So what do you do if you know your home is dated but you don’t have the time or funding to make the updates or repairs needed? Clean! Top to bottom! Make your home SPARKLE!

A thorough cleaning from top to bottom can make a big difference in the way that buyers view your home. Dirty or dingy homes give buyers the impression that the home has been neglected. A good cleaning can help improve the impression buyers have of even the most dated homes. If a buyer feels the dated bathrooms and kitchen are at least clean and usable they tend to be more open to the idea of living with it ‘as is’ and updating over time. If the pink bathroom tiles and laminate counter tops are dirty they will feel as though they need to spend money to make changes before they can even move-in.

Once your home has been thoroughly cleaned the next step is to keep it that way. Going above and beyond normal weekly cleaning will ensure that buyers get the best first impression of your home every time and hopefully you can avoid the dreaded “It needs Everything!”

1. Store valuables out of site before your home is photographed.  Make sure they are in a safe a secure place during showings and open houses.
2. Remove any reference to children’s names. Remove name signs from walls and items which have children’s names on them.
3. Request that your agent use an electronic keybox which allows them to electronically monitor agents who are accessing the house.  Only members of the local MLS have a coded key to access these keyboxes and each time an agent opens the keybox it registers the date, time and name of the agent. Your agent will be notified via email of any activity on that keybox.
4. If you are away or are marketing a vacant home, consider investing in lights on timers. Set the timers so that lights in different rooms go on and off at different times.  Change the sequence periodically.
5. Lock the doors. A simple tip but many home owners do not lock their homes on a regular basis.  It is important to do so.

The index rose 0.7% in February after rising 0.2% in January and 0.5% in December.  Now at 95.5, the index is the highest it has been since June, 2008 showing the greatest gain in 11 months.  The index reflects an increase in jobs, decrease in  the unemployment rate and a decline in first-time unemployment benefits.  According to the Labor Department, the current unemployment rate is at a three-year low and first-time claims for jobless benefits are at a four-year low.    

On the housing side of critical factors, building permits are up.  In addition, the stock market is also showing positive signs.  The Dow Jones industrial average rose above 13,000 late during February reaching its highest level since the financial crises.  And importantly, consumer spending is also up.

The Conference Board index indicates the expected condition of the economy  three to six months into the future.  We are optimistic about the recovery during 2012!

The median sales price continues to lag slightly behind last year. From January to November 2011 the median sales price of single family homes in Westport was $1,101,500 versus a median sales price of $1,125,000 during this same time frame in 2010. Although the median sales price in Westport has been falling since 2008, the rate of decrease has slowed down dramatically year over year. Homes sold between January and November of 2009 had a median sales price 12.8% lower than homes sold in the same time frame in 2008. From 2009 to 2010 they were down only 4.5% and so far this year, prices are down only 2% from the same time frame last year.

We will continue to keep a close eye on the real estate market in all of Fairfield County and report select town statistics each month in our monthly newsletter. Visit http://www.yourfairfieldcountyhomes.com/Newsletter to sign up to receive these stats via email.  If you have an interest in a specific town or neighborhood, contact us for details that meet your needs.

*Source:  Greater Fairfield County Consolidated Multiple Listing Service

With historically low interest rates and an ample supply of homes on the market, now is a great time to buy a home! Whether you are a first-time home buyer, relocating to a new area, or downsizing, there are some mistakes you do not want to make when buying a home. Here is a list of the top three:

1. Don’t start your search blind

Have a clear view of your needs and wants before you start looking. Keep a list of ‘must haves’ and ‘would like to haves’. Take this list with you when you go to see each home. Although this list may change slightly after you have viewed a few homes, it will give you a basis from which to start your search  and also keep you on target. 

