Monthly Newsletter

Fabulous SoNo

Fabulous SoNo

Norwalk has many reasons to celebrate its city. As a lifelong resident, I know what this city has to offer. One of the most successful and popular spots in town is in South Norwalk also known as SoNo. From it’s hey day in the early 1900’s to its depressed state in the 70’s. SoNo has now been resurrected to a new grandeur.

SoNo represents the vibrancy of Norwalk. It’s a wonderful place to live, visit and relax. From its night life, boutique shops and art galleries to its waterfront activities there is so much to do here. It is definitely a destination for all.

SoNo has all sorts of real estate to purchase. There are charming old buildings that have been renovated into luxury condominiums, to newly constructed modern buildings with all types of amenities. The exposed brick, large full view windows and water views are the reason why people love the architecture. They come in all sorts of price points starting in the lower two hundred thousand range up to one million plus for penthouse suite overlooking the water. Buyers are flocking to this area as they know the value of these properties and what they have to offer. SoNo also has a mix of commercial and multifamily dwellings as well.

You can also rent properties in SoNo too! At this time there is a real demand for apartments in this area. There are lovely rentals starting at $1350 and up depending on your space requirements. The rental market is bringing many young college graduates who are working in the area. They all want to live in SoNo as it is the only place to be and it gives them a sort of SoHo experience without being in New York City. Within walking distance to the South Norwalk train station you can be in Manhattan in 45 minutes.

The SoNo Design District is working to bring the best in retail and restaurants to the area for all to enjoy. They have a fabulous website www.sonodesigndistrict.net that gives a pretty good explanation on what SoNo has to offer.

One of the biggest tourist destinations is Maritime Aquarium and IMAX Theater. You can see the local marine life, exhibits, and learn about the past too. It is very popular and a great place to take the family. If you are a history buff then head on over to the Norwalk Museum on North Main Street. You will find a museum full of history including collections from the past and a tremendous amount of photos and archives from days of long ago. If you want some of the best and trendiest dining in town then this is the place to be. There are no chain restaurants here. Every dining establishment are mom and pop businesses. There is a food style for every budget and taste. Some of my favorites are Donovans, Barcelona and Strada 18. If you need a chocolate fix then head on over to Chocopologie on South Main Street. My favorite chocolate treat is the caramel with sea salt. Yum!

A fun thing to do on a summer day is to take a boat ride out to the Historical Sheffield Island Lighthouse. You can pick up the boat at the Seaport Dock right before the bridge in SoNo. The Norwalk Seaport Association has a new 49 passenger ferry boat just waiting to be chartered. For more information please check out their website www.seaport.org.

As SoNo keeps growing with residential and commercial opportunities I feel that it will continue to be a great place to invest and live. For more information on fabulous SoNo please contact us today!

Betty Bondi
Bondi Realty Group LLC

203-899-9990

Buyers Avoid Fixer Upper Homes – May 2011

Bondi Realty Group Norwalk article May 2011

Buyers avoid fixer uppers

In the overheated housing market of the past, buyers felt that they had to accept homes even though they were in inferior condition but these days, most view an as- is property and run the other way.

Buyers have little or no tolerance for homes that need fixing up. They want to walk into the picture perfect home and just move in. A move in condition home is in the number one position when buying a property today. One factor that is the main cause is the tight lending by the banking industry. Buyers must put down more money as a down payment, resulting in less money to fix up their new home.

This is absolutely the story of today’s market. Buyers will pay a premium to get a home in move in condition. They will even engage in a bidding war just to avoid buying a project house. As a result we strongly advise homeowners to remodel before listing their home to get the best price and fastest sale possible.

We recommend against major renovations, such as replacing the kitchen and baths.

Sellers shouldn’t risk spending more than they’d get back in the sale price. This can be true with major kitchen and bath renovations because they are such a personalized taste.

There are however ways to spruce up kitchens and baths without blowing your budget. Think about replacing or painting cabinet doors and hardware. Install a new faucet, countertop and sink. In the bath, add a new toilet, fresh paint and new grout. These small changes can make a big difference when selling your home.

On the other hand, major maintenance and safety issues such as underground oil tanks and leaky roofs, heating and air conditioning must be dealt with before the home goes on the market because buyers are unwilling to take them on. These issues can be discovered and dealt with by having a home inspector come in prior to listing your home. You will now be prepared that your home will pass inspection and increase the chance that your sale will go through.

