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

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

No exciting news forthcoming.

Enjoy the day off.

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

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

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 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 - Before it Snows

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

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

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.