Betty Bondi

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

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

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 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