Trumbull CT Neighborhoods

May 27th, 2015

Why have these Trumbull CT Homes been on the market so long

March 5th, 2015

Why have these Trumbull CT Homes been on the market so long? Most of the time when a home seller sets out to place their home on the market with a real estate agent in Trumbull, CT or anywhere else their intentions and motivations are usually to sell the home within a relatively short period of time.

Most consumers feel that real estate agents are looking for a quick sale and quick buck and are not willing to market homes for long periods of time. The truth is that if a home stays on the market for a long time home buyers create a story as to what may be wrong and why no other savvy buyer has not already purchased this bargain.

One of the top questions as a real estate agent that I receive from buyers is: How long has this home been on the market?

If I answer anything beyond a month or two the buyers automatically assume that the home is overpriced. Sellers are getting desperate. They must be seeing their hopes of selling this home fading away and the sellers will have to entertain a low ball offer.

The reality is that often you have listing agents and sellers arrive at original listing prices that may have not been based on the hard facts of the market. The seller was adamant about listing the home higher. Sometimes you can interpret data in one way and come to a conclusion that the price is wrong and buyers are not attracted to the home

Pricing Strategies have been analyzed for years and most real estate professionals have concluded the following metrics:

Pricing Strategies

1. Priced Right =  Offers

2. Showings & No Offers 4-6% Off

3. Low Showings 6-12%

4. Drive By’s Only = 12%

Some homes that have been on the market in Trumbull CT for 300+ Days

Days on Market over 300 days

List of Trumbull Homes on Market for over 300 days

For a complete list of homes for sale in Trumbull CT

So why have these Trumbull CT homes been on the market so long.

Could be a for number of reasons:

1) Stubborn Seller or low/no motivation

2) Listing agent ill advice

3)  a Failed transaction can also eat up market time

4) Poor Marketing and exposure

5) Extreme Conditions to a sale. 310 Stonehouse Road Trumbull, CT 06611 is the most unique as it is only offering half interest in the home with the other half retaining a life use The remarks say: List price represents offer price for all of Seller’s interest in this property as a tenant in common. List price does not represent offer price for entire property.

6) Condition does not match the price of the home.

Could these be the best deals in the making? Time will tell. Or the homes will expire off the market. We will keep an eye on it.

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Eddie Gutierrez is an Associate Broker at Keller Williams Realty in Trumbull

Click here to view property grid.

Buying a CT Home: Closing Costs

February 22nd, 2015

When purchasing your home in Connecticut and in Fairfield County, home buyers may have closing costs or settlement costs that will be above the price of the purchase of the home.

Settlement Fees that can be found on a good faith estimate:

  • Credit report fee
  • Property appraisal fee
  • Inspection fee
  • Title search and title insurance fees
  • Document recording and survey fees
  • Transfer taxes
  • Property taxes
  • Loan application fee
  • Loan points and loan origination fee
  • Attorney’s fees (yours and your lender’s)
  • Escrow account balances
  • Document preparation fees

If extra cash is an issue there are 2 ways to structure to help you cover closing costs which can be anywhere from 2%-5% of Sales Price.

First way to cover closing costs: Get a seller concession. Often this is a credit written into the offer. For Example:

Purchase Price: $305,000

Closing Credit: $10,000

                            $295,000   Seller Net Before Other Expenses

Second way to cover closing costs: Lender Credit. This is driven by where the par interest rate is the day you lock your rate. Dodd-Frank Law made it so mortgage companies could not charge you more by charging you a higher rate. You can choose a slightly higher rate and get monies to cover for closing costs. The net difference in your payment may not be very big making lots of sense to do even if you have the funds on hand. Keep it and use those funds to make renovations and repairs.

Did you know average home buyer spends nearly $8,000 on repairs and renovations after they buy. Updating baths, kitchens, countertops, flooring, painting, landscaping and more.

Looking for reliable trades people check out the BNI Fairfield Professional Referral Team on Facebook.

Check out this video from L’Altrella Lending Group

Student Debt on Rise Red Flag for Stratford Real Estate

February 22nd, 2015

At a recent Keller Williams Convention the Chairman, Gary Keller, shared the statistic that may have a ripple effect on the real estate market and first time home buyers in Stratford, CT and all of Fairfield County

 

“Student Loan Debt – “This is the story of the decade!” Keller exclaimed. Between 2003 and 2014, the total amount of student loan debt more than quadrupled, going from $241 billion to $1.1 trillion—a 356% increase.  Additionally, 71 percent  of recent graduates had student loans, with balances averaging $29,400. At 6.5%, that is a payment of $333 per month.”

 

The issue is that most first time home buyers often spend nearly 10% more of their available income on their first home and if the home buyers have more student debt this will squeeze what they can afford on a new home and cause a problem for home sellers and may drive home values down ward.

The Federal Reserve monitors the real estate markets and they a itching at the opportunity to raise interest rates. Imagine the rates go up to 5% which they very likely can.

There is a great article on housingwire.com that talks about this impact http://www.housingwire.com/articles/31643-student-debt-costs-housing-83b-a-year

The Good Living Realty Group monitors these trends to understand how they can impact our home buyers and home sellers. Student Debt rising is a metric that we need to keep an eye on especially when rates go up. First Time home buyers make up nearly 40% of buyers and this will impact everyone.