This brings me to the next item on my list:

2. Don’t buy the first home you see

Although you may end up purchasing the first home you see, take the opportunity to see a few homes before you make your decision. There are a lot of homes currently on the market to choose from and each has its own  advantages and disadvantages.   Shop around to compare homes and values.  This is where a thorough, skilled, knowledgeable and trustworthy Realtor can be a huge time saver.  Which brings me to the last item on my list:

3. Don’t go it alone

There are numerous advantages to working with a qualified Buyer’s Agent. Local REALTORS® know the market. They have seen multiple homes in your price range and can help you to determine value. They have experience negotiating purchases and can advise you on which homes may have the best re-sale value, helping you when it comes time to move again.

In the present real estate market, your home really must stand out from its competition.  Regardless of size, style or other specific features, the majority of buyers are looking for updated homes that are in good condition.  Your home has to make a great first impression and grasp the attention of the buyer from start to finish.  With appealing staging, buyers will notice your home's best assets and they will feel ‘at home’ from the moment they approach the front door.

Before we list a home for sale, my team and I walk the property, both interior and exterior, examining the home’s features and condition.  We also shoot some photographs so that we can determine generally how the house will present itself to buyers around the world on the internet, when listed.

At that time, we note items which would benefit from repair as well as the areas where staging will have the greatest impact.  We usually point out a few items to the owners, suggesting some ways they might improve their property, thereby increasing the value and or the speed at which their property is likely to sell.

Some of our suggestions may include the following:

De-clutter – Cluttered countertops, table tops and other flat surfaces can make a room look small and cramped. Take a look around each room.  Select the items that you can live without while your property is listed and pack those items away.  Other items which you might need can be arranged in plastic containers and stored in less visible places, for easy access.

Repaint – If your rooms are painted very intense colors that might not have broad appeal or if they have faded or chipped paint or busy wall paper, consider removing the wall paper and painting in more neutral colors. These features can distract buyers causing them to think that your house needs an abundance of costly changes in order to meet their needs.  They can also cause a buyer to miss some of the positive features such as space, layout, sunlight, windows, storage space, hardwood floors, etc.  Wall paper is a particular deterrent. It is rare that two people would have chosen the exact same wallpaper for a particular room.   Buyers always see wall paper removal as an overwhelming chore or as an expensive job. It is one more task they will need to complete to make the home their own. A fresh coat of paint makes a house look clean and well cared for.  If somewhat neutral, it also presents a blank canvas which might easily accommodate a new buyer’s furnishings.

Rearrange – One of the main steps in staging is placement of furniture throughout the house.  Arranging furniture in a certain way can open up rooms, promote flow from one room to the next, and create an environment that allows the buyers to picture themselves living in the home and envision how their personal items would fit. Instead of purchasing new furniture, we often suggest moving furniture from one room to another or borrowing a few pieces from friends and family and maybe storing some extra pieces in the garage, basement, attic, at a friend’s house or in an inexpensive storage facility for a short time until the house is sold. 

Clean – Perhaps a no-brainer but crucial for each showing!  Never under estimate the power of a clean and appealing front entry, a neat living room, vacuumed carpet, polished floors and clean countertops!

Once convinced that home staging will help them to sell faster and for more money, home sellers often ask the next question, ‘How much will this cost me?’ The good news is you have options! In addition to the services we offer, I have a database of professional stagers with whom I have worked closely over the years.   Many will offer a free consultation, allowing you to explore many options before making any significant investment.

·       What is the purpose of the final walk-thru?

The purpose of the walk-thru is to make sure that the property is in the condition it was when you agreed to buy it. 

·       When should the final walk-thru take place?

The ideal time to do the walk-thru is after the seller has completely vacated the premises and just a couple of hours before the closing.  This way you will have an accurate assessment of the property’s condition.  However, due to timing constraints some home buyers may not be able to do the walk-thru on the day of the closing.   Also if you are buying a company owned property, they sometimes require the final walk-thru a few days prior to closing.  If this is the case, a walk-thru can take place the day before or even a few days before the closing.  In this case, I would still suggest that you ask your real estate agent if they would accompany your friend or if they might walk thru the property a couple of hours before closing to confirm that a tree hasn't fallen on the roof or that the house has not been flooded by a major pipe break or some other disaster hasn't occurred.