Beyond those kinds of headaches, sellers can make a big difference with simple and relatively inexpensive fixes: painting the walls, getting rid of clutter and pulling up carpets to show the hardwood floors that buyers crave.

Curb appeal is extremely important. Spruce up the front yard and entryway to make a good first impression. Trim the bushes, cut the grass, plant fresh colorful flowers in the garden and in pretty glazed pots. Give the front door a fresh coat of paint.

Getting rid of clutter is absolutely essential. A buyer needs to envision how the house will look with their items in place. Do an intense deep cleaning. This is a very cost effective step that is extremely necessary. You’ve got to clean it out sometime; if you do it now, it’s going to benefit you financially. If sellers can’t or won’t prepare their homes for the market then they will have to lower their expectations on price.

Sellers – If you are looking for the best real estate agents in the business, look no further than Bondi Realty Group LLC. We can provide the best service in the business to you! Please contact us for your personalized free market analysis today. Our coverage area includes Norwalk, Darien, New Canaan, Westport & Wilton, CT. If you are moving out of the area we have an extensive referral network.

Betty Bondi

Owner/Broker

Bondi Realty Group LLC

203-899-9990

State of the Market first quarter report 2011

The State of the Market First Quarter 2011

Here we are once again gearing up for the spring real estate market. Contrary to what the national media is reporting, our local housing market is getting off to a good start. House sales in the first quarter have shown a slight gain overall compared to last year. I feel that this year we will start to see prices stabilize and become affordable for more buyers.

Everyone should know what is really happening out there in their local real estate market.

People should ask their Realtor for guidance or get their information from the local property transfers. The property transfers are available on the Bondi Realty Group website. While some areas faired better than most Connecticut’s overall values didn’t go down as much as parts of the rest of the Country.

I already see a trend of the bottom end of single family home prices starting to stabilize ever so slowly. Many of these homes consist of foreclosures and short sales. These homes are selling up to $400,000. The middle price range of up to $750,000 is finally showing some movement in Darien, Westport & Wilton. Rowayton properties are selling very well with prices over $1,000,000.

Here are a few statistics from Consolidated Multiple Listing system.

As of March 30th 2011 Norwalk is showing a decrease in inventory compared to last year at this time. There are 398 single family homes and 258 condominiums currently on the market. In the first quarter of 2010 there were 426 single family and 306 condos for sale. In the first quarter of 2011, 83 single family and 39 condos have sold. The first quarter in 2010 recorded 82 Single family homes and 42 condos sold. These are pretty good numbers considering that the weather took a great toll on the real estate market in the Northeast, and there was no government buyer incentive for housing this year.

There is now affordability in Westport and Wilton. This has led to an increase of sales in these towns. Here are the related numbers for these communities.

Inventory is also down in Westport as they are currently showing an inventory of 297 single family homes and 23 condominiums on the market. Last year at his time inventory was 330 single family homes and 33 condominiums for sale.

In the first quarter of 2011, 49 single family homes and 4 condos have sold. In the first quarter of 2010 there were a similar number of sales showing 47 single family homes sold. Condo sales were a bit lower with only 2 sold in the same time period.

Wilton is currently showing an increase of inventory with 162 single family homes and decrease of 18 condos for sale. Last year at this time inventory was 154 for single family homes and 29 for condos. Wilton is showing an increase in sales from last year at the same time. In the first quarter of 2011, 29 single family homes and 5 condos sold. For the first quarter 2010, 20 single family homes and 3 condos were sold.

As home owners mentally adjust to the current market conditions, prices will continue to become more realistic. Overall housing prices are down approximately 15% to 40% from the height of the market in 2006-2007, depending on the condition or location of your home. These percentages also pertain to foreclosures and short sales.

As a buyer or seller the best way to succeed in the real estate market is to make sure you get the proper education and guidance through a professional real estate agent. Bondi Realty Group LLC is among the top producers for buyers and sellers in this area. We are currently offering both buyers and sellers incentives for working with us. Please call us today for all of your real estate needs.

Betty Bondi

Owner/ Broker

www.BondiRealtyGroup.com

203-899-9990

Frequently Asked Local Real Estate Questions

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. Most of you are reading and listening to the news and don’t realize the information that they present is usually nationwide and is not necessarily what is happening in our local market.

How is the real estate market and are homes selling?

