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General Information | The Property Network | Stamford CT Real Estate | Stamford Short Sales | Norwalk Homes for Sale | Greenwich Luxury Homes and Beyond! - Part 4

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The Remodeling Market

Wednesday, February 17th, 2010




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 METROCITI David.Garofalo The Remodeling Market | CT Real Estate

 David Garofalo

 
Senior Loan Officer
Prospect Mortgage
NMLS# 122111
100 Technology Dr., Suite 203
Trumbull, CT 06611
Office: (203) 910-1845
Fax: (877) 298-3986
David.Garofalo@prospectmtg.com
 
• Learn about home loans
• Use loan calculators
• Apply for a home loan
 
Referral Request:
Please forward my contact information to anyone you know with a need for real estate financing!
 
 
 
The Remodeling Market


During the housing boom, remodeling expenditures — including maintenance, repairs, and improvements to rental and owner-occupied homes — more than doubled to an estimated $326 billion between 1995 and 2007.In recent years, remodels were financed with home equity loans and cash-out refinances. Owners extracted an average of $450 billion a year in home equity between 1999 and 2008 and reinvested more than 25% of extracted equity into home improvements. Because of the recent economic downturn, remodeling activity has shifted from high-end discretionary improvements to those that maintain structural integrity as well as generate cost savings.Although residential remodeling remained relatively weak during the third quarter of 2009, remodelers are starting to report that conditions in their markets are stabilizing, according to the latest National Association of Home Builders’ Remodeling Market Index.In the most recent report, the current market conditions index rose to 39.8 from 38.1. The index of future indicators jumped to 38.7 from 34.2. An index reading below 50 indicates negative sentiment about the remodeling market. The RMI has been running below 50 since the final quarter of 2005.As the home-remodeling market improves, the Joint Center for Housing Studies of Harvard University has identified three areas of growth:

  1. The increasing need to upgrade the rental housing stock — almost 10% of rental inventory in the U.S. was considered structurally inadequate in 2007 and in need of remodeling.
     
  2. Higher energy prices and greater environmental awareness, which will increase the demand for green remodeling projects.
     
  3. Continued growth in improvements spending by foreign-born homeowners — their spending levels have grown almost 13% per year since 2000, well in excess of the 7% growth by native-born households.
Click here to visit my website and apply on line:
www.myprospectmortgage.com/dgarofalo


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Wednesday, February 3rd, 2010




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Kick the Tires, Check under the Hood, You’re Ready to Buy.

Tuesday, January 26th, 2010




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-By your local Stamford Connecticut Real Estate Broker, Nicole Borsey at The Property Network

Congratulations, You are ready to buy a home in Stamford! Buying a home is one of the most exciting things you can accomplish. There is the thrill of the hunt, applying for the mortgage, attorney review, all the elements that make the process exhilarating.

Just like buying a car, you want to check out the make, model, kick the tires, check under the hood of your potential new home.  Most of the time you have to find the right dealer and for home buying that is finding the right realtor. Your realtor should understand your wants and needs in a home and take all of your requirements into consideration.

There are many different makes and models of homes, just like cars. Being open minded is key for finding the right home. Ranches, cape cods, condos, town houses, Victorians, etc, are all out there and maybe even in the area you are looking.  If the place is in your price range and in the area you want to live, take the time to visit the home, because you never know what you might find.

First things first, when buying a house….where do you want to live? In a town (obviously Stamford or close by)? The middle of nowhere? On a hill? By the water? Near a school? Within 5 minutes of a Starbucks? Narrowing down these decisions will make the start of the process easier.   School districts, easy commute to work, and property tax are all things to think about when buying.

What features does your dream home have? Fireplace, walk out basement, a yard, a public place for the kids to play, a driveway, a great view, what does your dream home have that no others have. For some people the difference between buying and not buying a home is hardwood floors over a rug. Knowing the hard to change things (like a putting in a fireplace or driveway) will help build your check list of must haves.

Don’t forget to check for dings and dents. Does the house need a roof? Does the house need a new septic system? What is a septic system and how much does it cost to replace? Are their cracks in foundation, sidewalks sinking? All things to look for and think about before you buy. Some of these things are quick fixes and some can be quite costly.
Is it roomy enough for you? Literally, is there enough room? Will one bathroom cut it? How many bedrooms do you need? Is one bedroom enough space for you or are you planning on having kids in the future and need something with more room? Do you need a lot of storage space? For the shop-aholics are the closets big enough to store your clothes? Additions can be expensive so if you know these things ahead of time factor them in while comparing houses.

Paint colors, central air, trim moldings are all things that can be added after you move in. Where the home is, the amenities you can’t live with out, storage; style, etc are the starting points when you are ready to buy.  Your home is a BIG purchase and deserves a lot of careful thought and consideration, but is with out of a doubt one of the most exciting investments you can make.

Stamford Connecticut is the home of Property Network. We want make Stamford your home too!



  • wp socializer sprite mask 16px Kick the Tires, Check under the Hood, You’re Ready to Buy. | CT Real Estate
  • wp socializer sprite mask 16px Kick the Tires, Check under the Hood, You’re Ready to Buy. | CT Real Estate
  • wp socializer sprite mask 16px Kick the Tires, Check under the Hood, You’re Ready to Buy. | CT Real Estate
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Short Sale Myths

Tuesday, January 26th, 2010




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Short Sale Myths

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose Than Bother With A Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Myth #2 – You Must Be Behind On Your Mortgage To Negotiate A Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home As A Short Sale Is An Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales Are Impossible And Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks Are Waiting On A Bailout And Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers Are Not Interested In Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion, Agents with the CDPE Designation have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. Finding a CDPE can explain what options you have, and get you on the path to recovery.



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  • wp socializer sprite mask 16px Short Sale Myths | CT Real Estate
  • wp socializer sprite mask 16px Short Sale Myths | CT Real Estate
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