·       Who should be present at the walk-thru?

Typically, the home buyers and buyers’ real estate agent will be the only people present during the walk-thru. However, in some cases a buyer might request the presence of an inspector or contractor.  On some occasions, the seller’s agent might be present to allow access to the home.

·       What should I look for during the walk-thru?

The walk-thru is not a home inspection. At the time of the walk-thru the home building inspection will have been completed and all negotiations done. Take a copy of your contract with you so you will have the list of repairs and changes the seller has agreed to make. Look for these items to be sure they were completed. If major repairs were agreed upon then scheduling a time with an inspector to review the repairs prior to the walk-thru is recommended. Walk-thru the home and make sure personal items that were included in the sale have been left and that no debris or trash remains.

·     What happens if the condition of the home is not satisfactory at the time of the walk-thru?

Consequences of an unsatisfactory walk-thru may vary depending on the issue. For example, if furniture and personal items that were not contained in the contract are left at the home then the buyer’s attorney may ask for the sellers to remove these items or provide money to the buyer at the closing to cover the cost of removal.  If something has been removed from the house, such as a washer or dryer that was included in the contract, then the buyer’s attorney might ask for their return or for money from the seller to cover the cost of replacement.

·       As a seller, what can I do to avoid issues arising during the final walk-thru?

Make sure you understand the items that are listed in your sales contract.    Be sure to leave those personal items that you have agreed to leave and clear out any trash or debris. If you have agreed to make repairs, be sure to provide copies of those receipts and any warranties that may be associated with those repairs, to your attorney for reference and for delivery to the buyer.  Please leave the house clean and ready for occupancy. 

There are 1,055 properties with fully executed contracts waiting to close. The median list price of those homes is $335,000, 16.3% lower than the median sales price of closed homes so far this year.  Indications are that the last 5 months of this year will produce a lower number of sales and lower selling prices.  In various towns, we have seen the top end of the market slow dramatically as activity in the lower tier continued.

There are 485 properties with accepted offers.  The median list price of those homes with accepted offers is $364,900, 8.7% lower than the median selling price of the properties that have closed so far this year. 

Overall, county-wide sales in the upper tier remain just behind the rate of sales last year with 177 closed single family sales, over $2MM this year, which is .6% less than the number of sales in that price range last year.  72 single family homes over $3MM have sold so far this year representing a unit sales decrease of 4%.  Sales in the upper tier started out strong but seem to have slowed during the second half.

Sellers should talk to their REALTORS® about ways to make their homes stand out above their competition and if they really want to sell they must price realistically! It is interesting to note that 15% of sales in one Fairfield County town closed at or above list price during the first 5 months of the year.  Buyers recognize a fair deal and will compete with other buyers when they see a fairly priced property.

You’ve probably heard more than once that today’s perfect storm of low prices, high inventory, and affordable interest rates are making this the right time for you to buy that home you’ve always wanted. As you begin to shop around, however, there are several important criteria to consider in order to make the best choice for you and your family.

Discuss the following with your real estate agent before you begin looking for a home. This will help narrow down the choices and shorten the search process.

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of homes to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. Many builders are offering great deals on new homes that aren’t yet in move-in condition. Weigh the potential bargain against the costs involved in completing the home on your own. While these factors don’t come into play with existing homes, you need to assess its general condition, which will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, the possible need for fencing, etc. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: For many of today’s home buyers, it’s all about lifestyle. Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. Your real estate agent should be able to run detailed crime and school reports for your perusal.

Economic stability: Whether an area is growing or not can affect its future property value – as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.

