Will the Housing Market Maintain Its Momentum In Connecticut?

Buyer & Seller Perks in Today’s Housing Market In Connecticut

82,338 Great Reasons to Buy a Home Today In Connectiuct

Understanding the Back-Up Offer

“When can I consider my home sold? This is one of the most common questions real estate agents are asked in Connecticut. While the laws vary in different states, generally the contract is binding once both parties sign the offer. At that time the closing process begins. This is also the time when sellers must stop considering other offers, but they can accept back-up offers

What is a back-up offer? This is when the seller accepts an offer contingent upon the first one falling through. There are many reasons why the home purchase might not close—the buyer may fail to secure the loan, the home inspection may find issues the two parties can’t resolve, it could even be that the Homeowner’s Association has rules that the buyer is unprepared to accept. Whatever the reason, real estate agents know that the deal isn’t done until it closes.

A back-up offer should be carefully executed. Both buyer and seller must be able to pursue other options. Unless the buyer is willing to wait without seeking an alternative property, the back-up offer should be written to allow for the possibility that they find an alternative home in the meantime. The seller, on the other hand, must make clear they are currently obligated to another buyer and will consider the back-up offer only if the current one cancels.

Back-up offers can be a great tool in a fast-moving real estate market. Writing the offer virtually guarantees the listing agent will notify you if the home becomes available again. This gives the buyer an advantage in a seller’s market, increasing the opportunity to capitalize on a home that fell out of contract.

5 Tips to Create a Home Bar In Connecticut

So many businesses have been affected by the events of 2020, causing permanent and temporary closures of many of our favorite spots—including the corner bar. The local watering hole has always been a great place to meet friends, watch sports, and unwind after work.

Many homeowners have used this time at home to work on home improvement projects. Why not consider adding or improving a home bar to the list? Making simple changes can have a large impact.

Many homeowners have used this time at home to work on home improvement projects. Why not consider adding or improving a home bar to the list? Making simple changes can have a large impact.

1. Moody Paint – Carve out an unused nook and paint it a dark, masculine color. Think of the old speakeasy with dark wood and soft lighting.

2. Sophisticated Seating –  If your space allows, create a lounge-style atmosphere with barstools or a bistro set. A black or wood finish will emphasize the feel of a bar.

3. Stock Up – The key to a great bar is having the right tools and ingredients. Retailers offer a variety of styles for such items as shakers, muddlers, corkscrews, among others. Don’t forget the alcohol and mixers.

4. Open Up – Open glass shelving will showcase your style. Save money by displaying the liquor bottles themselves instead of decanters.

5. Make It Mobile –  If you don’t have extra space for your bar, there are a multitude of bar carts to not only suit your style but allow you to go where the party is.

If you’ve exhausted your weekend honey-do list, consider spending a little time to create a home bar. With a little thought and attention, you can entertain in style, even if you’re alone.

Barn Doors – Is the Trend Over?

For the past several years, it seems every design magazine or home décor center featured barn doors in Connectiuct. These doors offered a warm, rustic charm to the space and offered a focal point for the home. As time went by, however, many designers and homeowners realized that these doors also had a downside: they did not muffle sounds.

Barn doors hang on an upper track and slide to the left or right as needed. As many people raced to be a part of this classic farmhouse décor trend, they were dismayed to find that they lost privacy, soundproofing, and the functionality of a closed door.

So, is the trend over? The initial trend may have passed, but the use of barn doors has been reimagined. Barn doors now come in a wide variety of colors and styles.

• Clear or frosted glass doors can separate a home office

• Sleek metal might camouflage appliances in a modern kitchen

• A simple panel design could provide access to a formal dining room

• Barn doors are also used in more functional ways, on entertainment consoles or shelving

Barn doors offer new options for creating or accenting various spaces in the home. By hanging on a simple track, they can be placed where other doors would require extensive construction alternations. They are lightweight and easy to install. The farmhouse style might be fading, but homeowners are finding creative ways to use barn doors; this versatile feature will likely be around for a long time.

Fresh & Eclectic Design Trends for 2021 In Connecticut

Recent interior design trends have focused on one primary era or design scheme. Mid-century modern furniture and accents have dominated the magazine covers and home shows as decorators have worked with their clients to bring this trend into their spaces.

Yet, what to do about the beautiful antique chest from your grandma or the dining room table you inherited from your mom? These pieces of history seem to have no place in modern design and have been relegated to storage units and garages over the past decade. Well, it’s time to pull them out again as design trends are moving away from stark modern schemes to a warm, eclectic look.

