Karen Brewer

Realtor ABC’s Category

How Do Real Estate Websites Differ? Darien CT Real Estate.

I was talking to a friend the other day and she said that she visits many realtor websites thinking that different real estate agencies will show different properties. I told her that  all Darien brokerages participate in a local MLS and that it populates all websites, but she didn’t really get it.

Here’s the deal. MLS stands for Multiple Listing Service and that is exactly what is is. The Multiple Listing Service was originally formed as a tool for Realtors to communicate with each other regarding properties for sale and an agreed upon commission arrangement .For a fee, Realtors join the MLS and there are still hundreds across the country. There all agents see listings in their town or area and in the past they (the Realtors ) kept all the information proprietary. (I’m sure many of you remember a day when Realtors drove around with black binders full of listings and if you were lucky, you got to look through it.)

Enter the Internet and all those black book listings became available directly to consumers through Real Estate Brokerage websites and sites such as Trulia,Zillow and Realtor.com.No longer were Realtors the keepers of the information..now everyone had it.

Small local MLS’s consolidated, syndicated the information and now use it to populate sites like Trulia etc. It’s all coming from one source so the data is the same,wherever you look. Of course, the Trulias and Zillows of the world  know that the data is identical and try to develop “value added” info…hence things like Zestimates are created.

There were and continue to be, smaller, Mom and Pop brokerages who  have what is known as” pocket listings” or “exclusives” that are not on the MLS. However, their days are numbered.First, these boutique firms are being gobbled up by larger ones and it’s the rare occasion when there is a house for sale that isn’t on the MLS and hence the Internet.In fact, it’s a huge disservice to a seller  since any homeowner should demand the widest possible marketing for their home.

THAT SAID, you may notice that a house can appear to be listed by one agent on say a XYZ Realty.com and  by another agent on ABC Realty.com . The MLS  allows agents to brand listings with their Brokerages’websites name regardless of whether it’s their listing or not.Confusing for the consumer,you bet. But that’s the way it is right now.

Long story short, almost all available properties in a town (in the case of Darien it’s 96% or more) are populating  real estate websites from one source…the local MLS. Other than being  confusing as to the identity of  listing broker, there is NO REASON to visit multiple websites in the hope of finding more or different properties Pick one you like and stick with it. William Pitt Sotheby’s has just rolled out one of the most beautiful and easy to search sites out there so,be sure to go there. Or,sign up for an account with Listingbook on this site and you’ll get the MLS feed like everywhere else and other great features like real time price reductions,selling prices, email notice when homes have bindered and open house schedules.

Clear as mud? No problem.Call me for further explanation.203-554-0951

Pre-Sale Inspections A Smart Move for Sellers….Darien Real Estate

In the State of Connecticut,homes sales follow a specific procedure.First a bid is made and hopefully accepted. Then, quick as a bunny, the Realtor assists the buyer in scheduling a home inspection. Then, WE PRAY.

The results of home inspections here in Darien and elsewhere are responsible for many of the glitches in a home sale. Invariably,inspections will turn up a myriad of problems with dated wiring, furnaces,roofs,plumbing etc. Mostly the problems are minor but they can throw the transaction into slow motion as the homeowner either gets chewed down in price or remediates the problems.

Just as you would spruce up the interior of your home before listing it,I highly recommend spending $500 or so on a pre sale inspection.You will learn if your roof is at the end of its life,if there is evidence of pests or termites among  other things.THEN you can decide to fix the problems or build them into your pricing without being under the gun to get to the contract stage of things.

There is nothing worse than pricing a home for the current market and then being ”nickled and dimed ” after a less than stellar inspection.

One caveat here is that prospective buyers will probably want to do their own inspection anyway to insure reliability but its a great selling point to have a documented inspection while marketing and may save you, the seller big bucks down the road.

Real Estate Taxes in Darien,CT Among the Lowest….

One of the most important things to consider when buying a home here in Darien or elsewhere is the  amount of real estate property taxes you will pay.

Real estate propertry taxes are expressed in something called a mill rate.The mil rate is equivalent to dollars of tax per thousand dollars of assessed value of a home and land. (Assessed value is a lesson for another day).As you’ll see below the rate can vary within a town depending on whether your home is on a septic system or using town sewers. Read the rest of this entry »

How Do Realtors Price Your Home for Sale…Darien Real Estate

Its spring and a great one at that if you are a Darien CT Realtor.The market has blossomed  along with the trees and homes are moving nearly as fast as they come on the market…..IF THEY ARE PRICED CORRECTLY.

So if you are thinking of selling your home  you might be wondering just how Realtors come up with home prices in a place like Darien.You’ve probably heard this before but it is part science,part art ,and part market experience and knowledge. Read the rest of this entry »

Eeeny Meeny Miney Mo….Which Darien Realtor Can Help Me Score?Darien Homes

I had a discussion with a fellow  Darien Realtor yesterday which has prompted this post. She was telling me how she was showing homes to a client who let it be known that he was, in fact, using several Realtors at once.

Now there are those who do this because they’ve never bought a home or don’t understand the protocol.  Then there are those that feel that they will see different listings with different brokers or somehow get a “leg up” in the process.

Let me explain why this will inevitably backfire.First,almost all listings these days are “multiple listed”.That is to say,they are available  to agents via computer databases that we all share. Gone are the days where agents held onto “pocket listings” or didn’t make all information available to the general public.(If you have a home listed with an agent who is still doing this….run…do not walk…in the other direction.) The point is that the Internet has made this practice obsolete and you therefore, will gain nothing on this front.

Second,a really good agent will want to get to know you, what you like or don’t like in a home,neighborhood or town.They will want to know about your commute, your children and other information that will help them to find your next home. If you are hopscotching between agents, they are ALL JUST SHOWING HOUSES and you will inevitably “drag out” your search process and wind up being confused.

Third, and listen up here….if it becomes known that you are utilizing the services of multiple agents,even for a day, an agent may be disinclined to invest the time it takes to educate you and find you the best deal.

This is where trust comes in. All good business arrangements, big or small, with a  written contract or without, are  based on trust . The first one to breach that trust loses!

When looking for a home,find an agent you like and stick with them. It will pay off  in the long run.Trust me.

“C” is for contingency….

 According to a Realtor textbook, “Real Estate Fundamentals”,the term “contingency” refers to:

“A provision in a contract that requires a certain act be done or a certain event to occur before a contract is binding.”

The most familiar contingency is a “mortgage contingency” where a prospective buyer and seller agree not to proceed with a sale until a buyers’ mortgage is confirmed.Other examples of contingencies include, inspections or specified repairs to the property.

A is for “as is….”

Ever hear an agent tell you a home is being sold “as is”. What exactly does that mean and what are the implications for you as a buyer?

                                                                        

“As is”,  means without guarantee as to condition, (as in a sale ,not the condition of the property)               

 

A property therefore is being sold as it appears, including  obvious or seen defects,or defects uncovered by an inspection. So,if a home is being offered “as is” and  roof is  obviously in poor shape or there is water in the basement…..caveat emptor…BUYER BEWARE.

However,the” as is’ rule may not apply to” latent defects. “A latent defect is one known to the seller but not the buyer and is not discoverable by ordinary inspection.So for example if the homeowner built the house and knows  he did not install the floors properly this could be a latent defect.

When buying a home in the state of CT condition disclosures are the law  and no buyer should enter into a contract without them.