The Main Key To Understanding the Rise in Mortgage Rates In Connecticut

Is Your New Nighborhood Safe In Connecticut? How to Research Your New Community

Finding the right home for you and your family involves more than the right number of bedrooms and lovley front yard; the neighborhood in which it's located can make a huge difference in the quality of your experience in the home. The most important consideration must be teh safety of the community. Not only is it critical componet of a healthy lifestyle, but it can also have a drastic effect on resale values.

Fortunately, there are some strategies and tools available to help you learn about the safety of your potential new home.

• Talk to the Neighbors – The first step in researching your new location is to talk with the locals. Start with the neighbors next door if possible, but also spend time in the local shops and ask about the community.

• Drive through the Neighborhood at Varying Times – One viist on a Saturday morning will never give you a sense of the neighborhood. Drive by on a Friday night and weekday afternoons to learn more about the community. Watch for childern playing in the parks and older couples out for a walk.

• Utilize Tools – There are a variety of online tools available. Crime research sites such as CrimeReports, SpotCrime, and NeighborhoodScoiut offer crime statistics. The National Sex Offender Public Website is another good research tool. Each city will also have a published crime blotter report available to review.

The safety and security of your new community should be a top consideration as your search for your new home. Taking the time to research the area will ensure you make the best decision possible for you and your family.

Public vs. Private Schools

Homebuyers know that the quality of the local schools is a critical component of their home search. Nothing is more important to parents than making sure their children receive quality education. Competition for college admission has increased to a fevered pitch over the past few decades, and parents want to set their children up early with the best opportunity for their future success. More and more, homebuyers are not simply looking at the public school system when choosing a new home, but the private school options as well.

 Making the important decision about where to send your children to school requires some thought; here are a few of the benefits of each that can help you the right choice.

Benefits of Public Schools

• Higher Qualified Teachers – On average, public school teachers have higher educational qualifications than those of private schools, many having Master’s degrees.

• Strong Focus on Core Subjects – Public schools focus on the basics with an emphasis on mastery.

• Wider Extracurricular Activities –  Public schools tend to have a larger population and can offer a vast array of sports teams, theater, arts, and music programs.

• Diversity – Public schools have students from all economic and ethnic backgrounds.

Benefits of Private Schools

• Smaller Classrooms – On average, private schools have a smaller student-to-teacher ratio than public schools.

• Strong Parent Involvement – Private schools not only encourage but rely on parent involvement.

• Less Red Tape – Private schools are not required to follow the strict state guidelines, which allows them to make quick decisions and adjustments based on each child’s needs.

Both public and private schools can offer students a solid education and school experience. Every community is different, and understanding the pros and cons of the local choices is becoming more and more important to parents.

Thinking about Refinancing In Connecticut

Tune in to the radio or watch TV in the evening and you’ll be bombarded with commercials offering incredibly low interest rates to refinance your home. These rates may sound enticing, and you may be wondering if it’s time to refinance your home loan. While refinancing can make financial sense in some situations, not everyone will benefit.

Most people consider refinancing to lower their interest rate. Even a slight change in the interest rate may add up to significant dollars over the life of the loan. When evaluating the new loan, remember to add in any additional costs. Ask if you will be responsible for closing costs or appraisal costs before jumping at a lower rate. The length of the loan is also important to review. Are you restarting the clock on a 30-year mortgage? It’s recommended to not refinance for longer than the years remaining on your current loan.

One great reason to refinance is to eliminate PMI (private mortgage insurance) or convert from a variable-rate loan to a fixed-rate loan. First-time borrowers may have had limited options for the original loan. But now with more equity and perhaps stronger credit, a refinance can put these borrowers into a better loan. A refinance can also offer a way to consolidate higher-interest debt by pulling money from the home to pay off credit cards or car loans.

Refinancing offers are everywhere. It may be a great time to take advantage of lower rates and lock in savings. Remember to consider all the costs associated with a refinance before assuming it’s a good financial decision.

4 Tips To Prep for Your Home Sale This Fall In Connecticut

The Big Question: Should You Renovate or Move In Connecticut?

Organize Your Garage In Connecticut

Don’t wait for spring to do some deep cleaning. Winter is coming and fall is a great time to prepare your home against the harsh winter conditions and hazards it can bring. A clean garage will not only help you store outdoor items from the cold, wet weather but can provide insight into your home’s condition.

Here are a few great reasons why you should clean out your garage this weekend:

• Organize Things You Need – Over the year, some things may have been moved or covered up. Find the tools you’ll need this winter such as snow shovels, tire chains, and winter clothing.

• Make Room for Cars – Snow, wind, and rain can be hard on cars. Winter is time to bring them into a weather-controlled environment. Since you don’t want them in your living room, the garage makes perfect sense.

