realtor
Frequently Asked Local Real Estate Questions
March 3, 2011 by bettyb · Leave a Comment
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
realtor
Tips for Selling Your Home in 2011
February 4, 2011 by bettyb · Leave a Comment
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
realtor
Norwalk CT Property Transfers February 16 – 28
March 8, 2010 by bettyb · Leave a Comment
15 Starlight Drive
Estate of Harrison Bullock to Patrick Dadarria & John Yuille, $350,000
115 Fillow Street Unit 72
Tushar & Dhara Shah to Erica LeCanno, $308,000
12 Old Rock Road
Estate of Mary Condors to Christopher Condors, $200,000
44-48 Westport Avenue
Westnor Associates llc to SCG Capital Corporation Profit Sharing Trust, $2,000,000
7 Jarvis Street
Robert & Joy Crowe III to Gregg & Michelle Ward, $477,500
1 Technology Plaza
Nadji & Julliette Tehrani to Technology Plaza llc, $850,000
153 West Cedar Street
Nadji Tehrani to 153 West Cedar llc, $350,000
22 Meeker Court
Estate of Joanna C Coor to Robert Daus, $264,000
231 Wilson Avenue
Tienshan Inc. to Ganesha Real Estate llc, $1,350,000
6 Farm Creek Road
Betsielane Sullivan to Six Farm Creek, llc, $635,000
25 Fairweather Drive
Tonino Mavuli to Anthony Rieber & Kelly Warner, $410,000
56 Soundview Avenue Unit 2
Richard Evanich to Paragon Relocation Resources Inc., $460,000
17 Fullin Road
US Bank NA to Jaroslaw Galezowski, $337,000
25 West Main Street
Stanislaw & Anna Warchal to Sandra Phillips, $266,000
56 Soundview Avenue Unit 2
Paragon Relocation Resources Inc to Rock Rockefeller & Lakshi Kottapalli-Suman, $460,000
291 Highland Avenue
Steven & Patricia Kerschner to Laurence & Alicia Sette, $589,000
66 Broad Street
US Bank NA to David Sabini Jr, $270,000
49 Fairfield Avenue
Estate of Kathryn Stewart to Babette Arroyo, $180,000
3 Roland Avenue
Pybus Family Trust to Robert & Candida Norton, $430,000
27 Plymouth Avenue
US Bank NA to Jennifer Schriven, $234,000
4 Union Avenue Unit 13
Deutsche Bank National Trust co to Yar Arbeli, 135,000
14 Fullin Court
Lusandre Chaudruc to Carl Johnson & Lindsay Taylor, $348,000
21 Edlie Avenue
Wells Fargo Bank NA to Evangelos Dadooulis, $250,000
2 West Avenue Unit 14
Jerry & Fred Petrini to Edward & Suzanne Chiaramont, $144,000
22 Shorehaven Road
Shorehaven road llc to Michael & Amy Greenberg, $1,825,000
28 Surrey Drive
William & Michele Alexander to Michael Hamm & Rachel Staycheff, $522,500
Bondi Realty Group is located in Norwalk, serving all of Fairfield County Connecticut. We have 20 years of real estate experience working with buyers, sellers and investors. 