There is a healthy, active inventory of 8,078 single family homes on the Greater Fairfield County Consolidated Multiple Listing Service. We have 3,371 closed sales representing a unit sales decrease of 11.6% vs. the first six months of 2010. The result is a 14 month supply of homes currently on the market. The median selling price county-wide is $400,000 which is only a 0.7% increase versus this same time frame last year. This is not the case in every town and can be broken down for each specific property so it is important to talk to a local REALTOR® about the advantages of buying or selling in a specific town and price range at this time.

There are 1,192 properties with fully executed contracts waiting to close. That is 8.1% less than last year at this same time. The median price of those homes is $364,950, 9.6% lower than the median price of closed homes so far this year.

There are 534 properties with accepted offers vs. 536 last year, just about flat.  The median list price of those homes with accepted offers is $394,950, 1.2% lower than the median selling price of the properties that have closed so far this year.  This shows that prices are still soft but declining at a slower rate than in prior years. 

Sales in the upper tier have slowed versus last year with 145 closed single family sales priced over $2MM this year, which is 9.8% less than the number of sales in that price range last year.  62 single family homes over $3MM have sold so far this year representing a unit sales increase of 3.3%.  We will monitor the top of the market to determine if a trend towards stabilization is in fact developing.

Sellers should talk to their REALTORS about ways to make their homes stand out above their competition and if they really want to sell they must price realistically! It is interesting to note that 15% of sales in one Fairfield County town closed at or above list price.  Buyers recognize a fair deal and will compete with other buyers when they see a fairly priced property.

Traditionally in the real estate process, an inspection is requested by a home buyer around the time they are applying for a mortgage. In fact, more than 85% of home buyers request an inspection as a way to uncover hidden faults and costly repairs that may need to be taken care of. In today’s buyer’s market, revealing such faults prior to closing can serve as a bargaining chip for sellers, forcing the seller to either accept a lower price or foot the bill for repairs prior to closing.

That’s why an increasingly important strategy for home sellers in today’s market is to have your property inspected before even putting it on the market. Here are some reasons why:

• When potential buyers are considering your home, knowing that an inspection has already been done can make your home much more attractive to them. A pre-inspection can give you an important competitive edge by making buyers more confident about placing a bid on your home; with a pre-inspection, buyers know there will be no hidden surprises awaiting them down the road.
• If defects are uncovered once the buyer has already placed a bid and is applying for a mortgage, you are suddenly under the gun to either accept a lower offer or cough up the funds for repairs. Conversely, a pre-inspection allows you to take care of any repairs within your own timeframe. If expensive repairs are uncovered before putting your home on the market, you can budget accordingly over a period of time and comparison shop for the best pricing.
• A pre-inspection also allows you to decide which repairs are not necessary before putting your home on the market. Certain problems you might have been worried about may turn out not to be as bad as you originally thought…and, therefore, not make a difference in how you price your home.
• Having a pre-inspection affords you more control in the negotiating process. Being aware of your home’s pros and cons in advance, helps put you in the driver’s seat when it comes to price negotiations. In fact, a pre-inspection allows you to price your home more accurately in the first place.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

My clients often want to price their homes above expected selling price because they want to leave room to negotiate or “wiggle room" as some call it.

What they don’t know is that leaving “wiggle room” can cause them to be priced above their market, reducing or even preventing showings causing their house not to be shown and not to sell. 

Fairfield County market activity is improving but inventory still exceeds normal levels and buyers remain concerned about the possibility of a double dip drop in real estate values.  Buyers don’t want to over pay and are being very cautious. 

Lenders are also extremely guarded.  Not only does the buyer have to be exceedingly qualified to gain mortgage approval but appraisers are also being very conservative in their calculations.  Fair selling prices must be well substantiated.  If a seller finds a buyer who is willing to overpay, the property is not likely to appraise satisfactorily for their lender!  Buyers paying cash will probably order an appraisal and even cash buyers are not likely to pay more than appraised value.

There are plenty of houses to show.  Agents will show the houses that are fairly priced, first.  If your house isn’t among them, you might just miss buyers all together.  In this market, the houses far outnumber the buyers, so no seller should miss a chance to get their house shown and sold.

