Real Estate Information Archive


Displaying blog entries 1-5 of 5

The Right Time to Sell Your Home

by Cheryl Scott-Daniels

Fairfield County real estate broker Cheryl Scott-Daniels discusses the best time to sell your home:

Why Have Interest Rates Dropped?

by Cheryl Scott-Daniels

Why Have Interest Rates Dropped? | Simplifying The Market

The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall.

A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.

“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”

You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.

So what does that have to do with Interest Rates?

NAR explains the correlation like this:

“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”

Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.

“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”

How long will rates stay low?

No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.

“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.” 

Don’t wait too long

The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.

Bottom Line

NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.”

If you are in a position to buy a home make sure that you meet with a local real estate professional with their finger on the pulse of what’s going on in the market. Don’t let a delay in purchasing impact your family’s financial future.


Resource: KCM

CT Home Info: Emergency Preparedness

by Cheryl Scott-Daniels

Happy New Year!  This January we are offering simple tips in emergency preparedness for Connecticut homeowners. In case of an emergency, it is a good idea to make sure all adults and kids who are old enough to be left alone in the house know the following: 

Location of the fire extinguisher. Keep a fire extinguisher on hand and make sure all adults and kids who are old enough to be left alone know how to use it.  Fire extinguishers need to be tested regularly. 

Location of the electrical panel. Know where the electrical service panel is and how it works. Label each circuit so they can be easily identified when seconds count. 

Location of the main gas control valve and how to shut it off.

Location of the main water valve. In the case of a frozen pipe or leak, everyone in the home should know where the main valve is and how to shut off the water.  

Location of the furnace’s emergency shut-off switch.

Keep this list handy each January as an opportunity to refresh your family’s plan in case of an emergency. 

It is also important to have emergency contact numbers posted where family members can easily find them. Include the numbers for the local fire department, police, and nearest hospital. In the case of a fire, plan a meeting place in the neighborhood for family members so you can be certain that all members of the family are present and accounted for.  In the case of a hurricane or power outage, keep batteries, water, and fuel for the generator on hand. 

Two Great Reasons to Buy not Rent

by Cheryl Scott-Daniels

Two Great Reasons to Buy not Rent | Keeping Current Matters

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Based on a recent study, here are two reasons buying a home might make more sense:

Two Great Reasons to Buy not Rent | Keeping Current Matters

Two Great Reasons to Buy not Rent | Keeping Current Matters

Resource: KCM

​Mortgage Payment Calculator

#1 Reason to Sell Now

by Cheryl Scott-Daniels

#1 Reason to Sell Now | Keeping Current Matters

If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring.

According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”

What Does This Mean?

Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market.

If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.

Don’t Wait!

The study also revealed that:

“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”

As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:

“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“

Bottom Line

There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for?

Resource: KCM 

Displaying blog entries 1-5 of 5




Contact Information

Photo of Cheryl Scott-Daniels  Real Estate
Cheryl Scott-Daniels
CSD Select Homes
991 Post Rd East
Westport CT 06880
Fax: 866-806-6909