Archive for March 1st, 2010

Economic Update – March 1, 2010

Monday, March 1st, 2010




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Last Week in the News


The Standard & Poor’s/Case-Shiller 20-city housing price index rose a seasonally adjusted 0.3% in December. It was the seventh consecutive monthly gain and follows a 0.2% increase in November.

The consumer confidence index fell to 46 in February from an upwardly revised 56.5 in January. Economists had anticipated a reading of 55. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Commerce Department reported new home sales fell 11.2% in January to a seasonally adjusted annual rate of 309,000 units from a rate of 342,000 units in December. Economists had expected a pace of 354,000.

Initial claims for unemployment benefits rose by 22,000 to 496,000 in the week ending February 20. Continuing claims for the week ending February 13 rose by 6,000 to 4.617 million.

Orders for durable goods — items expected to last three or more years — rose 3% in January after a revised 1.9% increase in December. Excluding volatile transportation-related goods, orders posted a monthly decrease of 0.6%.

Existing home sales fell 7.2% in January to a seasonally adjusted annual rate of 5.05 million units from 5.44 million units in December. The inventory of unsold homes on the market fell 0.5% to 3.27 million, a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December and a 6.5-month supply in November.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 5.9% in the fourth quarter of 2009, rather than the 5.7% increase initially reported last month.

Upcoming on the economic calendar are reports on construction spending on March 1, and factory orders and pending home sales on March 4.

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  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   March 1, 2010 | CT Real Estate
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Should You Consider a Short Sale on Your Home?

Monday, March 1st, 2010




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A short sale happens when a lender agrees to accept less than the balance remaining on a home. It is a way for sellers to avoid foreclosure and sell their Stamford homes.

It seems like a good idea for people who owe more on their home than it’s worth, but that doesn’t mean it is right for everyone. Should you consider a short sale on your Stamford home?

Pros to doing a short sale:

  • You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt.
  • You can still sell your property in a declining real estate market, even if you owe more than the home is worth.
  • Buyers sometimes get good deals on the property or may be able to buy a home at market value in a popular area they couldn’t previously afford.
  • While a short sale isn’t ideal, it is typically better than a foreclosure which stays on your credit report for 10 years.
  • If your home goes into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference.

Cons to doing a short sale:

  • The lender may refuse to do the short sale, or they may still hold you responsible for the remaining debt.
  • The bank’s loss is considered taxable income for you, and you may have to pay taxes on the amount.
  • Short sales do stay on your credit report and may make it difficult for you to a get loan in the future.
  • You may have to find a real estate agent willing to work for a smaller commission.
  • Short sales take longer to close than traditional home sales.

I can help you decide if a short sale on your Stamford home is right for you. Call me today at  203.667.0897 or email me at nicole@thepropnet.com for more information about your selling options. To learn more info on Avoiding Foreclosure visit: http://www.NicoleBorsey.com
icon smile Should You Consider a Short Sale on Your Home? | CT Real Estate

Nicole Borsey



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  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
  • wp socializer sprite mask 16px Should You Consider a Short Sale on Your Home? | CT Real Estate
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Is this a legally binding contract???

Monday, March 1st, 2010




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Modern technology is a wonderful thing, creating easy “connectivity” between people all over the nation. But it’s also causing problems in many areas, and buying Stamford real estate is one of them.

Here’s the problem: Many people selling Stamford real estate may live in another city or state. In this case, negotiations may be conducted over the phone, through email, via Yahoo conversations – some even use Twitter for real estate deals and information.

At the same time, this also means that legal documents may be passed through email, uploaded to a website for easy viewing or through any number of other online methods. PDF documents, for instance, have become a very popular way to pass on legal forms because they’re easy to fill out, don’t have to printed, etc.

As the buyer, you can’t afford to take the seller’s word that they’ve accepted your position – especially through email. For instance, a buyer recently had a home sale fall through. The seller accepted the terms through email, told the buyer that the seller had signed the contract and sent it on to the agent. Somehow, even though the buyer was positive the contract had been agreed upon, the house was sold to another buyer. Although laws change from state to state, it’s always best to have the contract in printed form, with an actual signature – in ink! Without the actual contract, all you have is an email.

Although emails can be legally binding, they don’t hold a candle to having the printed and signed contract in hand.

Here are a few tips to make sure your housing purchase goes off without a hitch:

• Meet in person – This may be a difficult prospect, especially if the seller lives out of state. However, if you can’t meet them in person, their agent should at least be local. Meeting with the home seller’s legal representative (i.e. Real estate agent) is the next best thing.

• Get it in writing, and get it in print – Who wants to wait for the post office to deliver a paper contract when you can get it from an email? Well… you do. Yes, it might slow the process of buying a house and closing the deal, but so will having the seller back out.

• Verify the important points – Make sure you and the seller really do agree on the terms of the contract before you put your signature on it. You, or preferably your buyer’s agent, should go over the contract with the seller’s agent who should go over it with the seller.

It’s a great time to buy Stamford real estate, but don’t let technology lose you the contract. Cross your t’s and dot your i’s – on paper!

If you’re looking to buy a home, I’ll make sure all those t’s are crossed and i’s are dotted for you. Call me at 203.667.0897 or email me at nicole@thepropnet.com for more information. icon smile Is this a legally binding contract??? | CT Real Estate

Nicole Borsey,  Broker/Owner



  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate
  • wp socializer sprite mask 16px Is this a legally binding contract??? | CT Real Estate

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