Betty Bondi

The Holidays are a perfect time to sell your home!

With all of the chaos that happens between now and New Year’s, it seems it would be crazy to put a house up for sale during the winter. But smart sellers know it may just be the perfect time to put up the “for sale” sign. We are actually seeing momentum building for first time home buyers. The phone is ringing and hopefully it is a sign that the housing industry is moving forward. Many people often make the mistake of wanting to buy or sell when everyone else is buying and selling. Don’t follow the status quo, real estate deals happen at anytime through out the year.

This time of the year brings back wonderful memories of purchasing our own home in West Norwalk right before Christmas. We negotiated a great deal, closed on the house and moved our family in on December 15th. We immediately decorated, hung up the stockings, put up a tree and enjoyed a lovely Christmas in our new home.

I always recommend to our clients that they don’t take their homes off the market when winter rolls around. It’s my experience, both personal and professional, that buyers who are looking at homes during this time of year are very serious and I have watched homes sell right before the holidays. So when you truly have motivated buyers and sellers you shouldn’t close your doors just before Thanksgiving and open them again until mid January. Buyers that are willing to give of their time and perform the due diligence required during this period are really serious about closing that deal.

Make it as easy as possible to have a showing. Even if you have to make sure the property is totally accessible by removing snow. People will want to still walk around and inspect the perimeter of your house. Don’t decline showings and don’t put time limits on them. It’s a numbers game. The more people you get in the door, the better chance of selling your home. An informed seller knows the inventory is at its lowest right now. Many sellers are getting nervous and either renting their homes or just taking them off the market. Buyers want and are looking for  fresh inventory.

We are finding that families often come back to where they grew up during the holiday season. And if they’re thinking of making a move back, now is the time they will be looking and having that all important real estate conversation over holiday dinner with their family.

All of us at Bondi Realty want to wish you a wonderful holiday season, filled with happiness, good health and prosperity!

Betty Bondi
Bondi Realty Group LLC

203-899-9990

Help for Homeowners – Home Affordable Refinance Program

 Our housing market is so unpredictable these days. One minute it looks like things are going to improve and the next day it seems like housing doomsday is coming! What are you supposed to do as a buyer or seller when you are not sure what the future holds? The worst thing is to sit tight and do nothing. The housing market for buyers is screaming to let you know the deals are on! As for sellers there is help for you too! What happens when you are struggling to make ends meet? Wouldn’t it be great if you could refinance your mortgage at a much lower rate even if your home is worth less than what you presently owe? There is a loan program out there right now that can make your life more comfortable.

 The first thing that you need to do is see if you have a Freddie Mac or Fannie Mae mortgage. You can do this by going on their websites www.FreddieMac.com  and click on the Do We Own Your Mortgage link.  The Fannie Mae website is www.FannieMae.com  click on Helping Homeowners and Communities, then click on Fannie Mae loan lookup. If your mortgage is owned by either Freddie or Fannie then you may be eligible for the Home Affordable Refinance Program (HARP).

 What is the HARP Refinance program about? Here is some information that can help you refinance your present home mortgage by reducing your present interest rate to a much lower current rate if you are eligible.

 What is a Refinance?

 With this option, you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.

 Home Affordable Refinance Program (HARP)

 If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

 Eligibility 
You may be eligible to apply if you meet all of the following:

 You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.

You must have secured your current mortgage prior to June 1^st, 2009.

You do not have an FHA, VA or USDA loan.

You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.

The refinance will improve the long term affordability or stability of your mortgage.

You have the ability to make the new payments.

Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.

 Program Availability

 The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.

 For More Information

 Contact your current lender first as they may have incentives that will keep closing cost affordable. If you have additional questions about getting mortgage help, contact a housing advisor at (888 -995-HOPE) or go their website.            www.makinghomeaffordable.gov

 Betty Bondi
Bondi Realty Group LLC

www.Bondirealtygroup.com
203-899-9990

Local Real Estate Market News – Third Quarter

Here are a few statistics from Consolidated Multiple Listing system.

As of October 2011 Norwalk is showing a decline in inventory compared to last quarter. Currently there are 472 single family homes and 269 condominiums on the market. Those inventory numbers are down from last quarter’s number of 490 single family homes and 283 condos. In the first quarter of 2011, 83 single family and 39 condos sold. Home sales were up for the second quarter 125 single family homes and 55 condominiums sold. The third quarter numbers are in. Single family homes are recording a dip in sales with 106 homes sold. Condominiums sales are down too with 46 units sold.

Inventory is also down in Westport as there are currently 336 single family homes and 28 condos on the market at this time. The second quarter showed 379 single family homes and 30 condominiums on the market. In the first quarter of 2011, 49 single family homes and 4 condos have sold. Sales were up for the second quarter at 118 single family homes and 11 condominiums sold. The third quarter numbers are reflecting a decline in sales showing that 104 Single family homes and 8 condos sold.

Wilton is currently showing a decrease of inventory with 197 single family homes and 8 condos currently for sale. The second quarter inventory numbers recorded 227 single family homes and 16 condos for sale. In the first quarter of 2011, 29 single family homes and 5 condos have sold. Sales were up for the second quarter at 43 single family homes and condo sales remain flat at 5. Third quarter sales numbers are up and showing that 54 single family homes and 6 condos sold.