The real estate market locally is actually moving right along. Difficult weather conditions definitely played a role in flat sales this winter and even without the first time homebuyer incentive the winter market here is about the same as last year. Although those factors have made an impact on sales, we still showed a slight gain in sales from the same time in 2010. My prediction is that 2011 home sales will continue to show a rise in the numbers as there is pent up demand from buyers who are ready to jump into the marketplace.

Are the banks lending?

Yes, the banks are lending right now. As we climb 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. I have asked Aimee Merritt from Wells Fargo home mortgages to offer her professional opinion with this question. She says that Wells Fargo is definitely lending and has lowered the bar on credit scores for FHA loans to 500.

(The down payment and debt ratio requirements will vary but, this is really great news to help more buyers get into more homes.)
-Credit Scores from 500-579 10% down of own funds.
-Credit scores from 580-600 5.00% down of own funds.
Credit scores 600 and above 3.50% down. Down payment can be a gift and the seller may contribute up to 6% towards closing costs and prepaids.

Wells Fargo is also offering better rates for purchases especially investment purchases to help increase housing sales! Rates are currently 4.75% for a 30 year fixed loan.

I believe this Spring and Summer will be very busy for housing sales with reduced housing prices coupled with low rates!

Are there a lot of foreclosures on the market?

There are not as many foreclosures on the market as everyone thinks. They are still out there, according to the Fairfield County Business Journal with towns like Bridgeport having more than others. The good news is they are not coming on the market as frequently as they were. 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. This is one of the unknowns of the real estate market.

What about Short Sales?

At this time short sales are still cluttering up the market. People are over their heads with debt and no jobs 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 six to eight months to close on a short sale.

Are prices still declining?

Yes and no. It actually depends on the price point of the home. Homes under $400,000 are selling and my prediction is that as we head on through the year, I expect the lower end of the price range to start heading up again, slowly. Homes in the mid and upper price range are holding steady at this time. The seller’s misconception is because we are in a normal slow winter season that they need to really slash the asking price of their home for it to sell. I have seen other surrounding towns hold out for a fair price initially saving the values of the rest of the neighborhood. My advice is to fairly price your home based on comparables in your neighborhood and you won’t have to continue to slash your asking price considerably in order to sell.

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. Small boutique realty companies can do a good job in helping you buy or sell a home. We take pride ourselves at Bondi Realty that we can offer you everything the large companies offer as well as incentives and marketing plans that we can custom create just for you!

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

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.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Betty@Bondirealtygroup.com

Tips for Selling Your Home in 2011

Tips for selling your home in 2011Even though the winter weather is affecting the real estate market, the buyers are gearing up for the spring. Now is the time to get your home ready to sell. Here are a few steps that can help you through the process.

Put your home on the market in early spring so you can catch all those buyers that have been casually browsing either online or with their realtor through the winter. They have been waiting around for the snow to melt and are anxious to get out and start looking. The spring market also provides someone the opportunity to purchase a home before the new school year.

Pricing your house right is the biggest hurdle that some homeowners need to conquer. If your home is not priced right from the beginning then you may miss the market. Your professional Realtor should be able to provide you with comparables for your home in order to get the closest value possible. Unfortunately in today’s market short sales and foreclosures affect your value. You need to be realistic with the price because if your agent needs to keep reducing then people may assume that there is something wrong with the house.

Stage your home the best you can with some guidance from your Realtor or hire a professional stager to help you. Get rid of all the unnecessary furniture, knickknacks, and clutter. Fix what you can, clean every room until it sparkles, paint in neutral colors, clean out the closets, basement and garage, cut the grass and check the landscaping. First impressions go a long way in getting a potential buyer to make an offer that you will be happy with.

Make your house easy to show. You need to make sure you home is available to show when a Realtor calls to set an appointment. Provide as much information you can in regards to all the improvements that have been done, the plot plan if you have it and what your utility costs are. This information is always something that a potential buyer will ask for. Having this ready shows the buyer that you mean business and are serious and well prepared to sell your home.

Advertising also plays a big role to selling your home. Your Realtor should give you a marketing plan on how your home will be advertised. The biggest form of advertising today is over the internet. Locally the Realtors Consolidated Multiple Listing service is the best way to get the word out to other agents that your home is for sale followed by Realtor.com which allows the public to see your home on the internet.

