 13 percent annual rate over the past year.

But recently, the capital goods sector appears to be slowing. Besides the slowdown in capital investment in the second quarter Gross Domestic Product, there has been a sharp drop in capital goods orders overall.

Despite a bounce back in August from July's dip, the slowdown over the last several months in the Institute of Supply Management export orders index, which is generally a good leading indicator of export orders, is a matter of even greater concern. The decline in the short-term trend of this index suggests that external global demand for capital goods may be slowing. Vendor performance, as measured by the percentage of companies reporting slower deliveries, is still relatively high (above 50 percent).

Where Will Profits Go?

Corporate profitability, which is an important long-lead indicator of the business cycle, is making stunning gains. When corporate profits are high, investment usually grows rapidly and businesses spend more freely on travel, marketing, and other general administrative expenses. Hiring rises and, equally important, so does liquidity.

"What is clear is that companies have been spending their cash flow freely through investments and stock buybacks and increased dividends," adds Fosler. "Companies still appear relatively liquid, but the financing gap is now in territory that bears vigilance."