Lastly, if your house is overpriced, a buyer who is searching in that price range will see other houses that offer them more.  The other houses will be larger, newer, have more land, be in better condition, have more amenities, be in more desirable locations, have better layouts and flow, have more land etc.  They will buy the other houses where they get more desired features.  Wouldn’t you?

Pricing right works! I just reviewed all properties, sold in 4 local towns since January 1, 2011.  Of the 510 sold properties, 76 of them or 15% sold at or above the List Price and they sold in half the time of the others.  If you’ve ever had your house on the market, you can certainly appreciate getting market value with only half the inconvenience of showing your house.  That is a major victory! The properties that sold at or above list price are below.

If your home is priced right, buyers will pay your price.  If not, you can always refuse their offer and wait for the possibility of another offer.  But, be careful when refusing offers.  Be certain that you can document the value before refusing offers.  The research does show that first offers are often higher than offers that might follow.

Barbara Corcoran, the NBC real estate expert insists that pricing is a war and your price has to be lethal for you to win the war and sell your house. 

In today's economy, homeowners are watching their money more closely and going out of their way to give their home a fresh look by working with what they already have.

As a Member of the Top 5 in Real Estate Network®, I have access to many great home improvement resources. Home decorator Lee Evanwood offers the following advice for homeowners who are looking to decorate while staying in budget:

Rub down and stain or repaint old wooden furniture. Take advantage of that old furniture you have sitting in your basement. Simply add new drawer or door handles to achieve a new look.

Choose rugs. If the floor is already in good shape, you can get it refinished or try area rugs instead of carpeting. Not only are they chic and stylish, but they cost less, too.

Paint with a plan in mind. Try a neutral color on three walls, with a splash of color on the fourth. That splash of color can give you a starting point for further decorating.

Go with soft goods. A few new pillows or cushions that pick up the color on your accent wall can transform the look of a room. Add some inexpensive curtains, draperies or valances to help tie it all together.

Add some accents. Give a room a homey look by using baskets, vases and other small accessories to hold books and magazines, fresh flowers or craft projects.

Finish with artwork or mirrors. A pretty, framed print or two can help finish a room. Keep in mind that a mirror of any size on one wall can add depth and make the room appear larger.

These are just some of the many ways you can transform your home while staying in budget. Feel free to contact me for more ideas and please forward this on to anyone who can use a few inexpensive ways to create a new look in their home.

There may have never been a better time to buy a home than right now. Earlier this month, interest rates dropped again -- the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.79% from 4.93%, according to LoanRateUpdate.com-- and there is still plenty of inventory, keeping home prices relatively low in our area.

Those positive factors, however, are often offset by tighter lending standards, causing many to shy away from applying for a mortgage. As a Member of the Top 5 in Real Estate Network®, however, I have learned that it really boils down to four main factors that will impact a lender's decision:

• Your ability to make a down payment - usually between 3% and 20% of the purchase price -- of course, the larger the down payment, the better your odds of securing the mortgage.
• Two years of steady employment - at the same job or in the same field.
• Good (but not necessarily perfect) credit score - these days, around 660 may do it.
• Monthly income between two and three times the estimated monthly mortgage payment.

I have had many clients, however, who have qualified for a mortgage without completely meeting the above criteria ... so don't rule yourself out too soon. There are several other steps you can take to secure a mortgage, such as these ideas from BusinessWeek:

• Meet with a lender anyway. You may find out that you qualify after all, and if not, the lender can tell you exactly which areas to focus on in order to qualify in the near future.
• Ask your real estate agent if they work with a particular lender or mortgage broker. An experienced agent works with many lenders and may even offer in-house mortgage services.
• Get a co-signer. This isn't easy, because if you default on a loan, the co-signer will be responsible for paying it. But if you know someone with good credit who has great faith in your ability to pay, a co-signer could be a workable option.
• Plan for the future. If it turns out you cannot qualify for a home loan right now, have your real estate agent help you map out a plan for improving your credit qualifications over the coming months. If you make homeownership a serious goal, you should be able to qualify in the not-too-distant future.