Close the deal. Your realtor’s job is to keep you informed as to what offers have come in for your home. They will present them to you and guide you through the negotiating process. In today’s market buyers are in the driver’s seat so you need to be flexible enough to not scare them away.
By choosing the right Realtor and following these simple steps you are on your way to successful transaction.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

State of the Real Estate Market January 2011

State of the Real Estate Market 2011 

As we enter 2011 I can tell you that Norwalk’s housing market is showing signs of stability but the banks are still being cautious and reserved with their lending. In January of 2010 there were 331 single family homes on the market and 251 condominiums for sale. January of 2011 shows single family inventory at 327 and condominium inventory at 194. That is a slight decline in single family numbers. Condo numbers show a much sharper decline in the inventory.

Everyone wants to know what is really happening out there in our local real estate market. I believe our current local real estate market has faired better then the rest of the country. Here are a few statistics from Consolidated Multiple Listing system.

I am happy to report that Norwalk numbers are up on home sales. 505 single family homes sold in 2010. That is up from 2009 home sale numbers of 438. This reflects an increase of 67 home sales. That is a 14 % increase in single family homes from 2009! Condominium sales are also up. 227 condos were sold in 2010 compared to sales of 222 in 2009. This is an increase of 2%.

Westport numbers are looking good. Current inventory shows 211 single family and 21 condos for sale this year. They are also reporting an increase of home sales.
350 single family homes sold in 2010. That is up from 2009 numbers of 250. Those numbers are up an incredible 29%. Condo sales are up too. 28 condos sold in 2010 compared to 2009 numbers of 23. This is an increase of 18 %.

Wilton numbers are up too! Current inventory shows 107 single family and 14 condos for sale. 165 Single family homes sold here in 2010. That is up from 2009 numbers of 136, showing an increase of 18%. Condo sales were slightly higher in 2010. 25 condos sold this year compared to 2009 numbers of 18. This is an increase of 28%.

All indicators are pointing to a gradual housing recovery. The national median home price however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.

If local home sales continue to rise, this may result in prices rebounding as we move into the year. It really all depends on what happens in the economy. If more jobs become available and people feel secure with the jobs that they currently have then I suspect the 2011 local housing market will continue to show better numbers.

Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com

Positive News for the Real Estate Market….Finally!

Positive News for the Real Estate Market 

As the media goes on and on about how the real estate market is in turmoil. I wanted to write an article about the positive side of real estate. So this is what I’m thankful for this season.

I wrote my first real estate article for the Hour in January 2010. Through the series of year long articles I have educated both the buyers and sellers through the trying times of this market; I appreciate all the great feedback and questions from people that I meet everyday.

The beginning of the year came and with it brought fear and uncertainty to the real estate market. No one knew what to expect or what the year would bring. Well I am happy to say things are looking much brighter and there is a light at the end of the tunnel.

There was a buyer incentive program that many people took advantage of. The buyers that purchased through June 30th were eligible for a tax credit of up to $8000 dollars.
This incentive really brought a much needed boost to the housing market in our area. Sales were up and the buyers that ventured out into this market bought at fantastic prices that have not been seen in very many years.
April started off pretty slow but at the last minute, tax credit intoxicated buyers flooded the market scrambling to cash in before the deadline. There had been a pent up demand and the buyers went out to find that new home. As a result of this tax credit, momentum was created and followed into the remainder of the year.

Sellers were happy to see the buyers come out this year too. Homes were selling. It is interesting to note which ones had the best success. It is a mixed bag but it came down to price (number 1) then location, if it was remodeled or if it was new. If the price was below market value it had a buyer within a few days to a few weeks. The same goes for newly built homes that were on the market. Buyers still want new and it didn’t matter on location or quality of workmanship.

How do I put a positive spin on all the foreclosures and short sales? Well unfortunately foreclosures are part of the current economy. But if you’re an owner that has falling into hard times and can no longer afford your home a short sale will allow you work with the bank to come to a mutual agreement in order to sell your house without it falling into foreclosure. As time goes on and the market stabilizes these kinds of sales will be a thing of the past.

This year the mortgage rates are at an all time low. I believe this to be a very positive side of the real estate market. Fifteen year rates are currently below 4%. Thirty year rates are currently around 4 ½ %. Qualified buyers are able to take advantage of these rates and save themselves many hundreds of dollars a month on their mortgage. Rates like these are still available and smart buyers should be out in the market researching and buying homes.

