Betty Bondi — Page 8 — Bondi Realty Group

Spring Market Sales Update 2014

Spring Market update – First quarter sales are in!!

Happy Spring! The weather is finally matching the calendar. After a long and weary winter we are ready for sunshine and warm temperatures. Inventory is starting to increase, but more is needed as the buyers are responding to the change in seasons and Sunday open houses have a steady pace of activity.

The increasing activity has caused some price points to stabilize while others are starting to increase. Foreclosure listings are down, but short sales are still coming onto the marketplace, which can hurt values in neighborhoods or towns with an abundance of these listings.

Here are the latest statistics from Consolidated Multiple Listing system.

As we enter the spring marketplace, Norwalk’s housing market is showing lots of activity. The inventory is up compared to last quarter. We currently have 324 single family homes and 155 condos for sale at this time. Even though inventory is up, there are still many overpriced homes in poor condition for sale resulting in stagnant listings. Buyers are being very selective. It’s very difficult to purchase a home that needs work and have money left over to fix it up.

Norwalk home sales are down from last quarter. Sales from January 1 to March 31st are showing 101 single family and 50 condos sold. This is a direct result of the poor weather conditions over the winter combined with slower than normal listing inventory.

Westport’s active housing inventory is also on the increase. Currently, active listings are 331 single family and 14 Condos for sale. Sales numbers were down from January to March. Westport’s first quarter numbers are showing 63 single family and 9 condos sold.

Wilton’s current active inventory is close to last quarter. The numbers are showing 167 single family and 43condos for sale. Last quarter’s sales numbers are down with 34 Single family homes 5 condos sold.

We are finding there is still imbalance in the housing marketplace. Prices are inconsistent which is causing buyers to rethink their strategy. The importance of working with a seasoned experience Realtor comes into play for both buyers and sellers. We work hard to educate you so you can make the right decision for your family.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Spring Market Preview 2014

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Spring Market Preview 2014

The winter weather has been brutal thisyear in so many ways. It has resulted in a negative effect on the local real estate market. The marketplace was busy into the New Year, but too many snow storms and frigid temperatures have cooled the housing market in our area and all along the northeast. Buyers are waiting for the weather to improve and sellers are holding down the fort hoping the spring market brings forth more activity.

Buyers should use this slow time to get all of their financing in order. I cannot stress enough, how important it is to have this done ahead of time. You may be very disappointed if your homework is not complete. Mortgage brokers have time to work with you right now and can give you a loan approval based on your financial criteria. All lenders are not equal, so shop around to find one that has a good track record with successful closings. It looks as though most of the buyers are searching for that perfecthome online although we have met buyers out there winging it on their own at open houses. This is a good way to start, but talking with a professional experienced Realtor is the way to go. They will educate and inform you when you are ready to purchase a home. You will be more successful working with an agent who understands your target area, wish list and budget.

Sellers are holding on, waiting for the weather to improve. This slowdown has affected housing prices and they are holding steady at this point. I don’tthink there will be much if any increase in property values this year. It is expected that inventory will increase which will result in a having more homes to choose from and increasing competition among listings. Sellers should use this time to paint, de clutter and make improvements and repairs so their home will shine far and above the other listings. Don’t forget to spring clean both inside and outside. This has a huge impact on how your home shows. One of the biggest trends we are seeing right now, is sellers overpricing their home. For example, if the appraised value comes in around $500,000, you shouldn’t mark it up to the point where the end result will be very little to no showing appointments. Buyers will pay market value for your home, but not more than that. There is so much information on the internet these days; they already have a pretty good idea of what your home is worth before they come through the door. Keep in mind the bank will consider recent sales in your neighborhood when completing an appraisal for anyone applying for a mortgage.

We are currently in the first quarter of the year and will have the closing sales numbers at the end of the month. Follow our suggestions and both buyers and sellers will be successful and happy with their housing transaction this spring.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

New Year- New Mortgage Rules

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New Year – New Mortgage Rules

The New Year has brought new mortgage rules into play that may affect a borrower’s ability to secure a home loan. The government has put these rules into place to prevent what happened in the past with over borrowing.

According to Brendon Fray, Senior Mortgage Banker with Darien Rowayton Bank, the recent Qualified Mortgage changes are necessary to bolster confidence in mortgage backed securities (MBS) for the investors who buy them and to try and prevent homeowners from getting loans that they really can’t afford. Even though the new rules have made a segment of potential home buyers qualify for less in purchase price, the investors are confident that with them, the buyers will be in a comfortable price range for their ability to repay their mortgages.