For more information about applying for a mortgage, please feel free to contact me.  And be sure to share this email with family and friends who might also be considering a home purchase -- this market is just too good to miss out on!

Moving Schedule

The weeks before moving day can be very hectic. In an effort to help your move transition smoothly, I have compiled a list of tasks to be completed before the moving day. Keep this schedule close by during your move to help you stay organized and minimize stress.

Eight Weeks before Moving Day

• Contact a moving company and reserve a van and team of movers
• Take a mental inventory of the items in your house and decide what is coming with you to your next home and what is not
• Schedule a tag sale and contact a tag sale professional for help.
• If there are items you have decided to keep but not store at your new home, select a storage facility and start moving these items.
• If you are moving out of the area, research and select new service providers and request that your personal records be transferred to the new providers medical records to your new doctors. 

Six Week Before Moving Day

• Secure insurance for new property
• Organize, prepare, and price items for moving sale

Four Weeks Before Moving Day

• Begin Packing items you will not be using over the next month
• Arrange the transfer of utilities and Services into your name effective the day of closing
• Register children in school  and request transfer of records including medical records, as required
•  Post notices and Place ads for moving sale   

Three Weeks Prior to Moving Day

• Hold moving sale
• Send change of address card to the Post office  or change online 
• Contact moving company to confirm arrangements
• Continue packing  
• Schedule electrician to remove any light fixtures which are not staying and plate the wires. (pre-arranged with REALTOR®) 
• Set aside rugs, mats, runners, towel to wipe feet on moving day in the event of wet weather
• Make small basket of paper towels, tape, markers, toilet tissue, hammer, paper, pens, coffee/tea etc for moving day in both houses.

One Week Before Moving Day

• Transfer bank funds to new account
• Obtain certified check for movers  and obtain some cash which might be needed for tips
• Schedule special garbage collection to take away incremental, hazardous and large items
• Schedule cleaning to coincide with last removal of possessions
• Remove hooks and nails and patch walls, painting where necessary) coordinate with your REALTOR® ) 
• Set aside paper plates, napkins, cups for lunch on moving day
• Order moving day lunch

Many sellers are looking for a specific time frame as an answer to their question. The 'average' is not the best answer.  There are many factors that affect how long your house remains on the market. These factors include market conditions, condition of the house, location, the availability of your house for showings, and perhaps most importantly, price.

Your local REALTOR^® can pull market data for you to determine how many homes are on the market within the same price range and how many homes have sold within that price range during the past 6 months. This will give you an idea of the ‘absorption rate’ of homes in your price range, in your town.

Typically, buyers are more attracted to homes that are in ‘move-in condition’ than those that need more work. Before you place your home on the market, ask your REALTOR^® what improvements you can make to your property so that it will show well the first time and every time a buyer sees it.

It may be ‘common sense’ but one of the factors that affects how long a property is on the market is “Can it be easily shown?” If a buyer is available to see your home during a specific time frame of one day of one week, and your home is not available at that time  or you need longer notice, the buyer will move on to the next house on the list. In this market, there are a lot of homes on the market and it is very important that sellers make every effort to have their home available to buyers.

If you have done all things imaginable to help your house sell (cleaned ,  painted,  de-cluttered, neutralized, mowed the lawn, trimmed the bushes,  repaired  the crack in the ceiling,  made  your home available for every showing  as requested) and your home is still on the market, then odds are your problem is price. Before I meet with sellers, I do a thorough analysis of the market and how it relates specifically to their property. When I meet with sellers I explain what the market says the value of their house is and I walk them through (electronically) the comparable sales. The market has proven time and again that the closer the list price is to market value, the faster that property will sell. The more time a property sits on the market at a price that is too high, the lower the final sales price will be. In short, it is best to list a house at the right price the first time.

