Andrea Swiedler - Swiedler & Adams - New Milford, Litchfield CT Real Estate

In Connecticut, when selling a home you do not have to disclose that you have ... people living with you that don't pay rent, people who walk through walls, move things on you, wailing in the middle of the night, shaking the bed... in other words, ghosts. Nope, the seller doesn't have to disclose the fact their house is haunted, not here in Connecticut.

If a buyer is concerned that there is a ghost in residence they can write a letter to the seller asking if anyone other worldly beings live in the house. The seller is not required to answer the question. But the request must be in writing from the buyer to the seller. Not agent to agent, that's not how it works. I wouldn't answer that question anyway. I can see it now, being hauled into court because I told a buyer a house wasn't haunted... but when they moved in the house was akin to a certain house in Amityville, NY. Nope, not me.

If it is important for you to know, and you feel that perhaps the seller isn't being straight with you, you could ask permission to bring Ghost Busters in. (Don't do it without permission though, seriously.) Contacting former owners of the house is probably a bad idea. You know, the agent knows someone who grew up in the house.. so they call to find out if the house was haunted 35 years ago. What if the former resident says no, the house wasn't haunted back then, how can you be sure that is still the case? Short of contacting the dearly departed that used to live there to make sure they aren't living there now, you really only have one choice. You have to go directly to the owners. Keep in mind it is the owners right not to answer the question.

And for the curious, yes, someone I know got that call. "Hey, when you lived in that house as a kid, was it haunted?" I hope the buyer had a plan B, that's all I have to say!

Got ghosts? In Connecticut the only way to ask that question is in writing!

(And just to be clear, this post is not to make fun of anyone who believes in ghosts. I am fairly sure I have lived in a house with .... ghosts. It can happen to the best of us!)

The National Mortgage Settlement. Connecticut is slated to receive $190 million out of the $25 billion dollar joint federal state settlement agreement over foreclosure abuses, fraud and unacceptable mortgage servicing practices from the big 5. Bank of America, Citibank, JP Morgan Chase, GMAC and Wells Fargo.

According to Attorney General George Jepson, the money is slated to be used in the following manner.

• Connecticut borrowers will receive an estimated $119 million in benefits from loan term modifications and other direct relief.
• The estimated 7,500 Connecticut borrowers who lost their home to foreclosure from January 1, 2008 through December 31, 2011 and suffered servicing abuse would qualify for an estimated $1,500 in cash payments to individual borrowers.
  
• The value of refinanced loans to Connecticut’s underwater borrowers would be an estimated $36 million.
• The state will receive a direct payment estimated at $27 million to help pay for local foreclosure prevention programs, such as the Connecticut Department of Banking’s foreclosure prevention hotline, HUD- approved housing counselors, the Judicial Branch’s foreclosure mediation program, non-profit legal aid groups that help homeowners facing foreclosure, and loan modification programs supported by the Connecticut Housing Finance Authority.

The lenders are to reach out and help those struggling now. Contact numbers for the big 5 are below if you have questions about your own mortgage with them:

1. Bank of America: 877.488.7814
2. Citi: 866.372.6901
3. Chase: 866.372.6901
   
4. GMAC: 800.766.4622
   
5. Wells Fargo: 800.288.3212

You may also be contacted by a settlement administrator from the State of Connecticut. For more information check out the National Mortgage Settlement Website.

This settlement agreement does NOT grant immunity to the Big 5.

"The settlement does not grant any immunity from criminal offenses and will not affect criminal prosecutions. The agreement does not prevent homeowners or investors from pursuing individual, institutional or class action civil cases against the five servicers.; The pact also enables state attorneys general and federal agencies to investigate and pursue other aspects of the mortgage crisis, including securities cases." -Office of Attorney General George Jepson

(The final settlement is slated to be filed in U.S. District Court in Washington D.C.)

For those who are struggling now, this could mean the help you are looking for. For those who may qualify for a $1,500 payment because they suffered abuse by the big 5, were a victim of robo-signing, etc., I am hoping it is not a case of "too little, too late".