It appears that home sales still have a long way to go, but we have fared so much better than other parts of the country. Mortgage rates are at an all time low and banks are starting to lend again. Hopefully at some point single family and condo buyers will feel more secure leading to more sales and property price increases in the near future. Call us today for all of your real estate needs.

Betty Bondi

Owner/ Broker

www.BondiRealtyGroup.com

203-899-9990

Short Sale Tips for Home Sellers

Are you thinking of selling your home and the market value is less than you owe?

If so, then you are selling your home as a short sale. There are many short sale homes on the market these days. The good thing is that most of the banks have figured out how to process the deals in a much quicker timeline than in the past. However it still takes more time than a traditional transaction.

A short sale is one where the net proceeds from the sale won’t cover your total mortgage and closing costs and you don’t have other sources of money to cover the deficiency.

A short sale will impact your credit score less than a foreclosure.

If you are thinking of selling your home and feel you may qualify for a short sale follow the steps below before making any decisions on your own. The following advice is a compilation from several different sources including attorneys, mortgage professionals and accountants.

Consider Loan modification first.

If you are thinking of selling your property because of financial difficulties, first contact your lender to see if there are any programs to help you stay in your home.

Your lender may agree to a modification such as refinancing your loan at a lower interest rate or provide a different payment plan.

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if your property is worth less than the total mortgage you owe on it especially if you may have a financial hardship, such as a job loss or major medical bills. Contact your lender and see if they are willing to entertain a short sale.

Hiring a qualified team is the difference between being successful or not.

The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Short sales have increased in the last few years, so make sure the real estate professional and attorney that you hire has had extensive experience and closed a lot of short sales. It is important that you work with professionals that have a thorough working knowledge of the short sale process and won’t try to pressure you to do something that isn’t in your best interest.

A qualified real estate professional can provide you with a comparative market analysis (CMA) or broker price opinion (BPO). Help you set an appropriate listing price for your home, market the home, and get it sold. Place special language in the MLS that indicates your home is a short sale and that lender approval is needed. Ease the process of working with your lender or lenders. Negotiate the contract with the home buyers. Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval.

It’s a good idea to gather documentation before any offers come in. Your lender or Short Sale Specialist will give you a list of documents required to consider a short sale. The short-sale package that accompanies any offer typically must include a hardship letter detailing your financial situation and why you need the short sale. Also include a copy of the purchase contract and listing agreement, proof of your income and assets and copies of your federal income tax returns for the past two years. Buyers must be prepared for a lengthy waiting period.

Even if you’re well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take anywhere from several weeks to months. With only one mortgage, the review can take about two months. Two mortgages with the same lender, the review can take about three months. With two or more mortgages with different lenders, it can take four months or longer. When the bank does finally respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. Even if your lender does approve the short sale, it may not be the end of all your financial concerns.

Keep in mind are you may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. Every lender handles the situation differently. Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Consulting with your experienced short-sale team will get you the best possible advice for your situation. Bondi Realty Group LLC has the expertise you can count on. Call us today, we want to help you with your short sale and make it as stress free as possible!

Betty Bondi
Owner/ Broker

Bondi Realty Group LLC
203-899-9990

It’s time to buy real estate investment property!

 Have you been thinking about purchasing an investment property?

Stop thinking …….its time to buy right now! The demand for rental property is at an all time high and will continue in this direction for some time.

 My extensive experience with investment properties has been both interesting and educational. There is much to learn and if done correctly can be a very lucrative financial move. You can purchase a property, rent it out and resell it when the housing market picks up or you can keep it long term, pay it off and produce income for retirement.

 There are several housing options in residential real estate. You can purchase a condominium, multi family or single family home as an investment property.

 Let’s look at condominiums. These can be the easiest properties to start with. The first thing to do if you are considering a condo is to make sure the complex allows you to rent out your unit.

If they do, then see what other units similar to yours receive for rent. If the rental income covers your mortgage, common charge and taxes then this would make a great investment. The beauty of owning a condo is that you are only responsible for the inside of your condo. You don’t need to worry about outside maintenance including exterior painting, landscaping or snow plowing.

 What do you think of a multi family? Well there are several ways to work with this idea. Let’s say you are looking at a two family home. You can live in one unit and rent out the other. You can use the money you get from the other unit to put towards your mortgage payment every month. If you don’t have a big budget for a home purchase this can expand your buying power and make it more financially comfortable to live every month. You can also purchase the two family home and rent out both apartments. If you decide to do this make sure that the numbers work. There are formulas to use that will let you know if the rents will cover all expenses.

 The deals are out there on even single family homes. If you found a home that needs little updating, you can rent it out for a very nice price these days. A three bedroom home can rent for $2500 to $3500 per month depending on condition and location.

 As this housing market continues to stabilize, smart people are out there making deals and adding to their real estate holdings. If you are thinking of making an investment, you too should consider a rental property. We can educate and locate these properties for you! Contact us today!!

 Betty Bondi
Owner/Broker

Bondi Realty Group LLC

203-899-9990