1 - Market Time
"Market time is the average number of days properties that sold during the month were on the market."
Some consider real estate agents the 'keykeepers' and otherwise do a lot of nothing when working with our clients, but that is where we let our clients tread into dangerous territory. If your Realtor is doing their job, they should be anticipating problems and heading them off before you even know they were a problem - RISK MITIGATION!
A lot of this effort is thankless, and many times the client doesn't know it was done, unless it is needed at some point in the process in order to put out a fire - we have been using that term a lot lately. Instead of thinking of Realtors as fire-fighters, for a second, think of us as the smoke alarm that goes off before the fire starts. Let's jump into the practical, real-world application of this as it pertains to real estate.
The most common question we receive during a closing process from a buyer or a seller, is: How much are closing costs?
There is never a perfect answer to that question. These costs vary greatly depending on the type of mortgage, the attorney's fees, the price and size of the home, and with the lender (and your state/town/county). They can range from 2% to 5% of the purchase price of the property for buyers, and upwards of 5-7% for sellers.
Photo via Pixabay
Author: Gene Ramsey
When you have set your mind to downsizing your home, you know with just a look around that you’ll face a period of intense nostalgia and hard decisions to make in the deep decluttering of your home.
However, the task must be done without fanfare if you’re to move on to your new home or assisted living residence. The key to finally embarking on this difficult task is to focus on the joys of living unencumbered by the burdens of owning too large of a home, and all that cumbersome clutter.
Here are a few home downsizing tips to get you started:
The title sounds dire, but this situation warrants a warning like this. I would rather, despite the saturation of this in the news, you hear it again than not hear it at all. Read on...
Choosing a Realtor to represent you is like interviewing a new employee for hire. It is just as important as when you hire someone to do work on your home, as you will be stuck with your decision for months and years to come. Hiring a plumber, you ask questions. Hiring a contractor, you ask questions. Why should the person you pay 5% of your(the) property's value not get the same treatment.
Welcome! This list is intended to point any likely sellers to a list of viable and ready buyers seeking property in this area. In other words, these are my REAL buyers, people seeking homes to buy. With low inventory, they are looking actively, but sometimes coming up short...this is why I am writing this blog post.
Note: I will update it as my buyers come and go from the market.
My Buyers -
All buyers want to optimize the neighborhood, unless otherwise specified, ideally seeking somewhere quiet, safe, and private.
ALWAYS seeking multi-family properties for about 5 clients at any given time. If you know of any viable Norwalk/Stamford/Fairfield multi-family that might be for sale, please let me know ASAP!
If you have or know of a home that fits any of the above criteria, let me know by calling me at 203.216.0670. Realistically, any homes in lower Fairfield County under $1,000,000 will be useful to me. As always, chatting about your situation doesn't cost you anything, and I won't expect anything either, except 5-10 minutes to chat on the phone. Thanks!
What does it mean to be a part-time or a full-time Realtor? The answer is in the Experience, Effectiveness, and Presence of who you might hire to help you buy or sell a home. There are many reasons why you should seek someone who works full-time in this business, but it might not be clear.
Many times, a personal relationship gets in the way of making sound business decisions when it comes to buying or selling - as a consequence, I have gained many new clients being present as a full-time Realtor, when their friend/family member was unable to get the job done effectively. Let's see what differentiates those who are committed full-time versus part-time in the real estate business.
Keeping up with the transparent nature of my real estate business (through this blog), one medium I have not touched upon is Email. I have educated other Realtors and clients on how to list a home, the process of listing and buying, and so much more; but across these types of interactions are the communications that tend to happen through email. This starts at first communication, usually that first communication is a thorough breakdown of the market, my marketing, the lending of resources and tools, and so much more. That is what I want to tell you more about.
My goal with this post is to show you the ways I jam pack my emails with education and value so buyers and sellers get the most out of these communications. I intend to make you understand why my emails have been complimented time and time again as being thorough, useful, and integral in the start of a long-term relationship.
This chart says it all, and is specific to Norwalk, CT real estate, under $500,000 for single family homes. However, if you live in Fairfield, Stamford, or other nearby towns/cities, there is a similar correlation across the board. That is, if you own a home in a price point at or below the median, it's likely you are in a good position to sell.
As you can see, in Norwalk, inventory has fallen 18% from the same time last year in these price points. This is not something to baulk at - with clearly consistent downward trends, the flip side, i.e. sales prices, should be going the opposite way (median sales price of $347,500 in December 2015, compared to $361,250 in December of 2016 for the same criteria; OR a 4% increase).
Let's talk more about this, and why it is happening. But first, an important definition:
Inventory: Number of properties on market at the end of the month.
Why Inventory? This metric is important because if you are looking strictly at supply and demand, having less supply with equal or less demand means prices will rise (again, as they have been doing). For you, this means that we can sell your home at a higher price, and possibly save you thousands on commission (happy to explain how).
Why is this happening? Over the past few years, the trends have continued consistently in the spring market ----> February/March arrives, and new inventory floods the market, and the market is HOT until the end of the summer (August/September). This year was different, as can be seen by the above graph - though the market was equally hot in these spring and summer months, the amazing thing was that this trend continued through the Holiday season, where buyers continued to buy in these lower price points.
My expert opinion is that the combination of location/desirability of this area, plus the proximity to NYC, made it most affordable and desired. I believe that Norwalk is the most inexpensive suburb of NYC within 1 hour train/drive. Fairfield and Stamford, are a bit more expensive, but also seemingly HOT market. Combine that with loosening regulation on mortgages, more cash and money in the market, and it is price time to sell.
How does this benefit you? If you own a home in the price points indicated, then you have a great opportunity to capitalize on the new leverage you have. This might translate to a price point that is above my general assumptions, but it all depends on location, size and lay of the yard/land, and other factors that affect sales prices in general. In other words, even if you think your home is worth more than $500,000, it's still worth a conversation (case in point - anything in Cranbury under $650,000 might be a perfect candidate).
I've written this post out of a mailing I am sending to buyers in specific locations and price points, but wanted to convert it to the Internet, in case there are people out there seeking to sell their home, and wanted to hear the good news.
My Plug: As always, if you fit into this criteria, and have a home you might sell soon, let me know. I can give a free consultation, a free market evaluation on the price of your home, and continue to educate you about the market. This would be appropriate even a year from now, as the more educated you are, the better decisions that you can make later. Just send me a message, or give me a call!
We (Joe and Chris Balestriere) are Realtors in Fairfield County, Connecticut. Our blog is meant to educate buyers and sellers and equip them with tools to get the most out of their Realtor, whether it is us or someone else. We focus on technology and how it enhances the work we do for our clients--we are not top CT Realtors by accident.