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

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

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

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

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 - Gift Ideas for New Homeowners

‘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 - 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 - 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.

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

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 - Tips for Pre-Marketing your Home for Sellers

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 - Graduated Payment Mortgages

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.

Tips for Buying a Home from a Builder

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.

Greenwich Real Estate News - Exterior Staging

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

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

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

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

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

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

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

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 - New Home Trends Sellers Need to Know

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.