WHY BUY NOW? THE MARKET IS RIPE WITH OPPORTUNITY – Kate Rossi, Coldwell Banker, President and COO

Plan all you want, but life rarely exhibits perfect timing, especially when it comes to buying or selling a home. Whether you are relocating, simply looking to upgrade, searching for a second home, or are a first-time home buyer, there is a tremendous opportunity for many buyers in today’s market.

Here are the facts:

• Interest rates are near historic lows
• Financing is available for qualified buyers
• There are more homes on the market to choose from than in recent years
• Home ownership provides you with a tax advantage
• Buying a home is a sound long-term investment
• The cost of renting is on the rise

It is true that different housing markets bring different opportunities. For many people, today’s market may be the right time to buy. With a variety of home choices and low interest rates, home shoppers can take their time and find the dream house they’ve always wanted.

Despite the reports, the housing market in Fairfield County is still a strong investment. In fact, data from the Consolidated MLS shows that the average single family home price in Fairfield County is up and the days on market are slightly less, compared to last year during the same time period.* As one of the largest investments you’ll make, the decision to buy a home should be researched thoroughly. Today’s consumer is best-served by being an educated consumer. To successfully navigate the current real estate market and meet your personal home buying needs, a local real estate professional is key to making your dream a reality.

As experts in the local economy, real estate agents can help you evaluate whether or not today’s market is a good time to buy for you. Each person’s situation is different and poses different opportunities. Evaluating your position in today’s market could lead to a home purchase with a record low interest rate at a reasonable price, before the market shifts again. It is imperative that consumers find a reliable source for financing as well. Often times a real estate agent can provide you with invaluable information about the types of loan programs that exist, suggest lenders with proven track records and liaise with a mortgage counselor to monitor the progress of your transaction. This includes the pre-qualification process. A proactive sales associate will help guide you through a positive funding experience, sharing information and educating you along the way.

Remember, markets are always changing. Don’t let the negative hype distract you from the opportunity of home ownership. Ask yourself, does this market present me with an opportunity to make my dream home a reality?

*Consolidated MLS for January 1, through December 7 in 2006 and 2007.

Kate Rossi, President and COO, Coldwell Banker Residential Brokerage

New Home Building Thriving in CT

Toll Brothers – one of the nation’s premier builders of luxury homes continues to thrive and grow their business in Connecticut despite all the national media claims that the housing market is in a decline. Read more about it in this news article from Ris Media, 12/14/07.

Wind Turbines in the 21st Century

These alternative sources of energy have been around for a while. New, smaller, more efficients models may finally make this a practical method of powering a home. This December 15th 2007 article from the Taipei Times explains.

Should you pull your house off the market for the winter?

It has been a common practice in years past that if a house doesn’t sell by early December to withdraw your listing and put the house back on the market in the spring.

The reasons for this are typically emotional – not logical. The idea of strangers traipsing through your home during the winter months sounds very intrusive. Snow and slush are not welcome visitors – and, no matter how many signs you put up, or requests you make, there is always the possibility that the ‘lookers” are not going to remove their shoes or boots when inspecting your home.

In addition, keeping your house ready for showings is, if done properly, a lot of work. You have to make sure the kitchen is clean; all the dirty laundry must be picked up; walks shoveled promptly; toys put away, etc. Even if you are typically very diligent about keeping your home neat and tidy, there is always that extra special touch that needs to be done when a Realtor is bringing a prospective buyer.

Lastly, who wants to be entertaining relatives or friends during a holiday visit and have a Realtor call to say that someone wants to see the house now?

So why not just take a break? Winter is slow for home buying anyway, isn’t it?

Here’s the catch. While there may indeed be fewer lookers during this season, the fact is that those people who are looking are likely to be serious buyers. After all, it’s not any more fun for them going out in the bad weather than it is for you to have them in. So if they’re coming to see your home, they just might be the buyers you want. They might be the ones who will fall in love with you home and make an offer. If you put them off until March or April, they could very easily have found another home by then.

The other thing to consider is that if you are taking your house off now and plan to put it back on in springtime, doesn’t it make sense that a lot of other folks will be doing the same thing? So there you are in March – one of many homes suddenly on the market, increasing the choices for the buyers.

Wouldn’t it be nice if you could be one of only a few folks who have homes for sale during the next few months? When supply is low – you’ll likely get more for your home.

How do Adjustable Mortgages Work?

Kim Mraz Senior Loan Officer NE Moves Mortgage, LLC Phone: (203) 556-9775 Fax: (781) 663-6733 Kim.Mraz@NEMoves.com

How Adjustable Rate Mortgages Work During the last decade, Adjustable Rate Mortgages (ARMs) have increased in popularity among consumers. These days, few homeowners (especially first-time buyers) remain in their homes for more than seven years. In this case, it often makes sense to get an adjustable rate mortgage with a lower rate, especially one with a 5-year or 7-year fixed portion, since they won’t have the loan long enough to be concerned about rate fluctuation. Adjustable Rate Mortgages have three main features: Margin, Index, and Caps. The Margin is the fixed portion of the adjustable rate. It remains the same for the duration of the loan. The Index is the variable portion. This is what makes an ARM adjustable. Margin + Index = Interest Rate. It’s important to understand that there are many different indices: The 11th District Cost of Funds (COFI), the Monthly Treasury Average (MTA), The One Year Treasury Bill, the Six Month Libor, etc. Each index has its own strengths and weaknesses; some are slow moving, others are more aggressive. The third and final component of Adjustable Rate Mortgages is Caps. Caps limit how much the rate can fluctuate over time. Annual Caps limit changes to the annual rate, whereas Life Caps provide a worst case scenario over the life of the loan.