He also states that under the new Ability-to-Repay Rule, mortgage lenders must look at customers’ income, assets, savings, and debt, and weigh those against the monthly payments over the long term – not just a teaser or introductory rate period. This action presumes long term protection against default after the introductory rate period ends.

One of the rules for instance, is that for loans exceeding a 43% Debt-to-Income ratio, a lender will not have the benefit of protection against default. This makes them less willing to offer loans with a DTI higher than 43%. This may be overcome by compensating factors in some instances and will not affect a borrower who is utilizing FHA financing. These are government insured loans, geared toward, but not limited to first time home buyers, and can exceed 43% DTI and require less of a down payment, 3 ½%, than would be required by conventional financing. FHA loans also give a borrower with less than perfect credit the opportunity to obtain financing without large increases in interest rates.

Another rule, according to Mr. Fray, involves certain risky features on loans, such as paying monthly interest only on a loan, where there is no reduction to overall principle, keeping the loan amount from declining. Many lenders going forward will be unwilling to offer this type of loan due to a lack of interest on the part of investors to buy these on the secondary market. However, smaller local lending institutions such as Darien Rowayton Bank may still be willing to offer this type of financing to well-qualified individuals on a portfolio product, loans that are not sold on the secondary market. These are loans that are best suited to those who make a substantial portion of their annual income from bonuses or those who wish to pay less towards their mortgage for other investment opportunities.

He goes on to say that consumers need to remember that the Ability-to Repay Rule is designed to protect their interests and that although they may not qualify now for their dream home, by consulting with a lending professional, they can find out how best to go about reaching the goal of home ownership with confidence.

All this information may sound very confusing to most people looking for a mortgage, but don’t be discouraged from applying for a loan and purchasing your home. As home prices are slowly inching upward and mortgage rates are stable, now is a good time to buy before you’re priced out of the market.

We at Bondi Realty Group recommend working with small local bankers. Finding the right scenario for you makes all the difference in making for a smooth transaction. Work with your Realtor to find the right mortgage banker for you.

Betty Bondi Bondi
Realty Group LLC
203-899-9990

January 2014 Real Estate update Norwalk, Westport, Wilton

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What’s your Real Estate wish for 2014?

Happy New Year! What does the local real estate market hold for us this year?

If it’s anything like 2013 we are looking at a good year ahead! First time buyers are diligently searching for their new home. If you’re thinking of selling or have taken your house off the market for the holidays, you may want to relist it as we need more good inventory to satisfy the pent up buying demand. The rental market is still very strong, but rents are increasing at such a pace that smart qualified buyers are choosing to purchase over renting.

The increasing activity has caused some price points to stabilize while others are starting to increase. Foreclosure listings are down, but short sales are still coming onto the marketplace, which sometimes hurts values in neighborhoods or towns with an abundance of these listings.

New mortgage rules are in effect for 2014, which may make it more difficult for some buyers to qualify for a home loan. You will see private mortgage bankers come on the scene to fill in where the big banks can’t compete. It will be interesting to see how this will play out in the housing market this year.

Here are the latest statistics from Consolidated Multiple Listing system.

As we enter 2014, Norwalk’s housing market is on the upswing. The inventory is steady compared to last year at this time. We currently have 241 single family homes and 122 condos active in the market. Some of the listings have remained stagnant. It’s usually due to overpricing or condition of the home.

Norwalk home sales are up from 2012. Sales from 2013 are showing 625 single family homes and 315 condos sold for the year. Last quarters numbers show 143 single family and 65 condos sold. This is wonderful news and hopefully it will continue.

Westport’s active housing inventory is also holding steady. Currently, active listings are 200 single family and 13 Condos for sale. They are also reporting an increase in home sales from 2012. The 2013 numbers are up quite a bit showing sales of 467 single family homes and 35 condos. Westport’s last quarter numbers are showing 105 single family and 8 condos sold.

Wilton single family sales numbers are also up from last year! The current active inventory is holding tight at 190 single family and 9 condos. 2013 sales are up with 259 single family homes sold and 43condos.Last quarter’s numbers are as follows: Single family homes – 52 and 18 condos sold.

All of this is great news! Sales are finally moving in the right direction and the spring market should be very strong this year.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Fairfield County 2013 Real Estate News

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2013 Was a Very Good Year!!

It’s been a very good year for the real estate business. Single family, multifamily and condominiums sold quite well. Prices continue to climb from 2012 and new construction is booming. Finally, we are seeing less foreclosures and short sale listings. When I’m out in public, people recognize me and mention they love my real estate articles. They always have questions, but the one that’s most often asked of me is what’s going to happen with the real estate market next year. Here are a few hints of news to come.

