Tag Archive for: Connecticut Real Estate

Staging on a Budget…5 Essential Rules and Tips

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If you want potential buyers to choose your property over the competition, staging your home can make your house stand out from the crowd.

Staging is a new concept for most sellers, but a crucial step in getting your house sold. Presentation is everything!

As a marketing tool it helps to get people in the door. Today’s buyers look on the Internet before contacting a realtor to show them the house. If you don’t have beautiful pictures of your property they will not take the time to visit your home.  It also adds perceived value to your home which can translate into a higher sales price.

Home owners can make the changes themselves or hire a professional home stager. Professionals have an expertise that the home owner may lack to successfully stage their home.  They comes into the home with an unbiased eye. They are not emotionally attached to the home or the objects within it, allowing them to be objective, which is essential for a successful stage and ultimately a quicker and profitable sale.

Should you choose to do it yourself, here are some rules and tips to follow.

Rule # 1:     DE-PERSONALIZE

People want to envision themselves in the house – not you. Children and wedding photos may be important to you, but are a distraction to the buyer and prevents them from seeing their family in the home.

staging mantle - depersonalize

Rule # 2:     MAXIMIZE

Declutter and organize. This will maximize the space in your home. Children’s toys strewn about and rooms stuffed with that extra table or chair make the place seems small.   Closets packed tight with clothes gives the illusion of a lack of closet space. Consider temporary off site storage.

staging closet 2

staging kitchen

Rule # 3:     SANITIZE

The easiest and cheapest way to stage your home is to just clean it. Dirty dishes in the sink, pet and garbage smells and grim in the bathrooms are a turn off for any buyer. Nothing is better than walking into a house that smells and looks fresh. Take the extra time to wash down walls, floors and baseboards. Clean, sparkling windows brighten the space.

Rule # 4:     MODERNIZE

Unless you live in a new construction (2009-2014), or have done a recent renovation, every home can benefit from a little updating. Buyers will offer a lower price if they feel the house is dated. Simple changes such as replacing the kitchen and bathroom hardware from brass and gold to nickel or chrome creates a fresh, contemporary look. A new coat of paint, or stain, on those dated cabinets will dramatically transform the space. Organize cabinets inside as well as out.

staging kitchen cabinets

staging kitchen cabinets a

staging kitchen

Rule # 5:     NEUTRALIZE

Color can make or break a buyer’s interest in your home. Your daughter may love her shocking pink walls, but the buyer will only see $$ signs if the colors do not match their own style. A new coat of a gender neutral color is one of the most inexpensive ways to change a look and also to modernize. Consider removing or raising window treatments to allow the light in which makes a room feel spacious and inviting.  

staging living room

staging living room 2

staged living room

 

Here are a few related articles you might want to read prior to putting your house on the market.

 

 

Connecticut Vs. New York Real Estate Closing Costs

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While most homeowners are focused on the rising cost of home prices, they might not realize closing costs are rising as well. According to RIS Media, “Each year lender’s origination fees account for the lion’s share of the increase. Since 2010, origination fees, which include lender’s charges for services such as underwriting and processing have increased  27.1%. Bankrate.com’s annual survey of closing costs found that most of the rising cost is tied to fees charged directly from lenders.”

Five states led the way in increased closing costs: Texas, Alaska, Hawaii, Wisconsin and New York.

On the other end of the spectrum, Ohio, Tennessee, Nevada, Missouri and Washington DC had the lowest closing costs.

Some lenders have not increased their fees. Buyers should compare good faith estimates from at least three different lenders to get the best deal.

Below is a comparison of closing cost for New York and Connecticut, prepared by Kim Weintraub from Atlantic Residential Mortgage. If you are considering buying a home in either state know your options and be aware of all fees.