Eddie

 

Trumbull CT Real Estate Market Stats for 2014

February 22nd, 2015

The Trumbull CT Real Estate Market Stats for 2014 show that Trumbull, CT is a strong community and is a desirable place that home buyers want to be. The Trumbull Schools are cited by home buyers as one of the top reasons to live in Trumbull.

Trumbull median sales prices

In 2014, The Greater Fairfield County CMLS reports that 419 residential sales. 387 Single Family Homes & 32 Condos. No Multifamily sales. For a Sales Volume of $161,090,464.

Trumbull Average  Sales Price: $384,464

Trumbull Median Sales: $360,000

Most Expensive Home Sold in Trumbull in 2014 was $1,149,900

Least Expensive Home Sold in Trumbull in 2014 was $104,000

Average Days on Market was 81 Days

15 Short Sales & 27 Bank Owned/ Real Estate Owned REO Properties

Hottest price range was under $200,000 -$400,000 (Over half homes sold were in that price range) Ideal purchaser in this range is First Time Home Buyer or someone relocating to Trumbull for the first time.

The rental Trumbull market was equally as strong with 96 rentals

Stay on top of the Market with your own Market Snapshot at FreeCTHomeValues.com

Looking to move to Trumbull start your search at FindCTHomesNow

 

 

Bridgeport East Side Blood Drive

February 22nd, 2015

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Giving Blood can help so many in critical times of need and statistics show that Latinos are capable of reaching and helping many more people in need.

 

Ramon Jimenez and Andres Ayala

Blood Drive in Bridgeport CT

on Saturday, February 21, 2015 at the McGivney Community Center located at 382 Stillman Street Bridgeport, CT the Knights of Columbus headed by Ramon Jimenez and GBLN Greater Bridgeport Latino Network hosted an American Red Cross. The event is hosted twice a year once in the Fall and than in the Winter yielding an average of over 60 donors per event. Some folks donating double Red Blood Cells.

According to RedCross website over 53% of hispanics / latinos are O Positive blood type. O Blood Type can donate blood to all other blood types O Blood type, A Blood Type, B Blood Type and AB Blood Types. African Americans are also 47% likely to be O Blood Type.

Get More Statistics about Blood Types at the American Red Cross website. Each donor can potentially save nearly 3 individuals and a Double Red Blood Cell donor can multiply that even further.

This event was no different with many from the community coming together to donate and make a difference. If you are compelled to give follow GBLN on Facebook and get alerted of the next event at https://www.facebook.com/groups/gblnetwork/

Make a Difference where you Live.

Ed

 

 

 

Daniels Farm School Father’s Club Pasta Night

February 15th, 2015

Daniels Farm School Father’s Club Pasta Night. The DFS Father’s Club has continued the Tradition of hosting Pasta Night the Friday before the Super Bowl at the school’s cafeteria. This year, 2015, for the third consecutive year, the Daniel’s Farm School Father’s Club Pasta Night has been elevated by transforming the school’s cafeteria into an authentic Italian experience.

Daniels Farm School Pasta Night Flyer

Daniels Farm School Pasta Night 2015

 

The food was provided by resident Father’s Club member and Head Chef at Diageo in Norwalk; Chef Henry Ahle. Offering his delightful Sausage & Peppers, Homemade Meatballs, Garlic Bread, and Focaccia. Complimenting Chef Ahle’s dishes Vazzy’s Osteria provided a pasta bar with and array of sauces. a Red Marinara Sauce , a Pink Vodka Sauce and a White Alfredo cheese Sauce for the kids.

Both Chef Ahle and Vazzy’s Osteria have been supporters of this event and are the most integral part of its success.

Raffle Prizes, Games and Entertainment

 

Jack Flynn singing Elvis and more

Jack Flynn crooner in CT

The event featured Raffle Prizes, Games and entertainment. To set the right ambiance local crooner Jack Lynn (http://www.jacksingsdino.com/) sang hits by Dean Martin, Frank Sinatra, and even the King: Elvis (pictured here with big sunglasses and mutton chops)

The Gym was converted into a obstacle course so the youngsters could run and get burn all their excess energy from the all the carbohydrates.

This year the Grand Prize was an Apple Ipad Mini among many other raffle prizes including: Gift Certificates from local business such as: Vazzy’s Osteria, O Bar in Trumbull Center, Parkers Steak House, and Gaetano’s Italian Steak House in Milford. There was also additional prizes like a Snow Day basket, toys, and other items for the children. Something for just about everyone’s taste.

The funds raised by the Father’s Club goes directly back into the school every year to help improve the school and each child’s experience. In 2014, the Father’s Club contributed to the installation of a new surround sound system in the cafeteria making easier to hear school plays, presentations and announcements. Funds have also been given to teachers for improvements in each class and replaced older benches outside. The Father’s Club is committed to improving the school anyway it can.

Daniels Farm School is an elementary school located on Daniels Farm Road and is part of the Trumbull Public school system. and Trumbull schools continue to rate high year after year. Making Trumbull a sought after town for young families looking to purchase. School rating site GreatSchools.com has rated Trumbull Public Schools 9 out 10 and the parents have reviewed the schools and have given them 5 out 5 Star’s.

The Pasta Night event has grown to become an example of the great community that Daniels Farm Father’s Club has created that is routed in giving back to the school that provides our children with a great education.