Snow on the ground but Spring is coming!

We are selling homes in New Haven! It is obvious that many buyers are out in force for the new year 2012…We’ve seen an uptick in calls for buying homes in the New Haven area, both by those deemed “move-up” buyers (buyers selling their New Haven home and buying a larger home) and also first time home buyers. There is plenty of great inventory…and lending is beginning to open up, ever so slowly, but it is coming along. This Spring will show an increase in sold homes here in New Haven county and throughout Connecticut and New England. Mortgage interest rates are at all time lows, “The average rate for the 30-year fixed mortgage has been below 4.00 percent for six consecutive weeks now. This week, it dropped to 3.89 percent (0.7 point), down from 3.91 percent last week. Last year at this time, the 30-year rate averaged 4.71 percent” DSNEWS. Money is cheap and it’s a great time to be in the market. Feeling ambitious? If you want to try your hand at a distressed property, I can guide you through the process to buy a foreclosure or short sale. There are programs as well for purchase/rehab, just ask I’ll get you to the right place…stay in touch, we’re in for a good ride!

Over the past two years, FHFA has identified several changes that would make HARP accessible to more borrowers whose mortgages are owned or guaranteed by Fannie or Freddie (often referred to as “the Enterprises”). In addition to creating more refinancing opportunities, the government’s big-picture goal with these changes is to add more stability to the housing market.

What makes HARP unique is that it is the only refinance program available to borrowers who currently owe more than their home is worth—aka, “underwater” homeowners. The program hopes to help these homeowners stay in their homes by taking advantage of low interest rates to lower their monthly payments. HARP is available to borrowers with loans sold to Fannie and Freddie on or before May 31, 2009 with current loan-to-value (LTV) ratios above 80%.

This week’s enhancements to HARP include the following:
• Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers
• Removing the current 125% LTV ceiling for fixed-rate mortgages backed by Fannie and Freddie
• Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac
• Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by Fannie and Freddie
• Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to Fannie and Freddie on or before May 31, 2009
The above changes are designed to encourage borrowers to utilize HARP to refinance into shorter-term mortgages by removing certain risk-based fees. If you owe more on your house than it’s currently worth, you might be able to reduce the balance owed by taking advantage of today’s low-interest rates and shortening the term of your mortgage.

Details of the HARP changes are expected to be delivered to mortgage lenders and servicers by November 15. Bear in mind that participation is not mandatory, so implementation of these changes will vary from lender to lender. Check with an experienced real estate professional to stay in the loop as these changes unfold.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Our New Haven office was without power for nearly 5 days. A large tree that fell near us was removed this week by the United Illuminating electric company (special thanks to Lewis Tree Service, George and John!)

UI Tree Crew John and George working in New Haven

East Haven CT, especially the Cosey Beach area, were also hit hard. Our understanding is that 34 homes were severely damaged and many need to be torn down and rebuilt. We hope all the families affected here will be able to rebuild their lives quickly.

Cosey Beach, East Haven CT home in ruins

All in all we’re very lucky in New Haven that no one was killed here in this storm.

New Haven Trees Wobble and Fall Down

Thank you everyone for your civility and kindness to your neighbors during this time. We are a big family really and share the same space and resources. We’re all part of the same “grid” and it was good to see people help each other in a difficult time like this.

Finding homes for sale in New Haven can be a challenge if you aren’t working with a Realtor® – especially homes that are just coming onto the market.

But, I realize you may or may not be ready to start working with a Realtor® depending on how soon you want to buy a new home.

What do you do if you don’t have a Realtor® yet but still want to see what’s available?

Let me show you…

How to Find Homes for Sale in New Haven Before You Have a Realtor®

The internet has finally made it easy for real estate companies to share their listing information online.

To help you find what you’re looking for, we created a page on our main web site where you can find homes for sale in New Haven before you ever speak with us.

The new technology we are using allows us to put the power in your hands to see what’s available in CT and to filter through the results using powerful tools that will save you a lot of time.

This new feature really allows you to get a sense of the market while you are making the decision as to whether or not we are the best Realtors in the Greater New Haven area helping you find your next home.

Using Planet Realty to Find Homes for Sale in New Haven

We’re not going to tell you we’re the best in the market because that’s not really our style.  We let our clients speak for us.

When you are ready to start working with a Realtor, or if you just want us to run some no-obligation searches for you to find homes for sale in New Haven that match what you are looking for, and we’ll be happy to help you find a home in New Haven that will be perfect for you.

See Quick Video Here

How to Choose the Right Home for Your Family

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. Many builders are offering great deals on new homes that aren’t yet in move-in condition. Weigh the potential bargain against the costs involved in completing the home on your own. While these factors don’t come into play with existing homes, you need to assess its general condition, which will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, the possible need for fencing, etc. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: For many of today’s home buyers, it’s all about lifestyle. Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. Your real estate agent should be able to run detailed crime and school reports for your perusal.

Economic stability: Whether an area is growing or not can affect its future property value – as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.