As we approach the end of 2010, I can honestly say this year was better for both buyers and sellers. Home sales are up, prices are low and interest rates are the best they have been in years. But most of all we am thankful for the clients that we have had the privilege to work with through the year. It was a wonderful feeling to see our first time home buyers get really excited with their purchase.

We believe that things will be better for everyone in the future as we continue to move in the right direction. Have faith and focus on the positive and joyful times in life as we enter the holiday season. All of us from Bondi Realty Group want to wish each and every one of you a very Happy Holiday and a Happy New Year!!

We are the best in our business and have many happy clients to prove it!!

Betty & Peter Bondi
Bondi Realty Group LLC
203-899-9990

Six Reasons to Buy a Home in Today’s Market

6 Reasons to Buy a Home in Today’s Market 

What is a buyer to think with all of the conflicting reports that they hear on a daily basis from the media? I can understand why they are so confused when it comes to purchasing a home. Is it the right time to buy? Should I wait until the prices go lower? Will I qualify for financing?

Just because there are less foreclosure and short sale opportunities on the market at this time doesn’t mean you won’t be able to make a great deal. There are many homes for sale by their owners that are ready to make a deal. A good real estate agent will be able to guide you on finding a fabulous place for a decent price. This is a win- win situation for both the buyer and the seller.

Inventory is at an all time high! Have you fantasized about going shopping for a home? Right now there are so many homes for sale that you can actually pick or choose one that you will fall in love with. In the past there were so few homes for sale, you had to make an on the spot decision or you would miss out. Right now there are homes that are beautifully remodeled and there are homes that can be bought and fixed up to your specifications.

Interest Rates are at an all time low! Do you know what this means? You can afford more home at a really fabulous affordable price. 30 year fixed rates are around 4% and 15 year fixed rates are around 3.75%. If inflation picks up, you won’t see these super low mortgage rates continue.

Affordability factor! Home prices in our area are reaching the bottom. You say that you want to wait to buy until the prices bottom out…..how will you know when that is? The only way you will find out is when the prices start heading upwards again.

Let’s make a deal! Don’t forget that this is a buyers market. Most of the buyers have decided to sit on the bench and wait. This is your opportunity to negotiate with hungry sellers who really want to sell their place so that they can upgrade or move on.

Tax saving! Do you realize that you can deduct both your mortgage interest and property tax if you itemize your tax deductions? If you have a good income, tax breaks can be very valuable to your bottom line.

Pride of ownership! Just think, you can paint your walls any color you want, get the pet you always wanted but couldn’t have in your apartment, or just have people over to your home for a friendly gathering. It’s your home and these are some of the perks of owning it!

One day the market will mend! Homes will sell with some regularity once people are employed again. That day is right around the corner. If you have a secure job and some money saved up, now is the time to make that move. Don’t wait until the spring market if you don’t need to. Take advantage of the above reasons and get out there and shop!

 

Betty Bondi
Bondi Realty Group
203-899-9990

State of the Market Third Quarter 2010

The State of the Market Third Quarter 2010We are heading full steam into the fall real estate market. Everyone asks what can be expected at this time of year? Will homes sell? Will prices continue to decline? What are the current mortgage rates and what do they mean to me? What are the key components to drive this market along?

Let’s see what is happening in the market place at this time. The data was pulled from the Consolidated Multiple Listing system.

As of September 29th, 2010 Norwalk is showing a decrease in inventory and sales compared to last quarter. Currently there are 477 single family homes and 291 condominiums on the market for sale. The third quarter from July 1st to September 29th recorded sales of 120 single family homes & 44 condos.
In the second quarter from April to June 30th there were 499 single family homes and 313 condos on the market. The second quarter recorded sales of 144 single family homes and 62 condos. In the first quarter of 2010 there were 426 single family homes and 306 condos for sale. The first quarter recorded sales of 96 Single family homes and 52 condos. So far for the year 2010, 360 single family homes and 158 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 295 single family homes and 156 condos sold.
Westport is currently showing an inventory of 361 single family homes and 30 condos on the market. Third quarter 2010 sales report 126 single family homes and 7 condos sold.
In the second quarter from April 1st to June 30th showed an inventory of 392 single family homes and 32 condos. Second quarter 2010 sales report 89 single family homes and 12 condos sold. First quarter in Westport reported sales of 54 single family homes and 4 condos. So far in 2010 a total of 269 single family homes and 23 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 174 single family homes and 14 condos sold.
Wilton is currently showing an inventory of 186 single family homes and 24 condos for sale. Third quarter 2010 sales report 41 single family homes and 4 condos sold.
The second quarter from April 1st to June 30th showed an inventory of 181 single family homes and 27 condos. Second quarter 2010 sales report 63 homes & 11condos sold.
For the first quarter 22 single family homes and 3 condos sold. So far in 2010 a total of 128 single family homes and 18 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 102 single family homes and 12 condos sold.