***NY mortgage tax is standard on all loans and is based on the loan amount***
***Mansion tax is paid on any purchase price above $1MM***

Comparison of Closing Costs NY Vs. CT

Comparison of Closing Costs NY Vs. CT

Brushy Ridge Road New Canaan

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Front shot

$4,650,000. Beyond the wrought iron gates lies a world of extraordinary beauty and extraordinarily livable luxury. Drive past the wisteria laden gazebo and magnificent rose garden and enter into a home of superb craftsmanship and flawless finishes. A dramatic two story entry with a graceful butterfly staircase welcomes you into this spectacular private haven. Hosting family and friends is important to the current owner and this home offers sumptuous rooms for grand entertaining and cozy spots for lounging. There are 9 exquisite fireplaces, high ceilings and elegant architectural details throughout the house, formal living rooms and dining room with butlers pantry, a magnificent mahogany paneled private study and mahogany paneled family room with a show stopping bar, including all the accouterments. The gourmet eat-in kitchen has a large center island, fireplace and opens to the extensive flagstone patio. A marvelous dressing room, fireplace and luxurious bath are part of the generous master suite and each spacious bedroom is en-suite with walk-in closets.
The park like grounds are breathtaking. Handsome, full sized blue stone patio extends the entertaining space, includes a built in Viking grill and overlook magnificent perennial gardens, dramatic free form swimming pool with spa, expansive lawns and a half basketball court. Perfect for special family event or to just enjoy a cool drink under the dappled sunlit outdoors
This impressive and elegant home is one of New Canaan’s premiere properties in a prime location and for the connoisseur of fine living. Full Listing Details: Brushy Ridge Road, New Canaan, Connecticut

Signs Of A Recovering Real Estate Market

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With temperatures chilly real estate sales grew hot in the first quarter of 2013. The number of buyers has out paced the inventory of homes available (currently 222 offered down approx. 12% from last year) and many sales went to multiple bids.  We are starting to see some modest price increases and sales where the average sale price was higher than the average list price. Sales are up about 25% with an average sale price of $1,696,000.

Value, updated amenities and close to the center of the town continue to lead buyers’ wish lists. There are 66 houses with contracts signed as well as 9 condominiums pending which is up approximately 26% from last year. What does this mean to you? The housing market is gaining strength locally as well as nationally. Below is a sampling of some of the homes sold in the past couple of months.

What New Canaan Buyers Purchased Last Year

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Buyers headed towards the closing table with a little more gusto this past year in terms of number of homes sold.  This is a value driven real estate market so the number of homes sold is up by 4.2%, but average sales prices were down by approximately 13%.

The strongest segment continues to be a 4-5 bedroom colonial home priced between $850,000. and $2 million. The $3.75 – $4.25 million price range picked up a bit, but the high end market remains slow due in part to a large inventory of competitively priced  homes. Two homes sold over $5 million compared to 6 the previous year. New construction continues to be appealing to buyers with 13 homes sold and 4 more under contract.

* In 2012 the average listing price was $1,759,369.00 (slightly lower than last year) with an average selling price of $1,652,445.00. The sold price to original list price ratio was 92.96% with an average of 185 days on the market.

Pricing is key. Buyers are looking for value. The top three factors driving home buyers are the characteristics of the neighborhood, updated kitchens and/or baths and overall affordability.

 

 

ReCap of 2012 New Canaan Real Estate Sales

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Happy New Year and welcome to a chilly New England week. After putting away the Christmas decorations and already breaking those New Years food resolutions I finally had a chance to look at the numbers for the 2012 New Canaan real estate market.

New Canaan real estate ended on a strong note with a higher than usual number of closings in November and December. The so called “fiscal cliff” and threats of higher taxes prompted buyers and sellers to seal their deals by December 31st.  All in all, we closed about the same number of properties in 2012 as we did in 2011. There is still a demand for new construction and 18 lots sold to make way for new homes.

The hardest part for me last year was finding the right house for a buyer ready to purchase.  There simply were not enough choices. Many homes had offers as soon as they were listed (read, they were priced right) and only a 140 single family homes were put on the market.

More numbers will follow. From all the signs it looks like we will have an upswing in the spring market. So what are you waiting for?

 

Tag Archive for: Connecticut Real Estate