Please contact me for more information on what you can do to get your property sold at the highest price possible in the shortest amount of time.

During this time of seasonally low real estate market activity, sellers often ask, "When is the best time to list my house for sale?"  Due to the beauty of our spring season here in New England, most sellers pick the spring months to list their house for sale. The flowers are blooming, the grass is green, and the house is light and bright with the spring sun. Many buyers begin their home search in the spring with the hopes of being settled into a new home before the start of the following school year.

Although your home may look its best during the blooming season, spring sellers  do face some disadvantages. The biggest disadvantage is the increased competition on the market. The bottom line is, you are not alone in thinking that your home shows the best in the spring and summer months.

My advice to most sellers is, "The best time to list your house is as soon as you have decided it is time to sell". There may be fewer buyers searching for homes during the winter months but typically the buyers who venture out in the cold, snow and icy season are very serious buyers. Less inventory means less competition for your home. This does not mean however, that you should list your home on the market before it is ready to be shown. Having your home ‘show ready’ the moment its hits the market is very important. It is important to talk to a REALTOR® who can help you stage your home for sale before placing it on the market.

If you are thinking about selling your home, I would love the opportunity to meet with you and further discuss the market and how it directly affects you and your sale.

January is my favorite month for Fairfield County real estate market statistics because we get a clear view of how the real estate market over the past year compared to the year before which can be an indication of what to expect in the upcoming year. In 2010 we saw some very positive activity in the real estate market. Single Family sales on the Greater Fairfield County Consolidated Multiple Listing system were up by 11% from 2009 and the median sales price of single family homes was up by 9%. Those numbers translate in to great news for our market!

The most impressive change from 2009 to 2010 can be seen when we look at sales among the upper price brackets. Sales over $2MM increased by 35% and sales over $3MM increased by 49%.

We currently have a seasonally low active inventory of 5,742 single family homes on the Greater Fairfield County Consolidated Multiple Listing System with a median list price of $479,900. There are 305 single family homes with accepted offers and 829 homes with fully executed contracts just waiting to close. The median list price of homes with accepted offers is 20% higher than the median list price of those homes with fully executed contracts. This can be predictive of the latest market trend. From this the educated guess would be that the median sales price will be slightly higher over the first few months of 2011.

Now is a great time to contact a REALTOR for real estate market statistics specific to your town and neighborhood and for advice on when to list and buy. I encourage you to call me at 203-341-0100 or email me at Cheryl @csdgroup.com.

Unfortunately, with the economy’s slow recovery and still-high unemployment rates, many homeowners continue to confront difficulties in making their mortgage payments. If you’re one of these homeowners, know that you’re not alone and know that there are several options to explore prior to foreclosure, such as a short sale. A short sale occurs when the outstanding loan(s) against a property are greater than what the property can be sold for.

As you’ve probably heard, however, short sales can be a drawn out and complicated process. Here are five tips to help you create a successful short sale:

1. Get comparable sale prices and an estimate of expected closing costs to help verify the current market value of your home.

2. Determine the amount of all loans against the property. Subtract the total amount you owe on the property from the estimated proceeds of the sale.

3. Contact your lender or lenders. Insist on speaking with someone in authority about a short sale. Remember that you are asking the lender to accept less than the total amount you owe, so be firm but cooperative.

4. Be prepared to submit the necessary documentation, including a letter of authorization giving the lender permission to talk with specific interested parties about your loan. Include your name, address, the loan number, and your agent’s contact information.

5. Include a hardship letter describing how you got into a financial bind, and provide proof of your assets and income. You also may wish to include recent bank statements, with an explanation of any unusual deposits or withdrawals, and your broker’s competitive market analysis.

The short sale process requires patience—even after you find a buyer. But for many homeowners, it was well worth it. Be sure to work with a real estate agent who has experience in short sales.  As a Certified Distressed Property Expert, I have had extensive training in the area of short sales. Please do not hesitate to contact me with any questions you may have.  

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