The main principle in merging design styles is to focus on one unifying element— like warm wood tones or the high sheen of gold accents—and then look for pieces that suit that theme. For example, a gold-gilded mirror with baroque detailing can complement a room filled with neutral furnishings with gold or silver-toned accent pieces. The unifying element is the color and sheen of the mirror. Mix and match your wood antiques with modern furniture of the same kind of wood or hue. Add oriental-style rugs, traditional paintings, and interesting vases against a backdrop of subtle sofas and industrial accents for a unique look.

As with all décor, the room and style should reflect the owner and their lifestyle. Start with a few pieces and look for ways to meld them into your living spaces. There is no reason to reject the past simply to have a stylish home.

Landlord Deductions from Security Deposits

A rental deposit against damage is a standard part of all housing rental agreements in Connectiuct. The purpose of the security deposit is to protect the landlord from loss in the event the tenant does not take proper care of the property. Most renters don’t even think about it when they sign a new lease, assuming they will get their entire deposit back when they move out.

So, it often comes as a surprise when the refund amount is lower than they paid when they signed the agreement. Many renters are surprised to find out what the landlord can deduct from their deposit. Here are some common items that the landlord can charge to renters when they leave:

• Non-Payment of Rent – This should seem obvious; if the tenant leaves before the lease is up or simply owes back rent, the landlord can deduct or keep the deposit to compensate.

• Unpaid Utilities – Utility companies will hold the landlord responsible for unpaid bills, so if the water or electric bill has been unpaid, they will deduct this from the security deposit.

• Unusual or Excessive Cleaning – While normal wear and tear are not deductible, excessive cleaning can be charged to the renter.

• Damage – This also should be obvious. This was the main purpose of the deposit.

• Trash and Other Items Left Behind – Renters should think twice about leaving that old patio furniture behind. Any cost to remove and dispose of anything left in the property can be charged against the deposit.

Finally, breaking the lease for any reason could put your deposit at risk. Renters need to educate themselves about the risks to their deposit and read the lease carefully for any specific terms included by the landlord. This can help renters avoid the shock of a smaller-than-expected refund check.

Tips for the First-Time Home Seller In Connecticut

There is a lot of attention paid to first-time homebuyers. Most real estate agents and lenders have some kind of guide to help first-time homebuyers navigate their first home purchase, but what about the first-time seller?

Selling your home for the first time can be just as confusing as a home purchase, so here are a few things to remember as you navigate your home sale.

Before that first showing, it’s important to prepare. This involves not only cleaning, decluttering, and staging the home, but also learning about your local real estate market and finding the best agent for your needs.

Interview more than one agent and ask lots of questions. Learn about the services they offer: do they include professional photography, video, or virtual tours? Ask for a comprehensive market analysis (CMA) and ask each agent their suggestion for the listing price and their method for arriving at that number. Use this information to determine the best agent to assist you.

Once you have an agent, stay involved. Discuss the plan for showings and open houses. Try and be flexible to allow for as many potential buyers as possible viewing your property. Review the listing online for accuracy and stay in touch with your agent for feedback from showings.

Once you start getting offers, respond as quickly as possible. It’s not just about the price; watch for terms, such as length of escrow and contingencies, when evaluating these offers. Be prepared to move so that you can take advantage of a good offer, such as all-cash.

The most important aspect of a successful home sale is the relationship you have with your agent. Be transparent about your needs, concerns, and goals; insist that your agent do the same, and working together you will navigate through your first home sale successfully.

Your Listing Expired In Connecticut – Now What?

Listing agreements all have an expiration date. No one wants to think about what happens when the listing expires; both the seller and agent hope the home will sell long before that time. But it does happen. An expired listing means two things; first, the home is now off the market, and second, you as the seller are no longer under contract with your agent.

Now you have some decisions to make. The most important question is to decide if you still want to sell the home. Let’s face it, it’s a challenge to have your home on the market; the home must always be kept show-ready and the last-minute scramble to accommodate a potential buyer is tiring. You should also consider the real estate market and whether current conditions will still allow you to sell in your expected price range.

If you decide to continue with the plan to sell, it’s time to consider whether you want to change agents or stick with the current one. There are many reasons why a home doesn’t sell that have nothing to do with your representation, but if you sense that the agent is not the right fit, this is the time to make a change. If the agent isn’t the problem, then the next step is looking at the home itself and the price. Are you overpriced for the home and its competition?

No one wants to think about an expired listing nor a home that didn’t sell—but this is the time to take stock of the situation, adjust if necessary, and try again; hopefully with the right combination of condition, price, and agent.