 
Norwalk and the surrounding areas have actually fared very well. Home sales are on the upswing & mortgage rates are at an all time low.
Today’s interest rates and what they mean to you

Mortgage interest rates are at an all time low. Here is an example of what it means to you when purchasing a home.

This is what is will cost you every month for you mortgage loan per $100,000

4.5% —– $506.69
5.0% ——$536.83
5.5% ——$567.79
6.0% ——$599.56
6.5% ——$632.07

The rate right now for 30 year fixed loans is approximately 4.5% depending on your credit score, down payment and type of mortgage loan.
Take this into consideration as you ponder whether to purchase a home soon or decide to wait. If interest rates go up, then it will cost more money in the long run. Home prices are affordable and there is plenty of inventory at this time.

 

Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990

The Stress of Buying a Home can be Avoided

The stress of buying a home can be avoidedFor many people buying a home can be very stressful. The process at times is very confusing. As a result here are some ways that a person can use to manage the anxiety of a real estate transaction.

The first step is to write down specific goals as to what you’re looking to accomplish. Like what can you afford, where you want to live, schools, public transportation, etc. This will save you a lot of time and money in the long run.

You then need to choose a professional and reputable Realtor. Using a recommendation from a friend or relative is the best way to choose. If you can’t get a recommendation then ask to check their references. Your realtor will then ask you to sign a Buyers Agent form. This form in the state of Connecticut needs to be signed by law, as this enables the Realtor to exclusively work for you. Your Realtor’s job is very important because they guide you through the process while educating you along the way. Your Realtor can suggest reputable lending institutions that can help you through the finance process and get you preapproved. This is a very important step in knowing what you can afford and establishing a realistic budget. Some people may try to buy a home that they can’t afford and this can cause problems down the road. Your Realtor should also establish communication between every party who is involved in the transaction. Your Realtor can also suggest a reputable attorney that can work hard for you to close the deal in a timely manner.
The next step is to work with your realtor in finding properties that suit your needs. There is always a misconception of the consumer that you have to call the listing Real Estate company to be able to see the house you want. Realtors have access to all of the properties that are advertised with other realtors through our multiple listing service (MLS). We will provide you with new homes as they come on the market, as well as price reductions of homes. Realtors will also get tips when homes will be coming on the market.
Once you have gotten your preapproval and you know what you can afford it’s time to shop, and in today’s market you will find that it is definitely a buyers market. Your Realtor will then set up appointments for showings and if you find a home you like your Realtor will then communicate your terms to the seller’s agent. This is a buffer between the buyer and the seller which helps expedite the process. If there is a mutual agreement on the price then your Realtor will help provide a due diligence period where you can perform all of your inspections, such as home, termite, radon , water, septic, etc. Realtors should be able to provide you with names of reputable home inspectors. We want you to be knowledgeable about the home you buy. This due diligence period time can also be used by you to make sure you are qualified for the mortgage. Once all your inspections are done and your mortgage process is in the works then your attorney steps in and reviews the contract. After all the contract contingencies have been met then it’s time to close the deal. A date will be set for the closing. On that day your Realtor will take you back to the property to make sure the owner has completely moved out. You will then examine the property for any damage and see that its broom swept. Be prepared to sign your name many times at the closing table. All of these documents your signing are very important and a good Attorney will guide you through each one. Once your closing process is complete then there is an exchange of keys and you become a homeowner.

The home buying process does not have to be stressful as long as you establish your goals, ask questions, and choose a professional Realtor who will take you through it step by step. Having a great relationship with your Realtor can save you time, aggravation and money.

If you are looking for a quality realtor, don’t look any further! Bondi Realty will treat you the way that you deserve to be treated. We will also educate you in the buying process so that you can make an educated decision.

Betty & Peter Bondi

203-899-9990

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