• Uncover Problems – Often the first sign of a leaky roof is found in the garage, where ceilings don’t cover it up. Look for water leaks and other signs of damage that you may not notice in a cluttered garage.

• Check for Pests – Check for signs of pests. Rat droppings and termite infestations can cause thousands of dollars of damage. Deal with any infestations quickly before the cold weather forces them deeper into the home.

• Find Extra Space for the Family – When the weather turns, outdoor activities are limited. Cleaning the garage could offer a nice indoor space for hobbies during the cold winter months.

Turn your garage from a dirty storage area into usable space this weekend. A few hours devoted to clearing and cleaning will be worth the trouble when the cold winter months arrive

Seller's Guide to Buyer Contigencies

Every news article talks about the fact that it’s a “seller’s market.” This means that if you are selling your home, you’ve probably gotten a few offers from which to choose. While sales price is important, so are the contingencies attached to the offer. Understanding what these contingencies mean can help you choose the best offer from the pack.

5 Most Common Contingencies

1. Home Inspection Contingency - This allows the buyer the right of a professional inspection to determine the condition of the home. Generally, this must be performed within seven days and removed. The inspection will address any safety, fire, and system condition issues.

2 Appraisal Contingency - A professional appraisal will be ordered to ensure the price offered in the offer is fair market value. If the purchase will be financed, the lender must ensure the home is worth the loan value.

3. Final Loan Approval Contingency – This contingency protects the buyer in the event they are unable to obtain final loan approval.

4. Sales of Current Home Contingency – Sometimes a buyer will make an offer on a new home before their current one has sold. This contingency protects the buyer from having to complete the new sale until their home has sold.

5. Title Contingency - This contingency protects the buyer if the seller does not have the “right” to sell the home due to unforeseen ownership issues.

Contingencies are part of most real estate contracts. As you review buyers’ offers, make sure to consider both the kind of contingencies and how long before the buyer must remove them. This way, you will choose the offer with the best terms and price.

Fall and Holiday Décor Listing Tips 

If you have your home on the market, it’s natural to want to create the perfect environment for potential homebuyers. This includes not only professional staging services but also time-honored tips like freshly baked treats and seasonal décor. As we transition from summer to the holiday season, however, it’s interesting to note that fall decorating is the least appreciated by home visitors

The cinnamon scents and pumpkin-everything that greets the senses in stores and coffee shops can be overwhelming in a home environment. You may enjoy a nice cookie-dough candle, but many people don’t agree. A tasteful, welcoming fall wreath on the front door is fine, but in general, fall is a time best ignored by home sellers.

 The holiday season can bring family challenges as well. When your house is on the market, this is not the time to continue the tradition of the neighborhood Haunted House with cobwebs hanging from every gutter. Far better to place a strategic jack-o-lantern or tasteful pumpkin pile. Talk about these kinds of changes in advance with younger children who may not understand the need to keep the house fully accessible and de-personalized.

Having your home listed for sale is a special time and requires some sacrifice. The holiday season can bring more emotional challenges as well. A sense of nostalgia is only accentuated by the lack of family traditional décor. Consider carefully what to include and exclude. Scale back the unnecessary decorating extras and concentrate on the special few items. In this way, you can still celebrate your family traditions while appealing to homebuyers looking for their own place to call home. 

Can You Buy a Home Virtually In Connecticut?

As we continue to see unprecedented activity in the real estate market, buyers often find they are too late to offer on recently listed homes. For the serious homebuyer, this can be frustrating, often causing them to make last-minute plans to run out and view homes, interfering with work and home life.

As employees and businesses have shifted to virtual methods of meetings and interaction, it’s natural for real estate to make the leap as well. Yet, buying a home completely virtual demands a unique approach. It’s not enough to simply view a home tour on the listing or Skype walk-through with the agent. 

Fortunately, with the right approach, it is possible to buy completely virtually and still get the right information to make the best decision for a new home. Here are a few tips to help:

• Virtual Tour – A virtual tour should be a live event with an onsite agent; yours or the sellers. Ask the agent to open closets and storage and look up and down. Zoom in on areas of concern and make lots of notes for questions.

• Ask the Right Questions – All homebuyers need to ask the important questions and with virtual tours, it’s even more so. Ask about the age of the roof and HVAC systems. Look under cabinets for water damage and ask to see anything listed in disclosures. Remember the things that can’t be seen in a virtual tour, such as street noise or over-the-fence issues; don’t be afraid to ask.

 • Be Prepared to Buy – Whether viewing the home virtually or in person, a serious buyer must be ready to move quickly in this market. Financing and pre-approval letters should already be in place before seeing homes.

It might be intimidating to consider buying a home virtually, but the tools are available. In this competitive market and with the global health concerns still very real, homebuyers can buy their next home virtually by being prepared and following a few simple tips.