Fairfield County Housing News May 2013

 

Frequently Asked questions about our local Real Estate market

As a local real estate expert I am asked questions regarding the market on a regular basis.

People are frequently surprised at the answer that I give them. Right now it’s all good news and we are hoping the housing market remains stable and stays on tract.

How is the real estate market and are homes selling?

 The good news is that homes are finally selling. The real estate market is very strong for sellers at the moment. If you home is priced right and well maintained or updated you can score a home run. Buyers are out in significant numbers and want your home right now!

Are the banks lending?

Yes, the banks are lending right now. As we climbed out of the financial mess we have gone through, the banks are still asking for lots of documentation and a larger down payment. It is critical however to find the right mortgage broker or lenders. Some of them are easier to work with than others. We try to work with many different lenders to make the mortgage process less stressful for our buyers. Each situation is unique and it’s critical our clients work with the bank best suited for their needs.

Are there a lot of foreclosures on the market?

They are still out there, according to the Fairfield County Business Journal with towns like Bridgeport having more than others. Having said that, we may see a new influx of foreclosures coming down the pike, but we will have to wait and see which towns fair better then the others. Some homeowners are living in their homes for years without paying a mortgage payment to the bank.

What about Short Sales?

At this time short sales are still cluttering the market. People are over their heads with debt, no jobs or are under employed which lead to this result. The banks would prefer to deal with homes in this situation with a short sale instead of a foreclosure. The reason why we see so many on the market is that it usually takes anywhere from four to eight months to these properties.

Are prices still declining?

Home prices are stabilizing and some price ranges are in such demand there are bidding wars. Homes under $500,000 are sought after and there isn’t enough inventory to satisfy the buyers that are shopping at this time. This is driving prices up anywhere from 10 to 15% or more in some areas.

 What do I need to do to prepare my home for selling?

Most homes can use a little sprucing up. My advice is set a budget for repairs, painting, and staging. If you can tackle some of these tasks yourself then you will save money. Most buyers want a clean well kept home that they can move right into. Remember a little elbow grease goes a long way with you getting more money for your home.

What do I look for when hiring a real estate agent?

The best advice is to look for someone who is a licensed Realtor. We go through extensive education, testing, training and experience in the field. You also want to hire a Realtor that has experience in the town or city that you are buying or selling in, if they live in the town that’s a good starting point. The reputation of a Realtor goes a long way, make sure they are honest. Ask for references, large real estate companies as well as small boutique realty companies can both do a good job in helping you buy or sell a home.

Do I need to call the listing agent to see a property?

No, you don’t. You can work with any Realtor who is on the local multiple listing system. We pay a fee every year to be on the Consolidated Multiple Listing Service. This is our guide to what is available for sale in any given town. We would love to work with you to find your dream home.

 

Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

 

 

 

 

 

 

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