I am also hoping that the lenders have properly trained their staff, that they are aware that the game has changed, that the goal is to help the struggling home owner.

According to my most recent real estate sales statistics for New Milford, Connecticut, homes sold for less than 14% of list price! Sort of...

That is 14% of the last listed price, not the original list price. Do you want to see what the original list to sale price was? Well, here it is, for all 11 homes that sold in January 2012 in New Milford, CT.

Original List Price (OLP), Sales Price (SP), Days on Market for the current listing (DOM), % off sales price

OLP 220,000, SP 79,500, DOM 49, 64% OFF the listed price
OLP 169,900, SP 90,000, DOM 209, 47% OFF the listed price
OLP 169,900, SP 135,000, DOM 108, 21% OFF the listed price
OLP 219,000, SP 192,000, DOM 212, 12% OFF the listed price
OLP 259,000, SP 200,000, DOM 417, 23% OFF the listed price
OLP 284,900, SP 245,000, DOM 231, 14% OFF the listed price
OLP 285,000, SP 260,000, DOM 64, 9% OFF the listed price
OLP 360,000, SP 299,900, DOM 113, 17% OFF the listed price
OLP 414,000, SP 380,000, DOM 101, 8% OFF the listed price
OLP 875,000, SP 635,000, DOM 180, 27% OFF the listed price
OLP 1,575,000, SP 1,050,000, DOM 253, 33% OFF the listed price

That looks more like a big box store fire sale than real estate sales to me. The actual average percentage off, when you look at the original list to sale price in New Milford, CT was 25% off the list price. WOW!

According to the latest issue of the Commercial Record, Connecticut saw a 13% decline in sales for 2011. The Warren Group has been keeping track of these numbers since 1987 and this is the seventh year in a row we have seen sales drop in Connecticut from the previous year.

What does this mean if you want, or need to sell your home in New Milford, CT?

When we started in January 2012 we had 189 homes for sale. At the end of January only 11 of those homes sold. That is only 5.82% of the inventory that sold.

I can't stress enough to price it right. If you need to sell, you really need to look carefully at the current competition when you list and keep track of them during your listing period. Adjust your price according to the competition. If you don't need to sell, but would really like to, the advice is the same.

But Andrea, we are not going to give it away..... No, you are not. At least not according to the current real estate market. The bottom line is, your house is only worth what a buyer will pay for it.

And when that really low offer comes in, think twice about getting upset. Take a close look at those numbers above. The actual average percentage off from the original list price to the final sales price is 25%, then combine that with some of the days on market and you have a recipe for disaster if you need to sell your home.

For more information about pricing your home to sell and learn about our Ultimate Marketing 24-7, a totally customized marketing system for your home, give us a call at 203.460.1775, or send an email to andrea@andreaswiedler.com.

New Milford CT Real Estate Market Statistics for January 2012

Listen up sellers! When a buyer asks the question, and they will, how much should they reduce their offer from the asking price in New Milford, CT I will have to tell them homes in New Milford, CT are overpriced on average by 14%! In a buyers market, this is not a good average.
As of February 2, 2012 in New Milford, CT there are 194 active single family homes for sale. Last month there were 189, after a few months of the inventory shrinking, it is creeping back up just a bit. 13 are short sales, (there could be more however) and 6 are foreclosures.

11 single family homes sold in New Milford, CT in January 2012. This is down 5 homes from last month. Of these homes that sold, the average list price was $375,019. The average sale price was $324,218. These homes sold at 86% of list price, not an average I would strive for.The average market time was 176 days. One short sales and 1 foreclosure were included in January 2012 sales.
The median sales price for a single family home in New Milford, CT for January 2012 was $222,500.

The average list price of single family homes for sale in New Milford, CT is $475,505, which is down $10,000 from January 2012.

The average market time for these active listings in New Milford, CT is 160 days, down 9 days from last month.

The median price of a home for sale in New Milford, CT is $339,900. This is down $4,100 from last month.
The highest price home for sale in New Milford, CT is $5,900,000, a beautiful estate belonging to a world famous comedienne, and located on the New Milford, New Preston, CT border. This home, as of today, has been on the market for 1008 days as of today.