The cost of waiting to buy a home may not be a good move for new buyers. The housing market is on its way back at this time and waiting to purchase just doesn’t make sense. The cost of a home is determined mainly by two components- Price and mortgage rates. The monthly cost of purchasing your average priced home has changed over the last twelve months and most likely will increase in the next twelve months. In 2012 the average mortgage rate was 3.5%, 2013 rates were around 4.5% and 2014 rates are expected to increase to around 4.9%. Along with that, prices have started to increase slightly for single family homes since 2012. If the right home comes along don’t wait, act on it right away and you will save yourself a cost increase next spring.

There are some new lending rules coming down the pike for 2014. Most of the news is good, but there will be changes which may make it harder to borrow for some new buyers. We will see more news on this subject to come in the next few months.

At this time, good single family home inventory needs to increase. There are many qualified buyers waiting for the perfect home. Most people think, well I’ll just wait for the spring market. Smart buyers are doing their shopping right now. If you are ready to sell your home, the time to list is right now. If it’s on the market, keep it listed through the winter months. This will enable those serious buyers to see your home and make an offer.

As the real estate market starts to rebound the economy begins to grow. Our friends in the trades have also seen an uptick in business. As long as the public continues to have enough confidence in the real estate market, it will continue to have a very positive effect on everyone who makes their living working in the industry.

Bondi Realty Group would like to wish each and everyone one of you Happy Holidays and a Wonderful healthy prosperous New Year!!

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Five reasons your home isn’t selling

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Five reasons your home isn’t selling – Fairfield County CT

#1Price

There is a perfect price for every home. Sometimes it takes adjustments to come up with the right one. The formula is not magic. The best way to price a home is to use sold comparable in your neighborhood. It doesn’t matter that your neighbor’s home is on the market and they are asking more than it is worth. No one will come to see it and it becomes a dead listing. If your home or property is exceptional, then we recommend hiring a professional appraiser to determine its value.

#2 Your Real Estate agent

Hire a professional agent with experience in all types of economic markets. There are always difficulties with transactions in every market place. When times are good it seems like homes are easy to sell. This is not always the case. Housing is selling quite well right now, but that doesn’t mean it is easy. There is very little good inventory. Buyers are willing to pay a premium for a home that is pristine and totally remodeled. They are also buying homes that are well kept and in the best neighborhood and school districts. The homes that are in need of severe remodeling and are run down or have strange floor plans are more difficult to sell. That’s where an experienced agent comes into play. They have the knowledge and expertise to get the highest realistic price for your home. If your property is unusual find an agent who specializes or has experience in selling this type of home. Make sure your agent comes with experience. When hiring an agent, ask to see if they are familiar with your area or if they have personal references from happy clients. If not, interview another agent. This could make all the difference in whether your transaction goes smooth or not.

#3 Condition

Prepare your home to make it saleable and look the best it can. Clean, clean and clean again. Make sure it sparkles and smells fresh. De clutter is your new favorite word. Get rid of or store anything and everything that you don’t need. Less is more when it comes to making your home look spacious and roomy. Paint – This is the easiest, least expensive way to make a big impact. Fresh paint goes a long way and don’t just paint the walls white. Buyers love subtle color in warm shades of beige, gray and yellow. I call it Pottery Barn chic. If you have carpeting that is dated, get rid of it. Today’s buyers want hardwood floors and will pay the price to have them. How old is your boiler? Is your oil tank in good condition? What kind of condition is your roof? Is the electric up to code? Buyer’s don’t want or have the means to replace the big ticket items when purchasing a home. What is the condition of your kitchen and baths? If they are less than perfect, then make sure they are clean and painted.

#4 Landscaping

Curb appeal is super important. What does your property look like? Do you have a manicured lawn and planting beds? If your grounds are unkempt, then buyers figure the rest of your home is too. Get rid of those tired old over grown plantings that cover the foundation and windows of your home. Buy some fresh plants to present a better picture. Clean up any debris around the house. No one likes to see a messy yard, including your neighbors.

#5 Exterior

Do you have peeling paint or is mold on your home exterior? Wash the windows, power wash the house, fix any rotted wood, paint or touch up where needed. When the outside looks good, buyers know the inside will match.

It’s a proven fact that all this advice goes a long way. Following these rules will make the difference of whether your house sells for the highest and best price or not. We have the experience and track record of selling homes priced at market value which are in good condition and they sell in one day!

Betty Bondi
Bondi Realty Group LLC
203-899-9990