The lowest priced home for sale in New Milford, CT is $71,900, a foreclosure that has been on the market for quite a long time, first as a sale, then as a short sale, now as a foreclosure.

Of the 194 single family homes for sale in New Milford, CT, 9 homes are under deposit. The average list price of these homes is $616,044. The reason this is up so high is that two homes are under deposit that are over 1,700,000. One is an estate in Merryall, the second is a lake home. The average market time is 86 days.

Currently there are 17 homes that are in the pending sale status in New Milford, CT.

The average list price of these homes in the pending sale status is $249,012. The average market time for these homes is 108 days. Four of these are foreclosures and 2 are short sales.

What does all of this mean? Again the inventory is lower than it was, which would be a good thing. However... buyers are still not happy with prices. Sales are low, and you can see the list to sale price is not good at all. Homes are still overpriced, which will cause them to sit on the market longer, or not sell at all. According to the statistics, homes are overpriced by 14%!

The key to selling a home in this market is to price it far better than the other competing homes in the same category. You must grab the buyers attention right from the start, not chase the market down or languish on the market because you outpriced yourself right out of the game.

If you don't believe me about pricing and buyers mentality, check out some interesting stats on The Great Real Estate Divide.

If you are thinking of selling in New Milford, CT check out our Ultimate Marketing 24-7, a custom marketing program that will dominate the internet.

Check out the previous home sale market activity report for December, 2011.

Interest rates are still low, are you are ready to buy a home in New Milford, CT? Click here to search for homes for sale in New Milford.

The above statistics are provided courtesy of Greater Fairfield County Multiple Listing Service (CMLS). Information provided is deemed reliable, but not necessarily accurate. There may be discrepancies, as mistakes in inputing can be made, and the fact that Connecticut has more than one multiple listing service. There may be instances where a home was/is for sale in New Milford and is on the other multiple listing service. Most of the homes for sale are listed on CMLS, therefore that is where I base my statistical information. I do believe it gives a good sense of what is happening in New Milford.

Do you know a guy who can.....???

I hear this all the time. Yes, I do, I know a guy who... cleans up and out, paints, pulls oil tanks, is a master carpenter, plows, mows, is a fantastic electrician, great plumber, on and on, tried and true, tested over and over again.

As a side note, every time I hear that question "do you know someone...", I can't help thinking about one of my most favorite movies, "Dirty Rotten Scoundrels". The police chief says "A man owes me a favor. Rene the Knife. He is a master with a stiletto and a magician at hiding a body." Of course that just may illustrate how my mind works and might have been better left unsaid. As an example...

Andrea, do you know someone that can pull this oil tank? I remember saying exactly this, "I know someone who is a master with a backhoe and a magician at making the tank disappear!" Now do you see why I think of that movie?

Most real estate agents have a list of guys and gals, companies who are tried and true. I know I do. And they don't get on my list just because I know them. They get on my list because my clients love them, because they don't disappoint, because I know I can trust them. Getting on my list is not easy, getting off the list is easy peasy. Bad review from a client and they are off, off, off.

Why is this important? If you are thinking about selling your home in lower Litchfield County CT and your house needs work, you will want to have access to my list. Because if you don't clean it up and out it will cost you. Don't believe me? Read my story "I met a guy who sold a house". Or you haven't kept up with home maintenance yet you want to get as much as possible for your home, read this story "Why didn't my house sell?". (Pay close attention to the comments of other real estate agents, they know what they are talking about.) Then you will understand why it is so important that I have my "I know a guy/gal" list. They are masters of their trade, magicians at getting the job done. One of the THREE MOST IMPORTANT THINGS about GETTING A HOUSE SOLD in Litchfield County CT is the condition of the house.

• Priced according to local real estate market conditions
• Priced according to the condition of the house
• The marketing skills of the real estate agent

And by the way, my list is just as important for a buyer! Trusted mortgage professionals, home inspectors, local insurance agents, people who can help you make the home you want to buy the home of your dreams!

So yes, I know a guy...